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Better-than-the-wormhole 555 replies

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The WoRmHoLe

  • #4,861
  • Feb 18, 2010 10:54pm Feb 18, 2010 10:54pm
Quoting hndymann
Sorry to hear this Wormboy... you said 5 hours ago "better quit while ahead" You should have listened to your inner voice on this one it seems. Best of luck tomorrow! I hope it brings us all lots of pips.
It's okay, it happens. Thanks
It's only 1usd/pip trade for that euro short, so 59usd loss is not so bad. Those earlier cable scalps which were at full lots @10usd/pip were able to absorb the loss.
But yes, sometimes the voice in my head is usually the best indicator
Good luck to you too!
Thank You
  • #4,862
  • Feb 18, 2010 11:16pm Feb 18, 2010 11:16pm
Quoting w4rrenminded
masta W0rmie, please c0nvince me that ur LONG position now is not expecting just a retracement from this d0wntrend..
wish i can get clearer vision or this position, as I always follow ur thread ( but rarely to post something here )

big thanks for ur attention masta
hey warren how are you
I know how this can be confusing. Let me put up a chart explaining the position I just took.

If you've been following long enough, you'll remember this chart from August last year:
1. http://www.forexfactory.com/showpost...postcount=2275

Yep that was back when I was laughed at when I said we will get to see 5300 level again. Well I did take a few months .. but hey, guess where we are now
Anyway, in regards to the long position which I am trying to build, if you compare the chart dated back then with the ones attached below (it's the same chart btw, nothing redrawn except for the addition of the utl), you'd notice that the old subutl4 is in the way of current price. Now nothing is written in stone that guarantees a bounce from here on but, historically the same tl had provided good support. To top it off, the addition of the utl had produced a falling wedge formation which usually indicates a reversal is near.
I am well aware that I am pulling a trade against a very strong trend, hence the low position size @2usd/pip & will look to lock my trade to bep as soon as I can grab my hands on the first 100 pips. I will only add to this position once price breaks the utl. A close below the subutl4 will invalidate my current trade.
In the mean time I will look for opportunities to scalp trade the ltf & will use some part of the possible gains to widen my stop on this current trade I am planning to hold. Quite possibly to widen it by another 100 pips. Let's see if I can manage some today.
Hope that helped to answer your question. Good luck with your trades
Attached Image(s) (click to enlarge)
Click to Enlarge Name: guw1.JPG Size: 81 KB
Click to Enlarge Name: guw.JPG Size: 83 KB
Thank You
  • #4,863
  • Feb 19, 2010 1:20am Feb 19, 2010 1:20am
Quoting wormboy
hey warren how are you
I know how this can be confusing. Let me put up a chart explaining the position I just took.
Good luck with your trades
0kay w0rmie thanks f0r ur explanati0n

f0r me these l0ng p0siti0n is just a retracement f0r s0me 100-150pip, but wh0 kn0ws

g00d luck t0 b0th 0f us
spirit 0f pipping
  • #4,864
  • Edited 2:52am Feb 19, 2010 2:06am | Edited 2:52am
would love to see it again....

was reading up on the forum and saw, WB, where u called the 5300 area. nice move...
still wanting to learn to scalp with you tho...

trying to recreate your charts above... weekly... and if the trendline is correct, does this have the power or potential to drop on down to around 1.49?

hve gone long at 1.5379 (gu). stop at 5310...
tnx


btw... any pix of your child?
  • #4,865
  • Feb 19, 2010 3:13am Feb 19, 2010 3:13am
Welp, managed almost 400usd scalping the fo & lo.
That's good enough for me to widen my stop on the swing trade & still keep 200usd for today.
Free ride from here on, my emergency stops are well covered without hampering my equity & the 6% gain so far for this month
Hope everyone have a good day trading. Good luck to all!
Attached Image (click to enlarge)
Click to Enlarge Name: gum1.JPG Size: 133 KB
Thank You
  • #4,866
  • Feb 19, 2010 3:14am Feb 19, 2010 3:14am
Quoting wormboy
GBPUSD

1. long @5474 sl @5310 [tp1 @5833] [tp2 @ 6270] (0.2)

Stop amended.

GBPUSD

1. long @5474 sl @5210 [tp1 @5833] [tp2 @ 6270] (0.2)
Thank You
  • #4,867
  • Feb 19, 2010 3:15am Feb 19, 2010 3:15am
Be carefull Euro$ traders, the up move was sold i think at 1.3500, there are reports of sells around 1.3500 and 1.3550 confirming, i've added to my short position.

Good luck traders!
"Hate the sin, love the sinner." - Gandhi
  • #4,868
  • Feb 19, 2010 3:23am Feb 19, 2010 3:23am
Quoting Lurch_47
would love to see it again....

was reading up on the forum and saw, WB, where u called the 5300 area. nice move...
still wanting to learn to scalp with you tho...

trying to recreate your charts above... weekly... and if the trendline is correct, does this have the power or potential to drop on down to around 1.49?

hve gone long at 1.5379 (gu). stop at 5310...
tnx


btw... any pix of your child?
Hi lurch, thanks

I will find the time to share my scalp technique. I must apologise for not being able to do so while trading, it is pretty hard to post entries & targets while monitoring opposed to explaining swing trade details.
Yup, if you had recreated the weekly lines, as I mentioned in the earlier post, this long setup will be invalidated if price can manage to close below subutl4. And if it does, I will be selling all the way to 4350 level max.
But those are speculations still, one thing at a time buddy

