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  • #264,181
  • Jun 28, 2010 4:46pm Jun 28, 2010 4:46pm
Quoting uraceulose
Not all of us JHIG...Sky is here!
LOL

I thought I saw Sky post above. Long Dollar, I'm surprised!
  • #264,182
  • Jun 28, 2010 4:48pm Jun 28, 2010 4:48pm
so are you in the market? or going into market at a buy.....plz say level you bought or will buy and your target......

here is how I would represent mine......

Sell if reach 1.2345 or if break 1.2265 with 2 closed bear candles on 10 min chart.....target 75 pips.....

although I would take this one all the way down and adding more lots to capitalize on impulsive wave 5 of 3 down.....


Quoting Jhig
As I said things change. So things have changed for me in my entries and direction.

I was long earlier because Daily chart showed bull bars but because of today, price will probably close bearish on the Daily. Assuming price holds up, I'll be looking for shorts tomorrow as I see a bearish dark cloud on the Daily.

So, tomorrow we are all in agreement: SHORT

For today, I'm still looking for longs because price was stopped at 1.2270. I'll only short if price retrace long. Price must stay below todays high, which would give me lower lows.
  • #264,183
  • Jun 28, 2010 4:50pm Jun 28, 2010 4:50pm
Quoting uraceulose
Not all of us JHIG...Sky is here!
Not for long bro, how you guys doing? My baseball teams now in

play, gotta watch them, making money while having fun, Forex too

boring lately, frozen.. Feels like some Bank holiday with no liquidity

and interest to push it any direction..

Have a good night..
Viewer Discretion Advised: Shall we shag now or should we shag later? :-)
  • #264,184
  • Jun 28, 2010 4:53pm Jun 28, 2010 4:53pm
Quoting grandpost
so are you in the market? or going into market at a buy.....plz say level you bought or will buy and your target......

here is how I would represent mine......

Sell if reach 1.2345 or if break 1.2265 with 2 closed bear candles on 10 min chart.....target 75 pips.....

although I would take this one all the way down and adding more lots to capitalize on impulsive wave 5 of 3 down.....
I'm not in a trade now and haven't been in a trade all day (waiting for price to bounce off that upwards channel ... never happened).

Price was abruptly stopped at 1.2270 and that gave me a level up s/r. I am looking for a reversal bar off that level and I do see one (bullish engulf) that I may take with a 1st target @ 1.23 or 1.2350.
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  • #264,185
  • Jun 28, 2010 4:56pm Jun 28, 2010 4:56pm
Quoting SkyzerFX
Not for long bro, how you guys doing? My baseball teams now in

play, gotta watch them, making money while having fun, Forex too

boring lately, frozen.. Feels like some Bank holiday with no liquidity

and interest to push it any direction..

Have a good night..
good good man. same here, just been watching tv on the computer...not many trades taken the last 3 weeks now. haven't opened but one so far this week. u/j long. still holding au short and eu short from yesterday though...eu is the only one with locked in profit so far but I'm down to wait it out on au/uj. I'll either get stopped out for 100 pips or so...or i've caught the bottom on u/j and it could go right to first target 95, then I'll see if I'm gonna hang on for 100. AU I'm still targeting 8100 in a couple weeks.

have a good evening brother
  • #264,186
  • Jun 28, 2010 4:57pm Jun 28, 2010 4:57pm
Quoting EasySt
Roger that. The only strategy is to be right just a bit more than being wrong. Combined with proper MM of course.
Actually, that's not true.

You can have a trading strategy that only is successful 35% of the time, but with a heavy weighed R/R ratio to the reward side, you can still be very profitable.

The Turtle Traders would take several losing trades, but when they did hit a winner, they let it run till Forest Gump got winded.
Capital Preservation is key to long term wealth accumulation
  • #264,187
  • Jun 28, 2010 4:58pm Jun 28, 2010 4:58pm
Quoting SkyzerFX
Not for long bro, how you guys doing? My baseball teams now in

play, gotta watch them, making money while having fun, Forex too

boring lately, frozen.. Feels like some Bank holiday with no liquidity

and interest to push it any direction..

Have a good night..
Hey Sky,

I'm right there with you. I've been up since Sunday and need some sleep. Will catch you guys during London.
  • #264,188
  • Jun 28, 2010 5:06pm Jun 28, 2010 5:06pm
Quoting MuddBuddha
Actually, that's not true.

You can have a trading strategy that only is successful 35% of the time, but with a heavy weighed R/R ratio to the reward side, you can still be very profitable.

The Turtle Traders would take several losing trades, but when they did hit a winner, they let it run till Forest Gump got winded.
Look, I quoted myself.....

For trend trading, the success isn't as much in the entry as it is in the management of the trade.

For other types of trading, particularly counter trend positioning, entry can be critical; but trend trading requires greater management skill than entry determination.

it helps to have a good entry to limit drawdown in your position, so that is a skill that should be developed; but determination of proper STOP levels based on time frame and volatility levels, as well as determination of profit scaling your position is the key to trend trading success.
Capital Preservation is key to long term wealth accumulation
  • #264,189
  • Jun 28, 2010 5:09pm Jun 28, 2010 5:09pm
Quoting MuddBuddha
Look, I quoted myself.....

For trend trading, the success isn't as much in the entry as it is in the management of the trade.

