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  • #112,141
  • Jun 18, 2009 1:57pm Jun 18, 2009 1:57pm
"stranded long" that's what the big dogs were after in that upthrust low volume move. I guess people who had 50 and 75 pips SL got stopped out and now are cursing and trying to revenge trade. Bad idea Bad idea don't revenge trade to get those pips back. Remember there is always another day and there is always enough pips to go around.
  • #112,142
  • Jun 18, 2009 2:00pm Jun 18, 2009 2:00pm
Quoting F.x.

A couple things I wish I knew from the beginning...

1. Never make a trade going against the direction of price.

2. Never play the lower timeframes. (know always what's happening on the hourly and daily.)

3. Always remember, you can never lose money if you have no open positions. People always think that more work is better so they always open lots of positions all the time. It's normal to think that, but this is the one business where the opposite is true. Try taking one trade per day or every one per week.

Good luck!
Perfect
  • #112,143
  • Jun 18, 2009 2:02pm Jun 18, 2009 2:02pm
Quoting vinesh2
"stranded long" that's what the big dogs were after in that upthrust low volume move. I guess people who had 50 and 75 pips SL got stopped out and now are cursing and trying to revenge trade. Bad idea Bad idea don't revenge trade to get those pips back. Remember there is always another day and there is always enough pips to go around.
Well that's a valid point and I respect your opinion, Vinesh. However, I am still biased long and I will come out ahead later on.

You say "revenge" - I say "rescue"....a philosophical difference.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #112,144
  • Jun 18, 2009 2:02pm Jun 18, 2009 2:02pm
Quoting F.x.
Welcome aboard!

A couple things I wish I knew from the beginning...

1. Never make a trade going against the direction of price.

2. Never play the lower timeframes. (know always what's happening on the hourly and daily.)

3. Always remember, you can never lose money if you have no open positions. People always think that more work is better so they always open lots of positions all the time. It's normal to think that, but this is the one business where the opposite is true. Try taking one trade per day or every one per week.

Good...
Hello FX, and Thank you for your advice, much appreciated. I like all the points you make above!

You said before, that I should not trade against the momentum, how do you gauge that the momentum has turned? MACD Crossover, or RSI>50 or something else?

Thanks for your help, and apologies for the basic question!

By the way hello everyone else! Notch, vinesh, gatrinolo + others, I have for the last few weeks been reading your posts on here and really enjoy them. Thanks

Iz.
  • #112,145
  • Jun 18, 2009 2:05pm Jun 18, 2009 2:05pm
I am not agreeing or disagreeing with you Fool. I have no bias I stay with the trend and do what price action tells me. The position that you have at 1.397 is that a scalp? or is it a swing trade?
  • #112,146
  • Jun 18, 2009 2:06pm Jun 18, 2009 2:06pm
Imohammed,

Welome to FF, you'll learn a lot here. Good luck and good pips

Cheers
  • #112,147
  • Jun 18, 2009 2:07pm Jun 18, 2009 2:07pm
H4 : 21 MA :3874
H1 : 50 MA :3899
100 MA :3890
M20 200MA :3890

Trend Line from 16/6 low : 3891

there must be some fight here, who wins ??!!
  • #112,148
  • Jun 18, 2009 2:08pm Jun 18, 2009 2:08pm
Quoting egkid
short 1.3970 i see A+ chance
Reasons
my indicator 4H very much overbought +4HDivergence+Gartley+ weekly pvt 1.40
Here it's my chart
Attached Image (click to enlarge)
Click to Enlarge Name: 4h.gif Size: 40 KB
  • #112,149
  • Jun 18, 2009 2:08pm Jun 18, 2009 2:08pm
Quoting vinesh2
"stranded long" that's what the big dogs were after in that upthrust low volume move. I guess people who had 50 and 75 pips SL got stopped out and now are cursing and trying to revenge trade. Bad idea Bad idea don't revenge trade to get those pips back. Remember there is always another day and there is always enough pips to go around.
Very good advice.
And if you take a big loss, lighten your load the next time and don't try to get it back all at once.
I don't think many realise how easy it is to catch a rebound though, must be lack of preparation.
  • #112,150
  • Jun 18, 2009 2:10pm Jun 18, 2009 2:10pm
Quoting macockiner2
Imohammed,

Welome to FF, you'll learn a lot here. Good luck and good pips

Cheers
Heello Macokiner, Thank you for the welcome.
Iz
  • #112,151
  • Jun 18, 2009 2:11pm Jun 18, 2009 2:11pm
Quoting imohammed
Hello FX, and Thank you for your advice, much appreciated. I like all the points you make above!

You said before, that I should not trade against the momentum, how do you gauge that the momentum has turned? MACD Crossover, or RSI>50 or something else?