Good luck with the longs!

p/s: I'll add you to facebook if you have an account. Just pm me.
Pics are there. I won't post pictures of my son here
Thank You
  • #4,869
  • Feb 19, 2010 3:26am Feb 19, 2010 3:26am
wb,

what are those vertical and diagonal lines on your scalping chart? secondly, i note you use straight forward pa on your scalping, like double bottoms, doube tops, pin bars and engulfing bars.

do you use hard stops or mental stops? and what kind of exits in terms of pips?

thks
Quoting wormboy
Welp, managed almost 400usd scalping the fo & lo.
That's good enough for me to widen my stop on the swing trade & still keep 200usd for today.
Free ride from here on, my emergency stops are well covered without hampering my equity & the 6% gain so far for this month
Hope everyone have a good day trading. Good luck to all!
  • #4,870
  • Feb 19, 2010 3:27am Feb 19, 2010 3:27am
Quoting coolshades
wb,

what are those vertical and diagonal lines on your scalping chart? secondly, i note you use straight forward pa on your scalping, like double bottoms, doube tops, pin bars and engulfing bars.

do you use hard stops or mental stops? and what kind of exits in terms of pips?

thks
There are some posts if you look back 2 days ago with ctic sharing his approach strategy and Azim aswell
"Hate the sin, love the sinner." - Gandhi
  • #4,871
  • Feb 19, 2010 3:42am Feb 19, 2010 3:42am
hmm, i know there was a discussion on exits, but i believe that discussion was related to wb's exits on swing trading. i am interested in wb's scalping approach and hence my queries.


Quoting TheGabriel
There are some posts if you look back 2 days ago with ctic sharing his approach strategy and Azim aswell
  • #4,872
  • Feb 19, 2010 3:45am Feb 19, 2010 3:45am
Quoting coolshades
hmm, i know there was a discussion on exits, but i believe that discussion was related to wb's exits on swing trading. i am interested in wb's scalping approach and hence my queries.
Yep sorry, i didn't see it was about scalping.
"Hate the sin, love the sinner." - Gandhi
  • #4,873
  • Feb 19, 2010 3:58am Feb 19, 2010 3:58am
Quoting TheGabriel
Be carefull Euro$ traders, the up move was sold i think at 1.3500, there are reports of sells around 1.3500 and 1.3550 confirming, i've added to my short position.

Good luck traders!
I've actually tripled my position. Multiple sells around 1.3515 hit euro.
"Hate the sin, love the sinner." - Gandhi
  • #4,874
  • Feb 19, 2010 4:03am Feb 19, 2010 4:03am
Quoting wormboy
Hi lurch, thanks

p/s: I'll add you to facebook if you have an account. Just pm me.
Pics are there. I won't post pictures of my son here
understand. being new to the forum, will not allow me to pm as i is a jr.member...
  • #4,875
  • Feb 19, 2010 4:14am Feb 19, 2010 4:14am
Quoting TheGabriel
I've actually tripled my position. Multiple sells around 1.3515 hit euro.
the gabriel... could u tell me what is your TP and SL? and... apart from the obvious downtrend, why did u choose that area?
I don't want a job, i want money!
  • #4,876
  • Feb 19, 2010 7:25am Feb 19, 2010 7:25am
Quoting coolshades
wb,

what are those vertical and diagonal lines on your scalping chart? secondly, i note you use straight forward pa on your scalping, like double bottoms, doube tops, pin bars and engulfing bars.

do you use hard stops or mental stops? and what kind of exits in terms of pips?

thks
those are gann lines shades. I pretty much use the same thing to scalp as i do to swing trade. Candle formations & a bunch of lines.
on the m1 i use mental stops only, I will only enforce hard stops if i decide to carry that particular scalp trade longer then originally intended.
I don't scalp the dragon on the m1 tho, too scary. M5 & hard stop is a must for that beast. Exits are placed at a minimum of 3 pips for both cable/eu & 10 pips minimum for dragon.
Thank You
  • #4,877
  • Feb 19, 2010 7:26am Feb 19, 2010 7:26am
Quoting TheGabriel
I've actually tripled my position. Multiple sells around 1.3515 hit euro.
must be sitting on a nice pile of dosh there my friend
Thank You
  • #4,878
  • Feb 19, 2010 7:32am Feb 19, 2010 7:32am
Quoting wormboy
must be sitting on a nice pile of dosh there my friend
These trades didn't go too well, bloody CPI came out negative and the crappy euro moved up, with all the positions turned out -30 pips. Maybe i can profit from an upside break.
"Hate the sin, love the sinner." - Gandhi
  • #4,879
  • Feb 19, 2010 7:37am Feb 19, 2010 7:37am
Quoting TheGabriel
These trades didn't go too well, bloody CPI came out negative and the crappy euro moved up, with all the positions turned out -30 pips. Maybe i can profit from an upside break.
I sold again at 1.35263 after the missed test of 1.355 and i'm planning to add if moves my way. I know there are huge sellers who have added for sure in but i must close to not risk too much.
"Hate the sin, love the sinner." - Gandhi
  • #4,880
  • Feb 19, 2010 9:08am Feb 19, 2010 9:08am
We've managed to break the 1.3500 again on euro after struggling. There have been some reports of buying to support cable and if it comes down again it's a major weekness sign imho.
"Hate the sin, love the sinner." - Gandhi
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