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  • #3,181
  • May 19, 2009 7:24am May 19, 2009 7:24am
Quoting One14
I got stopped out today at BE on the second lot.

A few things I learned (especially about me): ...............
Thanks for posting the finale of this trade. I've learned a lot from following your posts on it and the feedback from others. Please remember that any comments I make are from the standpoint of being very early in the learning experience on The Path so anything I say is said with due humility etc.....

The key two things I've learned from it are:

1. TO FOLLOW THE TREND! Of course learning is one thing and doing quite a different thing, and I can quite see why you took the trade based on candle PASR observation. Had you come out of it when the bull candle hit the TL you would have made a profit, but that would have been an ATM trade which is okay as long as you know at the start that that is what it will be. Had you thought of it as ATM in your plan you would not have held on.

2. THE IMPORTANCE OF MM! which you have illustrated beautifully in the summing up of the end of this trade.

So thanks again for posting. It all seems relatively straight forward when considered from the outside but I am well aware that it ain't and have yet to do any trading even at demo level so hats off to you!
  • #3,182
  • May 19, 2009 10:19am May 19, 2009 10:19am
Quoting strat
Yes, it's a huge BUOB on your Friday bar meaning you will have a large SL. You have psycho resistance at 1.5400 and major resistance again at 1.5650. I don't like entering after big bars because they are usually followed by profit taking.
But today's bar just shows you how strong that trend is
15 YEARS OF PASR ON FOREX FACTORY!
  • #3,183
  • May 19, 2009 10:29am May 19, 2009 10:29am
Quoting One14
I got stopped out today at BE on the second lot.

A few things I learned (especially about me):

1. Got caught up in the PA (hammer) and overlooked the trend. Even though I recognized we were in a downtrend, I didn't plan this trade as a counter trend trade. I was just trading PA and SR without respect for the fact that the bias was down. I was blinded by the triangle (bouncing between trend lines until a breakout occurs).

2. Stuck to my plan. Even though I didn't make much on this trade, I didn't lose and didn't get stressed. I definitely made...
Yes, Corbett, as I keep preaching, trading psychology accounts for 90% of our success. While you were technically correct for the most part, it was the opportunity you saw to make money. This is still trading psychology AND common sense which was at fault.

Trading finds out who the REAL person is behind our face and is a constant, never ending learning process.

The really good thing is that, after being advised that you were trading against the trend, you STUCK with YOUR PLAN. Hopefully, this is a lesson learned on YOUR Path, Corbett so onwards and forward to better things. Well done!
15 YEARS OF PASR ON FOREX FACTORY!
  • #3,184
  • May 19, 2009 10:37am May 19, 2009 10:37am
Quoting Bloom
Thanks for those lessons Strat. It seems so easy (that's because it is) when you give us examples. It's interpreting all this in real time that is the secret.

I think I'll look into a US feed so I can get up on Monday morning and view a decent Sunday Bar.
No, Malcolm, the REAL secret is practicing on thousands of charts until you can do it in your sleep. THEN, when you are faced with a situation in REAL TIME, there is no thinking, your brain has been trained to the degree and level that it goes into "automatic pilot". You automatically do what you have been practicing on when faced with a situation in REAL TIME, without stress and without fear.

More preachings:

There is NO shortcut to learning how to trade - The Path of Learning is never ending.

We must practice, practice, practice and practice on THOUSANDS of charts and then when we have done that, practice, practice, practice and practice on THOUSANDS of charts and keep practicing until we can do it in our sleep.
15 YEARS OF PASR ON FOREX FACTORY!
  • #3,185
  • May 19, 2009 11:25am May 19, 2009 11:25am
Hello Strat & team Strat

Today GBP USD price has been higher than that of Januarys very large monthly candle.

