Trade what you see NOT what you expect | Page 766 | Forex Factory

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Why did you start trading and what do you expect from it? 19 replies

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Trade What You See And Not What You Hope 0 replies

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Trade what you see NOT what you expect

  • #15,301
  • Jun 11, 2009 3:25pm Jun 11, 2009 3:25pm
Quoting PippiNole
5 Forrest Gump trades for nearly 200 piparoos.
Great job Pip........

I think instead of a truck you might need a "747" to carry all those pips.

HOLLA
  • #15,302
  • Jun 11, 2009 3:26pm Jun 11, 2009 3:26pm
Quoting BenScoobert
it didnt touch, 1.3 pips short......
Bro, don't always expect them to touch. 1.3 pips short is a touch in my eyes once it closes. Your trade would have you up by 12 atm with you already booked 10 and covered on the rest.
Just digging in the trenches like everyone else!
  • #15,303
  • Jun 11, 2009 3:27pm Jun 11, 2009 3:27pm
Quoting PippiNole
5 Forrest Gump trades for nearly 200 piparoos.
Sweet brother! Good job!
Just digging in the trenches like everyone else!
  • #15,304
  • Jun 11, 2009 3:32pm Jun 11, 2009 3:32pm
I'm outta here guys! I'll be on later tonight to see if we can fill the pip bag up some more. Now, where's my leprechan, I need him to come over here and carry this....
Just digging in the trenches like everyone else!
  • #15,305
  • Jun 11, 2009 3:34pm Jun 11, 2009 3:34pm
Quoting eohater
I'm outta here guys! I'll be on later tonight to see if we can fill the pip bag up some more. Now, where's my leprechan, I need him to come over here and carry this....

Have a good one take care...
Good Trading To All ; Ken Lee
  • #15,306
  • Jun 11, 2009 3:34pm Jun 11, 2009 3:34pm
Quoting eohater
Bro, don't always expect them to touch. 1.3 pips short is a touch in my eyes once it closes. Your trade would have you up by 12 atm with you already booked 10 and covered on the rest.
I was going to take it, but by the time I clicked to open it, it shifted north a few pips and I decided i missed it

Im now short at 6584, sl6600, 5 pip trailing stop
im going for a fire and forget scalp as it is bedtime
  • #15,307
  • Jun 11, 2009 3:34pm Jun 11, 2009 3:34pm
Quoting eohater
I'm outta here guys! I'll be on later tonight to see if we can fill the pip bag up some more. Now, where's my leprechan, I need him to come over here and carry this....
Have a good one and we will see you later. I'm taking a break also.

The leprechaun ran off with Leona.
  • #15,308
  • Jun 11, 2009 3:36pm Jun 11, 2009 3:36pm
Quoting Turtle
Great job Pip........

I think instead of a truck you might need a "747" to carry all those pips.

HOLLA
Thanks Turtle. I take it you have scored a few green pips today also.
  • #15,309
  • Jun 11, 2009 3:43pm Jun 11, 2009 3:43pm
Quoting BenScoobert
I think you are several steps ahead of me Ken. I'm willing you along.

Possibly part of my problem is the time I have available to trade. At the moment, I've mentioned it before but you may have missed it, I'm training to be a train driver. It is one of the most intensive learning processes there is, then to have the responsibilty of up to 1000 souls commuting. 18 of us were picked from 12000 applicants and there are plenty people waiting to fill our shoes if we fail.

My faults I know I have are........
Impatient- I jump in to trades at stupid...
I have the patience problem too, but I'm slowly weaning myself off it by evaluating my trades at the end of each day. I see that if I stick to my rules, and enter on what look like high probability setups with confluence, I do well pretty well throughout the day. I don't get every possible trade, but even with such a conservative approach, I believe I can get 200 pips daily by trading EJ and GU.

My problem with TP is that I often let them run too long, and let it take out my +1 BE. I convince myself that at +20-30, there is no way it is going to come back and take out my entry. I tend to close out if I see price slowing down at a given level, particularly if it is at an MA that price tends to reverse at, like the 10, 21 or 50. My rationale being that cash is a great position, and if we really are hitting a breakout, and about to start a run, I can always reenter.

The other problem I have is reversing. I see price reacting at a given level, but I've already convinced myself that price is going to go further in my direction. I consequently hang on to the trade for far too long when I should have stopped and reversed. Take a look at the attached chart. The first red circled candle should have been my PA candle, and then the failure of the next two candles circled in red should have been my hint to jump ship on my short and go long. The candles circled in blue should have given me a further hint, since we were getting higher closes and higher lows, but I missed it completely. Bizarrely enough, I do much better on switching from long to short. If I could find an indicator for mt4 that inverts my charts whenever I am in a long, I reckon I'd do much better.

