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No Brainer Trades

  • #8,601
  • Edited 8:09am Feb 10, 2009 7:59am | Edited 8:09am
Quoting ishacm
Hi,

I lost this trade (although it went substantially down afterwards). It was like, just after hitting my SL, it went down. So, I would like to know, what is your criteria for putting SL.

Following was my Limit order:

Entry: 1.7430
SL: 1.7480 (I have fixed 50 pip SL)
TP: 1.7200

But, failed.

Can u please explain how to put the SL.

thanx
My s/r levels on this one were 17400-17483. I actually didn't get in this one but my entry point was 17483 less 15 pips for the spread and shortfall.
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  • #8,602
  • Feb 10, 2009 8:24am Feb 10, 2009 8:24am
Quoting Shermenator
I will now move my stop to brek even pluss 10 pip lol another winning trade....

like stealing candy from a baby

Attachment

Nice trade.. may I ask u somethin.. what is your consideration to took short there ? there's no resistance at the place u went short.. are u speculating that the price wouldnt kiss the resistance above it.. ? thanks vr much..
I draw a line for u... a support line.. not a resistance one..
  • #8,603
  • Feb 10, 2009 8:27am Feb 10, 2009 8:27am
Quoting left_trader
Nice trade.. may I ask u somethin.. what is your consideration to took short there ? there's no resistance at the place u went short.. are u speculating that the price wouldnt kiss the resistance above it.. ? thanks vr much..
Read my previous post...and suport and resistance is an area not an exact number people still look at them as exact numbers making them think like retail but with experience people get out of that thinking
  • #8,604
  • Feb 10, 2009 8:36am Feb 10, 2009 8:36am
Just be aware everyone US Treasury Sec Geithner's stimulus package announcement is liable to have a profound effect on the markets.

Don't step in front of a speeding train
  • #8,605
  • Feb 10, 2009 8:40am Feb 10, 2009 8:40am
How about the below setup on GBPCHF 4-hour

My first post of nobrainer setup. Is it right?
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  • #8,606
  • Feb 10, 2009 8:46am Feb 10, 2009 8:46am
Quoting ishacm
How about the below setup on GBPCHF 4-hour

My first post of nobrainer setup. Is it right?
I took the short coming down erlier tody and I am now looking for longs...that is defently great area just make sure you watch how price comes down to it and this might be a trade you might whant to hold it for good pips ....
I will post if I take it..

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  • #8,607
  • Feb 10, 2009 9:19am Feb 10, 2009 9:19am
I went short EUR/GBP

My SL is 8860

what should be my Profit target? Pls advise
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  • #8,608
  • Feb 10, 2009 9:28am Feb 10, 2009 9:28am
Quoting ishacm
I went short EUR/GBP

My SL is 8860

what should be my Profit target? Pls advise
While I'm far from an authority, I'd think its best to have a plan on what your target should be BEFORE entering the trade (ie what is your risk:reward ratio for this trade).

Now a quick look at the chart shows this has been on an extended uptrend over the last 8-10 hours but the daily shows a downtrend (today is possible retrace up of that downtrend or possibly reversal).

So depending on if this is a countertrend scalp or a trade with the trend would change things greatly.

If you have read the thread and the PDFs at the beginning, the typical approach is to take profit on about half of the position at +20 pips, and then move your Stop to break even and let the rest ride, watching the price action to try to see where it stalls. For countertend scalps, targets are usually much smaller (25-50 pips) whereas trading with the trend can usually be ridden for longer times to greater profits.

You can usually get an indication of where your target should be based upon the next S&R level above (if you're long) or below (if you're short).

So the short answer is, you need to find what suits your personality and risk appetite for trade management, as no money is actually made until the position is closed (hopefully at a profit).

I know this is probably as clear as mud, but I think the key is to identify what your goals/targets/trading personality are so you can make sure you're comfortable with trade management.
  • #8,609
  • Feb 10, 2009 9:28am Feb 10, 2009 9:28am
Quoting RedCabbage
Just be aware everyone US Treasury Sec Geithner's stimulus package announcement is liable to have a profound effect on the markets.

Don't step in front of a speeding train
wat would happen to if they accept the stimulus package?

example wat wud happen to EUR/USD or GBP/USD etc...
  • #8,610
  • Feb 10, 2009 9:45am Feb 10, 2009 9:45am
Quoting Knightz
wat would happen to if they accept the stimulus package?

example wat wud happen to EUR/USD or GBP/USD etc...
wat wud...?

http://www.jonrb.com/emoticons/moan.gif
  • #8,611
  • Feb 10, 2009 9:48am Feb 10, 2009 9:48am
Quoting nyjetfan
While I'm far from an authority, I'd think its best to have a plan on what your target should be BEFORE entering the trade (ie what is your risk:reward ratio for this trade).

Now a quick look at the chart shows this has been on an extended uptrend over the last 8-10 hours but the daily shows a downtrend (today is possible retrace up of that downtrend or possibly reversal).

So depending on if this is a countertrend scalp or a trade with the trend would change things greatly.

If you have read the thread and the PDFs at the beginning, the...
Bang on the money.