That (January month) also has the price low point of the down trend from Jul '08 (Nov '07), confirmed.

best
Paul
  • #3,186
  • Edited 1:39pm May 19, 2009 12:57pm | Edited 1:39pm
Quoting kiwi_trader
I had cause to investigate the look of pin bars/hammers in charts based on different midnights in another thread. Rather than reference people to the other thread, here are the charts:
Same price action - different timezones.
I have a friend who trades currencies in an Investment Bank for his take on bar closing times, here are his words:


The problem with what you are asking for is that it isn't really market convention. In the interbank markets the trading day for FX basically flips over when NY go home for the evening and Asia come in. And as the data comes from the interbank market ultimately, that's how it tends to be packaged.

But that's ok as you are more likely to want to be in tune with what everyone else is looking at anyway right? Just go for the 17:00 NY data. No benefit to be gained from doing midnight to midnight, trust me (and think about it - why would midnight have any relevance at all?)

-------------

So i think I'm going to use the period converter, have my bars close at 5PM NY time and give up having any Sunday bars. I would prefer to be looking at the same open and closes that the the big boys are and as Kiwi trader points out, it is the same price action.

Nicola
  • #3,187
  • May 19, 2009 1:16pm May 19, 2009 1:16pm
Quoting elitejets
I have a friend who trades currencies in an Investment Bank for his take on bar closing times. Here are his words:


The problem with what you are asking for is that it isn't really market convention. In the interbank markets the trading day for FX basically flips over when NY go home for the evening and Asia come in. And as the data comes from the interbank market ultimately, that's how it tends to be packaged.

[color=navy]But that's ok as you are more likely to want to be in tune with what everyone else is looking at anyway...
Thank you, Nicola. Your Network of trading contacts never ceases to amaze me. We are very lucky to have you as part of our team.

So, now you have it from the horse's mouth - the BIG BOYS all work on the same 5pm NY close sent to them by Inter Bank.

Since we want to trade WITH the big boys and NOT against them, we want to use as much of the information they use as is possible. Therefore, do all possible to get charts which close at 5PM NY time.
15 YEARS OF PASR ON FOREX FACTORY!
  • #3,188
  • May 19, 2009 1:32pm May 19, 2009 1:32pm
Strat,

Why did you go long Usd/Jpy? Was this a countertrend trade?
  • #3,189
  • May 19, 2009 1:41pm May 19, 2009 1:41pm
Quoting Lefta
Strat,

Why did you go long Usd/Jpy? Was this a countertrend trade?
Everything just lined up - too good an opportunity to miss!

Very much so a counter trend trade and therefore an "ATM" trade - I will be getting out soon!
15 YEARS OF PASR ON FOREX FACTORY!
  • #3,190
  • May 19, 2009 3:05pm May 19, 2009 3:05pm
Hi Strat & Team

Just having a quick look, close in 1 hr..found this interesting. Comments welcome, I'm watching for either a retrace or a break then retrace. Nicole
Attached Image (click to enlarge)
Click to Enlarge Name: 2009-05-19_2055GbpChf.jpg Size: 139 KB
  • #3,191
  • Edited May 20, 2009 12:46pm May 19, 2009 4:02pm | Edited May 20, 2009 12:46pm
Quoting FxPippy
Hi Strat & Team

Just having a quick look, close in 1 hr..found this interesting. Comments welcome, I'm watching for either a retrace or a break then retrace. Nicole
GBPCHF is directionless - look at 20 - flat for almost a month - need to see resolution of the wedge it is in before doing anything.

""found this interesting"" - Wow, Nicole, you are easily pleased - about as interesting to me as Gordon Brown!
15 YEARS OF PASR ON FOREX FACTORY!
  • #3,192
  • May 19, 2009 4:03pm May 19, 2009 4:03pm
Trade Management May 19, 2009

ALL positions closed out at today’s NY close

AUDJPY: long at 71.70 CLOSED OUT
AUDUSD: long at 0.7537 CLOSED OUT
CADJPY: long at 81.07 CLOSED OUT
CHFJPY: long at 85.03 CLOSED OUT
EURCAD: short at 1.5779 CLOSED OUT
EURJPY: long at 128.57 CLOSED OUT
GBPJPY: long at 145.30 CLOSED OUT
GBPUSD: long at 1.5217 CLOSED OUT
NZDJPY: long at 55.83 CLOSED OUT
NZDUSD: long at 58.83 CLOSED OUT
USDCAD: short at 1.1729 CLOSED OUT
USDJPY: long at 95.43 CLOSED OUT
15 YEARS OF PASR ON FOREX FACTORY!
  • #3,193
  • May 19, 2009 4:24pm May 19, 2009 4:24pm
Nice start to the week there.
  • #3,194
  • May 19, 2009 4:40pm May 19, 2009 4:40pm
Quoting strat
Trade Management May 19, 2009