I had the same problem with letting losses run too long. I took the approach you've suggested of defining my SL when I place the trade and leaving it. This has got me into the habit of looking where resistance is and placeing the SL beyond resistance, so that the market has to work to hit my SL. If the SL is too far away, I leave the trade. I generally like to have a SL of 30 pips or less.

I'm better than I was a few months ago, and I pick more winners than I used to, but I still got a lot more work to put in, but I'm slowly but surely getting there, I think.
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  • #15,310
  • Jun 11, 2009 4:41pm Jun 11, 2009 4:41pm
Quoting Turtle
Great job Pip........

I think instead of a truck you might need a "747" to carry all those pips.

HOLLA
bro..you would'nt want him to crash all that in the atlantics..those pips are enough to solve the world recession.....
Imanuel Parsifal
  • #15,311
  • Jun 11, 2009 6:31pm Jun 11, 2009 6:31pm
Quoting PippiNole
5 Forrest Gump trades for nearly 200 piparoos.

WOW!
  • #15,312
  • Jun 11, 2009 7:22pm Jun 11, 2009 7:22pm
Quoting daffy
I have the patience problem too, but I'm slowly weaning myself off it by evaluating my trades at the end of each day....
Daffy that trade was actually a 35/50 cross and reverse that I pulled the trigger on with the confidence of the PA candle you had circled. It gave you 3 more chances to get in if you didn't take the 35/50 because the next 2 candles you have circled both closed above the 50 ema and the 4th opportunity was the next candle that came back and tested the 50 ema again. Something to keep in mind.
  • #15,313
  • Jun 11, 2009 7:26pm Jun 11, 2009 7:26pm
Hi PippiNole

Excuse my ignorance but what is a Forest Gump Trade?

Cheers David
  • #15,314
  • Jun 11, 2009 7:27pm Jun 11, 2009 7:27pm
Quoting davids
Hi PippiNole

Excuse my ignorance but what is a Forest Gump Trade?

Cheers David
That is a highly technical term for ping pong. Forrest Gump was a ping pong champion in the movie.
  • #15,315
  • Jun 11, 2009 7:29pm Jun 11, 2009 7:29pm
Quoting PippiNole
That is a highly technical term for ping pong. Forrest Gump was a ping pong champion in the movie.
Love it
  • #15,316
  • Jun 11, 2009 7:35pm Jun 11, 2009 7:35pm
I may currently evaluating my long from 1.5924 I still think we will see 1.6670 soon maybe even 1.6700

My line on my chart is 1.6565 if we break this then I might close it but for now am leaving it running.


Do you guys have any thoughts on where GU is heading?
  • #15,317
  • Jun 11, 2009 7:40pm Jun 11, 2009 7:40pm
I am apprehensive about the longs.....double top, tl on 4h and wackey Friday coming up. Could be time for some profit taking tomorrow.

Going to watch the NBA finals for a while and see if our short off 6600 plays out!
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  • #15,318
  • Jun 11, 2009 7:47pm Jun 11, 2009 7:47pm
Quoting PippiNole
Daffy that trade was actually a 35/50 cross and reverse that I pulled the trigger on with the confidence of the PA candle you had circled. It gave you 3 more chances to get in if you didn't take the 35/50 because the next 2 candles you have circled both closed above the 50 ema and the 4th opportunity was the next candle that came back and tested the 50 ema again. Something to keep in mind.
Funnily enough, I did notice it was a 35/50 cross at the time and thought, ah yes, bet it goes the other way for a bit now. This is another thing I am guilty of, I see the initial move, and then see the 35/50 cross as a small retrace, with the expectation that the initial move will continue, so I hang on to my initial trade and don't take the 35/50.

I need to keep hammering the message home, take profit, take the next trade. You can always reenter a trend, and if a trade doesn't work out, you can always recoup your losses on the next trade, cos there is always another setup waiting for you.
  • #15,319
  • Jun 11, 2009 7:48pm Jun 11, 2009 7:48pm
Quoting Shilva
I am apprehensive about the longs.....double top, tl on 4h and wackey Friday coming up. Could be time for some profit taking tomorrow.

Going to watch the NBA finals for a while and see if our short off 6600 plays out!
I agree my 4H completes in 1:18 I will see what is going on then, the double top has not completed yet and we are 50 or so pips from the TL. I would like to see a 4H candle close below 1.6565 before I make a decision.

Enjoy the NBA finals
  • #15,320
  • Jun 11, 2009 7:51pm Jun 11, 2009 7:51pm
I watch 4 pairs they all just came off the 50 ema on the 15 min... took the E/J and the E/U ....
Good Trading To All ; Ken Lee
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