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No Brainer Trades

  • #8,121
  • Feb 3, 2009 3:38am Feb 3, 2009 3:38am
Quoting RedCabbage

  1. Define a consistent strategy at all levels.
  2. Log all of your set ups in detail whether actually traded or not.
  3. When you are consistently right, the results will speak for themselves and your self confidenence will come.

(Until it gets smashed again- then see point 1 lol)

Fear of losses is natural, so I think of losses as a business overhead or cost. Statistically it's the price I have to pay each day to be in 5-10 trades.

I simply cannot succeed every time but I have to be in it to win it.

Thanks, RC
  • #8,122
  • Feb 3, 2009 3:44am Feb 3, 2009 3:44am
Quoting mattpajek
I know this is no indictor trading but still do you use any
I use Fibonacci and trend lines as confirmation, they are both different forms of s/r and change polarity just as horizontal s/r does.
  • #8,123
  • Feb 3, 2009 4:03am Feb 3, 2009 4:03am
maybe short aud/usd
  • #8,124
  • Feb 3, 2009 4:06am Feb 3, 2009 4:06am
Quoting mattpajek
maybe short aud/usd
Good - if you can trade the range.
  • #8,125
  • Feb 3, 2009 4:16am Feb 3, 2009 4:16am
Quoting RedCabbage
Good - if you can trade the range.
maybe not a good thing to do but i`ve got like a resistance at 0.6389 or is it not
  • #8,126
  • Feb 3, 2009 4:19am Feb 3, 2009 4:19am
what would a decent TP level be for this range trade... 0.6420?

Quoting RedCabbage
Good - if you can trade the range.
  • #8,127
  • Edited 4:30am Feb 3, 2009 4:23am | Edited 4:30am
Quoting RedCabbage
12507

Bugger all else on at the moment.
Tranquillo..RC..LoL...07 was a great entry.. AYK I was a bit late but averaged in for a nice safe mornings work..
getting into congestion here ...so out..
time for lunch..LoL

13.29cet update..BTW IF theres another leg in this it should start here 50..
  • #8,128
  • Feb 3, 2009 4:24am Feb 3, 2009 4:24am
Quoting Knightz
what would a decent TP level be for this range trade... 0.6420?
6348 but I wouldn't trade it, as it is too tight. A range must be 80-100 pips for me to consider it.
  • #8,129
  • Feb 3, 2009 4:26am Feb 3, 2009 4:26am
Quoting cliffedwards
Tranquillo..RC..LoL...07 was a great entry.. AYK I was a bit late but averaged in for a nice safe mornings work..
getting into congestion here ...so out..
time for lunch..LoL
Yeah, I'm out at 44. It was only ever going to be a scalp.
  • #8,130
  • Edited 5:18am Feb 3, 2009 4:52am | Edited 5:18am
Would 1.2601 - .12645 be a good place to short the CAD? Or does the range start at 1.2566? How do you see things?
  • #8,131
  • Feb 3, 2009 5:24am Feb 3, 2009 5:24am
Quoting RedCabbage

  1. Define a consistent strategy at all levels.
  2. Log all of your set ups in detail whether actually traded or not.
  3. When you are consistently right, the results will speak for themselves and your self confidenence will come.

(Until it gets smashed again- then see point 1 lol)

Fear of losses is natural, so I think of losses as a business overhead or cost. Statistically it's the price I have to pay each day to be in 5-10 trades.

I simply cannot succeed every time but I have to be in it to win it.

Pearls of wisdom RC. Another one that should be printed out and stuck on the trading room wall.

That's the second time in a week I've said that to you. It's becoming a habit!!
RegardsPaul Eamonn
  • #8,132
  • Feb 3, 2009 5:42am Feb 3, 2009 5:42am
Quoting RedCabbage
12507

Bugger all else on at the moment.
RC - that Cad short looked good - good pips.

Can you tell me how you decided to enter in that area? The only thing I can see is a 4 hour bucket with a very sloppy bottom and the stop for that would be a tad out of your preferred 40 points.
RegardsPaul Eamonn
  • #8,133
  • Edited 6:42am Feb 3, 2009 5:42am | Edited 6:42am
wedge getting very tight..

Update 15:41cet ..and Out @92 for 40
  • #8,134
  • Feb 3, 2009 5:45am Feb 3, 2009 5:45am
Quoting PaulEamonn
RC - that Cad short looked good - good pips.

Can you tell me how you decided to enter in that area? The only thing I can see is a 4 hour bucket with a very sloppy bottom and the stop for that would be a tad out of your preferred 40 points.
Hi, Paul!

I'm not RC, but if you see Seiden's videos carefuly, you will understand why he picked that level. On the H4, that's where an imbalance between supply and demand is originating (12:00 candle on 23.01.2009)
  • #8,135
  • Feb 3, 2009 5:59am Feb 3, 2009 5:59am
Quoting bumasoft
Hi, Paul!

I'm not RC, but if you see Seiden's videos carefuly, you will understand why he picked that level. On the H4, that's where an imbalance between supply and demand is originating (12:00 candle on 23.01.2009)
Hi Bumasoft - thanks for the reply.

I did wonder if that was the clue, the way the market crashed down through that level/little bunch of 1 hour bars on the evening of the 22nd. The bar you refer on the 23rd barely paused as it hit that level and then it didn't even look back.

Good trade!

Only goes to show, if you look back and plan your trades...........................
RegardsPaul Eamonn
  • #8,136
  • Feb 3, 2009 6:01am Feb 3, 2009 6:01am
Quoting PaulEamonn
Hi Bumasoft - thanks for the reply.

I did wonder if that was the clue, the way the market crashed down through that level/little bunch of 1 hour bars on the evening of the 22nd. The bar you refer on the 23rd barely paused as it hit that level and then it didn't even look back.

Good trade!

Only goes to show, if you look back and plan your trades...........................
Yeah, I just got fried a few times and then I became scared. So I'm afraid to get in trades, even though I know statistically I should be consistently profitable if I stick to the rules and to my money management.
  • #8,137
  • Feb 3, 2009 6:04am Feb 3, 2009 6:04am
I bet RC wished he should have stayed in the CAD short . It fell 75 pips already from 1.25.
  • #8,138
  • Feb 3, 2009 6:07am Feb 3, 2009 6:07am
Quoting bumasoft
Yeah, I just got fried a few times and then I became scared. So I'm afraid to get in trades, even though I know statistically I should be consistently profitable if I stick to the rules and to my money management.
See my reply to RC's previous post. What he wrote is gold dust!!
RegardsPaul Eamonn
  • #8,139
  • Feb 3, 2009 6:09am Feb 3, 2009 6:09am
Quoting bumasoft
I bet RC wished he should have stayed in the CAD short . It fell 75 pips already from 1.25.
I don't see him in the logged in list so he may have sneaked off and gone short again at the 12498 level just to take another bite at it. If he has, more power to him. They are the sort of trades you don't mind getting out of bed for.
RegardsPaul Eamonn
  • #8,140
  • Feb 3, 2009 6:14am Feb 3, 2009 6:14am
Quoting PaulEamonn
See my reply to RC's previous post. What he wrote is gold dust!!
Yes, I read it. I will try to follow what he says.
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