Thanks for your help, and apologies for the basic question!

By the way hello everyone else! Notch, vinesh, gatrinolo + others, I have for the last few weeks been reading your posts on here and really enjoy them. Thanks

Iz.
I'll send you a PM shortly.

But one thing is for sure, you wouldn't want to go long when price just dropped 100 pips in a matter of a few minutes.
  • #112,152
  • Jun 18, 2009 2:12pm Jun 18, 2009 2:12pm
Quoting imohammed
Hello FX, and Thank you for your advice, much appreciated. I like all the points you make above!

You said before, that I should not trade against the momentum, how do you gauge that the momentum has turned? MACD Crossover, or RSI>50 or something else?

Thanks for your help, and apologies for the basic question!

By the way hello everyone else! Notch, vinesh, gatrinolo + others, I have for the last few weeks been reading your posts on here and really enjoy them. Thanks

Iz.
Regarding momentum, as well as all other indicators.....just keep in mind that ALL indicators are based upon PAST PA. Not one of them, no matter what it "is saying to you", can preclude a sudden 100 pip move in the opposite direction. The FX market is manipulated, and the two 100+ pip moves yesterday afternoon and this afternoon should be enough warning of that fact to anyone, and that indicators, not one of them, are high quality predictors.
  • #112,153
  • Jun 18, 2009 2:12pm Jun 18, 2009 2:12pm
There's plenty of emotion in the market. I think it's time to get my fibo tools from the shed.
  • #112,154
  • Jun 18, 2009 2:15pm Jun 18, 2009 2:15pm
Quoting F.x.
I'll send you a PM shortly.

But one thing is for sure, you wouldn't want to go long when price just dropped 100 pips in a matter of a few minutes.

Edit: it looks like you don't have PM.
  • #112,155
  • Jun 18, 2009 2:15pm Jun 18, 2009 2:15pm
Quoting traderathome
Regarding momentum, as well as all other indicators.....just keep in mind that ALL indicators are based upon PAST PA. Not one of them, no matter what it "is saying to you", can preclude a sudden 100 pip move in the opposite direction. The FX market is manipulated, and the two 100+ pip moves yesterday afternoon and this afternoon should be enough warning of that fact to anyone, and that indicators, not one of them, are high quality predictors.

You should take a look at the hourly charts for the Dow today..its hilarious....you want to talk manipulation on low volume?..thats a perfect example.

On another note...warning to all ....this friday is "Triple Witching" friday....which means insane volatility in a tight range as we saw last week OR a massive move in one direction or another.
Different opinions highly valued, ignorant to slander.
  • #112,156
  • Jun 18, 2009 2:15pm Jun 18, 2009 2:15pm
Quoting vinesh2
"stranded long" that's what the big dogs were after in that upthrust low volume move. I guess people who had 50 and 75 pips SL got stopped out and now are cursing and trying to revenge trade. Bad idea Bad idea don't revenge trade to get those pips back. Remember there is always another day and there is always enough pips to go around.
  • #112,157
  • Jun 18, 2009 2:18pm Jun 18, 2009 2:18pm
Well that's a 61.8 retracement maybe it's a good place for a quick short. Opps! I'm trading the GU at the mo'.
  • #112,158
  • Jun 18, 2009 2:18pm Jun 18, 2009 2:18pm
Quoting vinesh2
I am not agreeing or disagreeing with you Fool. I have no bias I stay with the trend and do what price action tells me. The position that you have at 1.397 is that a scalp? or is it a swing trade?
There are only trades. They end when they are in profit. Or not. .3970 was one of 5 trades with different tp's, all got hit but .3970, it had a tp of .4015. I could have closed it for a 10-pip loss but decided to let it run as I had a long bias for the day.

Down move has "stranded" it, but I have lost nothing, as it had no sl. That's the difference, I suppose, between "revenge" trading and a rescue trade. Had I lost 50-75 pips with a sl hit I might give in to emotion and rashly enter trades for "revenge".

But I saw that big quick move down as something that was likely to retrace, at least partly, so I placed a trade near its bottom long. The bottom entry is twice the size of the upper, "stranded" one. Maybe I am just diggin a hole. I don't think so. We shall see.

Thank you for your interest.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #112,159
  • Jun 18, 2009 2:22pm Jun 18, 2009 2:22pm
Quoting F.x.

But one thing is for sure, you wouldn't want to go long when price just dropped 100 pips in a matter of a few minutes.
You forgot to say unless it's dropped to a support in 2 TF's and you're scalping for 20% of that move and based on how the move unfolded
  • #112,160
  • Jun 18, 2009 2:22pm Jun 18, 2009 2:22pm
So are you a scalper or swing trader Fool?
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