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4% A Day Forever

  • #1,001
  • Feb 1, 2010 8:22pm Feb 1, 2010 8:22pm
Quoting The Fool
Yep if I see the herd start to run I might just like to tag along.

I will be checking in for the Aussie news in while - we might see some sparks fly...
2am here and still trying to solve my virus issue, night 2, freshly installed laptop is packed with them, this is getting WEIRD. No trading for me
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #1,002
  • Feb 1, 2010 9:49pm Feb 1, 2010 9:49pm
Quoting The Fool
I will be checking in for the Aussie news in while - we might see some sparks fly...
Sparks indeed. I was really wanting to put a short on that sucker pre-news - I had been hearing even a positive hike would send the Aussie down. But I am reformed - I don't trade the news, just the aftermath, but it (on E/U) was good enough for another 10 pips on a few little short scalps.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,003
  • Feb 1, 2010 9:54pm Feb 1, 2010 9:54pm
lol i thought for sure you wouldve got that one.....retracements....?
Annoying Precision
  • #1,004
  • Feb 1, 2010 10:09pm Feb 1, 2010 10:09pm
Quoting The Fool
Sparks indeed. I was really wanting to put a short on that sucker pre-news - I had been hearing even a positive hike would send the Aussie down. But I am reformed - I don't trade the news, just the aftermath, but it (on E/U) was good enough for another 10 pips on a few little short scalps.
Nice another 2% then

I saw that and was wondering if it bit you, thats the kinda move than 30seconds after I get in, rips my head off never the other way strangely.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #1,005
  • Feb 2, 2010 12:10am Feb 2, 2010 12:10am
Quoting Turveyd

I saw that and was wondering if it bit you, thats the kinda move than 30seconds after I get in, rips my head off never the other way strangely.
nah I just shot a few for about 5 min. or so after the news & then I went out - come back to find it retraced all the way back +20.

If I was smart I would have put on a small long with a decent size sl and a 20+ pip tp b4 I left. But its all good. I have gotten to where I am very happy with any trade that does not lose money. Anything else, even 1 pip, is gravy.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,006
  • Feb 2, 2010 12:35am Feb 2, 2010 12:35am
Quoting The Fool
A little movement and I am more than halfway home.

When I see the candles start to run down the bottom channel of the BB I sensed a good short run opp.

I started to move sl to BE+2 but when I had 7-8 pips I closed. Nothing like pips in the bag. I left a few on the table but now I see it has retraced 8+ pips from 3908....

Small ball. Easy peasy. Account up 2+% in about an hour. pretty typical.

Howdy

The key word in the above quote is 'sensed" shows how adept you have become at understanding price action.

I have started making a habit of when I start to feel uncomfortable or uneasy with a position I exit. Saved me today on two trades that just stalled.

Rufus
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #1,007
  • Feb 2, 2010 12:41am Feb 2, 2010 12:41am
Quoting Rufus
Howdy

The key word in the above quote is 'sensed" shows how adept you have become at understanding price action.

I have started making a habit of when I start to feel uncomfortable or uneasy with a position I exit. Saved me today on two trades that just stalled.

Rufus
That sounds good.

After I get a couple % or more up on the day I am trying to talk myself out of most trades.

German news in 20 minutes, I want to see some good action....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,008
  • Feb 2, 2010 12:58am Feb 2, 2010 12:58am
I have poured myself some scotch. This evening will be over for me soon. The first week of the month has been my nemisis. With all the news I stay out of the way. Then when there is no news the markets seem to be quiet antisipating it. I need to figure out how I can trade the aftermath.

Just recently figured out a 1m system for me. Looking forward to putting it to more use.

Rufus
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #1,009
  • Feb 2, 2010 1:09am Feb 2, 2010 1:09am
Quoting Rufus
I have poured myself some scotch. This evening will be over for me soon. The first week of the month has been my nemisis. With all the news I stay out of the way. Then when there is no news the markets seem to be quiet antisipating it. I need to figure out how I can trade the aftermath.

Just recently figured out a 1m system for me. Looking forward to putting it to more use.

Rufus
That sounds good, too. I'm a red wine drinker if I'm trading. Damn, what a hard life.

Euro looks like it has some legs tonight - maybe. Hang in there, Rufus - if you can find something that you are comfortable enough with to trade in size then there's some good money to be made.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,010
  • Feb 2, 2010 2:26am Feb 2, 2010 2:26am
Note to self:

Looks like cable will be easier to trade & pay more than E/U - why don't you give it a try?
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,011
  • Feb 2, 2010 12:34pm Feb 2, 2010 12:34pm
Night watchman here, all is well.
  • #1,012
  • Feb 2, 2010 12:38pm Feb 2, 2010 12:38pm
Quoting The Fool
Note to self:

Looks like cable will be easier to trade & pay more than E/U - why don't you give it a try?

Always wondered why you traded EU which has the lowest range generally, for the Jpy session EJ is where it's at, likely x2 on your spread but rather than 5pips you'll get 8pips so +6pips rather than +4pips still so worth it.


