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  • #2,581
  • Jun 22, 2010 2:10am Jun 22, 2010 2:10am
seeing a bounce on Dax and FTSE equities. Euro news out in a bit and UK emergency budget at lunch...expectng volatility on GBP and watching GBP/xxx pairs carefully for any price action prior to the release.
  • #2,582
  • Jun 22, 2010 2:11am Jun 22, 2010 2:11am
Quoting nasir.khan
Higher TF PPZ.

What else you need?
.
Nothing...but we did have some fibs and TL too for added confluence

How's it going Nasir?
  • #2,583
  • Jun 22, 2010 4:41am Jun 22, 2010 4:41am
Quoting lovejoy80
Nothing...but we did have some fibs and TL too for added confluence

How's it going Nasir?
IT's a lot messy right now.

I have some 3-4 trading idea's spinning in my head and i can't find time/strength to test them out.

I always wonder why do i keep on researching about things?? why can't i just i find something and stick with it for the rest my life??

don't know if it's good or bad....
.
  • #2,584
  • Jun 22, 2010 5:02am Jun 22, 2010 5:02am
Quoting nasir.khan
IT's a lot messy right now.

I have some 3-4 trading idea's spinning in my head and i can't find time/strength to test them out.

I always wonder why do i keep on researching about things?? why can't i just i find something and stick with it for the rest my life??

don't know if it's good or bad....
.
I know what you mean...I think it's the creative / entrepreneurial side of you coming out...always wanting to improve or explore new / additional methods. You wouldn't believe my bookmarked things of threads / subjects / ideas on my 'to do' list...I struggle to sleep sometimes as my mind is a constant whirl of thoughts and ideas.

If you want some help in testing anything then I'll be happy to help, of course if personal projects then understood.

You been trading much or just working on ideas / psychology etc?
  • #2,585
  • Jun 22, 2010 5:07am Jun 22, 2010 5:07am
FTA hit on EJ BEOB, SL moved to BE.

not long until we get the emergency budget. If the public sector cuts and tax rises are big that will be conceived positive by the market...personally I want i tot be light for both trading and well my own being reasons. I'd expect a freeze on public sector pay, rise in CGT (grrrrr) and VAT (pointless and potentially very damaging to the recovery) help for the low income in terms of income tax and etc. and 90% tax for all bankers and a windfall tax on banks profits (maybe that's wishful thinking lol).
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  • #2,586
  • Jun 22, 2010 5:17am Jun 22, 2010 5:17am
Quoting lovejoy80
I know what you mean...I think it's the creative / entrepreneurial side of you coming out...always wanting to improve or explore new / additional methods. You wouldn't believe my bookmarked things of threads / subjects / ideas on my 'to do' list...I struggle to sleep sometimes as my mind is a constant whirl of thoughts and ideas.

If you want some help in testing anything then I'll be happy to help, of course if personal projects then understood.

You been trading much or just working on ideas / psychology etc?
Thanks for the offer LJ i'll consider it.

Nowadays i am not trading much. Yesterday i was watching that match and din't even looked at charts and missed the moves that i was anticipating for some weeks.

So i am just thinking about different things and in a day or two i'll be back at charts with hardcore testing mode.

I think psychology is just a bitch. You think about it and it takes over, you throw it away and there no psychological issue any more. (i know i did't explained it well).
  • #2,587
  • Jun 22, 2010 5:32am Jun 22, 2010 5:32am
Quoting nasir.khan
Thanks for the offer LJ i'll consider it.

Nowadays i am not trading much. Yesterday i was watching that match and din't even looked at charts and missed the moves that i was anticipating for some weeks.

So i am just thinking about different things and in a day or two i'll be back at charts with hardcore testing mode.

I think psychology is just a bitch. You think about it and it takes over, you throw it away and there no psychological issue any more. (i know i didn't explained it well).
yeah those moves were pretty well expected. I learnt that I need to have a strict plan as to what I will do rather than trying to trade in faster movement markets calculating lot sizes, cumulative exposure etc...made some nice gains but should have been a lot more and should still be holding some shorts from the touch trade areas. Oh well, lesson learned.

I agree, I think you need to be aware of psychology but cant over think it...there is no definitive answer or solution IMO and it's an ongoing struggle to find a balance...I don't think the human mind can reach perfection from a psychology perspective
  • #2,588
  • Jun 22, 2010 10:04am Jun 22, 2010 10:04am
Quoting nasir.khan
IT's a lot messy right now.

I have some 3-4 trading idea's spinning in my head and i can't find time/strength to test them out.

I always wonder why do i keep on researching about things?? why can't i just i find something and stick with it for the rest my life??

don't know if it's good or bad....
.
Used to do that all of the time. Would test some methods, take a few losses, and decide the method was no good "for me" and move on. Personally, I would just wrap your hands around something profitable. Master it, and find ways to get money from it. It'll keep you from getting burnt out much faster, and you can still test out everything else you want to test out.
  • #2,589
  • Jun 22, 2010 10:34am Jun 22, 2010 10:34am
Daily GU BEOB went to FTA and reversed hard on the UK budget news...this is happening quite a lot on higher timeframe PA recently, no runners just FTA and reverse. I'd moved my stop down and it got hit just above the 1.4800 area.

EU daily trade still in play.
  • #2,590
  • Jun 22, 2010 10:57am Jun 22, 2010 10:57am
Quoting lovejoy80
Daily GU BEOB went to FTA and reversed hard on the UK budget news...this is happening quite a lot on higher timeframe PA recently, no runners just FTA and reverse. I'd moved my stop down and it got hit just above the 1.4800 area.

