Trade what you see NOT what you expect | Page 929 | Forex Factory

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Trade what you see NOT what you expect

  • #18,561
  • Jul 13, 2009 2:48pm Jul 13, 2009 2:48pm
Eo or Infinity,

If we treat forex like a business undertaking, we need a plan of action and so I think the worksheet is fabulous, but I notice something about your trading styles, I don't believe I detect a particular pips target. Forgive me if this has been discussed before.

This isn't meant as a criticism, I'm just curious how you decide when you've been in the market enough. For example, I have a simple pip target, I expect to make a minimum of 60 pips per day. Typically when I achieve my day target I'm reluctant to continue trading for that day. But seeing you guys trading, I'm wondering if I am missing out. Is it that you believe in being in the market continuously?
  • #18,562
  • Jul 13, 2009 2:53pm Jul 13, 2009 2:53pm
Go Mistress go! I'm a cheerleader. I don't have a good singing voice like Infinity.
  • #18,563
  • Jul 13, 2009 2:56pm Jul 13, 2009 2:56pm
Quoting GodfreyH
Eo or Infinity,

If we treat forex like a business undertaking, we need a plan of action and so I think the worksheet is fabulous, but I notice something about your trading styles, I don't believe I detect a particular pips target. Forgive me if this has been discussed before.

This isn't meant as a criticism, I'm just curious how you decide when you've been in the market enough. For example, I have a simple pip target, I expect to make a minimum of 60 pips per day. Typically when I achieve my day target I'm reluctant to continue trading for that...
Good question Godfrey... I actually have more like a $ and % target for the week and month.. once that is reached..I'm in gravy mode... However, sometimes it depends on what I see... there are days that I trade once for the day, others where I may enter 10-20 trades for the day... My eyes are always on the bigger weekly or monthly target...
Patience + Discipline - Greed = Success
  • #18,564
  • Jul 13, 2009 2:56pm Jul 13, 2009 2:56pm
i take short now. @ 62376. let's see what happens
  • #18,565
  • Jul 13, 2009 2:58pm Jul 13, 2009 2:58pm
Quoting Infinity
Good question Godfrey... I actually have more like a $ and % target for the week and month.. once that is reached..I'm in gravy mode... However, sometimes it depends on what I see... there are days that I trade once for the day, others where I may enter 10-20 trades for the day... My eyes are always on the bigger weekly or monthly target...
Cool
  • #18,566
  • Jul 13, 2009 2:59pm Jul 13, 2009 2:59pm
Hello Godfrey
  • #18,567
  • Jul 13, 2009 3:01pm Jul 13, 2009 3:01pm
Quoting davids
Hello Godfrey
  • #18,568
  • Jul 13, 2009 3:05pm Jul 13, 2009 3:05pm
Quoting GodfreyH
Eo or Infinity,

If we treat forex like a business undertaking, we need a plan of action and so I think the worksheet is fabulous, but I notice something about your trading styles, I don't believe I detect a particular pips target. Forgive me if this has been discussed before.

This isn't meant as a criticism, I'm just curious how you decide when you've been in the market enough. For example, I have a simple pip target, I expect to make a minimum of 60 pips per day. Typically when I achieve my day target I'm reluctant to continue trading for that...
Good question Godfrey! I use my ma's and support/resistance for my TP areas. I have a daily dollar amount that I like to obtain, but keep in focus on my weekly goal. If I exceed my daily, great, if I don't and come up short or for a loss, that's fine as well. The key for me is the weekly gain that I try and achieve on the base balance of my account.
Just digging in the trenches like everyone else!
  • #18,569
  • Jul 13, 2009 3:09pm Jul 13, 2009 3:09pm
Quoting GodfreyH
  • #18,570
  • Jul 13, 2009 3:26pm Jul 13, 2009 3:26pm
Quoting eohater
Good question Godfrey! I use my ma's and support/resistance for my TP areas. I have a daily dollar amount that I like to obtain, but keep in focus on my weekly goal. If I exceed my daily, great, if I don't and come up short or for a loss, that's fine as well. The key for me is the weekly gain that I try and achieve on the base balance of my account.
Just my thoughts for tomorrow but with the dailey shaping up like it is I am looking for longs around 1.6160 and a high tomorrow of around 1.6380.Does anyone else see that?
Please ask questions and share your experiences with us all!
  • #18,571
  • Jul 13, 2009 3:32pm Jul 13, 2009 3:32pm
Quoting bkg102665
Just my thoughts for tomorrow but with the dailey shaping up like it is I am looking for longs around 1.6160 and a high tomorrow of around 1.6380.Does anyone else see that?
... 629x area will not be easy though....
Patience + Discipline - Greed = Success
  • #18,572
  • Jul 13, 2009 3:35pm Jul 13, 2009 3:35pm
Quoting bkg102665
Just my thoughts for tomorrow but with the dailey shaping up like it is I am looking for longs around 1.6160 and a high tomorrow of around 1.6380.Does anyone else see that?
I can see that bro! I can also see what Infinity says, 629x will be a tough cookie to crack!
Just digging in the trenches like everyone else!
  • #18,573
  • Jul 13, 2009 3:40pm Jul 13, 2009 3:40pm
I'm outta here for a while guys! Gotta get my son, haircut, maybe some HS as well. We'll see.