EJ and Gold are my only interests these days, Gold moves better than EJ, GU there as a backup but still to slow, EU I dumped ages back.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #1,013
  • Feb 2, 2010 1:00pm Feb 2, 2010 1:00pm
Sorry Turveyd, I didn't know any one was around. This thread usually goes quiet this time of day. Is there a worse (more boring) time to trade than the last half of the Ny session?
  • #1,014
  • Feb 2, 2010 1:16pm Feb 2, 2010 1:16pm
Quoting Bankshot
Sorry Turveyd, I didn't know any one was around. This thread usually goes quiet this time of day. Is there a worse (more boring) time to trade than the last half of the Ny session?

I wasn't, just checking in.


I remember when the market used to be active all the time, these days first hour maybe 2 tops at the start of every market then forget it!! Which is fine, 2 - 3 hours per day I guess.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #1,015
  • Edited 2:07pm Feb 2, 2010 1:37pm | Edited 2:07pm
Quoting Turveyd
Always wondered why you traded EU which has the lowest range generally,

...., Gold moves better than EJ, GU there as a backup but still to slow, EU I dumped ages back.
E/U has the lowest spread. Overall, it has the deepest liquidity. But that may not be the best state of affairs for a breakout trader. In lower liquidity breakouts tend to shoot further, so that would be good. So, yes, definitely I will be looking at other pairs.

Cable is worth trading, but spread is 1.9 or so on Oanda. E/J and even the geppy I should be watching to see about breakouts & catching runs. I may have to decrease my risk profile for the geppy.

Anyway, live & learn.

Since I have been trading off of S10 regularly for a while, I have noticed something re: spot vs. futures. There are less little piddling moves up/down in futures - which makes it easier to trade if you are riding a very tight sl like I do. Why? I have to assume it is becaue of the standardized trade size. In futures, its just whole number contracts - which is why I don't yet trade futures much - I could trade one contract, but I'm not up to two yet. In spot, I can micro-manage risk exposure via trade size.

In spot, trade size is all over the map. All those mini- and micro-lot trades allow the marketmaker to fine tune the long/short offsets - and that is what you see on the marketmakers sub-M1 charts, if they have one. Oanda will allow trades as small as 1 unit - thats $0.0001/pip. Why would they bother? Having a pool of small trades allows them to closely optimize their offsets. When you look at the sub M1 order flow (and you can see it on the charts) for a true ECN broker (any currenex-based) you will notice a difference between the ECN and the marketmakers action. The above explains why.

Slept through New York open - missed a good move re: the US housing sales news. Oh well. I do sometimes catch the end of the NY session - the "3 o'clock fade" - sometimes there will be a selloff at the end of the NY trading session....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,016
  • Feb 2, 2010 2:14pm Feb 2, 2010 2:14pm
Quoting The Fool
E/U has the lowest spread. Overall, it has the deepest liquidity. But that may not be the best state of affairs for a breakout trader. In lower liquidity breakouts tend to shoot further, so that would be good. So, yes, definitely I will be looking at other pairs.

Cable is worth trading, but spread is 1.9 or so on Oanda. E/J and even the geppy I should be watching to see about breakouts & catching runs. I may have to decrease my risk profile for the geppy.

Anyway, live & learn.

Since I have been trading off of S10 regularly for a while, I have...

Geppy follows EJ 99% accurately it has a roughly 20% larger range, so 10pips on EJ gets you 12pips generally on Geppy, but the 6 pip rather than 3 pip spread through FXCM makes it a no go really.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #1,017
  • Feb 2, 2010 4:16pm Feb 2, 2010 4:16pm
Agree with you there Turveyd that FXCM 6 pip spread on G/J makes it too tough...have been finding E/J to be the most compelling of late...
  • #1,018
  • Feb 2, 2010 6:24pm Feb 2, 2010 6:24pm
Just curious....how many of you scalpers are actually making $$$?

And I do mean for a few months in a row....thanks guy....
In Charts We Trust!
  • #1,019
  • Feb 2, 2010 7:02pm Feb 2, 2010 7:02pm
Quoting X.Oden
Just curious....how many of you scalpers are actually making $$$?

And I do mean for a few months in a row....thanks guy....
I have been steady since November. I am looking for 6 months minimum of steady profits b4 I become a believer. I do know I have gotten my shit together in the risk management department. Sometimes I'll be killing a trade for a small loss and I'll kinda have to smile because it has gotten more or less mechanical. That was a pretty big hump to get over. Money management - letting winners run - is the next one...

Haven't seen you around much, X. - how you been?
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,020
  • Feb 2, 2010 8:53pm Feb 2, 2010 8:53pm
Quoting The Fool
I have been steady since November. I am looking for 6 months minimum of steady profits b4 I become a believer. I do know I have gotten my shit together in the risk management department. Sometimes I'll be killing a trade for a small loss and I'll kinda have to smile because it has gotten more or less mechanical. That was a pretty big hump to get over. Money management - letting winners run - is the next one...

Haven't seen you around much, X. - how you been?
I have followed this thread since it began and I must say if there is one thing I respect most of all is your honesty, which is rare on many threads. Many ppl speak only of their winnings and sugarcoat the rest. You have been "straight-up" and outright all along. Kudos to u and all the best.

I really hope u achieve your goal.
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