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  • #8,181
  • Feb 3, 2009 9:10am Feb 3, 2009 9:10am
Quoting bumasoft
Got stoped out at breakeven.
I shorted at 3029 and still hanging on...

And went long on USD CHF around 1400 at the bounce in line with a recent 4H bounce there, set for break even so far.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #8,182
  • Feb 3, 2009 9:11am Feb 3, 2009 9:11am
Quoting Thexder
I shorted at 3029 and still hanging on...
Good luck! It's looking good. Blooody stupid euro
  • #8,183
  • Feb 3, 2009 9:16am Feb 3, 2009 9:16am
Quoting bumasoft
Good luck! It's looking good. Blooody stupid euro
I just wish now I could remember what made me pull the trigger finally. I know I decided it was time and I was trying to enter at market but every time I clicked to sell it said prices changed so I didn't get filled..I thought I was going to miss it.

Edit..oh yeah, that 4 hour supply spike from a few days ago, I already wrote that out and since forgot. Too much fast action to keep track of.

I'm glad I chose to "work" from home today. I'd never be able to focus on trading with distractions like work today.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #8,184
  • Feb 3, 2009 9:22am Feb 3, 2009 9:22am
Quoting bumasoft
Got stoped out at breakeven.
i scalped that for 25 pips
  • #8,185
  • Feb 3, 2009 9:29am Feb 3, 2009 9:29am
Quoting RedCabbage
Short AUDUSD from 6494 support (50%Fib)
did you shorted becouse 50% fibo or is there something else and i can`t see that,i mean it is countertrend on h4,h1
  • #8,186
  • Feb 3, 2009 9:43am Feb 3, 2009 9:43am
Quoting mattpajek
i scalped that for 25 pips
Now I'm starting to hate myself. If I wouldn't have moved my stop to breakeven so fast, I would have closed in profit for today.

I saw about 5 opportunities today, and 4 of them would have been very nice trades. I just took the 5th losing trade and miss-managed this euro trade, closing at breakeven. Am I stupid or what?
  • #8,187
  • Feb 3, 2009 9:51am Feb 3, 2009 9:51am
Quoting mattpajek
did you shorted becouse 50% fibo or is there something else and i can`t see that,i mean it is countertrend on h4,h1
Good question.

There's 2 lots of s/r close together a 23.6 Fib and 50 Fib, the latter I particularly favour.

It's only a scalp as it is counter trend.
  • #8,188
  • Feb 3, 2009 9:55am Feb 3, 2009 9:55am
My EUR USD short and USD CHF long are both around 35 away from their stops and the current combined pip count is around 130 in play.

I can't believe I caught them right at the tops and bottoms.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #8,189
  • Feb 3, 2009 10:09am Feb 3, 2009 10:09am
Quoting bumasoft
Now I'm starting to hate myself. If I wouldn't have moved my stop to breakeven so fast, I would have closed in profit for today.

I saw about 5 opportunities today, and 4 of them would have been very nice trades. I just took the 5th losing trade and miss-managed this euro trade, closing at breakeven. Am I stupid or what?
Same here bumasoft that was my only winning trade today,well not stupid i would say we are both inexperienced
  • #8,190
  • Feb 3, 2009 10:14am Feb 3, 2009 10:14am
Quoting Thexder
My EUR USD short and USD CHF long are both around 35 away from their stops and the current combined pip count is around 130 in play.

I can't believe I caught them right at the tops and bottoms.
i can only dream about that but one day.....
  • #8,191
  • Feb 3, 2009 10:15am Feb 3, 2009 10:15am
Quoting mattpajek
i can only dream about that but one day.....
I can only dream about repeating it tomorrow or the next day. I think I got lucky.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #8,192
  • Feb 3, 2009 10:17am Feb 3, 2009 10:17am
Quoting bumasoft
Now I'm starting to hate myself. If I wouldn't have moved my stop to breakeven so fast, I would have closed in profit for today.

I saw about 5 opportunities today, and 4 of them would have been very nice trades. I just took the 5th losing trade and miss-managed this euro trade, closing at breakeven. Am I stupid or what?
Bumasoft - In my opinion the question of whether you are stupid or not depends upon the reason you didn't take the trades, the reason why you took the trades you did and why you moved your stop loss to break even when you did.

If it was because you were following your trading rules, then you are to be congratulated rather than condemned.

However, if I am correct and it was for some other reason, I recognise the symptoms.

