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  • #162,161
  • Nov 16, 2009 6:18pm Nov 16, 2009 6:18pm
as usual i prepared price action study. this time trade i missed, shame on me. details on my blog. thank everybody for good words, thats nice.
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  • #162,162
  • Nov 16, 2009 6:21pm Nov 16, 2009 6:21pm
Quoting Chicky
Hi steve,

Where have you been man? How is everything?
Hey Chicky-been hibernating for the Fall, you know putting on some gopher fat . Everythings good, feeling frisky, up to my old tricks! Haha, how are you my friend?
  • #162,163
  • Nov 16, 2009 6:29pm Nov 16, 2009 6:29pm
Quoting stevefx
Hey Chicky-been hibernating for the Fall, you know putting on some gopher fat . Everythings good, feeling frisky, up to my old tricks! Haha, how are you my friend?
Hibernation is good, I sometimes decide to come out of it to feel the real life

Worst trading month ever in my serious trading life. No matter what I do, it goes against me bringing back to my 10% drawdown that I had about 6 weeks ago. Account balance is in consolidation, in very narrow BB. Hope it does not decide a breakout to south.

It remids me of Psiholog, a very good trader here, who got stuck in such a situation for months, then decided to take a great risk. I miss him. But he will be back after reallocation of funds.
The Thief of Wall Street
  • #162,164
  • Nov 16, 2009 6:32pm Nov 16, 2009 6:32pm
Quoting Chicky
Hibernation is good, I sometimes decide to come out of it to feel the real life

Worst trading month ever in my serious trading life. No matter what I do, it goes against me bringing back to my 10% drawdown that I had about 6 weeks ago. Account balance is in consolidation, in very narrow BB. Hope it does not decide a breakout to south.

It remids me of Psiholog, a very good trader here, who got stuck in such a situation for months, the decided to take a great risk. I miss him.

No great risks, if it's not working stop and re evaluate/ take a break don't risk your money.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #162,165
  • Nov 16, 2009 6:35pm Nov 16, 2009 6:35pm
Quoting Exsilium
Either Im just lucky, or...

My second set of trades 3 lots with an average entry of 14980 is up for a total 20 pips at this writing with a high of 30 pips. SL are BE on the two lower entries and 35 pip TS on all. I will move the SL to BE on the highest entry at 15005.

That puts me a solid 200+ pips this week already.

Beginners luck?
Closed Long 1 @ 14980 BE

Still open Long 1 @ 14970 (SL @ BE w/ 35 TS) and Long 1 @ 14990 (yes, I know, a little early).
  • #162,166
  • Nov 16, 2009 6:39pm Nov 16, 2009 6:39pm
Quoting Turveyd
No great risks, if it's not working stop and re evaluate/ take a break don't risk your money.
Turveyd, you are right. He decided to do the same.

He was a good trader, a very good one, but undercapitalized for his method.

He multiplied his money many times over but then got tired of playing with small money. He always wanted to trade big. Growing his account to that extent was time consuming, especially when market is in consolidation. Therefore he decided to arrange funds from other sources until market comes to the tune of his system and then trade at the level he wanted to.

I am sure he will be back in a big way.
The Thief of Wall Street
  • #162,167
  • Nov 16, 2009 6:40pm Nov 16, 2009 6:40pm
Quoting Exsilium
Either Im just lucky, or...

My second set of trades 3 lots with an average entry of 14980 is up for a total 20 pips at this writing with a high of 30 pips. SL are BE on the two lower entries and 35 pip TS on all. I will move the SL to BE on the highest entry at 15005.

That puts me a solid 200+ pips this week already.

Beginners luck?
all this makes no sense , no strategy guide , no figures , bar formed, formations or anything that the "advanced" traders and "pros" are saying. Keep up with lucky trades dude and remember its no matter that u're correct or not. It matters how much u earn when u're correct and how much u lose when u're wrong
  • #162,168
  • Nov 16, 2009 6:44pm Nov 16, 2009 6:44pm
Quoting TrendExpress
all this makes no sense , no strategy guide , no figures , bar formed, formations or anything that the "advanced" traders and "pros" are saying. Keep up with lucky trades dude and remember its no matter that u're correct or not. It matters how much u earn when u're correct and how much u lose when u're wrong
Fair enough

My strategy, for what its worth, is to trade only in the direction of the long term trend, then determine when its oversold/overbought and try to hit the fib levels, then counter-hedge my entries with several entries lowering my average entry.

Im not one for candle formations or price action, i just simply dont know enough about either.
  • #162,169
  • Nov 16, 2009 6:44pm Nov 16, 2009 6:44pm
Quoting Chicky
Hibernation is good, I sometimes decide to come out of it to feel the real life

Worst trading month ever in my serious trading life. No matter what I do, it goes against me bringing back to my 10% drawdown that I had about 6 weeks ago. Account balance is in consolidation, in very narrow BB. Hope it does not decide a breakout to south.

It remids me of Psiholog, a very good trader here, who got stuck in such a situation for months, then decided to take a great risk. I miss him. But he will be back after reallocation of funds.
Woah sorry to hear that. I like your prospects for long, I like the looks of the h1 a lot(yellow circle shows why), but its a tough top-you warned me about this area yourself one time. These are the three scenarios I see in my mind right now. But even worst case scenario I'm going to be interested in longs in low 4900's high 4800's based on the previous data. Right now I'm flat.
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  • #162,170
  • Nov 16, 2009 6:59pm Nov 16, 2009 6:59pm
Quoting stevefx
Woah sorry to hear that. I like your prospects for long, I like the looks of the h1 a lot(yellow circle shows why), but its a tough top-you warned me about this area yourself one time. These are the three scenarios I see in my mind right now. But even worst case scenario I'm going to be interested in longs in low 4900's high 4800's based on the previous data. Right now I'm flat.
Steve, I remember that blue-band we drew on 1.5000 level several weeks ago.

