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  • #6,301
  • Oct 10, 2008 1:21pm Oct 10, 2008 1:21pm
Its been a long tyme just want to express my thanks for your continuous mentorship....just over a week ago I had bout 20% draw down on my account, I didn't parnick neither did I change the system I learnt from you. I also remember what you say about loses that it will happen and we shouldnt dwell too much on them but be ready for the next battle which is what I did.

And this week has been the best so far in my short trading life....not only did I recover the 20% draw down but I was also able to increase my account by another 25%,though its been a tough battle and I feel a little mentally exhausted but I just had to say thanks cos I was able to recover all my loses from what I learnt from this wonderful thread of you and another thread I read TAF.

Have a wonderful weekend....me Im off to go and have a relaxing weekend... c ya mentally strong next week.
  • #6,302
  • Oct 10, 2008 2:46pm Oct 10, 2008 2:46pm
big_pipin, i went short on gbpusd at 1.69947,i should have scalped in like 30 pips but i wanted more,the next candle that formed went back to almost -55pips but i did not get out of the trade because price did not hit the intraday pivot on the 1 hour chart,also on the 4hr chart,price has tested the 61.8% mark and it has failed hence i still held on to my short position and did not exit it,i made 65 pips profit at last...wonderful but i learnt a new lesson today,i entered the trade earlier or i also forgot the market is still ranging...finally i made 30 pips on eurusd earlier today and 65 pips on gbpusd,95 pips in all..isnt that wonderful??though its still a demo account but i think i am improving...THANKS TO BO....GOD BLESS YOU.

happy pips taking
  • #6,303
  • Oct 12, 2008 10:27am Oct 12, 2008 10:27am
Quoting Shermenator
...its up to you to put the puzzle in this thread together...

Thats why it's so important to read thru the entire thread BEFORE asking too many questions. The info in this thread that Bo gives out so freely is priceless.
  • #6,304
  • Oct 12, 2008 2:18pm Oct 12, 2008 2:18pm
Early trading has most majors recovering losses from Friday.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBP_1012.jpg Size: 65 KB
Click to Enlarge Name: Euro_1012.jpg Size: 56 KB
Click to Enlarge Name: Yen_1012.jpg Size: 56 KB
  • #6,305
  • Oct 12, 2008 4:28pm Oct 12, 2008 4:28pm
Bo, are you looking for longs on gu?
  • #6,306
  • Oct 12, 2008 5:19pm Oct 12, 2008 5:19pm
Quoting big_pipin
Bo, are you looking for longs on gu?
Not until I see support holding at some point, If we get retracement now and we see signs of support holding on this move back through fridays downfall then we can consider longs, but right now there is no support to this move up.
  • #6,307
  • Oct 12, 2008 5:41pm Oct 12, 2008 5:41pm
Bo here is a look at the usdchf...you see my green arrow points out the location a short could have taken place and thats taken the break of the candle low with my green arrow...now my question is would you use the candle you use to take the break of the low and use the high of it as the stop....or you hold the trade out untill you get a resistance failure...
?
And my question to this is because you have to have an Idea of how much you are going to intially come in the trade with ...


Attached Image (click to enlarge)
Click to Enlarge Name: usdchf.gif Size: 24 KB
  • #6,308
  • Oct 12, 2008 5:54pm Oct 12, 2008 5:54pm
If your going to use a stoploss, you have to place it at a point the market has to show a reversal initially, then once you see its going in your direction or against you you simply adjust it to protect profits or pick an exit point.
I dont chart CHF, its too much to have to keep up with or manage more than 1 -3 pairs but here as example of GBP.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: stoploss.gif Size: 24 KB
Click to Enlarge Name: stoploss2.gif Size: 25 KB
Click to Enlarge Name: stoploss3.gif Size: 25 KB
Click to Enlarge Name: stoploss4.gif Size: 25 KB
Click to Enlarge Name: stoploss5.gif Size: 26 KB
  • #6,309
  • Oct 12, 2008 6:02pm Oct 12, 2008 6:02pm
Quoting Shermenator
Bo here is a look at the usdchf...you see my green arrow points out the location a short could have taken place and thats taken the break of the candle low with my green arrow...now my question is would you use the candle you use to take the break of the low and use the high of it as the stop....or you hold the trade out untill you get a resistance failure...
?
And my question to this is because you have to have an Idea of how much you are going to intially come in the trade with ...


Attachment
Just by looking of my picture lets say thats a loss...would it perfectly be fine to simply reenter once again price began to brake lows in my picture and fallow it like you just showed in your post....so basickly I choose a high and a low prior to my entry and divide 3 percent of my account by the ammount of pips we have between the entry and the previous high being used as a stop... ?
  • #6,310
  • Oct 12, 2008 6:02pm Oct 12, 2008 6:02pm
Bo thanx for the stop loss tutorial, I unforunately made a loss on friday, because I decided to close on a loss, tiny loss though in reterospect, but the price went against about 60-70 pips and then moved down a lot, I got out at 20 pip loss, but just a little aggorvating to see price so rangy and incapable to deciding the price, I hope it's not like that this week. I guess we'll have to see, but looks like there is already a lot of market movement on sunday. People keeping saying recession is gonna be bad for financial markets, I just hope volitility doesn't drop during the recession and take away from making money of the forex markets, but thats a different story from the looks of it, looks like theres lots of volatility.

