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Trade what you see NOT what you expect

  • #22,881
  • Aug 16, 2009 6:44pm Aug 16, 2009 6:44pm
okay i have a question. how do you guys go about trading gaps in price? It is my view that most often gaps get filled.

so in the case of the gu I would say a longfrom 6500 with a tp of 6535 is safe and a stop loss of say 6485 coz i don't think asia will be able to drive the price lower than ny on friday.

what do you guys think?
  • #22,882
  • Aug 16, 2009 6:49pm Aug 16, 2009 6:49pm
Another chart showing tonights action..
Attached Image (click to enlarge)
Click to Enlarge Name: Misc EJ Chart a.JPG Size: 257 KB
Good Trading To All ; Ken Lee
  • #22,883
  • Aug 16, 2009 6:53pm Aug 16, 2009 6:53pm
Quoting johnnykanoo
okay i have a question. how do you guys go about trading gaps in price? It is my view that most often gaps get filled.

so in the case of the gu I would say a longfrom 6500 with a tp of 6535 is safe and a stop loss of say 6485 coz i don't think asia will be able to drive the price lower than ny on friday.

what do you guys think?

If you think it will fill the gap you could have been long twice from the bottom off PPA and covered by 20 pips. Both times if you did move your stop to break even the first time and got stopped out you should have re-entered again and now be covered a second time making profits on both trades. But getting the best entry. E/J might be going for it but news just came out..
Good Trading To All ; Ken Lee
  • #22,884
  • Aug 16, 2009 7:01pm Aug 16, 2009 7:01pm
wow she just moved against me fast damm sunday news. do i add to my losing position or just kill it hmmmm?
  • #22,885
  • Aug 16, 2009 7:02pm Aug 16, 2009 7:02pm
Now we have broken the PPA and I am looking for a retest of that area .. to go short. Should have been short from the 21 ema GBP and the 35 E/J.
would be covered in profit now.. Instead of looking for entry.
Good Trading To All ; Ken Lee
  • #22,886
  • Aug 16, 2009 7:03pm Aug 16, 2009 7:03pm
Had a hammer on gbp and a hangman on the E/J No excuses other than the news was coming out.
Good Trading To All ; Ken Lee
  • #22,887
  • Aug 16, 2009 7:06pm Aug 16, 2009 7:06pm
Wonder if Pippin is hiding under his bed ?
Good Trading To All ; Ken Lee
  • #22,888
  • Aug 16, 2009 7:48pm Aug 16, 2009 7:48pm
Quoting KENNETH lEE
Wonder if Pippin is hiding under his bed ?
I'm not afraid of Claudette. She is just a rainmaker and about 45 mph winds so far.

I took the short on GU and have 40 in the bank. Missed the original short on EJ but just got in off the 5 ema for 20.
  • #22,889
  • Aug 16, 2009 7:53pm Aug 16, 2009 7:53pm
Quoting PippiNole
I'm not afraid of Claudette. She is just a rainmaker and about 45 mph winds so far.

I took the short on GU and have 40 in the bank. Missed the original short on EJ but just got in off the 5 ema for 20.

I took a small short off the gbp. Then was waiting for the news to happen and missed the majority of the moves . Was getting ready for bed or would have taken both shorts off the retest of the bottoms or off the 5 ema 's as you did.. Be safe looks like will get a small storm by thursday joys of living in florida.
Good Trading To All ; Ken Lee
  • #22,890
  • Aug 16, 2009 7:54pm Aug 16, 2009 7:54pm
See everyone later.. Trade smart .. Ken
Good Trading To All ; Ken Lee
  • #22,891
  • Aug 16, 2009 7:54pm Aug 16, 2009 7:54pm
Quoting luckylady
I'm with IBFX and this is what it says on my statement:
The account statement above is an actual representation of the trading occurring in your IBFX trading account for the day or month indicated. Trades placed in your account, and shown on your account statement, have been offset First In First Out (“FIFO”) as required by NFA Compliance Rule 2-43(b). What this means for you is older trades of the same size and symbol are always offset before newer trades of that size and symbol.

