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  • #7,921
  • Jan 30, 2009 2:45am Jan 30, 2009 2:45am
Quoting Shermenator
what do you mean...?
If I enter a trade and it is still below my entry level after an hour or two then I lose confidence and want to cut my losses. Yet I know some traders look for conditions that tell them that the position is still good.
  • #7,922
  • Edited 2:55am Jan 30, 2009 2:54am | Edited 2:55am
Is 12286 in the CAD one of them there intraday RBS buys?

Or should that have been 12292?
RegardsPaul Eamonn
  • #7,923
  • Jan 30, 2009 2:55am Jan 30, 2009 2:55am
Quoting RedCabbage
If I enter a trade and it is still below my entry level after an hour or two then I lose confidence and want to cut my losses. Yet I know some traders look for conditions that tell them that the position is still good.
Let me ask you a question lets say you get in a trade what do you look for to happen once your in it...? based on this I will know how to help you a bitt and what your standing on...
  • #7,924
  • Jan 30, 2009 3:34am Jan 30, 2009 3:34am
Quoting Shermenator
Let me ask you a question lets say you get in a trade what do you look for to happen once your in it...? based on this I will know how to help you a bitt and what your standing on...
As we know there no rules set in stone that everyone must follow. It is all down to what suits us what works for us and where our comfort zones are.

When I get in a trade I'm happy for drawdown to my stop before it goes into profit but my stop size is governed by my strategy, money management and comfort zone. However some price reversals may require a stop of 80-100 to be successful. So it's a clash of between s/r and MM.
  • #7,925
  • Jan 30, 2009 3:47am Jan 30, 2009 3:47am
Quoting RedCabbage
..................but my stop size is governed by my strategy, money management and comfort zone.
Shouldn't your stop loss placing be governed by your strategy alone? And then the size of your position be determined by your money management rules (ie, how much of your account your are prepared to risk on one trade) which, in turn, is controlled by your comfort zone.

I know this looks a bit like nit picking but getting this right and how your arrive at the various figures must be an important part of trading surely?
RegardsPaul Eamonn
  • #7,926
  • Jan 30, 2009 3:59am Jan 30, 2009 3:59am
Quoting PaulEamonn
Shouldn't your stop loss placing be governed by your strategy alone? And then the size of your position be determined by your money management rules (ie, how much of your account your are prepared to risk on one trade) which, in turn, is controlled by your comfort zone.

I know this looks a bit like nit picking but getting this right and how your arrive at the various figures must be an important part of trading surely?
Personally, I think the pips are also important, emotionally speaking. So, in this case, stop loss placing is not only governed by the strategy, but also by "pip management" or Risk/Reward Ratio. I may be speaking bullsh*t, but it's just my way of thinking. We don't all work the same ... Maybe you don't like to risk 60 pips (even if the position is small) if the trade can only bring you a maximum of 40 pips. A RRR of 1:3 would be ideal (stop loss = take profit / 3)
  • #7,927
  • Jan 30, 2009 4:07am Jan 30, 2009 4:07am
Quoting bumasoft
Personally, I think the pips are also important, emotionally speaking. So, in this case, stop loss placing is not only governed by the strategy, but also by "pip management" or Risk/Reward Ratio. I may be speaking bullsh*t, but it's just my way of thinking. We don't all work the same ... Maybe you don't like to risk 60 pips (even if the position is small) if the trade can only bring you a maximum of 40 pips. A RRR of 1:3 would be ideal (stop loss = take profit / 3)
Bumasoft - yes you are.of course, correct in saying that> But I lump that in under general money management. Sadly, however, I often (usually?) forget to look at it before risking some more of my demo account!!
RegardsPaul Eamonn
  • #7,928
  • Jan 30, 2009 4:12am Jan 30, 2009 4:12am
Quoting PaulEamonn
Shouldn't your stop loss placing be governed by your strategy alone? And then the size of your position be determined by your money management rules (ie, how much of your account your are prepared to risk on one trade) which, in turn, is controlled by your comfort zone.

I know this looks a bit like nit picking but getting this right and how your arrive at the various figures must be an important part of trading surely?
Yes, and also no. It depends on how you apply MM.

Anyway look at USDCAD now.
  • #7,929
  • Jan 30, 2009 4:16am Jan 30, 2009 4:16am
Quoting RedCabbage
Yes, and also no. It depends on how you apply MM.

