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- Post #17,743
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- Jan 2, 2009 8:42pm Jan 2, 2009 8:42pm
- | Commercial Member | Joined Mar 2008 | 9,287 Posts
- Post #17,745
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- Jan 3, 2009 1:59am Jan 3, 2009 1:59am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
I believe . . .
- Post #17,746
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- Jan 3, 2009 2:01am Jan 3, 2009 2:01am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Nice post(s) ghous.
I going to have to call you James16 junior from now on. lol
Had a good Xmas and New year?
Regards,
Ghous.
I believe . . .
- Post #17,747
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- Jan 3, 2009 2:03am Jan 3, 2009 2:03am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
I believe . . .
- Post #17,748
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- Jan 3, 2009 2:23am Jan 3, 2009 2:23am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
I believe . . .
- Post #17,749
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- Jan 3, 2009 2:43am Jan 3, 2009 2:43am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Hey Raczekfx, I wanted some help...
I took my Gbp/chf trade somewhere around where you took it, and since you're a master at money managment perhaps you can assist me with this typical case.
The trade went on close to +250, I know you booked your profits earlier than this But I planned on my first Tp as the 1.62 level based entirely off the daily.
What happened here was on seeing a retracment from +250 i moved my stop to breakeven (hod to re-enter off the 4H Pb) and obviosuly got stopped out.
Considering the fact that i now want to ride waves and hold trades for longer than i usually do, would you consider the moving of stop to breakeven as too early? One thing i know off is that stops and take profits need to be based only and only on technical analysis and supp/res regions in this james16 style of trading, money managment should'nt be involved but if through a quick reference with MM appetite reveals the trade as unaffordable it should be well left alone.
What I mean is I contradicted this belief of mine, I said that after seeing +250 (without having booked any profits) it would be a bad idea to let the trade go negitive specially when the entry was aggressive in the sense that it was counter trend.
Looking at the charts ignoring everything money related(i.e only looking at price action and the daily bars) I felt that I did actually move my stop a little too early, After i took the trade it was just one of those average bars that went in my favour, I was far more impressed by the +250 than the actual movement of price. Could it be that i moved my stop more because of MM worries than the actual willingness to do so.
I am also fully aware over the pre-requisites of this trading style, being aggressive to a great extent also implies to being fearless and brave (sensible though), so in this occasion would you rate this act (of moving the stop to BE) as being sensible or being fearful?
I know that if there is anything that this trading style demands the most, it's good MM skills...
Regards,
Ghous.
I took my Gbp/chf trade somewhere around where you took it, and since you're a master at money managment perhaps you can assist me with this typical case.
The trade went on close to +250, I know you booked your profits earlier than this But I planned on my first Tp as the 1.62 level based entirely off the daily.
What happened here was on seeing a retracment from +250 i moved my stop to breakeven (hod to re-enter off the 4H Pb) and obviosuly got stopped out.
Considering the fact that i now want to ride waves and hold trades for longer than i usually do, would you consider the moving of stop to breakeven as too early? One thing i know off is that stops and take profits need to be based only and only on technical analysis and supp/res regions in this james16 style of trading, money managment should'nt be involved but if through a quick reference with MM appetite reveals the trade as unaffordable it should be well left alone.
What I mean is I contradicted this belief of mine, I said that after seeing +250 (without having booked any profits) it would be a bad idea to let the trade go negitive specially when the entry was aggressive in the sense that it was counter trend.
Looking at the charts ignoring everything money related(i.e only looking at price action and the daily bars) I felt that I did actually move my stop a little too early, After i took the trade it was just one of those average bars that went in my favour, I was far more impressed by the +250 than the actual movement of price. Could it be that i moved my stop more because of MM worries than the actual willingness to do so.
I am also fully aware over the pre-requisites of this trading style, being aggressive to a great extent also implies to being fearless and brave (sensible though
), so in this occasion would you rate this act (of moving the stop to BE) as being sensible or being fearful?I know that if there is anything that this trading style demands the most, it's good MM skills...
Regards,
Ghous.
I believe . . .
- Post #17,750
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- Jan 3, 2009 2:58am Jan 3, 2009 2:58am
- Joined Feb 2008 | Status: sucker for punishment | 2,444 Posts
PATIENCE... DISCIPLINE
- Post #17,751
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- Jan 3, 2009 3:40am Jan 3, 2009 3:40am
- Joined Nov 2007 | Status: Conscious Incompetence | 3,274 Posts
Don't wish it were easier, wish you were better. ~ Jim Rohn
- Post #17,752
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- Jan 3, 2009 3:53am Jan 3, 2009 3:53am
- | Commercial Member | Joined Nov 2007 | 1,296 Posts
- Post #17,753
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- Jan 3, 2009 4:32am Jan 3, 2009 4:32am
Last year GU ranged for seven months, starting in January and ending in July '08.
Will history repeat itself?. Its going to be interesting to see this year unfolds.
- Post #17,754
- Quote
- Jan 3, 2009 4:49am Jan 3, 2009 4:49am
- Joined Nov 2007 | Status: Conscious Incompetence | 3,274 Posts
Don't wish it were easier, wish you were better. ~ Jim Rohn
- Post #17,755
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- Jan 3, 2009 4:56am Jan 3, 2009 4:56am
- | Commercial Member | Joined Mar 2008 | 9,287 Posts
- Post #17,756
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- Jan 3, 2009 5:30am Jan 3, 2009 5:30am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Still not sure if I'm drawing the Divergence correctly, would someone please comment?
GBP/JPY just barely missed hitting the All Time Low. Any thoughts on this pair?
Gj is another great setup I am willing to take, though I am not sure if my MM will allow it. See my post abt Gj i posted a little while ago, Ive been watching the trendline break quite keenly.
I know that jame16Jnr(Ghous) will have so much to say here:
I am watching this pair for PA, price is trending up towards the resistance of the ascending triangle(pennant)
Hi Naijafx, thanks for the compliment lol!
Many of the major US stock indices are headed up I am bullish on most of the yen crosses including Eur/jpy (which has'nt shown a lot of PA lately) Gbp/jpy and Usd/jpy (look at this beast go
)Regards,
Ghous.
I believe . . .
- Post #17,757
- Quote
- Jan 3, 2009 5:40am Jan 3, 2009 5:40am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
I believe . . .
- Post #17,758
- Quote
- Jan 3, 2009 8:34am Jan 3, 2009 8:34am
- | Joined Dec 2008 | Status: Pip Wizard | 86 Posts
Psychology = Nature = Evolving Forex Market rite?
- Post #17,759
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- Jan 3, 2009 8:43am Jan 3, 2009 8:43am
- | Joined Mar 2008 | Status: shoe shine boy | 1,146 Posts