I was assuming that it means if I have one trade...
The way it has been working for me is if I add a 2nd trade to a winning position and the 2nd trade goes against me and i want to close it, i have to close out the 1st trade completely before i can close any part of the second.

What they have done is attempt to limit speculation in the futures markets to create more stability. It seems they are trying to keep people from adding to a winning position and driving the price up like they did with the price of oil last winter.

Thanks Ken, I will check out those 2 brokers but FiFo is now a requirement for all US brokers......i never had a swiss bank account but it may be time to get one!
  • #22,892
  • Aug 16, 2009 7:56pm Aug 16, 2009 7:56pm
Quoting KENNETH lEE
See everyone later.. Trade smart .. Ken
Have a good .
  • #22,893
  • Aug 16, 2009 8:03pm Aug 16, 2009 8:03pm
Quoting johnnykanoo
can't you just buy say 1 lot then the platform would automatically close that much short. that is what gft does.

if i am short 300,000 and i long 100,000 all it does is close 100,000 of my short.

i don't know if this helps.
Yeah...thats how it works with a long and a short trading against each other in the same account. My issue is when u have 2 or more trades in the same account and in the same direction. The first has to completely closed before u can close any of the 2nd.
  • #22,894
  • Aug 16, 2009 8:11pm Aug 16, 2009 8:11pm
Quoting Shilva
Yeah...thats how it works with a long and a short trading against each other in the same account. My issue is when u have 2 or more trades in the same account and in the same direction. The first has to completely closed before u can close any of the 2nd.

That is difference with GFT and Oanda you won't have 2 positions they blend them together and average your entry. Basiclly leaving you with one.
Good Trading To All ; Ken Lee
  • #22,895
  • Aug 17, 2009 2:35am Aug 17, 2009 2:35am
Sunday open continued into London open , Anyone starting to see the possibilities, Plus if you learn to manage your trades by covering profits ASAP.the success rate and gains could be awesome.
Attached Image (click to enlarge)
Click to Enlarge Name: misc 4hr GBP Chart.JPG Size: 210 KB
Good Trading To All ; Ken Lee
  • #22,896
  • Aug 17, 2009 2:44am Aug 17, 2009 2:44am
Thanks KENNETH for your chart.
  • #22,897
  • Aug 17, 2009 3:02am Aug 17, 2009 3:02am
Be carefull here I have this area marked with Support off the 4 hr chart.
Good Trading To All ; Ken Lee
  • #22,898
  • Aug 17, 2009 3:11am Aug 17, 2009 3:11am
Quoting KENNETH lEE
Sunday open continued into London open , Anyone starting to see the possibilities, Plus if you learn to manage your trades by covering profits ASAP.the success rate and gains could be awesome.
have to admit I messed up on 4. After that green candle I went long as price came down to the open around 388 and got stopped for a small loss. I thought it was worth a shot with 1h candle closing within the wick of the 12 August 1h, but it still closed as a new low
'The past will always show us the future'
  • #22,899
  • Aug 17, 2009 3:15am Aug 17, 2009 3:15am
Good morning guys

Just wanted to say a big thanks Ken for your considerate work in sharing your knowledge.

For those of us still learning this is priceless

Good trading to all this week

Rob

Quoting KENNETH lEE
Be carefull here I have this area marked with Support off the 4 hr chart.
  • #22,900
  • Aug 17, 2009 3:24am Aug 17, 2009 3:24am
Quoting terje
have to admit I messed up on 4. After that green candle I went long as price came down to the open around 388 and got stopped for a small loss. I thought it was worth a shot with 1h candle closing within the wick of the 12 August 1h, but it still closed as a new low

Another thing regarding line 4 it is also a 00 number that alone is a line in the sand needing to be broken.. Comerccial traders place orders around those numbers.. So it is always smart to be carefull around them.
Good Trading To All ; Ken Lee
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