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DislikedThat market looked a little sideways to me. In hindsight it was down, but before the trade it looked ranging. I would have followed the stochs. Not to say the way you are looking at is not a good idea. It may be worth a back test. You would need to set up some criteria to give you a straight answer on which way the market is trending at any given time before you make a trade.Ignored
DislikedI was very eager to get out when I was sitting at a 47 pip profit when price hit the sup level at 9600. In fact my gut was telling me to cash out due to the round number but I stuck to the rules. In this case, that 47 pip profit turned into a 50pip loss.
However, that is the nature of following a simple system with simple rules. The more I "add" to it, the more I get off track. Next thing you know, I'm always taking profit at 20-50 pips and constantly missing the 150+ runs, which is the whole point of following this system.Ignored
DislikedI thought I just follow the rules of the strategy..
In the 4hrs chart EMA 13 and 4 cross over EMA 50 and %D is above %K in the daily chart ...so I go for short at 1.914...
Did I understand correctly(or I am wrong)...anyway, it is sad to sit down and do nothing to see the price movement when up by 100pips...Ignored
DislikedYou probably have a good point there.
In general, when trading against the long term trend, it is best to take smaller profits and get out when signs are pointing against you.
A system, traded against the trend, will have different characteristics.
In my experience, most good traders do not follow their system to the letter. Their experience and knowledge guide them, and everyone's experience is different. Trading is definitely an art.
Recurring advice from the old timers hammers the points:
1. Trade with the trend.
2. Watch what is happening in real time.
20/20 hindsight for me, but simple stuff for the astute and nimble trader. They would have been wary of this week's trade, going against the trend. In fact, I think I mentinoed that, but then stuck with the system rules, and lost.
Had I been properly respectful of the trend, i.e. looking to get out with 1/3 to 1/2 of the normal expected profits, I might have heeded the hammer and doji on the 4 hour, or the reverse head and shoulders breakout on the 1 hour - both strong signs that it was time to take profit in a counter-trend trade.
"Contentment may be wealth, but it doesn't pay the bills" -- anonymousIgnored
DislikedHello everybody! Newbie here.
Thanks for sharing what looks to be a great swing strategy with us,VyNNer!
I know you use this strategy for Cable only, but it looks like the USDCHF is setting up nicely for a short position. The 4ema is getting ready to cross the 50,the 13 looks set to cross the 50 too (some time tomorrow perhaps)and the daily stochs look as though they'll dip as well.I'll be waiting for the set up confirmation and I'll keep you posted.
Any thoughts,anyone?Ignored
DislikedI am quite new to trading, with only 3 months experience thus far, so my thoughts are just newbie thoughts but may reflect what I have heard on this board from others.
One solution would have been to cash out with one lot, and move the stop loss a little closer with the other lot. Everything was telling me to cash out, but I stuck to the rules of the system.Ignored
QuoteDislikedNow I think agonizing over this loss is a complete over-reaction, because losses are just the cost of doing business. But so many threads have popped up lately about trading with the trend, that I just thought it was unwise to take the trade against the trend and blamed the loss on that.
QuoteDislikedI still don't know how to balance my discretion with the rules of a system I follow.
QuoteDislikedI also thought, as a novice, I was at fault for not positioning my stop loss closer. This was also the first time I did a live trade with this system, and it was a loss. I did a few demo trades that were all big winners. This annoyed me, but I had told myself before that I will probably experience a loss the first time, as the system seemed due for a loss.
QuoteDislikedthe rule "don't let a winner turn into a loser."
QuoteDislikedEven though it was a losing trade, I just want to assure myself I did the right thing by following the rules because the rules create the edge of the system. Or is the edge not in the system, but in the skills of the trader and his discretion?
DislikedFalse alarm on USDCHF using VyNNer's method!! Sorry guys. Looks like ema's veered away at the last minute. Will keep on the lookout for Cable, after all, VyNNer said he only uses this strategy on Cable. Oh well...Ignored