Heading to PIVOT I guess. before deciding the next action during US session
Auslanco - GBP/JPY and GBP/USD (newstrade)
- #152,783
- Jan 14, 2009 2:52am Jan 14, 2009 2:52am
- Joined Oct 2007 | Status: Counter Trend, but not always! | 2,147 Posts
Bottom picking will get you nothing but a stinky finger.
I stopped out doing that with +1 and two times with small loss (less than -20 pips) but now I'm long since 129.06 ... finally did it.
Me method is I try picking the top while market is rising and my long is already running from the bottom (successful bottom picking) now if I'm successful to pick a top (i.e it goes well into profit and PA proves that it was a top) then I have a short at the top and a long at the bottom running at the same time .. a nice hedge position with sl already set at +1 for both positions ... both positions in profit ... so I've nothing to lose now. If one is stopped out with +1 then the opposite is running and in profit.
I close both positions when I get near in the middle of hedge, both in profit and then I start it again
.If one of them get's stopped out it means it was not the real top or bottom and I'll try it again while the other opposite position is still running in and adding to green pips.
I think this is somehow the method which Lilmoe uses too but his is short term and not quite like mine. I think mine is perfect and gets nearly %90 of pips in the market because I'm practically always in the market with a trade open and in profit.
Discipline + Patience - Fear - Greed = Success
- #152,788
- Jan 14, 2009 3:27am Jan 14, 2009 3:27am
- Joined Nov 2006 | Status: Dubai | 11,493 Posts
Trade what you see, not what you think.
- #152,789
- Jan 14, 2009 3:38am Jan 14, 2009 3:38am
- Joined Oct 2007 | Status: Saudi Arabia/Dubai | 3,584 Posts
- #152,792
- Jan 14, 2009 3:51am Jan 14, 2009 3:51am
- Joined Nov 2006 | Status: Dubai | 11,493 Posts
Trade what you see, not what you think.
- #152,793
- Jan 14, 2009 3:52am Jan 14, 2009 3:52am
- Joined Oct 2007 | Status: Saudi Arabia/Dubai | 3,584 Posts
- #152,794
- Jan 14, 2009 4:19am Jan 14, 2009 4:19am
- Joined Nov 2007 | Status: Trader | 1,158 Posts
I have shorts from 131 and 130, i didnt expect price to spike up to 132 but anyways im still in and expecting new lows
nice plan frenz... let see the next lower dance ...
- #152,798
- Jan 14, 2009 5:01am Jan 14, 2009 5:01am
- Joined Apr 2007 | Status: Senior Principal Trader | 2,699 Posts
Morning everyone. Hope everybody got a nice pips today.
What I see now....this thread have been watch closely by Fund Manager due to comment by few members from Aus Thread.
What I see now....this thread have been watch closely by Fund Manager due to comment by few members from Aus Thread.
- #152,799
- Jan 14, 2009 5:02am Jan 14, 2009 5:02am
- Joined Oct 2007 | Status: Counter Trend, but not always! | 2,147 Posts
so you're saying that when you open the top you do that because you hope the price will go down half way between your previous long and the just open short... if you are sure that when you're seeing is a top why don't you just close the long and cash all profit instead of open a short and then cash 50% when it retrace to the middle point?
Am I missing something?
Second I close the position sometimes like you said whenever I see it is well in profit. for example most of times when the market is rallying and I've a successful long which is well in profit, I'll close it when I've picked a successful top and this short position has proven (based on higher TF's PA) to be the correct top. Normally I close it sooner than market gets in the middle of both positions, i.e I'll close the long when it is we say 500 pips in profit and the opposite short (top) is 100 pips in profit. This would have yielded 600 pips profit for long position if I had closed it at top when I was opening the short. Now it is 500 pips green but the short is compensating the 100 pips loss because the short also is 100 pips in profit, so if I close both positions right now, it will be like I'm taking full (600 pips) profit as before so I haven't lost anything.
Perhaps you've noticed the real advantage behind all of this. It is if you get stopped out several times in one way, then no worries because that means the opposite position is still running your way and covering small your small losses so ... Either short or long, the market is laways moving your way!
Discipline + Patience - Fear - Greed = Success
- #152,800
- Jan 14, 2009 5:09am Jan 14, 2009 5:09am
- Joined Oct 2007 | Status: Counter Trend, but not always! | 2,147 Posts
Morning everyone. Hope everybody got a nice pips today.
What I see now....this thread have been watch closely by Fund Manager due to comment by few members from Aus Thread.
Every thing is in control. Join the party coz market is sweet.
Discipline + Patience - Fear - Greed = Success