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  • #701
  • Apr 22, 2010 9:32am Apr 22, 2010 9:32am
Quoting ogeid
Are we done for the day ?
Can it break back up above the area it broke earlier today...
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  • #702
  • Apr 22, 2010 9:45am Apr 22, 2010 9:45am
Quoting lovejoy80
It depends...I use 1-3% per trade, mostly 1% at the moment. If I add positions on teh same pari it will be in the direction of my trade and thus true risk is not same as initial risk if that makes sense.

I try to limit max exposure to correlated pairs to 5-7% on average but if we have a no brainer setup i.e. if everything lines up with xxx/jpy and dow and commodities then I'm happy to risk more...if things go wrong I'll cut quickly i.e. will not suffer full losses - I dont suffer full losses often.
I really like the way you trade and manage your trades but I think 5-7% exposure would be a bit too much for me. It seem's you can handle the risk when I see how fast your acc is growing. Keep it up.
  • #703
  • Apr 22, 2010 9:48am Apr 22, 2010 9:48am
Quoting MCFly
I really like the way you trade and manage your trades but I think 5-7% exposure would be a bit too much for me. It seem's you can handle the risk when I see how fast your acc is growing. Keep it up.
Thanks...as I say that is an extreme and even though I might have this amount at risk across correlated pairs at any one time I wouldnt take full losses so that might be amount theoretically at risk but in reality it's less
  • #704
  • Apr 22, 2010 9:57am Apr 22, 2010 9:57am
Just found this in the james16 thread, maybe an explanation for gbpchf.

Although I am still hoping for some retracement. Wait and see.

Great posts, many thanks !
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Be like water.
  • #705
  • Apr 22, 2010 10:00am Apr 22, 2010 10:00am
Quoting msmarple
Just found this in the james16 thread, maybe an explanation for gbpchf.

Although I am still hoping for some retracement. Wait and see.

Great posts, many thanks !
yeah I saw that post too....missed that when looking at the weekly.

G/CHf was painful as was EG today. Was looking for a touch trade @ 1.6600 short on G/CHf...didnt quite get there on last push up.
  • #706
  • Apr 22, 2010 11:56am Apr 22, 2010 11:56am
I am gonna write a post over the weekend on how to turn +110 pips into a break-even.
  • #707
  • Apr 22, 2010 12:09pm Apr 22, 2010 12:09pm
Quoting lovejoy80
Can you see what an alternative plan could have been?

You had a great entry and a great setup and you exited for some nice pips...but one look @ the 4Hr (not sure if it shows it on your feed) and seeing that 4HR BEOB there would be no way I would have exited that trade...I would have added on a pullback to the PPZ in preparation for a break of the BEOB. Letting winners run and adding into winning positions is what really makes an account grow.

Not critiscising...just pointing out to people how trading your charts and not your P&L is key to success....

Thanks mate i still need to learn it good i dont see it as critic i like your feedback thats what i need thanks lovejoy
  • #708
  • Apr 22, 2010 12:41pm Apr 22, 2010 12:41pm
Quoting ingmarforex
Thanks mate i still need to learn it good i dont see it as critic i like your feedback thats what i need thanks lovejoy
No worries...can you see why I stopped and reversed @ 82 for a long...just exited @ 83.40. That's the type of trades I love...well defined setups wiht obvious stop and revese targets...these types of trades I'll be increasing my risk on in future. I didnt get the entry you did cos I didnt have the TL drawn but from the moment the BEOB formed and the wiht the way the market was today i.e. gold and equities weak there was only one area that price was going.

The touch trade from 82 was the best touch trade I've had so far and with a combined 6.5R on both trades...these are the kinf of high quality setups I want to focus on going forward...easy stress free setups where I can risk 2-3% and just let them go.
  • #709
  • Apr 22, 2010 12:44pm Apr 22, 2010 12:44pm
Quoting ogeid
I am gonna write a post over the weekend on how to turn +110 pips into a break-even.
What happened?
  • #710
  • Apr 22, 2010 1:19pm Apr 22, 2010 1:19pm
I exited my UC longs earlier as was epxected oil to bounce off 82 and UC and CJ to retrace so decided rather than hold I'd take profit and re-enter.

