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  • #1,881
  • May 26, 2010 6:05am May 26, 2010 6:05am
Quoting ogeid
Closed Oil BE +
Closed one at 70.72, the other one is a longer term play and has stop now at 69.90
  • #1,882
  • May 26, 2010 6:34am May 26, 2010 6:34am
I also would like to take a longer term position. May be I play as BOut and enter above 71. with the exception of Gold (that none of us has !) it is a choppy day
  • #1,883
  • May 26, 2010 6:42am May 26, 2010 6:42am
Looks like poor Us data has been absorbed and now we'll continue higher on equities...just waiting for those breakouts.
  • #1,884
  • May 26, 2010 6:43am May 26, 2010 6:43am
By the way I did not say to you guys that a couple of weeks ago I subscribed to J16 PG.

I have been unbelievably pleased with the choice. The material they have in there and the support you get is worth much more than the fee you pay.

I know LJ, you have been a member. What happen then ? Just a touch trade ?
  • #1,885
  • May 26, 2010 6:54am May 26, 2010 6:54am
And if there is no BOut? Same with AUD

Edit and CAD
Attached Image
  • #1,886
  • May 26, 2010 7:10am May 26, 2010 7:10am
Quoting ogeid
And if there is no BOut? Same with AUD

Edit and CAD
Then I'll just continue to play the EUR weakness

Wish I had smalller stops on E/A and E/C now and been a bit more aggresive up 60 ips on EC and 55 pips on EA already...but stops were 95 and 114. Maybe should have done two entries an aggresive one and a lower risk trend trade.

Been very cautious in my trading this week and amount of risk per trade has been low too...but from next week will be getting more aggresive again as things seems to have settled down again to pre-dow falsh move levels.
  • #1,887
  • May 26, 2010 7:16am May 26, 2010 7:16am
Got out of oil, that's a strong wall up there. I'll get in again at 71.25, above all resistance.

I hate the Euro... I'm waiting for some kind of comeback to put my savings in USD, but no chance I see...
  • #1,888
  • May 26, 2010 7:17am May 26, 2010 7:17am
Quoting ogeid
By the way I did not say to you guys that a couple of weeks ago I subscribed to J16 PG.

I have been unbelievably pleased with the choice. The material they have in there and the support you get is worth much more than the fee you pay.

I know LJ, you have been a member. What happen then ? Just a touch trade ?
I was a member for 2-3 months I think...last year at some point I think it was. Was really good and thats where I first saw Racs trading style. I learned a fair bit but actually felt that most of it I already knew and the thing I really needed was to go away and practice and develop my own style.

Eveyone trades and interprets setups differently and I kept following other people instead of my own beliefs plus what with all the other methods there were on there like FXv 1HR method, Knife, RTL etc I just felt there was to much information and I was jumping from one method to the next. It is certainly a good community though and lots of people there to help beginners etc with the weekly webinars etc.
  • #1,889
  • May 26, 2010 7:19am May 26, 2010 7:19am
Quoting neutro
Got out of oil, that's a strong wall up there. I'll get in again at 71.25, above all resistance.

I hate the Euro... I'm waiting for some kind of comeback to put my savings in USD, but no chance I see...
Thats my plan on oil too.

EU is very choppy right now and just doesnt want to rally a decent amount of pips by the looks of it.
  • #1,890
  • May 26, 2010 7:19am May 26, 2010 7:19am
Quoting lovejoy80
Then I'll just continue to play the EUR weakness
.
And look how weak it is compared to the others !! In fact is tanking again.
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  • #1,891
  • May 26, 2010 7:29am May 26, 2010 7:29am
Chart so EC and EA to see where trouble areas are...On EC I'm gonna add positions in if we break below those two marked areas...if we can break through the first one today that would be good.

Lots of space on EUR/AUD...so hoping to hold this one for a bit ...hoping this momentum can continue for the rest of the day.
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  • #1,892
  • May 26, 2010 7:34am May 26, 2010 7:34am
Quoting lovejoy80

Eveyone trades and interprets setups differently and I kept following other people instead of my own beliefs plus what with all the other methods there were on there like FXv 1HR method, Knife, RTL etc I just felt there was to much information and I was jumping from one method to the next. It is certainly a good community though and lots of people there to help beginners etc with the weekly webinars etc.
Thanks for sharing. Definitely a lot of info there. Rac's stuff has been "temporarily" removed. It is a pity for me that just joined.