Anyway good luck this week. Any Canadians around, have a happy thanksgiving, hopefully I can be thankful for a lot of pips.

Cheers and good luck.
TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #6,311
  • Oct 12, 2008 6:06pm Oct 12, 2008 6:06pm
Quoting Shermenator
Just by looking of my picture lets say thats a loss...would it perfectly be fine to simply reenter once again price began to brake lows in my picture and fallow it like you just showed in your post....so basickly I choose a high and a low prior to my entry and divide 3 percent of my account by the ammount of pips we have between the entry and the previous high being used as a stop... ?

Yes, perfectly, you have to protect yourself sometimes and as soon as you see it trade higher you just get out , no sense in waiting to see if it reverses.You can see it remained short and the opportunity comes around again and you more than make up for the loss.
Remember the Quick or the Dead...take you pick which one you wanna be ?
  • #6,312
  • Oct 12, 2008 6:11pm Oct 12, 2008 6:11pm
Quoting TheLegace
Bo thanx for the stop loss tutorial, I unforunately made a loss on friday, because I decided to close on a loss, tiny loss though in reterospect, but the price went against about 60-70 pips and then moved down a lot, I got out at 20 pip loss, but just a little aggorvating to see price so rangy and incapable to deciding the price, I hope it's not like that this week. I guess we'll have to see, but looks like there is already a lot of market movement on sunday. People keeping saying recession is gonna be bad for financial markets, I just hope volitility doesn't drop during the recession and take away from making money of the forex markets, but thats a different story from the looks of it, looks like theres lots of volatility.

Anyway good luck this week. Any Canadians around, have a happy thanksgiving, hopefully I can be thankful for a lot of pips.

Cheers and good luck.
TheLegace.
It is a bad thing, even for us it will create more of this No-Mans land type volitility.
Good luck to you as well.
  • #6,313
  • Oct 12, 2008 6:14pm Oct 12, 2008 6:14pm
Quoting Bobokus
Yes, perfectly, you have to protect yourself sometimes and as soon as you see it trade higher you just get out , no sense in waiting to see if it reverses.You can see it remained short and the opportunity comes around again and you more than make up for the loss.
Remember the Quick or the Dead...take you pick which one you wanna be ?

The more it looks like your Initial stop will be adjust your stop loss accordingly, if its 200 pips away you dont want to make a 3% trade, you want it much lower like 1% or even less. Trading the 4 hour your going to have large stop loss points.
  • #6,314
  • Oct 12, 2008 7:40pm Oct 12, 2008 7:40pm
Quoting Bobokus
The more it looks like your Initial stop will be adjust your stop loss accordingly, if its 200 pips away you dont want to make a 3% trade, you want it much lower like 1% or even less. Trading the 4 hour your going to have large stop loss points.
IN A DAILY GBP/USA THE DOWN TREND SHOULD BE PLACE IN THE HOLE MOVE.IN OTHER HEAND COULD I CONSIDER THE SMALL mov UP AS A (retracement fib).SHOULD BE OTHER FIB IN THE LAST MOV DOWN
  • #6,315
  • Oct 12, 2008 9:21pm Oct 12, 2008 9:21pm
If support proves today later on today we should get a nice buying apportunity in it...lets see if support proves itself later on today...

Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 26 KB
  • #6,316
  • Oct 12, 2008 9:29pm Oct 12, 2008 9:29pm
We might get a littel bitt of consolidation....but if support proves itself later ontoday it will be a great apportunity for a long ...

Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy.gif Size: 25 KB
  • #6,317
  • Oct 12, 2008 9:39pm Oct 12, 2008 9:39pm
This is another currency thats worth paying attention for longs after price changed gears after the small bearish retracement and found the buyers kicking up again...

as long as support keeps on proving itself and goes into some consolidation I will be looking to go long in it close to franky session...

Attached Image (click to enlarge)
Click to Enlarge Name: usdchf.gif Size: 23 KB
  • #6,318
  • Oct 13, 2008 12:09am Oct 13, 2008 12:09am
Alright I have a buy stop sitting on the usdjpy...

The arrow reprents the place I will jump out if the trade goes against me to that point...worst case I will get stopped out and I will begin searching for the next best shot at the market or simply a reentry...

Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy.gif Size: 26 KB


Now the other trade I have a buy stop is on the eurusd

The arrow represent my stop area...
to me if I get pulled in and then it goes after that I will need the market to show me a true direction once again...

Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 26 KB
  • #6,319
  • Oct 13, 2008 12:41am Oct 13, 2008 12:41am
im long from 100.16. EU, GU looking good too.
  • #6,320
  • Oct 13, 2008 12:43am Oct 13, 2008 12:43am
Quoting big_pipin
im long from 100.16. EU, GU looking good too.

good bud...I personally wont be taking longs in the gbpusd yet...I will miss this wave if in fact it runs bullish...
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