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  • #6,141
  • Apr 1, 2010 9:28am Apr 1, 2010 9:28am
Quoting A 5
NM
i have noted you mention we need to exercise patience and wait for good setups.
i myself find this rather difficult to control as the itch to trade is always not easy to restrain, the curiosity becomes so intense believing that it is right to go.
so my compromise is reduce the lot size ha.. ha..
newbies like me are difficult to control our emotions, only painful drawdowns will hopefully etch this into our grey matter
cheers
Hahaha, and discipline will keep you around for a long time, I took a very aggressive entry on that pair with a small lot size, so if it works great if dont that ok too because I have very little on the line, acually my entry was 3 pips earlier than I should have taken and was reluctant to do so but I figured if it worked all the better hence the small lot size.
Draw downs are something I really try to keep to a minumum thats is why my entries are usually to the pip, and my SL are placed accordingly.

I may go days without taking a trade and sometimes even longer patience is the ultimate weapon, let the market come to you dont chase after it, its like a bus stop, if you miss the bus there will be another one just wait for it no sense running after it it might turn around and run you over.

--NM
  • #6,142
  • Apr 1, 2010 10:00am Apr 1, 2010 10:00am
On more real side of things I am also in the EJ and took out 50 pips and moved my SL to BE, I am in with my normal lot size on that pair. I was not as aggresive on this either, I waited until I had a clear indication that the 126.50 was going to hold, we broke the previous days high and then I entered the trade we had the BPC of the trend line and I could have entered there. But I wanted to clear that RN first.

--NM
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  • #6,143
  • Apr 1, 2010 10:15am Apr 1, 2010 10:15am
I totally agree with that. Patience will keep you alive (in the markets).
Quoting NightMoves
Hahaha, and discipline will keep you around for a long time, I took a very aggressive entry on that pair with a small lot size, so if it works great if dont that ok too because I have very little on the line, acually my entry was 3 pips earlier than I should have taken and was reluctant to do so but I figured if it worked all the better hence the small lot size.
Draw downs are something I really try to keep to a minumum thats is why my entries are usually to the pip, and my SL are placed accordingly.

I may go days without taking a trade and...
  • #6,144
  • Apr 1, 2010 10:21am Apr 1, 2010 10:21am
Quoting Custos
I totally agree with that. Patience will keep you alive (in the markets).
really it will, I closed down the EURAUD trade, the setup is completely gone, so once again aggressive trading seldom works, always wait until the price does EXACTLY as you want it to do in my EURAUD it did not do that it was close but still 3 pips away from where my entry should have been. And even though it was only 3 pips it made a difference.

You have to dictate to the price what you want it to do not the other way around.

--NM
  • #6,145
  • Apr 1, 2010 10:47am Apr 1, 2010 10:47am
Quoting NightMoves
really it will, I closed down the EURAUD trade, the setup is completely gone, so once again aggressive trading seldom works, always wait until the price does EXACTLY as you want it to do in my EURAUD it did not do that it was close but still 3 pips away from where my entry should have been. And even though it was only 3 pips it made a difference.

You have to dictate to the price what you want it to do not the other way around.

--NM
Well said
my journey into forex is still in its infancy
will endeavour to absorb as much as i could
good catch on EJ
cheers
  • #6,146
  • Apr 1, 2010 10:50am Apr 1, 2010 10:50am
Quoting A 5
Well said
my journey into forex is still in its infancy
will endeavour to absorb as much as i could
good catch on EJ
cheers
And I am sure you will do fine, just remember its your money so you have total so say so as to what price must do to enter the trade. And do not take no for an answer...

--NM
  • #6,147
  • Apr 1, 2010 10:51am Apr 1, 2010 10:51am
Quoting NightMoves
really it will, I closed down the EURAUD trade, the setup is completely gone, so once again aggressive trading seldom works, always wait until the price does EXACTLY as you want it to do in my EURAUD it did not do that it was close but still 3 pips away from where my entry should have been. And even though it was only 3 pips it made a difference.

You have to dictate to the price what you want it to do not the other way around.

--NM
I couldn't really grasp your intent here on the EURAUD missing by 3 pips
can you be kind to post a chart to illustrate your point
thanks
  • #6,148
  • Apr 1, 2010 10:58am Apr 1, 2010 10:58am
My EJ hit my final TP this only an intraday trade based on the ADR because of the holidays I am not looking for any long term trades until next week. I closed it out @ +84 pips.

