Thanks ghous,
you're always quick and gentle
you're always quick and gentle
james16 Chart Thread
- #23,202
- Mar 6, 2009 4:18am Mar 6, 2009 4:18am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Hi Bakko,
I am pretty much out for now, been focusing on the higher tfs only and nothing on the daily was worth gambling on the first Friday of the month.
The analysis were cool Bakko, well done Just make sure you don't put on the accelerator till we move from downtown to the highway.
Regards,
Ghous.
Look what it does
Something the missed/passed setups will often do lol!
I believe . . .
- #23,203
- Mar 6, 2009 4:22am Mar 6, 2009 4:22am
This was one setup that was difficult to pass by...Phew!
Look what it does
What do you mean with "the first Friday of the month..."? Is it considered a particular and "strange" day to trade?
- #23,205
- Mar 6, 2009 4:28am Mar 6, 2009 4:28am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
What do you mean with "the first Friday of the month..."? Is it considered a particular and "strange" day to trade?
For most, the N.F.P day is a good excuse for a long weekend.
I believe . . .
- #23,206
- Mar 6, 2009 4:34am Mar 6, 2009 4:34am
- Joined Feb 2008 | Status: sucker for punishment | 2,444 Posts
simoncs,becareful what you wish for.....
gone short on the eu/us on a 3hour pin.
will take the 4h us ch i think also....
gone short on the eu/us on a 3hour pin.
will take the 4h us ch i think also....
PATIENCE... DISCIPLINE
- #23,208
- Mar 6, 2009 4:44am Mar 6, 2009 4:44am
simoncs,becareful what you wish for.....
gone short on the eu/us on a 3hour pin.
will take the 4h us ch i think also....
- #23,209
- Mar 6, 2009 4:50am Mar 6, 2009 4:50am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
def looks tempting -but i can't really see any other supporting factors, so this side of NFP i don't really want anymore US exposure as already long cable (which i might get burnt on)
I believe . . .
- #23,211
- Mar 6, 2009 4:58am Mar 6, 2009 4:58am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
I believe . . .
- #23,212
- Mar 6, 2009 5:05am Mar 6, 2009 5:05am
This was one setup that was difficult to pass by...Phew!
Look what it does
http://clip2net.com/clip/m11384/1236...-clip-12kb.png
many thanks to u again
- #23,214
- Mar 6, 2009 5:17am Mar 6, 2009 5:17am
- | Joined Aug 2007 | Status: I keep my eyes open | 1,108 Posts
[quote=ghous;2584583]How much of the volume you pull out is discretionary and your MM rules should answer that. What I do with trades off the daily is to move my stop to BE as we hit 50+ pips roughlyquote]
Ghous,
If your original SL was, say, above a 100-pip pinbar, and then the price moved 50 pips whilst your entry bar still hasn't closed, would you still move your SL? What about letting your trade breath? Why would a 50-pip move invalidate your prior logical SL? Your prior SL was "logical" (i.e. above your setup), but your new SL would seem to be "financial/psychological".
Also, by BE do you mean your entry point or the level where your profit from that trade will be zero?
I am not being critical, just trying to understand how you think!
Ghous,
If your original SL was, say, above a 100-pip pinbar, and then the price moved 50 pips whilst your entry bar still hasn't closed, would you still move your SL? What about letting your trade breath? Why would a 50-pip move invalidate your prior logical SL? Your prior SL was "logical" (i.e. above your setup), but your new SL would seem to be "financial/psychological".
Also, by BE do you mean your entry point or the level where your profit from that trade will be zero?
I am not being critical, just trying to understand how you think!
One Chart is Worth Ten Thousand Words.
- #23,215
- Mar 6, 2009 5:19am Mar 6, 2009 5:19am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
hello, ghous, thanks for the chart. I have a question for u , do u consider the yellow arrow as a possible barrier too?
http://clip2net.com/clip/m11384/1236...-clip-12kb.png
many thanks to u again
I believe . . .
- #23,216
- Edited 5:42am Mar 6, 2009 5:30am | Edited 5:42am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Ghous,How much of the volume you pull out is discretionary and your MM rules should answer that. What I do with trades off the daily is to move my stop to BE as we hit 50+ pips roughly
If your original SL was, say, above a 100-pip pinbar, and then the price moved 50 pips whilst your entry bar still hasn't closed, would you still move your SL? What about letting your trade breath? Why would a 50-pip move invalidate your prior logical SL? Your prior SL was "logical" (i.e. above your setup), but your new SL would seem...
What about letting your trade breath?
Why would a 50-pip move invalidate your prior logical SL? Your prior SL was "logical" (i.e. above your setup), but your new SL would seem to be "financial/psychological".
