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Strat's Long Term Stress Free Trading

  • #3,881
  • Jun 25, 2009 5:46pm Jun 25, 2009 5:46pm
Quoting strat
"To meddle or not to meddle....that is the question"

[color=blue]That definitely is NOT the question. Stick with your PLAN! Did you have a PLAN?

Interfering and meddling is trading by emotions - the LAST thing you want to do - stick with your PLAN.

If you don't have a PLAN listen to Eric Burdon of The Animals singing a song about where he lives and where he is now.

Do not trade without a PLAN.

[color=blue]They are both crap trades...
Yep had a plan as I laid out but sometimes plans have to change. I knew you wouldn't agree but many others believe you should get out when the trade doesn't do what it should.

I don't believe I have chickened out here. This trade still has room to breathe. If price gets to my stop is has to break horiz support, trendline support and the 20. If price gets that close to the bottom of my entry bar three days later I am happy to take the loss.

Let's see how this pans out.

Didn't take long for the sheep jokes to start -
  • #3,882
  • Edited 6:48pm Jun 25, 2009 5:46pm | Edited 6:48pm
Indeed, I will comment, as I am in these both as well. In consolidations, I find it helpful to pull back, looking at the weekly formation, which supports our position. The daily is bullish also, although resistance is prominent, as you point out. Stops are usually advised off of the same timeframe at which the trade is taken, but, depending on one's capitalization and market response, intraday stops are not a sin. Personally, I like to move from intraday stops to daily to weekly as dictated by price movement. Given the volatitlity of the Yen crosses, one must decide between a loose stop and acceptance of loss versiu a tighter intraday stop with re-entry if justified.

That verbiage aside, I am stopped under today's lows with preserved profit at that location. If not in profit, I might look at 133.50. As always, there is no substitute for a good entry -- one reason I like to combine S/R with longer term PA.

Tubular, dude!
  • #3,883
  • Jun 25, 2009 5:50pm Jun 25, 2009 5:50pm
As another example, I will probably move my USDCHF stops intraday given the craziness and the Friday action pending. I prefer not to allow the profit to turn badly or get blown away by the SNB.
  • #3,884
  • Jun 25, 2009 6:01pm Jun 25, 2009 6:01pm
Quoting Alexandra
As another example, I will probably move my USDCHF stops intraday given the craziness and the Friday action pending. I prefer not to allow the profit to turn badly or get blown away by the SNB.
So then you are no longer trading the Daily but instead, a shorter time frame.
15 YEARS OF PASR ON FOREX FACTORY!
  • #3,885
  • Edited 6:46pm Jun 25, 2009 6:09pm | Edited 6:46pm
Yes, but it is, after all, an intervention exception. Justified to my mind in this circumstance. Most of the time, I would position the initial stop under/over the entry bar, as you do. In extreme price swings, however, I tend to deviate a bit. On this one, I will move from 1.1050 down into the intraday range if 1.09 falls
  • #3,886
  • Jun 25, 2009 6:10pm Jun 25, 2009 6:10pm
Breaking news that Michael Jackson has died.
  • #3,887
  • Jun 25, 2009 6:32pm Jun 25, 2009 6:32pm
Quoting strat
So then you are no longer trading the Daily but instead, a shorter time frame.
Hi Strat

I am trying to follow your methods to the letter. I am not going to manage trades based on intraday action. I want the stress free aproach. 30 mins after NY close each day sounds great to me. Would love more surfing time.

I have taken your advice about never moving stops on board and will monitor both approaches. I don't move mine often and when I do it is based on logic not fear.

Surfer
  • #3,888
  • Jun 25, 2009 6:50pm Jun 25, 2009 6:50pm
Indeed, that is the stress free way. I agree that is it generally the better way to set up long held positions when one is confident of the trend. That is the important point for the thread.
  • #3,889
  • Edited 9:15pm Jun 25, 2009 7:13pm | Edited 9:15pm
Quoting Alexandra
Breaking news that Michael Jackson has died.
Yes, just saw it, along with Farrah Fawcett. He was only 50 as well, poor sod, all that talent, what a waste. Oh well, May They Rest In Peace.

(Just had a thought - I hope they don't cremate the poor bastard - there will be no ashes - just a big blob of plastic!)
15 YEARS OF PASR ON FOREX FACTORY!
  • #3,890
  • Jun 25, 2009 7:27pm Jun 25, 2009 7:27pm
Quoting Surfer
Hi Strat

I am trying to follow your methods to the letter. I am not going to manage trades based on intraday action. I want the stress free aproach. 30 mins after NY close each day sounds great to me. Would love more surfing time.

I have taken your advice about never moving stops on board and will monitor both approaches. I don't move mine often and when I do it is based on logic not fear.

Surfer
Good lad, Surfer Joe! Alexandra is a well trained and very experienced trader so can do these things without affecting her psyche. As for me, I can enter off H4 based on a Daily signal but anything else, I turn into an emotional wreck (again!). I have to stick to my PLAN, right or wrong! If I win, great, if I lose, I had already accepted it, like my GBCHF trade, so no big deal, there is always another trade being set up, somewhere.

Go back in the old thread and find my post about the Trading Plan and your Trading Psychology. The bottom line is to have a PLAN and more important, a PLAN that you believe and can trust. In this PLAN you should have gone through ALL the scenarios that can happen and still feel good. If you do this, then the situation you are in now, should have been covered in your Planning The Trade stage. This then should keep your emotions out of it as you have already accepted ANY outcome. If you didn't do this, then you haven't planned your trade properly.