What you need to do now is to back off real trading for a day or a few. Take time to set out your rules. Use to trade on a demo account until you are comfortable with them.

Then, and only then, you can return to trading real money again.

The other option is to continue as you are, lose your account, hate yourself and the markets.

This achieves nothing. I know - been there, done that - do you want me to send you a tee shirt - I've got bl00dy loads!!

Plan your trades and trade your plan. Don't worry if your rules mean you miss a few trades. They are like buses, another one is on the way.

I hope this helps.
RegardsPaul Eamonn
  • #8,193
  • Feb 3, 2009 10:21am Feb 3, 2009 10:21am
Quoting Thexder
I shorted at 3029 and still hanging on...

And went long on USD CHF around 1400 at the bounce in line with a recent 4H bounce there, set for break even so far.
Quoting Thexder
My EUR USD short and USD CHF long are both around 35 away from their stops and the current combined pip count is around 130 in play.

I can't believe I caught them right at the tops and bottoms.
Quoting Thexder
I can only dream about repeating it tomorrow or the next day. I think I got lucky.
Are these two not negatively correlated? And, if so, did you allow for that in your trade size and risk assessment?
RegardsPaul Eamonn
  • #8,194
  • Feb 3, 2009 10:25am Feb 3, 2009 10:25am
Quoting PaulEamonn
Are these two not negatively correlated? And, if so, did you allow for that in your trade size and risk assessment?
When it's only two trades on pairs that may be related I only look at the setups individually as if nothing suspicious were going on - in this case both setups had good trigger areas in my view so I treated them separate. But I wouldn't probably throw in a 3rd pair and tempt fate.

Usually when I see 2 pairs behaving similar, one will still have a slightly better setup than the other and I'll pick the best but I liked both of these that much.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #8,195
  • Feb 3, 2009 10:28am Feb 3, 2009 10:28am
Quoting Thexder
When it's only two trades on pairs that may be related I only look at the setups individually as if nothing suspicious were going on - in this case both setups had good trigger areas in my view so I treated them separate. But I wouldn't probably throw in a 3rd pair and tempt fate.

Usually when I see 2 pairs behaving similar, one will still have a slightly better setup than the other and I'll pick the best but I liked both of these that much.
I'm glad it worked out for you.
RegardsPaul Eamonn
  • #8,196
  • Feb 3, 2009 10:56am Feb 3, 2009 10:56am
I recon i`ve got a problem to spot when there is a trend or when it`s ranging market.How do you guys determinate that issue?What i mean is that it could be trend on h4 but if you look at the h1,m15 it is ranging
  • #8,197
  • Feb 3, 2009 11:12am Feb 3, 2009 11:12am
Quoting PaulEamonn
I'm glad it worked out for you.
I remembered another thing that helped my decision this time around. The EUR USD was already in profit and set for break even when I took the CHF so it was like starting all over safely uncorrelated.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #8,198
  • Feb 3, 2009 11:49am Feb 3, 2009 11:49am
Quoting mattpajek
I recon i`ve got a problem to spot when there is a trend or when it`s ranging market.How do you guys determinate that issue?What i mean is that it could be trend on h4 but if you look at the h1,m15 it is ranging
As you note, each timeframe can be different. The way I do it is to use the "Fractal" tool that you can find on most chart packages. What that tool does is identify and mark a "local" swing high or low. The criteria is that that high or low must have two candles on each side which are lower (for a high), or higher (for a low). Then, when you can see higher highs and higher lows in the most recent candles, you have an uptrend; lower highs and lower lows of course, a downtrend. This is on whatever time frame you are looking at and it is easy to see why a 1 hour chart will be in a different state than for instance a daily chart. And of course, the trend on the higher time frames should be more important to you than the smaller ones.

But remember, the trend is important but not as important as support and resistance.

Hope this helps.

SR
  • #8,199
  • Feb 3, 2009 11:55am Feb 3, 2009 11:55am
I am watching AUDUSD 0.6550. 61.8% at the same price too
  • #8,200
  • Feb 3, 2009 12:08pm Feb 3, 2009 12:08pm
Quoting Thexder
I remembered another thing that helped my decision this time around. The EUR USD was already in profit and set for break even when I took the CHF so it was like starting all over safely uncorrelated.
Well if that was the case there wasn't no increased risk. Good thinking and well done on the trades.
RegardsPaul Eamonn
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