EU daily trade still in play.

Just curious, how do you normally play these FTA's? Do you have a preset plan, or do you watch and wait, and see what kind of reaction they will give? Sorry, probably pretty general question.
  • #2,591
  • Jun 22, 2010 11:14am Jun 22, 2010 11:14am
Quoting Jlr
Just curious, how do you normally play these FTA's? Do you have a preset plan, or do you watch and wait, and see what kind of reaction they will give? Sorry, probably pretty general question.
It depends on the market we are in they type of setup and where the FTA is compared to the entry. If it is close then I'll be looking for a hard break through and if it doesnt then I'll probably cut the trade.

Because PA hasn't been working out great recently on GU I moved it down slightly once the FTA got hit as looking at my charts I was working the assumption that we will continue to move down to test the yearly lows thus I wanted to give it some room but I try and never take a full bar loss on a daily setup. If a PA bar is going to be successful it will rarely retrace back further than 50-61 fib of the bar itself, if it does then IMO it should be cut as it has price has a very high chance of then continuing past the bar in the wrong direction
  • #2,592
  • Jun 22, 2010 2:00pm Jun 22, 2010 2:00pm
Missed today's sell off...equity futures had some great setups to get into shorts and I was away from my screen. I have some EJ and EU shorts but nothing major...CAD and AUD were the pairs...as pointed out previously to trade when dow has a sell off.

Been a very frustrating 2 days...when we've had expected sell off's like this before I've loaded up, pulled the trigger and increased my account by 20-50%...this time I've been too cautious, haven't had a disciplined plan and been too impatient....which I guess is a result of what happens when you've been through a lean period it's all part of the psychology of trading and the continuing learning experience that comes from being involved in this business. As long as I learn from my mistakes...
  • #2,593
  • Jun 22, 2010 2:07pm Jun 22, 2010 2:07pm
These were my areas to get into shorts.

It's very frustrating when you know what he market is going to do but you dont take advantage of that knowledge. Will go over thewhole move at the weekend and print some chart and make some notes on what I should have done...so Im ready for when we get the next sell off....if anyone interested I'll upload here too.
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  • #2,594
  • Jun 22, 2010 2:47pm Jun 22, 2010 2:47pm
Not sure if this is up your alley LJ...UCAD short that I'm in for, S&R + TL.

http://i24.photobucket.com/albums/c2...adshort622.jpg

Sorry to hear you weren't loaded on the Euro shorts earlier...that bottom falling out in the last hour or so was a nice move, late, but nice. Coming off a lean period, it's expected you'll be a bit risk adverse, which will pass as your trading continues to increase. It's only Tuesday and plenty of news on deck to give markets further direction!

Great journal, keep it up
  • #2,595
  • Jun 22, 2010 3:07pm Jun 22, 2010 3:07pm
Quoting sam0182
Not sure if this is up your alley LJ...UCAD short that I'm in for, S&R + TL.

http://i24.photobucket.com/albums/c2...adshort622.jpg

Sorry to hear you weren't loaded on the Euro shorts earlier...that bottom falling out in the last hour or so was a nice move, late, but nice. Coming off a lean period, it's expected you'll be a bit risk adverse, which will pass as your trading continues to increase. It's only Tuesday...
CJ and AJ and possible NJ were the shorts to own ...when dow moves off the commodity currencies and currencies with higher interest rates normally fall the fastest...

Yep that looks good to me ...not trading any more today but I'd take that otherwise. I would be aiming for 1.0250 first then the 1.0220PPZ , fibs plus maybe the rising TL for a TP and reverse for long area.

That's definitely what happens...you lose confidence and dont take trades you'd normally take in your sleep. I'm up about 6% this week so I shouldn't really complain too much but I know it could be sooo much more from previous experience and when it's laid on plate like it has been this week you gotta eat as much as you can as you just dont know when the next free meal is gonna come along lol. But as you say plenty more opportunities with FOMC and a bunch of other data out tomorrow.
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  • #2,596
  • Jun 22, 2010 3:11pm Jun 22, 2010 3:11pm
Thanks for your input & chart LJ, we'll catch you tomorrow.

Cheers.
  • #2,597
  • Jun 23, 2010 1:17am Jun 23, 2010 1:17am
Don't forget to switch oil, from #CLN to #CLQ. That's if you were wondering why prices didn't move.
  • #2,598
  • Jun 23, 2010 1:42am Jun 23, 2010 1:42am
Quoting neutro
Don't forget to switch oil, from #CLN to #CLQ. That's if you were wondering why prices didn't move.
Yeah I switchedoer yeserday thanks...be waching how price approaches this area (if we get there) for a short opportunity.
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  • #2,599
  • Jun 23, 2010 2:19am Jun 23, 2010 2:19am
Pending order set o@ 79.90 on oil.

Trying this 1HR pin no AU too. ...price has bounced of a PPZ and the 50/61 fib area. Buy order was 1.5 pips above the PPZ aarea marked just above the pin bar. Moving to BE at the next marked trouble area...will take half profit @ 0.8745 and move stop up to just under the previous trouble area. Will take the remaining 50% if we hit either of the TL's marked.

That's the trade plan set (oh and initial stop is below the low of those bars to the left rather than low of the pin bar...reasoning is that IMO if those lows are breached price has a very high chance of going on down to test the PPZ area i.e. the low of the pin bar again)

Also havea pending short on gold @ 1249...daily PPZ in the 50/61 area from recent swing
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  • #2,600
  • Jun 23, 2010 2:31am Jun 23, 2010 2:31am
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