Regards,
Ghous.
I believe . . .
- #23,217
- Mar 6, 2009 5:44am Mar 6, 2009 5:44am
- | Joined Aug 2007 | Status: I keep my eyes open | 1,108 Posts
[quote=ghous;2584771]
For me "Space" relates to the Take profit levels and not the SL's[quote]
I like the way you put!
I agree, in principal. Yet if the trade is still developing (and you took a AAA setup), getting out with +50 (or zero) - whilst your original SL was 100 - would skew your RR. Why wait for a AAA for days, and then settle for RR0.5.
Of course, if you see the trade is obviously not working, then it makes (logical in my view) sense to exit; changing your mind because you have +50pips (again RR0.5) sounds a bit emotional to me (not to say that such an approach it wrong
)
Thanks for the feedback, Ghous!
For me "Space" relates to the Take profit levels and not the SL's
[quote]I like the way you put!
Something just is'nt right abt having to get out with -100 when you were once at +50
Of course, if you see the trade is obviously not working, then it makes (logical in my view) sense to exit; changing your mind because you have +50pips (again RR0.5) sounds a bit emotional to me (not to say that such an approach it wrong
)Thanks for the feedback, Ghous!
One Chart is Worth Ten Thousand Words.
- #23,218
- Mar 6, 2009 5:45am Mar 6, 2009 5:45am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
I strongly advocate the space element in trades. However when I move my stop to BE at +50 I am not killing it for space but rather covering myself up against the detrimental impacts the markets can have on me or the trade or the account. For me "Space" relates to the Take profit levels and not the SL's
Something just is'nt right abt having to get out with -100 when you were once at +50
Regards,
Ghous.
I trade differently on the lower tfs,
I believe . . .
- #23,219
- Mar 6, 2009 5:57am Mar 6, 2009 5:57am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
[quote=Forex007;2584797][quote=ghous;2584771]
For me "Space" relates to the Take profit levels and not the SL's
the trade is most vulnerable when it's just been taken, when it quickly runs to +50 I personally want a piece of it or atleast I move my stop to BE. You're right when you say it's kinda emotional, but then conserving capital is all part of emotions is'nt it?
What happnes when you loose capital?...
and then when you gain it?...
...
Even though you want to trade keeping emotions out of the question in reality you are trading to grasp the sweet part of emotions (happiness, satisfaction, comfort etc.) and stay away from the dark part that gives you displeasure (sadness, stress, depression etc.).
ALl the time you want emotions to not accompany you while you're trading but you're eventually lead to them and this is exactly what you want
For me "Space" relates to the Take profit levels and not the SL's
I like the way you put!
[b]I agree, in principal. Yet if the trade is still developing (and you took a AAA setup), getting out with +50 (or zero) - whilst your original SL was 100 - would skew your RR. Why wait for a AAA for days, and then settle for RR0.5.
Of course, if you see the trade is obviously not working, then it makes (logical in my view) sense to exit; changing your mind because you have +50pips (again RR0.5) sounds a...
What happnes when you loose capital?...
and then when you gain it?...
...Even though you want to trade keeping emotions out of the question in reality you are trading to grasp the sweet part of emotions (happiness, satisfaction, comfort etc.) and stay away from the dark part that gives you displeasure (sadness, stress, depression etc.).
ALl the time you want emotions to not accompany you while you're trading but you're eventually lead to them and this is exactly what you want
I believe . . .
- #23,220
- Mar 6, 2009 5:58am Mar 6, 2009 5:58am
- | Joined Jan 2009 | Status: Trader | 1,036 Posts
Novice traders continually monitor, analyze and alter their trades to maximize their profits.
Professional traders continually monitor, analyze and alter their trades to reduce/minimize their risk and reduce losses.
It's all about avoiding loses, temo. Work on that and the profits will take care of themselves.
Jim
1. See above quote.
2. Test a bunch of different exit strategies and see which generate the best profit for least risk.
3. Test. Practice. Journal your thoughts throughout a trade. I journal what I'm seeing often. Helps me get a feel for my emotions and I often catch myself trying to act on the emotion of the trade instead of trading according to the plan I made for the trade BEFORE I entered. When you place the trade, you should have a plan for it. First TP, Second TP, when to move stops, what to do (if anything) at 8:30EST when NFP comes out. These are things that are continually brought up and encouraged in this thread.
Thanks Jaroo for the quote. Been keeping it close to me as I work through my own exit strategy testing.
Took USD/JPY BEOB short. Hit 1st TP at 97. Stop on remainder at B/E.
Flat otherwise. Josh