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  • #71,381
  • Mar 5, 2009 12:12am Mar 5, 2009 12:12am
Psiholog in somewhat similar position, except living life and coming back to find I could of made a 300+ pip profit trade pisses me off.
  • #71,382
  • Mar 5, 2009 12:13am Mar 5, 2009 12:13am
Well, it played out exactly as planned although I think that I closed the trade and took the profits pretty early at about 35 pips or so.

Then again, I took a high risk trade at 5% of my total account value which was roughly at about 4 standard lots, which I thought had a high chance of success, and thankfully it paid off.

Now to see where price action will take us going into the Euro session. I'm expecting a down move, and a retracement back to pivot before Euro starts, and then a further down move going into the US session.
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  • #71,383
  • Mar 5, 2009 12:14am Mar 5, 2009 12:14am
Quoting dallavise
Wow. Congrats to you! If you're willing to give me any tips, I'm all ears. I've only been doing this for 6 weeks, but the idea of making 50 pips a day for some reason sounds insane to me.
this proves to me how new you are in the game of money we call Forex. If you spend some time in the gbp/jpy thread you will soon realize there are people who make regularly over 200pips a day!...thats how insane that pair is. Trust me...50pips wont seem like alot once you get going and as far as tips go....all my posts have that intention so stick around. There are a few great traders in this thread as well you have to watch for..to name a few...suntrader..ak4x...acumen...bernac....doblece..cobraforex (although cobra and doblece are mainly in the THV thread now) and a few others.
Different opinions highly valued, ignorant to slander.
  • #71,384
  • Mar 5, 2009 12:17am Mar 5, 2009 12:17am
Quoting dallavise
So wait, you are saying it could go up, down, or stay the same? Brilliant! Sorry man, but I couldn't resist.
Exactly. Now that we know the only possible outcomes we should be able to make a ton of money. Just don't tell anyone!!
  • #71,385
  • Mar 5, 2009 12:19am Mar 5, 2009 12:19am
heres what bemack had posted...

Short to 1.2550. @ that point My SL wiil be ~ 1.2580.
If this Stop is not hit... heading for ~1.2540... ~1.2505.. 1.2485... 1.2460 & then a New Low for the period.


Of course; this must all occurr before we head for 1.1800
__________________
I may not Always be right but I AM ALWAYS IN CHARGE. At least, of My Own Coin.
those who can, do. those who cant, talk about those who can
  • #71,386
  • Mar 5, 2009 12:19am Mar 5, 2009 12:19am
Quoting dallavise
Wow. Congrats to you! If you're willing to give me any tips, I'm all ears. I've only been doing this for 6 weeks, but the idea of making 50 pips a day for some reason sounds insane to me.
It's not about the number of pips really. Although that really depends on your money management profile.

I define my entry and exit levels, and then calculate how much I'm willing to risk for that trade. If I'm not entirely confident, it will be 1%, but maximum I will risk a trade will be 5%.

I don't have years of experience from trading, but blowing my account twice while starting out taught me that money management is the most important skill in this game.

You can lose 10 trades for every 4 trades you win, and you will still make money with proper money management skills.
  • #71,387
  • Mar 5, 2009 12:19am Mar 5, 2009 12:19am
Just did a pull back from the daily PP.
  • #71,388
  • Mar 5, 2009 12:22am Mar 5, 2009 12:22am
Took another short trade from the pullback to the daily pivot from the M1 timeframe.

Looking to get out of this quickly though.