Oil has just hit a falling TL resistance so have gone long UC (just in case Oil doesnt hit the PPZ above)..with a buy order @ the weekly PPZ and rising TL if Oil does manage to make it the PPZ.
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  • #711
  • Apr 22, 2010 1:35pm Apr 22, 2010 1:35pm
EC approaching previous weekly low for the second time ...Oil near PPZ and thus potential CAD weakness...Euro rising off support on EU and UC near support...means its worth a touch trade on EC surely...spread is rubbish on MT4 - 7pips compared to 4 on Oanda

EDIT: as price approached this area spread on both Alpari and Fxpro widened to 11...hmmmm

Price hit the exact low to the pip on MT4...on Oanda, although the previous low is shown as the same as that of MT4 on this occasion the low reached was some 7 pips higher than that of my MT4 so trade not triggered as yet...I've noticed this difference before and am always careful that when entering on Oanda that I look at their charts rather than MT4 as there can be some material diferences in price feeds.
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  • #712
  • Edited 2:03pm Apr 22, 2010 1:48pm | Edited 2:03pm
Quoting lovejoy80
EC approaching previous weekly low for the second time ...Oil near PPZ and thus potential CAD weakness...Euro rising off support on EU and UC near support...means its worth a touch trade on EC surely...spread is rubbish on MT4 - 7pips compared to 4 on Oanda

EDIT: as price approached this area spread on both Alpari and Fxpro widened to 11...hmmmm

Price hit the exact low to the pip on MT4...on Oanda, although the previous low is shown as the same as that of MT4 on this occasion the low reached was some 7 pips higher than that of my MT4 so trade...
Cancelled order now...price only went down to 93 compared to 86 previouisly on Oanda despite both MT4 showing it forming a double bottom on 15min charts. I had an order @ 89 wiht 12 pip SL...ask price is exactly 12 pips or 1R in profit now

Plan was to risk 2%, exit half @ 310 PPZ on 15min chart and move rest to BE and see if it can run.

You can see how a well thought out touch trade can work well...this was a decent trading setup IMO.
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  • #713
  • Apr 22, 2010 2:36pm Apr 22, 2010 2:36pm
Quoting ogeid
What if it retraces to 125 good resistance there and good entry IMO
Getting better at marking my PPZ's is an immediate action point and taking time to thouroughly look at a chart.

Thiis was my chart this morning...

http://www.forexfactory.com/showpost...&postcount=621

Just going over my charts now and this is how I would have drawn my charts...
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  • #714
  • Apr 22, 2010 3:16pm Apr 22, 2010 3:16pm
Dow futures hitting resistance and reverseing (with divergence) again...the dow is winding up for a big move IMO...we now have multiple tests of this high so we will either burst through (but there is a lot of weekly resistance above) or break the 4HR TL...looking at the Dow itself( rather than futures) you can see the 4HR TL more clerarly that it needs to break in order to register a reversal.

Thanks to Nasir I'm now also looking @ dax and FTSE futures...you can see that FTSE has already formed LL and LH and is in a falling channel and the DAX is forming LH so both are indicating weakness...will the dow follow???

I've sold another bout of AJ, GJ, EJ which are all @ PPZ areas. Also sold CJ which is now @ PPZ with Oil stalling at the falling TL mentioned earlier...UC is already in play.
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  • #715
  • Apr 22, 2010 3:35pm Apr 22, 2010 3:35pm
Running tight stops on these with conservative targets...not looking for runners, risk 2% on each i.e. I've chosen the best and not all the setups

Also have a pending order on G/CHF to sell @ confluence of round number, fibs and PPZ.

