Trade what you see NOT what you expect

WUT UP TURTLE!!!!

well i don't drink and some fatty's?...well i'd love to but i KNOW i'd get into trouble so you'll have to party for me.

I finished the week with 421 pips. With my goal only 250 i'm pretty please.

I thought you guys that use IntrbankFX as a brokr may want to know this.

Dear Valued Customer,
We will be introducing Intraday Hedging into the demo accounts on Dec 10th, with plans to introduce Intraday Hedging to the live accounts on or around Dec 20th. What this means to your account:
- You will be able to place both long and short orders in the same currency pair during the course of the day.
- Just before swap at approximately 5 pm Eastern Time if you are still in your hedge, the trades will be netted out, please see the example below.
We recommend that you test your experts and trading strategies that use hedging thoroughly on a demo account before using them on your live account.
Please contact us if you have additional questions or comments. Thank you for your continued support,
The Interbank FX Team
US and Canada: 866.468.3739
Australia 1.800.884.912
Indonesia 001.803.017.9112
Malaysia 1.800.813.776
New Zealand 0800.445647
Singapore 800.101.2097
United Kingdom 0.808.120.1966
International: +1.801.930.6800
Fax: 212.884.0609
Example #1:
At 10:11:00 Eastern you open a 2 lot long on the EUR/USD at 1.4730 (ticket #1).
At 13:01:01 Eastern you open a 2 lot short on the EUR/USD at 1.4733 (ticket #2).
Just before swap, at approximately 17:00 Eastern, ticket #1 is closed out at 1.4733 and ticket #2 would show 0 lots with an open and close price of 1.4733.
Example #2:
At 10:11:00 Eastern you open a 1 lot long on the EUR/USD at 1.4730 (ticket #1).
At 13:01:01 Eastern you open a 2 lot short on the EUR/USD at 1.4733 (ticket #2).
Just before swap, at approximately 17:00 Eastern, ticket #1 is closed out at 1.4733. The remainder of ticket #2 would allocate to a new trade ticket of 1 lot short at 1.4733. Swap would be charged to this new ticket for that symbol’s rate for one lot.
Example #3:
At 10:11:00 Eastern you open a 5 lot long on the EUR/USD at 1.4730 (ticket #1).
At 13:01:01 Eastern you open a 2 lot short on the EUR/USD at 1.4733 (ticket #2).
Just before swap, at approximately 17:00 Eastern, 2 lots of ticket #1 would close at 1.4733. Ticket #2 would show 0 lots with an open and close price of 1.4733. The remainder of ticket #1 would allocate to a new trade ticket of 3 lots long at 1.4730. Swap would be charged to this new ticket for that symbol’s rate for three lots.

Best regards,

I saw that and its the best Christmas present I could have got

thank you very much!
just pm you my email address, if you have time, please email me the pdf of Trade What You See, I will print it out, and read, read and reread!

Really appreciate your help!

Hope everyone is having a great weekend. ken

Of course you could have taken only 2 trades short at the top and long off the bottom.

What's bro, how's life treating ya?????

Crazy end of semster party yesterday.

Round two tonight......

HOLLA

What's up bro?

Semster went well, learned alot in school and about life. :nerd:
'
Partying hard this weekend.

Will be waiting for my setups come Monday.

HOLLA

Nice trading bro........

Glad to hear your doing well.

Don't worry........I drink some for ya!

HOLLA

Going to still pick on the easy meat this week. See nothing on the charts to change at this point in time, that day one came within a whisker. Trying to party like Turtlehttp://cdn.forexfactory.com/images/icons/icon14.gif

Good Morning Everyone,, Hope you are all having a great Weekend, Resting up for the week ahead.. Nice to see you in here Turtle, Sounds like school is going well for you. Good Job Make us proud..



I would like to discuss a couple of things today, Hope I just don't ramble but probably will. LOL.. First thing I would like to talk about why we are taking these big losses. You may say what big losses my stop is always the same . 15 20 pips. That is what I am saying why are our stops always 15 or 20 or whatever magical number we came up with. In the rewriting of the thread information I told everyone that stops are no different than entries. You should have different stops depending on the entry and how well you got in..

So I thought about this a while and after watching myself and others trade. Came up with a thought that could help two fold. Better entries with less loss. Instead of looking for entry signals. Why don't we start searching for the best places to put our stops. Then our goal will be to enter as close or even past that point as we can.

Like looking at gbp Thursday and Friday. it was ranging between 1.6340 and 1.6213. If you wanted to take a entry near one of those lines . You would put your stop the other side of it. So your new goal is to enter as close to our even on the other side of that line when it turns back in our direction. Then if it crosses our entry we can take a very minor loss.

This is why you you hear EO or Pippin say they took a 6 or 8 pip loss. They Knew where their stop was not just a entry. This doesn't mean just start jumping in everywhere. It requires you to do your pretrade work and even a bit more , Deciding on possible trades before hand but shouldn't we be doing that anyway.