Looking at it the way your mind works (if my reading of you is correct) you should be seeking short opportunities because of the r/r. Two three tries, before we get onboard a south train that never touches back the station we embark the train from.

But this trend seems never ending. I don't know what europeans are doing to bring euro down. You may have to wait for a little while before this moster trend starts reversing. I am going for little long squeeze, risky though.
The Thief of Wall Street
  • #162,171
  • Nov 16, 2009 7:17pm Nov 16, 2009 7:17pm
Quoting cannarek
as usual i prepared price action study. this time trade i missed, shame on me. details on my blog. thank everybody for good words, thats nice.

I told myself not to quote but I just have to, don't take it personally
These are not words from my mouth, again...


quote:

I personally don’t know anyone who has made money by discretionary trading.
They may have been lucky and won on a few trades, but overall, over time,
discretionary traders always lose money.
It is after enough money has been lost that the discretionary trader in some way

stumbles across technical indicators.


http://www.earnforex.com/forex-e-boo...a_Business.pdf
  • #162,172
  • Nov 16, 2009 7:38pm Nov 16, 2009 7:38pm
Quote

I personally don’t know anyone who has made money by discretionary trading.
They may have been lucky and won on a few trades, but overall, over time,
discretionary traders always lose money.
It is after enough money has been lost that the discretionary trader in some way

stumbles across technical indicators.

The problem I have with this quote is that it generalises. Discretionary trading varies from the beginner relying on their gut, to highly skilled traders who know when to use their judgement to deviate from a strategy. Discretionary trading probably represents both the best and worst traders have to offer.
  • #162,173
  • Nov 16, 2009 7:38pm Nov 16, 2009 7:38pm
Hi gang!
Not all sins are created equal
  • #162,174
  • Nov 16, 2009 7:41pm Nov 16, 2009 7:41pm
Quoting Jay Walker
Hi gang!
Nooooooooooooooooorrrmmmmmm !!!
Si vis pacem, para bellum.
  • #162,175
  • Nov 16, 2009 7:42pm Nov 16, 2009 7:42pm
Quoting Chicky
But this trend seems never ending. I don't know what europeans are doing to bring euro down. You may have to wait for a little while before this moster trend starts reversing. I am going for little long squeeze, risky though.
There are recurring (for weeks and months) newswire notices of Asian CB's buying USD. These are "emerging market" export-oriented economies that suffer when the USD is devalued. South Korea, Singapore, Maylasia, etc. They have been very active as E/U gets up here in the 1.5 neighborhood and, without counterposing actions by the USD-bear's proxies, probably hedge funds who sit in the Fed's back pocket - they might be able to cap E/U below 1.51.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #162,176
  • Nov 16, 2009 7:43pm Nov 16, 2009 7:43pm
Quoting Jay Walker
Hi gang!
Hi Jay.

I hate these words. Not because they are not good, but I used to hear them everyday from one of my supervisor who was THE most unethical and unprofessional person I ever had an experience of.

One day, I just kicked his table and quit the job. (I would have kicked his ass, but they are considered somewhat holy in the US when it comes to literally kicking someone's)
The Thief of Wall Street
  • #162,177
  • Nov 16, 2009 7:52pm Nov 16, 2009 7:52pm
Quoting The Fool
There are recurring (for weeks and months) newswire notices of Asian CB's buying USD. These are "emerging market" export-oriented economies that suffer when the USD is devalued. South Korea, Singapore, Maylasia, etc. They have been very active as E/U gets up here in the 1.5 neighborhood and, without counterposing actions by the USD-bear's proxies, probably hedge funds who sit in the Fed's back pocket - they might be able to cap E/U below 1.51.
Jacko is here. let's see what he has to say about this.
The Thief of Wall Street
  • #162,178
  • Nov 16, 2009 7:57pm Nov 16, 2009 7:57pm
Quoting Chicky
Jacko is here. let's see what he has to say about this.
I knoooow....I saw that...I'm all a-titter!
"If The Fool persists in his Folly he will become wise." - William Blake
  • #162,179
  • Nov 16, 2009 8:00pm Nov 16, 2009 8:00pm
Quoting The Fool
I knoooow....I saw that...I'm all a-titter!
I am just a kid when he and other traders of his caliber are here.
The Thief of Wall Street
  • #162,180
  • Nov 16, 2009 8:07pm Nov 16, 2009 8:07pm
Quoting Larseg
I told myself not to quote but I just have to, don't take it personally
These are not words from my mouth, again...


quote:
[left][font=Garamond][size=4]I personally don’t know anyone who has made money by discretionary trading.
They may have been lucky and won on a few trades, but overall, over time,
discretionary traders always lose money.
[size=4][font=Garamond]It is after enough money...
Hi Larseg

An interesting quote. But like Mr J says, it is a generalisation. There doesn't need to be a black and white argument about whether discretionary trading is better or worse than technical trading,

I think that the issue has more to do with a disciplined system of trading rules. The problem with discretionary trading is that it is more likely to be undisciplined and more based on "gut-instincts" and feelings.

A technical method based on more explicit rules (eg S&R lines, 50% Fib and round numbers) tends to take away some of the emotional (greed and fear) factors and allows a more disciplined system.

Having said that, I also don't believe in pure technical methods. Sometimes you have to make a decision on a technical entry or exit using intelligent discretion. (For example if you have a long trade and your rule says to get out at the Resistance level, but the market is screaming up at 100 miles per hour, then a trader has to use his discretion).

.
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