EUR / AUD has broken to new lows...I'll play a retrace to the breakout area i.e. breakout & retrace then back down with trend.

Now to look @ all other pairs on the daily charts.
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  • #716
  • Apr 22, 2010 3:42pm Apr 22, 2010 3:42pm
I'm hating myself for not taking the EA mini pin on daily.

Other than that. Great trades and analysis. I can't really keep up with all that you're doing (well not necessarily doing, but analyzing all the pairs at the same time), but steadily learning how to. Not that I really want to get myself in that many trades daily (I'm aiming for 2-3% per week, not 100% ).
  • #717
  • Apr 22, 2010 4:01pm Apr 22, 2010 4:01pm
Found this on my other pairs I watch on daily and weekly...not sure what the spread is like but a breakout trade at some point (if price can wait until European or US session).
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  • #718
  • Apr 22, 2010 4:08pm Apr 22, 2010 4:08pm
Quoting neutro
I'm hating myself for not taking the EA mini pin on daily.

Other than that. Great trades and analysis. I can't really keep up with all that you're doing (well not necessarily doing, but analyzing all the pairs at the same time), but steadily learning how to. Not that I really want to get myself in that many trades daily (I'm aiming for 2-3% per week, not 100% ).
yeah that would have been worth a lot...there will be plenty of other opportunities though ...when playing pairs ina deep trend on the longer term timeframe I'm never that fussed by PA I'll just play pullbacks to clear PPZ areas and the usual confluence. Need to start doing few more of these.

I need to slow down a bit, which I will do from next week. I'm in an aggresive account building mode as due to my circumstances I have a window of opportunity of 9 months to try and make enough so that I can fund the next year of living and provide enough capital to trade full time from home.

making 100% per month for the next 6-9 months will achieve this goal for me...if all goes to plan, after this I'll change my style and trade far less and be far pickier just looking for say 10-20% per month as this way of trading I find quite stressful and I couldnt keep it up on a permanent basis.
  • #719
  • Apr 22, 2010 8:00pm Apr 22, 2010 8:00pm
Quoting lovejoy80
yeah that would have been worth a lot...there will be plenty of other opportunities though ...when playing pairs ina deep trend on the longer term timeframe I'm never that fussed by PA I'll just play pullbacks to clear PPZ areas and the usual confluence. Need to start doing few more of these.

I need to slow down a bit, which I will do from next week. I'm in an aggresive account building mode as due to my circumstances I have a window of opportunity of 9 months to try and make enough so that I can fund the next year of living and provide...
Hi Lovejoy
great thread that i just got into yesterday
been reading and found this wonderful
i noted that you are on a turbo charge mode, but i guess it's ok if you can afford the time and bagging all the pips along.
keep up and i really admire your ability to trade so many pairs
hope to learn from you as i am also on similar objectives.
cheers again
  • #720
  • Apr 23, 2010 12:28am Apr 23, 2010 12:28am
Quoting ogeid
I am gonna write a post over the weekend on how to turn +110 pips into a break-even.
I woke up early so I warite it now.

I was in the GBP/JPY short and I was pretty loaded. My other trades were doing fine so I took a 3% position size on this one.

My entry point was 143.4 (around 70 pips from the beginning of the swing down).

The first trouble area 142.7 seemed to be over and there was enogh room to go down to 142 at least. I put a TP at that level with SL to BE.

DJ started to invert and my read on it was correct (see my previous post). At that moment I should have taken profit. +110 pips on 3% !!! ...But I became greedy.

DJ continued to retrace and as expected I closed everything at BE.
The total swing was 180 pips, way above the ADR of this pair!

Shame on me.

Moral: the exit strategy could be a PPZ but it could also be the overall money value at a specific point. With a 1.6 R:R and on a 3% investment I MUST take profit.

My new slogan is: I am only as good as my last worst trade.
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