As soon as trend changes in M15, I'm out.
  • #71,389
  • Mar 5, 2009 12:24am Mar 5, 2009 12:24am
Did another pull back from it, it it does it again or goes above I think that will decide the direction for the day.
  • #71,390
  • Mar 5, 2009 12:28am Mar 5, 2009 12:28am
i will post this because i think it is very relevant. it is crucial in building self confidence and being comfortable with placing a trade...win or lose.


since i started trading 1year and 3 months ago (live only which i do not recommend right away)...i have placed in between 3000 and 5000 live trades. this is a massive amount by all standards. in any case the point is...the emotion behind placing trades is as crucial as anything else and i can honestly say i have not felt emotion when placing trades in months (not to be confused with bias which is dictated by pa)
Different opinions highly valued, ignorant to slander.
  • #71,391
  • Mar 5, 2009 12:28am Mar 5, 2009 12:28am
[ASIAN CLOSE] The USD was stronger across the board during the Asian session regaining some of the ground lost during o/n trade. The catalyst for the USD strength was risk aversion returning to the fore after mkt players found out there was no actual additional fiscal stimulus from China, just a reaffirmation of its 8% growth. See page . 05:19 GMT - [STG/YEN] remains rangy at the 140's after surging from the 137's in Ldn morning time yesterday. BOE's 0.5% rate cut and introduction of quantitative easing today appears well priced in, and some reaction may be possible if the rate cut is only 0.25%. Considering the fact the headline pair Stg/Dlr has remained bid at the 1.39's for 3 consecutive days, and the Yen remains under pressures, Monday low of 135.48 seems mostly fixed (this pair tends to favor Monday high/low of the week). The 21-days MA (135.45) is moving up towards the 90-days MA (137.16) for golden cross.
those who can, do. those who cant, talk about those who can
  • #71,392
  • Mar 5, 2009 12:29am Mar 5, 2009 12:29am
This should about cover it...

Will be starting signal service soon. Since the calls will be worthless, it won't cost anything. Pretty good deal really...
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FUBAR...
  • #71,393
  • Mar 5, 2009 12:29am Mar 5, 2009 12:29am
I've got one open position right now - a short at 1.2649 I entered last night before going to sleep. This will be my main play for the day which I'll look to exit around or after the ECB news hits.

Then I'll be looking for good points to enter long as I expect some strong rebounds, especially in the 1.23 area.
  • #71,394
  • Mar 5, 2009 12:30am Mar 5, 2009 12:30am
...1.2600 seemed a good place to short, anyone agree?

Good Trading.
Good Trading. (keep it simple).
  • #71,395
  • Mar 5, 2009 12:30am Mar 5, 2009 12:30am
Quoting psiholog
i will post this because i think it is very relevant. it is crucial in building self confidence and being comfortable with placing a trade...win or lose.


since i started trading 1year and 3 months ago (live only which i do not recommend right away)...i have placed in between 3000 and 5000 live trades. this is a massive amount by all standards. in any case the point is...the emotion behind placing trades is as crucial as anything else and i can honestly say i have not felt emotion when placing trades in months (not to be confused with bias which...
Correct me if I'm wrong Psi. But what I found is that the emotion wears out over time.
Not all sins are created equal
  • #71,396
  • Mar 5, 2009 12:30am Mar 5, 2009 12:30am
Quoting Jasper
...1.2600 seemed a good place to short, anyone agree?

Good Trading.
No
Not all sins are created equal
  • #71,397
  • Mar 5, 2009 12:32am Mar 5, 2009 12:32am
Quoting Jay Walker
No
Watch it then (the action)

Good Trading.
Good Trading. (keep it simple).
  • #71,398
  • Mar 5, 2009 12:33am Mar 5, 2009 12:33am
Quoting Jasper
Watch it then (the action)

Good Trading.
euh! okay!
Not all sins are created equal
  • #71,399
  • Mar 5, 2009 12:33am Mar 5, 2009 12:33am
Quoting Jay Walker
Correct me if I'm wrong Psi. But what I found is that the emotion wears out over time.
i had more emotion the last time i ate a macdonalds quarter pounder cheeseburger then i do now with a trade which can have a maximum drawdown of 2-3% and that was a while ago!
Different opinions highly valued, ignorant to slander.
  • #71,400
  • Mar 5, 2009 12:36am Mar 5, 2009 12:36am
Okay this Daily PP has been hit and done a pull back 5 times now. Make up your damn mind.
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