This should not be as hard as we think price only moves in 3 directions. up,down and right. So knowing our system we should have a better than 50% idea as to what the next possible entry will be. If you have been actually studying the system every entry leads into the next one. So it should become clear as to your next possibility, So you then look for where you would place your stop on those two choices . One if it goes up and one if it goes down. Now common sense should prevail. We still watch PA and PPA for entries but we now have already decided where we think the trade has failed, If it breaks right through our chosen stop location we look for the next one. Just like picking entries but instead we are deciding when the trades are no longer a possibility.

This is important as too many of us aren't deciding to end bad trades we are just letting the clock run out. By letting some magical number of pips get hit. That isn't a choice it is not using our skills and it is not teaching us how to pick better entries. I see time and again people getting stopped out because they moved their stop to soon but in 90% of the cases they moved it to where it shouldn't have been anyway. Not yet any how.

So instead of just looking for a entry signal also look for a stop location then using them together should help improve your net pips count.

People that know a little about me know I live on the island of Key West a 2 mile by 4 mile island. I don't own a car and try and ride my bicycle around the island everyday to keep stress down. This is also when I have a lot of eureka moments.. Or something finally sinks through this thick skull. I had been watching some guys trade and been listening to their entries and when they were getting stopped and also my own failures. I then started to actually mark on my charts when they entered and got stopped. The reasoning being that their was a lot of break even trades happening as they moved their stops after 10 pips or so.

Then after marking those entries for a while I saw the pattern. Then during one of my think tank sessions riding my bike. It dawned on me. That every entry we take is a retest entry not one or two but every one if not we stand a very good chance of being stopped. Lets quantify that.
Our reversal trades are signals off a S/R area normally a retest or PPA of that area . The signals themselves our best entries are up or down the wicks of our shooting star or hammer. Which is a retest of that high or low.

Using our higher time frame charts we are looking for a retracement or retest up or down the wick of the previous 4 Hr or day candle . The 35/50 cross or 62 ema. They are retesting those areas where our MA'a are sitting. So if you really look even if your not using retest for your entries see if a retest would give you a better safer entry.

But back to our string of failures, What was happening was simple they were getting into trades once a area had been broken. But then moving their stops after 10 or so pips getting stopped out by the RETEST, If you follow EO's trades he normally doesn't move stops before 30 or 40 pips. Unless it is a gump or counter trend trade. which then usually some profits are taken at the ma levels. Also studying the system and in particular the 35/50 cross trade. He uses a 35 pip move past a line as a sign that it may be broken for good. Less than 35 pips and it could still reverse. Just a thought nothing works all the time. But if you have to put a value on it then maybe 35 to 40 pips past a line you can say it has broken.

But if you just look at your charts you rarely see a candle without a retrace on the next candle. So when you think a area has broken wait a minute for the next candles then enter when it pulls back and retest. Again this doesn't replace the rules if your trading off one of the signals you enter straight away or you could miss the trade. This was normally happening when price just broke through a major S/R or Ma line. Not using our entry signals. That is also a way to not get caught wait for a signal.
They do work. But everyone wants to be the guy with the best entry.

Well Hope I didn't bore anyone to bad. Ken

Hi EO,

I didn't remember something about range BO you've mentioned a couple of weeks ago. Searched the thread too but couldn't find it.

It had to do with fake breakouts and violent reversals. I think I remember, that you've said you would place stop and reverse orders to get taken into a fast move in the other direction.

We saw this a couple of times this month from the Asian range. They are called springs and upthrusts I think.

Can you elaborate again.

Cheers

Thomas

EUR/JPY 15 min. showing retest entries.

Hi Ken,

Again a very nice and useful explanation.

Thanks

Thanks Ken......

It feels good to be back!!!!

Now I'm ready to trade......

Great stuff you got here. Feels like an Sunday Paper.

Thanks alot for the info, will see ya around the Asian session.....

Time for some football!!

HOLLA

Thanks Ken for your post 27746. Really gave me some thinking.

Hey Ken, great stuff.

Looks like you been teaching while I learning.

That one line (above) stood out for me, I use try and get the best entry and for what.

It's about finding the highest probability setup with the least amount of drawdown.


HOLLA

Hi guys

anyone out there pick up the big moves pre euro open today and if so are you trading off the ma s or the resistance points

Picked up good quick pippage but baled too early as I cant pick why its moving

Prefer to be safe

Would it indicate that its going to be a bit of a slow day as the big moves happened early ???

Hey Ken,
Here is a copy of my 1h and 15m charts on my trades tonight.
I feel like I'm starting to get it....but then I ended up giving back about 28 pips. I have notes on my 15m on what I was thinking as I traded. I'm thinking I missed a pretty obvious reversal signal on the 15m. Let me know
if my entries are close to correct and what I should have done differently on my last entry. I had my stop right over the brown MA.
Thanks for your help
Jack

Nice Trade Jack . Not a thing wrong but maybe some suggestions.. If you had noticed the 4 Hr. PPA you might have moved that stop closer or a complete close .

That move was caused by news about Dubai. It does kinda throw a wrench in things .. But our system works in every condition just keep watching and you will see price start to honor the ma's and before then a reversal signal . this why the system works it flows with the price action. We had a niceelong signal rightbefore that massive move . But I was alseep.. LOL

Well definitely slowed down

No real directional bias at moment maybe a bounce off the 62 is coming up

I see they are talking up the yen carry trade at the moment so its worth keeping an eye on that over the next few months