ALL positions closed out at today’s NY close
wow... well done strat. I obviously have a LONG way to go
  • #3,195
  • May 19, 2009 6:10pm May 19, 2009 6:10pm
At 4:30 New York time all the USD and JPY crosses were looking like they would finish really strongly and then after the bell news sunk that and caused a wobble.
Bank of America fell after the bell on news of a secondary share offer priced at $10 (that price is 11.1% below its closing price of 11.25, and was already down $4.09% on the day). BofA had the biggest shortfall in the stress tests at 33.9 billion$
So the indices dropped off and USD and Yen strengthened and none of those candles finished strong.

Tonight is Japanese GDP numbers & tomorrow there is USD news in the form of FOMC minutes ...
  • #3,196
  • May 19, 2009 6:37pm May 19, 2009 6:37pm
Quoting One14
I got stopped out today at BE on the second lot.

A few things I learned (especially about me):

1. Got caught up in the PA (hammer) and overlooked the trend. Even though I recognized we were in a downtrend, I didn't plan this trade as a counter trend trade. I was just trading PA and SR without respect for the fact that the bias was down. I was blinded by the triangle (bouncing between trend lines until a breakout occurs).

2. Stuck to my plan. Even though I didn't make much on this trade, I didn't lose and didn't get stressed. I definitely made...
your already in the top 5% out there if you didnt lose.......like Strat says......live ,learn move on.......new balls please!! nice one one14
  • #3,197
  • May 19, 2009 6:38pm May 19, 2009 6:38pm
Quoting strat
Thank you, Nicola. Your Network of trading contacts never ceases to amaze me. We are very lucky to have you as part of our team.

So, now you have it from the horse's mouth - the BIG BOYS all work on the same 5pm NY close sent to them by Inter Bank.

Since we want to trade WITH the big boys and NOT against them, we want to use as much of the information they use as is possible. Therefore, do all possible to get charts which close at 5PM NY time.
Shes my FF girlfriend...isnt she great
  • #3,198
  • May 19, 2009 6:41pm May 19, 2009 6:41pm
Quoting strat
But today's bar just shows you how strong that trend is
yes indeed....im feeling a little rumble in my tummy........im starving

She is flirting with me
  • #3,199
  • May 19, 2009 6:52pm May 19, 2009 6:52pm
Quoting strat
It was just one of those unique moments when everything aligned and fell in place - like a total eclipse (Total eclipse of the heart - Bonnie Tyler 1984) plus I had an advantage with my momentum,and bodged up cycles and momentum cycles.
There is nothing like that "it all comes together feeling"(steady).And i imagine after Usdcad you were pleased to reload the momentum cycle trigger.

All done now......job done.....nice

when you know you know...its that simple...and to get that takes practice thats all.
  • #3,200
  • May 19, 2009 6:52pm May 19, 2009 6:52pm
Quoting strat
Trade Management May 19, 2009

ALL positions closed out at today’s NY close

AUDJPY: long at 71.70 CLOSED OUT
AUDUSD: long at 0.7537 CLOSED OUT
Hi Strat

Could you share some of the reasoning behind closing ALL the positions.

We know that the USDJPY was a countertrend ATM trade and so would be closed quickly.

Was it mainly because nothing showed much promise on the Boss charts or maybe because of your MM plan with so many trades open at once (or maybe something else)?

For example the AUDUSD and GBPUSD seem to be in a strong up move and it may have been worth leaving something on these or stop loss to break-even or a trailing stop.

Just trying to learn a little more about the process.

Thanks

Greg
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