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My path to financial freedom

  • #1,621
  • May 19, 2010 9:18am May 19, 2010 9:18am
Quoting lovejoy80
It wasnt a tip it was just his thoughts...he is also short from 1245!!
Bl..dy hell !! That's a little life insurance
  • #1,622
  • May 19, 2010 9:25am May 19, 2010 9:25am
A/U short 0.8375 BOut trade. Target 0.815
  • #1,623
  • May 19, 2010 9:34am May 19, 2010 9:34am
Quoting ogeid
A/U short 0.8375 BOut trade. Target 0.815
I like this...might need a wide ish SL though volatility is high...CHF pairs are taking off...intervention again?
  • #1,624
  • May 19, 2010 9:54am May 19, 2010 9:54am
Quoting lovejoy80
I like this...might need a wide ish SL though volatility is high...CHF pairs are taking off...intervention again?
I believe Euro is penalized at the moment with respect to Chf and Gbp. Just read this morning German Goverment banned short selling of shares and EU Bond
  • #1,625
  • May 19, 2010 10:05am May 19, 2010 10:05am
Quoting ogeid
I believe Euro is penalized at the moment with respect to Chf and Gbp. Just read this morning German Goverment banned short selling of shares and EU Bond
yeah that was an unexpected knee jerk reaction last night that caused the dow to sell off. SNB have intervended to defend the 1.4 area on E/CHf taking ...happens every now and again...hence ehy I'm reluctant to trade chf pairs.
  • #1,626
  • May 19, 2010 10:07am May 19, 2010 10:07am
LJ are you playing wheat?

Take a look at this PB
Attached Image
  • #1,627
  • May 19, 2010 10:13am May 19, 2010 10:13am
Quoting lovejoy80
yeah that was an unexpected knee jerk reaction last night that caused the dow to sell off. SNB have intervended to defend the 1.4 area on E/CHf taking ...happens every now and again...hence ehy I'm reluctant to trade chf pairs.
You know, this morning I was very close to put a buy order on E/Chf. Very tiny SL, so no risk. I know nobody trade this pair but look what I missed. R:R 1:30.

What a shame.
Attached Image
  • #1,628
  • May 19, 2010 10:18am May 19, 2010 10:18am
Quoting ogeid
LJ are you playing wheat?

Take a look at this PB
lol no...I dont like charts that have lots of extreme moves or gaps like that...nor pairs where I dont know enough about the fundamentals...i.e. whhat to wathc for that can move the market e.g. with NFP and USD etc.
  • #1,629
  • May 19, 2010 10:37am May 19, 2010 10:37am
Quoting ogeid
You know, this morning I was very close to put a buy order on E/Chf. Very tiny SL, so no risk. I know nobody trade this pair but look what I missed. R:R 1:30.

What a shame.
I actually was thinking the same...but when I've done this in the past I've been caught out on a whipsaw and its been a nightmare trying to close the trade...sometimes in the past we've had a move down first before shooting up...and both time I've ttried to catch this i've ended up losing - the other time my order got hit but tried to close it manually and just kept getting requoted.
  • #1,630
  • May 19, 2010 10:54am May 19, 2010 10:54am
Decided to go long UC...plenty of trends on all the pairs but volatility high and thus chances of quick reversals and whipsaws high...plus I cant really like any pin point entries I like ()apart from UCHF which I missed).

I've taken two trades...one with 50 pips SL below the round number as per chart and one on Oanada with wider SL below the current bar i.e. 1.0400 area 1% risk on each.
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  • #1,631
  • May 19, 2010 10:58am May 19, 2010 10:58am
If it wasnt for the strong move down I'd favour a long position on gold now...

Tempting...
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  • #1,632
  • May 19, 2010 11:02am May 19, 2010 11:02am
Quoting lovejoy80
I actually was thinking the same...but when I've done this in the past I've been caught out on a whipsaw and its been a nightmare trying to close the trade...sometimes in the past we've had a move down first before shooting up...and both time I've ttried to catch this i've ended up losing - the other time my order got hit but tried to close it manually and just kept getting requoted.