All that lurking has done you proud NYJF. Are you trading with the system yet? You should be.
  • #8,612
  • Feb 10, 2009 9:53am Feb 10, 2009 9:53am
Quoting ishacm
I went short EUR/GBP

My SL is 8860

what should be my Profit target? Pls advise

Another failure. I think the trade was against the trend. Another lesson, but as always cost is associated with it.

Looking forward to a positive result.


thax
  • #8,613
  • Feb 10, 2009 10:00am Feb 10, 2009 10:00am
Quoting ishacm
I think the trade was against the trend.
thax
You "THINK" the trade was against the trend? Didn't you know before you placed the trade?

SR
  • #8,614
  • Edited 10:32am Feb 10, 2009 10:22am | Edited 10:32am
Quoting seattlerust
You "THINK" the trade was against the trend? Didn't you know before you placed the trade?

SR
sorry boss, I was just trying to get along with you guys.

I will try to make my entries based on the trend.
thanx
  • #8,615
  • Feb 10, 2009 10:33am Feb 10, 2009 10:33am
Quoting seattlerust
You "THINK" the trade was against the trend? Didn't you know before you placed the trade?

SR
This is something I've never been quite clear on myself. The fact that NBTs are based on bounces off SR means that they are always going to be against the current trend, doesn't it? I mean, by definition you're pretty much planning to take a trade in the opposite direction from where price is going right now.

I'm never sure on what kind of range you look at to determine if your trade is with or counter-trend. On this E/G, right now it's going up (obviously, since you're planning the bounce off resistance); if you zoom out a bit, you've got it trending down over the past couple weeks; zoom out more, and it's going down since December; a bit more, and it's up since October.

Anyway, this looked like a good trade to me -- it's with the trend on most timeframes and that 8840-8870 range was strong support for almost two months now, 50 fib of last wave down from last week; 23 fib from big wave down; and this is the first time it's gone back up to (potentially) hit it as resistance since it broke through support last week.

Looked like an NBT to me, guess it just didn't work out.
  • #8,616
  • Feb 10, 2009 10:40am Feb 10, 2009 10:40am
Tons of trades coming up so pay attention to the market I might be taking some trades soon
  • #8,617
  • Feb 10, 2009 10:43am Feb 10, 2009 10:43am
I hope I didn't come on too strong with my preior comment. If so, I apologize.

My point is this. The trend, on what ever time frame you are trading (position trade, swing, scalp, etc.) is important. It should prompt you to plan your risk and your exit strategy differently in either case. The probability of success may be higher if you are with the trend for instance and you may, as a result, choose to use different money management, or amount of risk. If against the trend, you may choose to take all of your trade off at once as opposed to scaling out when with the trend.

The trend is one thing that you should know before placing the trade because it should be part of your trading plan.

SR
  • #8,618
  • Feb 10, 2009 10:51am Feb 10, 2009 10:51am
In my mind that was a good trade. Maybe the stop was a bit tight and the entry was a wee bit too early but the thing is that EURGBP has been in a strong downtrend for the last two weeks (at least) and hence in my mind it was a nice opportunity to short it at the pull back to the resistance level now turn support.

some trades will just not work out but that the market. If you followed your rules you have absolutely no control over what the market does. All you can do is take the oppurtunites that it gives you.

But I could be wrong. That is why I am here to learn
  • #8,619
  • Feb 10, 2009 10:53am Feb 10, 2009 10:53am
Quoting orcus
This is something I've never been quite clear on myself. The fact that NBTs are based on bounces off SR means that they are always going to be against the current trend, doesn't it? I mean, by definition you're pretty much planning to take a trade in the opposite direction from where price is going right now.
My thoughts would be that the main trend your following would be determined by a higher timeframe.

In this case your looking for entries on the 4H Chart, so the daily chart would be your next higher timeframe. If the daily trend is bullish then based on that knowledge you will know if you are trading a retracement/counter trend, or if your are blending back into the main trend.

i hope I have that right.
  • #8,620
  • Feb 10, 2009 11:01am Feb 10, 2009 11:01am
Quoting RedCabbage
Bang on the money.

All that lurking has done you proud NYJF. Are you trading with the system yet? You should be.
Thanks RC,
I'm dabbling with the system, but need to start making more of a concerted effort to trade it. Things have been hectic in the personal life lately, so that's been impeding, but I've already gotten to where I'm starting to work on my S&R values this week in anticipation of joining the fun next week. Hopefully once I've done my "preparation", I'll be ready to go. Planning to focus on GBP/USD and EUR/USD initially (will track some others as well, but probably not as closely). I remember BRV said that if he only traded those two, he'd really not miss out on much, so I figure that's a great place to start.

Only downside is timezone and personal commitments. For me - London opens at 4AM local time, but as they say "No pain, no gain." So I'll be online watching and trading from about 4-7 and then have to take a break while I take the kids to school, but then can be back in front of my computer about 8:30 and keep an eye on things through the end of London.

Once I can get my trading plans in place, I'm hoping to come out of lurking mode and into the fray more with the rest of the folks and pocket my 40-50+ pips/day goal (of course I'll gladly take any extras if you have some :-)
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