Yes a lot of info there like at FF. When I started with FF it was a nightmare, too many info and it is difficult for a newbie to separate what is good and what not. I believe I am slightly better now, in knowing what type of trading style could fit me best.

I mostly follow Mike11 and I enjoy his approach.

I am far behind your level of experience and joining the group will surely not hurt. I consider it like a natural path to become a better trader.

Thanks for your comments appreciate it
  • #1,893
  • May 26, 2010 7:40am May 26, 2010 7:40am
Short UC and long AJ...price moving fast so didnt get best entries 1.0615 on UC and 75.85 on AJ 100 pip Sl on AJ 1% and 40pip SL on UC 1%
  • #1,894
  • May 26, 2010 7:47am May 26, 2010 7:47am
Pending short on EC @ 1.2962 with 50pip SL.

As I'm short UC and EC I wont go long Oil.
  • #1,895
  • May 26, 2010 7:50am May 26, 2010 7:50am
What a 'bad' day... Didn't stick to the plan at all on UC and oil. That long term play turned into a short term profit and 65p lost along the way.

And UC, instead of keeping SL 10p on the negative side, behind PPZ and 50% fib I went for a +3 SL, getting me out and reversing...

Lessons to be learned my friend. Keep your stops behind obvious PPZ, even if risking a few bucks. (Not that I didn't know that from previous experience, just needs to sink in)

Now I'm really not comfortable with this long oil.
  • #1,896
  • May 26, 2010 7:51am May 26, 2010 7:51am
Grrrr... I was not in front of the screen for 5 mins and everything happend.

Anyway managed E/A short and Long Oil
  • #1,897
  • May 26, 2010 7:55am May 26, 2010 7:55am
Quoting neutro
What a 'bad' day... Didn't stick to the plan at all on UC and oil. That long term play turned into a short term profit and 65p lost along the way.

And UC, instead of keeping SL 10p on the negative side, behind PPZ and 50% fib I went for a +3 SL, getting me out and reversing...

Lessons to be learned my friend. Keep your stops behind obvious PPZ, even if risking a few bucks. (Not that I didn't know that from previous experience, just needs to sink in)

Now I'm really not comfortable with this long oil.
But don t you still have a portion of the previous long ?

I made exactly the same mistake (I know it does not help ) but as we can not foresee where the market is going, a small BE + is to me better than a 100 pips loss IMO
  • #1,898
  • May 26, 2010 7:56am May 26, 2010 7:56am
AJ not looking good...grrr volatility seems to lead to more false breakouts...might have to go back to taking the conservative breakout approach i.e. breakout and then enter on the pullabck to prove that it is a not a false breakout.

EU is being held up on 1HR support area stopping EA and EC moving down further. I've moved stops on both to lock in profits and if looking like a reversal will occur I'll take fuill profit and wait for a better entry again.
  • #1,899
  • May 26, 2010 8:02am May 26, 2010 8:02am
Quoting lovejoy80
AJ not looking good...grrr volatility seems to lead to more false breakouts...might have to go back to taking the conservative breakout approach i.e. breakout and then enter on the pullabck to prove that it is a not a false breakout.

EU is being held up on 1HR support area stopping EA and EC moving down further. I've moved stops on both to lock in profits and if looking like a reversal will occur I'll take fuill profit and wait for a better entry again.
Cut UC and AJ trades for -0.23% and -0.45%

Exited EC and EA for +0.95% and +1.08%

Pending order on EC still in play at 2% risk but with the markets still choppy I'm still happy to take regular profits.

UC and AJ are examples of how choppy the markets still are...a month ago that wouldnt have happened...price would have sailed on up and I would be having my 30% days again instead of 5% days.
  • #1,900
  • May 26, 2010 8:05am May 26, 2010 8:05am
Quoting ogeid
Thanks for sharing. Definitely a lot of info there. Rac's stuff has been "temporarily" removed. It is a pity for me that just joined.

Yes a lot of info there like at FF....
Rac's stuff is not for beginners and takes a while to get used to anyway. Following Mike is definitely the way to go...he is a great teacher and trades the core J16 way. I would recommend joining the group to any trader looking to learn J16 and develop their skills. A lot of people are in the same boat in the forum so its a good place to help each other etc.

For me I realised it was myself that was stopping me progressing and I needed to shut myself away and gain confidence in my trading style and overcome the psychological aspects that were stopping me progressing.
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