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Better-than-the-wormhole 555 replies

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The WoRmHoLe

  • #6,181
  • Apr 15, 2010 4:47pm Apr 15, 2010 4:47pm
Quoting wormboy
hi dario

It's a common problem you're facing to be honest. When I go thru a string of losses, my confidence is dented too. I went through my worst patch .....
This is priceless advice and free!

Many thanks for sharing bro .
It's a dirty job but someone's gotta do it!
  • #6,182
  • Apr 16, 2010 12:21am Apr 16, 2010 12:21am
Quoting wormboy
hi dario

It's a common problem you're facing to be honest. When I go thru a string of losses, my confidence is dented too. I went through my worst patch last year (11 losing trades in a row), believe me that was hell.
But, the thing that makes it relatively easy for me to bounce back is that I have very low monthly quota. It's fixed at 3%, so I do not have to exert pressure to my trading for fearing of not meeting the quota.
Undercapitalization is also a problem in trading, like it or not it affects your mental state heavily during trading....
hi wormboy,

just a question about ur MM. firstly, i must say i didnt know you have such a big account. probably that's why i wonder why u do with such a big stop. wanted to ask you abt money management; i always thought that people will enter a trade say, based on 1% of their total, which means that based on their stop loss, they will adjust the pip/dollar to make it 1%. that is, larger stop loss = smaller pip/dollar
seems like that is not how it works? or is that fine too? thanks
  • #6,183
  • Apr 16, 2010 12:26am Apr 16, 2010 12:26am
Quoting yuan83
hi wormboy,

just a question about ur MM. firstly, i must say i didnt know you have such a big account. probably that's why i wonder why u do with such a big stop. wanted to ask you abt money management; i always thought that people will enter a trade say, based on 1% of their total, which means that based on their stop loss, they will adjust the pip/dollar to make it 1%. that is, larger stop loss = smaller pip/dollar
seems like that is not how it works? or is that fine too? thanks
Hello,

Not to answer for WB but I believe his answer will be "yes" this is the proper way to manage ur trades. Dependant on size of account you may only be trading for 10 cents/1 dollar per pip if your trade requires a couple hundred pip stop. 100 is 1% of 10,000 so for a 1% risk u could go 1 buck per pip on a 10K account most would say as long as you keep ur stop below 100 pips.
  • #6,184
  • Apr 16, 2010 11:06am Apr 16, 2010 11:06am
Quoting uraceulose
Hello,

Not to answer for WB but I believe his answer will be "yes" this is the proper way to manage ur trades. Dependant on size of account you may only be trading for 10 cents/1 dollar per pip if your trade requires a couple hundred pip stop. 100 is 1% of 10,000 so for a 1% risk u could go 1 buck per pip on a 10K account most would say as long as you keep ur stop below 100 pips.
thanks... prob i was more puzzled by wormboy's large stop but ok given his account it's possible. and despite his large stop, it's more of a risk management rather than a stop that is to be hit..
  • #6,185
  • Apr 16, 2010 11:20am Apr 16, 2010 11:20am
account size has nothing to do with it. you can have a $10 account and have a large stop so long as you are following right mm and risk management.

Quoting yuan83
thanks... prob i was more puzzled by wormboy's large stop but ok given his account it's possible. and despite his large stop, it's more of a risk management rather than a stop that is to be hit..
  • #6,186
  • Apr 16, 2010 3:29pm Apr 16, 2010 3:29pm
Quoting wormboy
Closed partial.

GBPUSD

1. long @5407 closed @5472 (0.2)

Remaining trade unchanged.

GBPUSD

2. long @5423 sl @5285 (0.3)

Remaining stop amended.

GBPUSD

2. long @5423 sl @5330 (0.3)

-----------------------------------------------------------------------------------

Was there ever any doubt @5380 today? Not me. Scalped almost all the bounces, missed one by 20 pips & missed another nice short setup off the dp. But all in all, a good trading day nonetheless.

However, we had tightened the emergency stops for our swing positions to 5330. Reason is that although the 5380 still provides significant technical support, we're not taking too much risk carrying our long term positions into next week knowing little if the GS news earlier would have a negative implications on our trades.
Time will tell. Good luck & enjoy your weekend.
Attached Image (click to enlarge)
Click to Enlarge Name: gum5.jpg Size: 71 KB
Thank You
  • #6,187
  • Apr 16, 2010 3:30pm Apr 16, 2010 3:30pm
Quoting LaBoca
This is priceless advice and free!

Many thanks for sharing bro .

You're welcome brother
Thank You
  • #6,188
  • Apr 16, 2010 3:39pm Apr 16, 2010 3:39pm
Quoting yuan83
hi wormboy,

just a question about ur MM. firstly, i must say i didnt know you have such a big account. probably that's why i wonder why u do with such a big stop. wanted to ask you abt money management; i always thought that people will enter a trade say, based on 1% of their total, which means that based on their stop loss, they will adjust the pip/dollar to make it 1%. that is, larger stop loss = smaller pip/dollar
seems like that is not how it works? or is that fine too? thanks

hi yuan

it used to be a much smaller account about 4 years ago. I began with only 30k usd
in regards to your question, try to have variable options in terms of emergency stop placement. Adjust your pip size according to the stop size required for your setups based on the amount of equity you're willing to risk. There will be times where a 40 pips size stop is sufficient & there will be times where it probably will require an excess of 200 pips for the stop to be placed. Never let the stop size spook you out of possible good trading setups. You can always adjust your position sizing. Gotta stay flexible

Enjoy the weekend guys!
Attached Image (click to enlarge)
Click to Enlarge Name: image002.jpg Size: 65 KB
Thank You
  • #6,189
  • Apr 18, 2010 5:10pm Apr 18, 2010 5:10pm
Quoting wormboy
Remaining stop amended.