--NM
  • #6,149
  • Apr 1, 2010 11:00am Apr 1, 2010 11:00am
Quoting NightMoves
For those that fear no SNB there is what looks to be a breakout to the downside on the EURCHF pair.

--NM
the SNB meant business i believe
  • #6,150
  • Apr 1, 2010 11:12am Apr 1, 2010 11:12am
Quoting A 5
I couldn't really grasp your intent here on the EURAUD missing by 3 pips
can you be kind to post a chart to illustrate your point
thanks
Yes I will explain, I like to have a little clearance after the continuation clears the start of the pullback, I went in the trade before I had that, in anticipation that it was going to go any way, well it didnt, had I waited for my normal routine to setup it would have been fine, but it never made it that far. Hope that helps a little. I always like a little reassurance after it clears the bpc, I think I might be overly conservative many times but thats ok, like I said its my money and I want price to react exactly as I want it too, but in this case I was more aggressive than I usually am.

--NM
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  • #6,151
  • Apr 1, 2010 11:22am Apr 1, 2010 11:22am
Quoting A 5
the SNB meant business i believe
We all new it was coming, I hope no one in this thread was playing in that pair.

--NM
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  • #6,152
  • Apr 1, 2010 11:25am Apr 1, 2010 11:25am
Quoting NightMoves
We all new it was coming, I hope no one in this thread was playing in that pair.

--NM
Why Chf fall ? thanks
  • #6,153
  • Apr 1, 2010 11:28am Apr 1, 2010 11:28am
Quoting NightMoves
Yes I will explain, I like to have a little clearance after the continuation clears the start of the pullback, I went in the trade before I had that, in anticipation that it was going to go any way, well it didnt, had I waited for my normal routine to setup it would have been fine, but it never made it that far. Hope that helps a little. I always like a little reassurance after it clears the bpc, I think I might be overly conservative many times but thats ok, like I said its my money and I want price to react exactly as I want it too, but in this...
thanks for the detail clarification, now i know what you meant
we usually take at least 5 pips below the pullback for entry
i fell into this scenario on numerous occasions "anticipating" (which we should not) that all is good for a go, entering once it continues before clearing the low of the pullback
very good point to remember
thanks a lot
cheers
  • #6,154
  • Apr 1, 2010 11:31am Apr 1, 2010 11:31am
Quoting NightMoves
We all new it was coming, I hope no one in this thread was playing in that pair.

--NM
SNB's whip for those who dared
  • #6,155
  • Apr 1, 2010 11:32am Apr 1, 2010 11:32am
Quoting A 5
thanks for the detail clarification, now i know what you meant
we usually take at least 5 pips below the pullback for entry
i fell into this scenario on numerous occasions "anticipating" (which we should not) that all is good for a go, entering once it continues before clearing the low of the pullback
very good point to remember
thanks a lot
cheers
I hope it helps somewhat, I know we are not the only ones that see these setups, and some times the bigger players will come in and blast those right of the water so having the extra clearance seems to avoid that more times than not.

--NM
  • #6,156
  • Apr 1, 2010 11:36am Apr 1, 2010 11:36am
Quoting NightMoves
I hope it helps somewhat, I know we are not the only ones that see these setups, and some times the bigger players will come in and blast those right of the water so having the extra clearance seems to avoid that more times than not.

--NM
Yup, got it
gonna catch some shut eye
enjoy an extended weekend
cheers
  • #6,157
  • Apr 1, 2010 11:42am Apr 1, 2010 11:42am
Quoting A 5
Yup, got it
gonna catch some shut eye
enjoy an extended weekend
cheers
OK you have a good weekend too !!

--NM
  • #6,158
  • Apr 1, 2010 12:19pm Apr 1, 2010 12:19pm
Quoting A 5
SNB's whip for those who dared
LOL the SNB plays a mean April fools joke dont they!!

--NM
  • #6,159
  • Apr 1, 2010 12:25pm Apr 1, 2010 12:25pm
Quoting adangoi
Why Chf fall ? thanks
The SNB likes to come in and play around, they do not want their currency to gain any more strength so they come in and give the market a nudge every once in awhile.

--NM
  • #6,160
  • Apr 1, 2010 1:14pm Apr 1, 2010 1:14pm
Good thread Night Moves. I trade along the concept of this thread. Would be looking to participate.
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