Anyway look at USDCAD now.
What do you think about USDCAD? GDP data from both in 1 hour time... anyway I am long from 1.23, SL now locked positive... but where to exit, if everything goes fine...? :-)
  • #7,930
  • Jan 30, 2009 4:22am Jan 30, 2009 4:22am
Quoting uafx
What do you think about USDCAD? GDP data from both in 1 hour time... anyway I am long from 1.23, SL now locked positive... but where to exit, if everything goes fine...? :-)
12379 is historically significant resistance and a double 38.2 fib

However 12514 is much stronger
  • #7,931
  • Jan 30, 2009 4:31am Jan 30, 2009 4:31am
Quoting RedCabbage
12379 is historically significant resistance and a double 38.2 fib

However 12514 is much stronger
Well, let the GDP shows us the way...:-)

Edit:
2379 is under attack...
  • #7,932
  • Jan 30, 2009 4:35am Jan 30, 2009 4:35am
Quoting RedCabbage
12379 is historically significant resistance and a double 38.2 fib
In at 12369 out at b/e - gotta be in it to win it!
  • #7,933
  • Jan 30, 2009 4:43am Jan 30, 2009 4:43am
Quoting RedCabbage
Anyway look at USDCAD now.
All for the sake of a 6 point higher entry you lose 100 points. Don't it p1ss you off?

What sort of ratio do you call that? Tight Ar$e:Tears?
RegardsPaul Eamonn
  • #7,934
  • Jan 30, 2009 4:46am Jan 30, 2009 4:46am
Still. I can't complain too much, While that was going on I was making 61 pips in the Euro/$.
RegardsPaul Eamonn
  • #7,935
  • Jan 30, 2009 4:47am Jan 30, 2009 4:47am
Quoting PaulEamonn
All for the sake of a 6 point higher entry you lose 100 points. Don't it p1ss you off?
I was trying to get in long about 100 ago myself and I WOULD have been in except I forgot to account for spread in my limit order so I was about 5 pips off and it would have triggered if I were thinking properly.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #7,936
  • Jan 30, 2009 4:52am Jan 30, 2009 4:52am
Quoting Thexder
I was trying to get in long about 100 ago myself and I WOULD have been in except I forgot to account for spread in my limit order so I was about 5 pips off and it would have triggered if I were thinking properly.
It's scary how normal, ration and often very intelligent people can be reduced to faulty automatons when confronted by a computer generated chart.
RegardsPaul Eamonn
  • #7,937
  • Jan 30, 2009 5:00am Jan 30, 2009 5:00am
Quoting PaulEamonn
It's scary how normal, ration and often very intelligent people can be reduced to faulty automatons when confronted by a computer generated chart.
I'm hoping this trade will make up for it.
I have +13 locked in and am trailing it up as it goes onward so it's safe already.
Attached Image
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #7,938
  • Jan 30, 2009 5:13am Jan 30, 2009 5:13am
Quoting Thexder
I'm hoping this trade will make up for it.
I have +13 locked in and am trailing it up as it goes onward so it's safe already.
Congratulations! I saw that, but didn't have the guts to pull the trigger
  • #7,939
  • Jan 30, 2009 5:21am Jan 30, 2009 5:21am
Quoting Thexder
I'm hoping this trade will make up for it.
I have +13 locked in and am trailing it up as it goes onward so it's safe already.
That's a good entry but it ran straight into resistance at 11616 which I marked as a possible sell but it went through too far for me.

Like J16 method you need some clear space for the best trades.

Have a look up to 1h level to see if you haven't already.
  • #7,940
  • Jan 30, 2009 5:30am Jan 30, 2009 5:30am
Quoting RedCabbage
That's a good entry but it ran straight into resistance at 11616 which I marked as a possible sell but it went through too far for me.
I was up +35 and let it take me out at +13 before it went back down to the entry area. On the weekend I'll start looking at the higher time frames. I know there's always going to be an obstacle on some time frame but sometimes I just look at what's happened recently like the initial break out there, it had no problems getting through the 1616 area so I might be able to assume it will have no problems with that 15minutes later for the purposes of that scalp. But that's just the lack of sleep rambling. I guess I've been on a roll tonight with the setups so I went for it.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
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