GBPUSD

2. long @5423 sl @5330 (0.3)
Remaining trade stopped out.

GBPUSD

2. long @5423 stopped @5294 (0.3)
Thank You
  • #6,190
  • Apr 18, 2010 5:34pm Apr 18, 2010 5:34pm
Quoting wormboy
However, we had tightened the emergency stops for our swing positions to 5330. Reason is that although the 5380 still provides significant technical support, we're not taking too much risk carrying our long term positions into next week knowing little if the GS news earlier would have a negative implications on our trades.
Time will tell. Good luck & enjoy your weekend.
Okay, price today had opened below major supp/res level indicating there is a strong possibility cable might be headed lower & my stop was filled lower @5294. But since price had punched thru 5300 level again, we will wait to see if there will be a retest of 5380 or the later sessions will drive price down.
Will be holding out from placing long term trades yet & will look to scalp till opportunity arises.
Current scalp position is in +ve & had been locked going for 5355 if possible.
Good luck.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gud.gif Size: 23 KB
Click to Enlarge Name: gum1.jpg Size: 99 KB
Thank You
  • #6,191
  • Apr 18, 2010 5:41pm Apr 18, 2010 5:41pm
I've closed the long scalp taken earlier for a bit of profit.
Daily drawdown is currently reduced to -153usd.
Be back at LO later.
Bye.
Attached Image (click to enlarge)
Click to Enlarge Name: gum1.png Size: 44 KB
Thank You
  • #6,192
  • Apr 18, 2010 6:00pm Apr 18, 2010 6:00pm
Nasty gap under 1.5300, it should be correct at least at 50% for a dead cat bounce, or fully. So 1.5380 will be the point to look at as you said Azim.

Later!
"Fly Kite Fly!"
  • #6,193
  • Apr 18, 2010 10:25pm Apr 18, 2010 10:25pm
Quoting Zulu
Nasty gap under 1.5300, it should be correct at least at 50% for a dead cat bounce, or fully. So 1.5380 will be the point to look at as you said Azim.

Later!

should is a dangerous word bro
Thank You
  • #6,194
  • Apr 18, 2010 10:26pm Apr 18, 2010 10:26pm
GBPUSD

1. long @5254 sl @5145 (0.2)
Thank You
  • #6,195
  • Apr 18, 2010 10:31pm Apr 18, 2010 10:31pm
Quoting wormboy
should is a dangerous word bro
Hehe! You are dam right my friend!
I "should" have said" is more likely to"... LOL

Anyway, soon or later, this will be close.
Said this way, I am sure I'll be right sometime in time....
Cheasy I know

I am in at 55, SL 25... let's see.

Later!
Matt
"Fly Kite Fly!"
  • #6,196
  • Apr 19, 2010 12:02am Apr 19, 2010 12:02am
Quoting wormboy
GBPUSD

1. long @5254 sl @5145 (0.2)
will the gap fill as it did last week? seems like gaps fills normally, anyone knows of any gaps that didn't fill till now?
  • #6,197
  • Apr 19, 2010 12:44am Apr 19, 2010 12:44am
Watch this Azim,

Do you see an island reversal as me? Suggesting lower low as 1.46/45.
Let's me know your tough about this!

Matt!
Attached Image (click to enlarge)
Click to Enlarge Name: island reversal.jpg Size: 77 KB
"Fly Kite Fly!"
  • #6,198
  • Apr 19, 2010 2:23am Apr 19, 2010 2:23am
Over the weekends, I was looking at g/u chart and thought I would long on pound, if we begin the new week at 1.5345area.
But it gapped down and it's falling lower..
However, looking at 15min chart, I see bullish divergence forming and it seems to be working out now.
I hope G/U goes back up to 1.5345area so I can reverse my long to short G/U
Attached Image(s) (click to enlarge)
Click to Enlarge Name: g1u15min.gif Size: 22 KB
Click to Enlarge Name: g1u30min.gif Size: 23 KB
  • #6,199
  • Apr 19, 2010 9:14am Apr 19, 2010 9:14am
Price had bounced off ascending ltl & even tho the D1 is not completed yet, we're looking to hold the long position earlier & going for 5380 level retest as the first target as this is deemed a high probability setup.
Let's see how this goes.

Earlier chart:
1. http://cdn.forexfactory.com/attachme...0&d=1271630035
Attached Image (click to enlarge)
Click to Enlarge Name: gudt.gif Size: 23 KB
Thank You
  • #6,200
  • Apr 19, 2010 9:26am Apr 19, 2010 9:26am
Quoting yuan83
will the gap fill as it did last week? seems like gaps fills normally, anyone knows of any gaps that didn't fill till now?
usually it does
Thank You
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