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No Brainer Trades

  • #10,141
  • Mar 27, 2009 8:13am Mar 27, 2009 8:13am
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The key to these trades is low risk, high reward. You have to wait for them. I had a 7 pip stop, once I was up in profit about 10 pips move to break even, then you let the mofo run.

Now I wait for the market to tell me when its done running.
  • #10,142
  • Mar 27, 2009 8:16am Mar 27, 2009 8:16am
Moved stop up to +50 when the 5min stall came so it has been closed on the retrace.
  • #10,143
  • Mar 27, 2009 8:30am Mar 27, 2009 8:30am
Looking to sell at a higher price...

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  • #10,144
  • Mar 27, 2009 8:32am Mar 27, 2009 8:32am
Quoting Mumbojumbo
long eur/usd from 1.3314
Why 1.3314? Due to the oblique trendline as support?
  • #10,145
  • Mar 27, 2009 8:33am Mar 27, 2009 8:33am
Quoting lastfabio
Why 1.3314? Due to the oblique trendline as support?
The area he bought was good...simply the eur is to weak against the usd at the moment....
  • #10,146
  • Mar 27, 2009 8:34am Mar 27, 2009 8:34am
Quoting Shermenator
The area he bought was good...simply the eur is to weak against the usd at the moment....
Just like my usdchf was...so I fadedout when I saw it was not ready at that moment
  • #10,147
  • Mar 27, 2009 8:36am Mar 27, 2009 8:36am
Quoting chr5648
Attachment

The key to these trades is low risk, high reward. You have to wait for them. I had a 7 pip stop, once I was up in profit about 10 pips move to break even, then you let the mofo run.

Now I wait for the market to tell me when its done running.
I would of never taken that trade mate...good trade though
  • #10,148
  • Mar 27, 2009 8:37am Mar 27, 2009 8:37am
Quoting Shermenator
The area he bought was good...simply the eur is to weak against the usd at the moment....
Hi Shermenator, I can't get why u think it's a good area, I can't see any support there
  • #10,149
  • Mar 27, 2009 8:40am Mar 27, 2009 8:40am
Quoting lastfabio
Hi Shermenator, I can't get why u think it's a good area, I can't see any support there
Dont look at support or resistance like a price but like an area....

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  • #10,150
  • Mar 27, 2009 8:42am Mar 27, 2009 8:42am
Quoting Shermenator
Dont look at support or resistance like a price but like an area....

Attachment
I think that is the hardest thing to do for me. To sort of correct this I started to put 2 trendlines within 10-15 pips of each other and use that as a 'area of support/resistance'. Now if I can just learn how to trade
  • #10,151
  • Mar 27, 2009 8:55am Mar 27, 2009 8:55am
Quoting Shermenator
Dont look at support or resistance like a price but like an area....

Attachment
Thx... but I'm still lost, how do u determinate how big is this area? Usually I just take the area between 2 trendlines, something like this?
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  • #10,152
  • Mar 27, 2009 9:01am Mar 27, 2009 9:01am
Alright I am short again in this puppy at a way higher price...small position

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  • #10,153
  • Mar 27, 2009 9:02am Mar 27, 2009 9:02am
hi sherm is the 1.1454 area a good place to short the usdchf?
  • #10,154
  • Mar 27, 2009 9:03am Mar 27, 2009 9:03am
Just shorted at 1457, see how it goes...
  • #10,155
  • Mar 27, 2009 9:27am Mar 27, 2009 9:27am
Out with 260 pips for my shorts

Have reversed at this fib level with TP set at 1.3410. 30 pips SL

Price Action seems to have become bullish for now.
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  • #10,156
  • Mar 27, 2009 9:33am Mar 27, 2009 9:33am
Sentiment kicking back gears....

once again in the money ...like stealing candy from a baby...

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  • #10,157
  • Mar 27, 2009 9:40am Mar 27, 2009 9:40am
Hey Shermenator, I have noticed that most of your trades are for on average 15-25 pips. How often do you get long runs?
  • #10,158
  • Mar 27, 2009 10:01am Mar 27, 2009 10:01am
Quoting Concept
Hey Shermenator, I have noticed that most of your trades are for on average 15-25 pips. How often do you get long runs?
most of the times I go for very largemoves like the usdcad I am looking for at least 300-800 pips....

its just today I feel like countertrending...I adjust to the market conditions
  • #10,159
  • Mar 27, 2009 10:02am Mar 27, 2009 10:02am
Keep in ind it is friday as well....
  • #10,160
  • Mar 27, 2009 10:06am Mar 27, 2009 10:06am
Yeah thats a good call as well. Being new to this game its kind of weird how things work and getting a feeling for things. I am sure most major institutions are cutting off loose ends and calling it off for the weekend already.

And just to verify one thing before I gotta go to work and play in a 8-ball tournament tonight.

Counter trend trading look for much smaller moves then trend trading, and when it comes to that trade with the trend on the timeframe you are looking I presume?

Have a good weekend guys!


PS: Just closed USD/CHF for 25 pips!
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