a friend actually told me he was long eurchf yday at about 14000, he asked for my opinion....i told him i wouldnt touch it, mkt seemed dead waiting for some big moves, i seriously hope he didnt take my advice lol
gave back my profit today & now in about -3% loss for this week, giving back my profit sucks
yeah, also countertrending even when you have decent bars in highly volatile mkt cld be a real killer.....
ucad short 4hr pin, & audjpy 4hr pin killed me today but not fazed yday.....
made about 20% last wk on demo but only about 5% live
anyways i guess i wld sit the rest of the day, only if i see somethng with trend
hope u guys didnt get killed today, anyways part of the game
cheers peeps
Simplicity is the key to success
  • #1,633
  • May 19, 2010 11:03am May 19, 2010 11:03am
Hi, would you consider playing this break of long term support straight away or wait for the retest (or both)?
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  • #1,634
  • May 19, 2010 11:06am May 19, 2010 11:06am
Quoting squeezy
a friend actually told me he was long eurchf yday at about 14000, he asked for my opinion....i told him i wouldnt touch it, mkt seemed dead waiting for some big moves, i seriously hope he didnt take my advice lol
gave back my profit today & now in about -3% loss for this week, giving back my profit sucks
yeah, also countertrending even when you have decent bars in highly volatile mkt cld be a real killer.....
ucad short 4hr pin, & audjpy 4hr pin killed me today but not fazed yday.....
made about 20% last wk on demo but only about 5% live
anyways...
yeah counter trending when we have very big down moves and are having a general sell off is dangerous which I found out yesterday...sticking with the trend is best bet when we have such strong down moves as PA on counter trend moves is very unlikely to hold up. I lost near 6% yesterday counter trend trading!


Something else I've been learning is in a market sell of how much commodities are sold...we can see oil, gold and silver have been sold off but some metals like palladium or platinum (one of the two) is down 10% today! Something I'm going to bear in mind in future...if we are having a sell of in risk then commodities fall the most...selling an ETF is probably the easiest way to do this.
  • #1,635
  • May 19, 2010 11:08am May 19, 2010 11:08am
Quoting uksnowman
Hi, would you consider playing this break of long term support straight away or wait for the retest (or both)?

I'm looking at this too and trying to work out the best way to play this...next support on dow futures is 10250 area so room to run wihch should take AJ with it...I'm considering playing a break...but with entry around 75.80-90...more of a speculative play on the current trend than anything specific.
  • #1,636
  • May 19, 2010 11:12am May 19, 2010 11:12am
Quoting lovejoy80
I'm looking at this too and trying to work out the best way to play this...next support on dow futures is 10250 area so room to run wihch should take AJ with it...I'm considering playing a break...but with entry around 75.80-90...more of a speculative play on the current trend than anything specific.
Like UC two entries 1% on each both at 75.90 one with SL @ 76.60 and one with SL @ 78.50
  • #1,637
  • May 19, 2010 11:14am May 19, 2010 11:14am
Quoting lovejoy80
I'm looking at this too and trying to work out the best way to play this...next support on dow futures is 10250 area so room to run wihch should take AJ with it...I'm considering playing a break...but with entry around 75.80-90...more of a speculative play on the current trend than anything specific.
yes could be an interesting one. Only thing that concerns me is the stop would need to be very large if you were to keep it above the last s/r level. With such a violent downmove, do you normally move your stop in quickly to protect against a quick reversal?
  • #1,638
  • May 19, 2010 11:27am May 19, 2010 11:27am
Hey guys.

I was lurking around here today, but couldn't post having a lot of work to do.

Well, to say it short and simple, today I lost 12% of my demo (thank god ) in 3 trades... Long silver (miscalculated lot sizing and ended up risking 10% instead of 1%...), long S&P and long GC (well, I won 1% here). Man, I'm so tired, haven't had a decent sleep in ages...

I've marked gold today in the morning as to sell at 1220 (fib, PPZ, EMA, with trend) but when price reached that level I was away... Bummer. It all went downhill from there.

Good news is I've got my books, finally, after 3 months. Yesterday I wrote Amazon to get a refund, they sent it and today I told them to take the money back.

Nice trades LJ, but you know you broke your rules.

Oh yeah, one last thing. Have you seen the ranking on myfxbook competition? Nr. 1 is nr. 1. 5 trades, nice and simple, with trend, all in, 1000%. Talk about simple...

Well, that's it, I'm going to hit the sack earlier today, though I started reading Pring on Price Patterns...
  • #1,639
  • May 19, 2010 11:37am May 19, 2010 11:37am
Quoting neutro
Hey guys.

I was lurking around here today, but couldn't post having a lot of work to do.

.
We missed you today!! Could you please highlight for me to the main chapters on Pring?
  • #1,640
  • May 19, 2010 11:45am May 19, 2010 11:45am
Quoting ogeid
We missed you today!! Could you please highlight for me to the main chapters on Pring?


Well, the book comes with a CD with a 1 hour presentation. I think it sums up the book well (not that I've read the book yet). Peaks and Troughs (I had no clue troughs was spelled liked that - trɒf - ), Reversal patterns and support and resistence... That's about it in a few words. J16 is about the same things.
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