Keep your positions covered and if you had a bad day today, go back and see why. What did you miss in your trades? What should have you done that you didn't? Figure out what the problem was, learn from it, and put it in your memory bank! I'll be back on later during the Asian session and definately Asian/London.
Just digging in the trenches like everyone else!
  • #18,574
  • Jul 13, 2009 3:41pm Jul 13, 2009 3:41pm
Quoting cesarg
i take short now. @ 62376. let's see what happens
Nice position! Good luck with your trade! I'm on the short bus with you, but stop is tight!
Just digging in the trenches like everyone else!
  • #18,575
  • Jul 13, 2009 3:43pm Jul 13, 2009 3:43pm
Quoting Infinity
... 629x area will not be easy though....
629x could be the top of a right shoulder on the 4hr chart.
  • #18,576
  • Jul 13, 2009 3:48pm Jul 13, 2009 3:48pm
Quoting PippiNole
629x could be the top of a right shoulder on the 4hr chart.
Look at that same H4 chart again. We're already completing an inverted shampoo.
Hi, my name is Barry and you can keep your doctor...
  • #18,577
  • Jul 13, 2009 3:54pm Jul 13, 2009 3:54pm
Quoting cisco
Look at that same H4 chart again. We're already completing an inverted shampoo.
I see said the blind man and it has been a nice ride.

How are you doing? Have you been hanging out with Hendrix and Marley?
  • #18,578
  • Jul 13, 2009 4:03pm Jul 13, 2009 4:03pm
i dont understand,why UK news has to be released at Midnight UK time....but
THIS IS THE BATTLEFIELD .......

GBP_USD Spot.png

Baz
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  • #18,579
  • Jul 13, 2009 4:05pm Jul 13, 2009 4:05pm
Quoting PippiNole

How are you doing? Have you been hanging out with Hendrix and Marley?
Things aren't good here. I probably won't be around much for awhile.
Hi, my name is Barry and you can keep your doctor...
  • #18,580
  • Jul 13, 2009 4:06pm Jul 13, 2009 4:06pm
hello I would like to respectfully disagree on the H&S thought mainly for a couple of things.

first I want to clarify that I hold no bias currently
inverted h&s are always to be found at the end of downternds they are reversal patterns which are nothing more than a lower low (right shoulder) formed after the through (head). Also if you want to adhere to strickt TA rules right shoulder CANNOT be lower than left one.

also a couple of strange things happening today which make me weary of this whole risk tolerance day :
GS got major upgrade but it DID not break $150 though and on a daily chart u can clearly see that it has been slapped back pretty hard on big volume every time it tried to poke above (today`s intraday high was 149.85 on larger than average volume)
also exactly at the time when ES (s&p 500 futures) touched 897.65 which has been a big, big resistance level and also 50fib level from the last downmove starting from 927.85 to current double bottom 865 at the end of NY trading day cable hit its head against the daily pivot which also happens to be 61fib of the whole last downmove AND at the very same time euro got rejected @ 1.40 (BIG psycho number AND 61fib of the move down from 1.4017 to 1.3877)

now, I am no conspiracy theorist, but I tend to pay attention to the background of the current H4 moves and so far it has been selling... equities H&S daily patterns currently forming are also like a parrot on my shoulder constantly repeating "watch out !!!". And to have too many coincidences such as the above mentioned makes me a bit skeptical about this whole move. I am just sharing my humble thoughts with you guys and would gladly take any constructive criticism this place has always been proud of.

Good luck to everyone

p.s. attached are fiber, cable and ES charts
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Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
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