Having a PLAN that you believe and accept has, and is used by most, if not all, Professional Traders and has proven, beyond doubt, to keep our emotions out of the trade.

Hope this makes sense
15 YEARS OF PASR ON FOREX FACTORY!
  • #3,891
  • Jun 25, 2009 7:46pm Jun 25, 2009 7:46pm
Quoting strat
The bottom line is to have a PLAN and more important, a PLAN that you believe and can trust. In this PLAN you should have gone through ALL the scenarios that can happen and still feel good. If you do this, then the situation you are in now, should have been covered in your Planning The Trade stage.
Words to live by - perhaps the best advice ever written.
  • #3,892
  • Jun 25, 2009 8:46pm Jun 25, 2009 8:46pm
Baba g, about the usdchf trade, I'm with Surfer because I didn't recognize the IB as a signal because price was going sideways. I learned that IB's should be traded as reversal signals after a bearish or bullish move. So I want to clear it up, that an IB can be traded as a sort of contination pattern if its on some sort of SR?
  • #3,893
  • Jun 25, 2009 9:11pm Jun 25, 2009 9:11pm
Quoting Naws
Baba g, about the usdchf trade, I'm with Surfer because I didn't recognize the IB as a signal because price was going sideways. I learned that IB's should be traded as reversal signals after a bearish or bullish move. So I want to clear it up, that an IB can be traded as a sort of contination pattern if its on some sort of SR?
You should ask for your cake back, young Mr. Naws - I didn't see it as a signal either - all I saw was mish - mash that I was glad I wasn't in! As I have said before, IBs should only be traded at extremes (for reversal) and in the middle of trends (continuation) and then, ONLY when you have mastered all the other PA bars and not until.

I think because it was his birthday and he realised he is now getting old, he had too much pizza which caused a rush of blood which made him do this.
15 YEARS OF PASR ON FOREX FACTORY!
  • #3,894
  • Jun 26, 2009 12:58am Jun 26, 2009 12:58am
My eyes are my eyes and my tickets my ticket......

I have done those set ups loads of times and i will continue to do so......

If you cant see it thats fine....can you see my other stuff?

I cant see any difference with that call or any of my calls......

Your all MAD.......xx
  • #3,895
  • Jun 26, 2009 1:24am Jun 26, 2009 1:24am
Quoting strat
You should ask for your cake back, young Mr. Naws - I didn't see it as a signal either - all I saw was mish - mash that I was glad I wasn't in! As I have said before, IBs should only be traded at extremes (for reversal) and in the middle of trends (continuation) and then, ONLY when you have mastered all the other PA bars and not until.

I think because it was his birthday and he realised he is now getting old, he had too much pizza which caused a rush of blood which made him do this.
The confluance of daily AND weekly....come on it had to have a ticket on and that weekly could of ran to a bottom break....100% if market could handle a position trade, as it cant right now the only option was to target it......

The point im making is this.... in a directionless market or a violently volitile market position trades are finding it hard to lift off.....so we need to adapt...go with the flow of market.....



And ive eaten my cake so its to late.....ha ha
  • #3,896
  • Jun 26, 2009 1:37am Jun 26, 2009 1:37am
Let me just say it sucks to be in a trade with your hands tied. I'm in over my head, and there's nothing I can do to prevent what's about to happen. This is on M15 BTW. Second time in the last 3 months and it has the power to ruin me.
Bang.
  • #3,897
  • Jun 26, 2009 1:39am Jun 26, 2009 1:39am
Update: It got me. Ouch!
Bang.
  • #3,898
  • Jun 26, 2009 3:10am Jun 26, 2009 3:10am
Quoting AminAS
Let me just say it sucks to be in a trade with your hands tied. I'm in over my head, and there's nothing I can do to prevent what's about to happen. This is on M15 BTW. Second time in the last 3 months and it has the power to ruin me.
Aminas what are you doing?
You need to go cold turkey and get off those short time frames. This is supposed to be stress-free!
Go to daily, define your risk, accept the risk or don't take the trade. Look at your charts once a day and if you have any other spare time, read this thread again....and again.....and again.

Surfer
  • #3,899
  • Jun 26, 2009 3:18am Jun 26, 2009 3:18am
Hi guys and girls

I read this passage in the book above. What do you think? Personally it goes to show that you shouldn't believe everything you read.


Many traders and investors rely on charts to make their trading and investment timing decisions. Those little xs and os that the chartist uses are nothing but a record of yesterday.s events. They have absolutely no predictive value. All they show is that there may or may not be support or resistance at a given price level.


No kidding.


A chartist will say that a market has broken out if it goes through a certain area of resistance. They will also say that a market has broken down if it goes through a support area. Charts are total gibberish. They have no validity. They are simply history, and like history, if we continue to study them, we will probably commit the same errors of the past.

  • #3,900
  • Jun 26, 2009 3:50am Jun 26, 2009 3:50am
Quoting AminAS
Let me just say it sucks to be in a trade with your hands tied. I'm in over my head, and there's nothing I can do to prevent what's about to happen. This is on M15 BTW. Second time in the last 3 months and it has the power to ruin me.
AminAs your not ready for that shizzer yet.......
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