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the key to the mint

  • #4,441
  • Dec 5, 2008 5:17am Dec 5, 2008 5:17am
Hi Everyone. I wonder if somebody more skilled than me could check this trade for me? In a brief moment of clarity and after many nights study I found this one and made a few pips (still working on exit). Did anyone else get it and how many pips?

EURUSD 3rd Dec 23:20 GMT.

Thanks
Rob (newbie)
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd_20081203_2320.gif Size: 10 KB
  • #4,442
  • Dec 5, 2008 6:37am Dec 5, 2008 6:37am
Quoting highlanderx
I find myself making stupid mistakes as if almost on auto self destruct and immediately after beg the question of myself, why on earth did I do that.
HX
Hi, highlanderx - I totally understand

The thing about yesterday was that after the first trade I repeated the error and actually asked myself what I thought I was doing while I had a chance to simply close the trade at breakeven and regroup... but I did not. I intend strongly to make yesterday "the very last straw" .

newbie Rob - looks like a great trade - well done !
  • #4,443
  • Dec 5, 2008 7:15am Dec 5, 2008 7:15am
Here's a trade from just now, showing a small, but well-formed mini 123,plus my two target exit.
Attached Image (click to enlarge)
Click to Enlarge Name: $GBPUSD 05_12_2008 (5 Min).jpg Size: 55 KB
  • #4,444
  • Dec 5, 2008 7:28am Dec 5, 2008 7:28am
... with my apologies for blathering on, but one last comment on self-sabotage & the "Why did / How could I do that ?" question. For me it is very simple : I fear that I am missing trades and missing opportunity. What is totally great about Harold's example here is the result of trading with discipline : an exceptionally high win rate and profitability. Who needs non-method trades ?

Since last increasing my positon size at the beginning of November, I have made 31 trades : 23 winners / 8 losers. However, 7 of those 8 trades were rule-breakers - either RSI level, not well-formed 123, or (3 in a row yesterday) no pullback against the trend. "If I could turn back time" I sure would take 24 trades : 23 winners / 1 loser.

I understand why recovering alcoholics are not allowed a single drop of alcohol : where I have made a single,s eemingly not critical rule-break, a losing streak has always followed.

OK.... enough for today !
  • #4,445
  • Dec 5, 2008 7:43am Dec 5, 2008 7:43am
jtrade you and everyone who ever has traded has gone through this stage. remember there are 2 emotions that rule trading 1 is fear and the other is greed. the way i overcame it was simply this i looked in the mirror and said if you want to make real money you have to give yourself a chance to win or just quit! so my fear of not winning controls my greed because i dont want to react to greed. therefore i decided to plan the trade and then trade the plan no deviations period!!!!!
  • #4,446
  • Dec 5, 2008 7:59am Dec 5, 2008 7:59am
Quoting jtrade
... with my apologies for blathering on, but one last comment on self-sabotage & the "Why did / How could I do that ?" question. For me it is very simple : I fear that I am missing trades and missing opportunity. What is totally great about Harold's example here is the result of trading with discipline : an exceptionally high win rate and profitability. Who needs non-method trades ?

Since last increasing my positon size at the beginning of November, I have made 31 trades : 23 winners / 8 losers. However, 7 of those 8 trades were rule-breakers...
I understand jtrade, after a losing trade I have been known to start a very destuctive losing streak. With me it's due to chasing the loss which of course we all know leads to further disaser.

HX
  • #4,447
  • Dec 5, 2008 8:16am Dec 5, 2008 8:16am
Plan your trade; trade your plan = don't second guess; less stress and more success.

Keep It Simple Stupid

Quoting harold4x
jtrade you and everyone who ever has traded has gone through this stage. remember there are 2 emotions that rule trading 1 is fear and the other is greed. the way i overcame it was simply this i looked in the mirror and said if you want to make real money you have to give yourself a chance to win or just quit! so my fear of not winning controls my greed because i dont want to react to greed. therefore i decided to plan the trade and then trade the plan no deviations period!!!!!
  • #4,448
  • Dec 5, 2008 9:12am Dec 5, 2008 9:12am
Thought everyone from the US would be interested in this:

US RATE FUTURES-Brace for big Fed rate cut on jobs slide...

The Labor Department said U.S. employers shed 533,000 nonfarm payroll jobs in November, far more than expected and the largest monthly drop since December 1974.


For the rest of the details go to:

http://www.forexfactory.com/news.php?do=news&id=134388

PD
  • #4,449
  • Dec 7, 2008 2:56pm Dec 7, 2008 2:56pm
Can anyone tell me where I can download a 123 pattern custom indicator for Meta Trader. There is one further back in this forum but it has expired.

Highlanderx
  • #4,450
  • Dec 7, 2008 8:36pm Dec 7, 2008 8:36pm
we look for shorts only on 3 pairs
  • #4,451
  • Edited 10:58pm Dec 7, 2008 10:47pm | Edited 10:58pm
short eurjpy 46 target 21 to buy back at 24
  • #4,452
  • Dec 7, 2008 10:50pm Dec 7, 2008 10:50pm
getting a little reaction at small support at 27 area moving stop to BE
  • #4,453
  • Dec 7, 2008 10:59pm Dec 7, 2008 10:59pm
price was contained by 5 ema still in almost stopped trade with a few seconds to go new candle formed so i am watching carefully
  • #4,454
  • Dec 7, 2008 11:02pm Dec 7, 2008 11:02pm
price reacting again to same area stop moved to breakeven for good now so its either a win or a break even trade
  • #4,455
  • Dec 7, 2008 11:05pm Dec 7, 2008 11:05pm
target hit for second trade of month record now 2 wins 0 losses it just hit target here is chart
Attached Image (click to enlarge)
Click to Enlarge Name: 1.GIF Size: 37 KB
  • #4,456
  • Dec 7, 2008 11:12pm Dec 7, 2008 11:12pm
Quoting harold4x
target hit for second trade of month record now 2 wins 0 losses it just hit target here is chart
hey Harold I just caught the same EJ trade
  • #4,457
  • Dec 8, 2008 12:57pm Dec 8, 2008 12:57pm
Hi Folks,

This was the first thread that actually made me want to sign up with the forums. I made my first demo trade using the rules defined throughout the pages. I was hoping I could get some confirmation that my trade was made correctly and cleanly.

Entries are defined by the vertical green bar, exits by the vertical red bar. I used a bit of my own discretion for the exit, as we were approaching a resistance point on the hourly's in combination with the stochastics and RSI heading south.

Please refer to the attached image.

Many thanks my friends,
Chris
Attached Image (click to enlarge)
Click to Enlarge Name: 2008-12-07-TOS_CHARTS.png Size: 57 KB
  • #4,458
  • Dec 8, 2008 3:29pm Dec 8, 2008 3:29pm
hi wise not sure what i am looking at if this was the original method off the 1 hour charts from last year i traded them beginning in the london session beginning at 600 gmt time if thats so then yes you did it right since then i have totally revamped my trading style to the 123 method with much better results
  • #4,459
  • Dec 8, 2008 3:49pm Dec 8, 2008 3:49pm
Hi Harold,

I've only managed to make it through this thread to page 75 or so (reading at every chance I can get). Still working my way through it since it's HUGE . I assume the revamped 123 method is explained as I make my way up to the current page of this thread?

Thanks for the confirmation on the "old" method nevertheless, as I found it to be quite straightforward and logical.

Chris
  • #4,460
  • Dec 8, 2008 6:02pm Dec 8, 2008 6:02pm
we look for eurusd long and gbpusd short??? no trade for eurjpy
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