For other types of trading, particularly counter trend positioning, entry can be critical; but trend trading requires greater management skill than entry determination.

it helps to have a good entry to limit drawdown in your position, so that is a skill that should be developed.
Hey Budda, I'll just add that quote to my list growing of Budda quotes.
  • #264,190
  • Jun 28, 2010 5:10pm Jun 28, 2010 5:10pm
I'm going to bed. See everyone during London.
  • #264,191
  • Jun 28, 2010 5:12pm Jun 28, 2010 5:12pm
Quoting MuddBuddha
Look, I quoted myself.....

For trend trading, the success isn't as much in the entry as it is in the management of the trade.

For other types of trading, particularly counter trend positioning, entry can be critical; but trend trading requires greater management skill than entry determination.

it helps to have a good entry to limit drawdown in your position, so that is a skill that should be developed; but determination of proper STOP levels based on time frame and volatility levels, as well as determination of profit scaling your position...
Pearls before swine......MuddBuddha dropping the hints hard.
  • #264,192
  • Jun 28, 2010 5:12pm Jun 28, 2010 5:12pm
AU 8100 is under the 2 strongest supporting TLs.

watch out !




Quoting uraceulose
AU I'm still targeting 8100 in a couple weeks.

have a good evening brother
Follow the Trend, thats all
  • #264,193
  • Jun 28, 2010 5:14pm Jun 28, 2010 5:14pm
Quoting Jhig
Hey Budda, I'll just add that quote to my list growing of Budda quotes.
I started drinking a bit ago.

En Vino de verdad.
Capital Preservation is key to long term wealth accumulation
  • #264,194
  • Jun 28, 2010 5:14pm Jun 28, 2010 5:14pm
Quoting MuddBuddha
Look, I quoted myself.....

For trend trading, the success isn't as much in the entry as it is in the management of the trade.

For other types of trading, particularly counter trend positioning, entry can be critical; but trend trading requires greater management skill than entry determination.

it helps to have a good entry to limit drawdown in your position, so that is a skill that should be developed; but determination of proper STOP levels based on time frame and volatility levels, as well as determination of profit scaling your position is...
This is good advice. If you open a trade and it goes 100 pips against you and then comes back 101 and you close, you just made profit. If you open another trade and it goes 100 pips into profit and then comes back 101 and you close, you just lost 1 pip. Not that you should let trades go this far against you, but I've had trades that spend 95% of their time in the red that I close for profit. All about how you manage your trades. Always use proper MM and stick to your plan.
  • #264,195
  • Jun 28, 2010 5:19pm Jun 28, 2010 5:19pm
Quoting Awesome
but I've had trades that spend 95% of their time in the red that I close for profit. All about how you manage your trades.
Exactly.

I would guesstimate that 80% of my trades go into the red 20-30% or more of my profit target.

I get stopped out maybe 1-2 times a week and close out 5-6 profitable trades.

If I get stopped out more than that, eventually I will clue in that I am doing something wrong. Typically, this is because market volatility has changed and I haven't adjusted my strategy accordingly.
Capital Preservation is key to long term wealth accumulation
  • #264,196
  • Jun 28, 2010 5:20pm Jun 28, 2010 5:20pm
Quoting Lorna
An 80 point difference does seem like a lot to be stopped out with, even for the spread on some Forward trades plus any guaranteed stops you may have placed. Id suggest calling your broker and ask them what happened. Good luck :-)
thank you for your response!
i'll do that.
good night.
... feel better day by day.
  • #264,197
  • Jun 28, 2010 5:22pm Jun 28, 2010 5:22pm
Quoting Awesome
This is good advice. If you open a trade and it goes 100 pips against you and then comes back 101 and you close, you just made profit. If you open another trade and it goes 100 pips into profit and then comes back 101 and you close, you just lost 1 pip. Not that you should let trades go this far against you, but I've had trades that spend 95% of their time in the red that I close for profit. All about how you manage your trades. Always use proper MM and stick to your plan.
I guess there are many factors involved here.....size of account, strategy, fundies etc etc etc, but for me, I will never let a trade get 100 into the red....ever. If that were the case, I would consider that I phucked up my TA and picked a bad entry as a consequence. As I say, it depends on many variables, and I have seen many traders get well into the red before turning a nice profit in the end.....but I can't do that. I would rather exit with a small loss and re-evaluate my TA to see whether to reverse my trade, or just sit it out and wait for a higher probability setup.....
Doing what you like is Freedom. Liking what you do is Happiness.
  • #264,198
  • Jun 28, 2010 5:22pm Jun 28, 2010 5:22pm
Quoting MuddBuddha
Look, I quoted myself.....

For trend trading, the success isn't as much in the entry as it is in the management of the trade.

For other types of trading, particularly counter trend positioning, entry can be critical; but trend trading requires greater management skill than entry determination.

it helps to have a good entry to limit drawdown in your position, so that is a skill that should be developed; but determination of proper STOP levels based on time frame and volatility levels, as well as determination of profit scaling your position...
Well said MB...I wanted to put more in my response to him too but figured it wasn't worth it. This was my point too...there are months where maybe 40 percent or even less of my over all trades go to profit. i cut the loser short for minimal pip loss and let the few winning trades run...entry and exit is what it's all about. Gator showed us all at the beginning of the week with his 2398 short. catch the perfect entry and you can go huge per pip trade based on your account size with a VERY tight stop. the exit becomes even harder but with practice and patience...you can profit by having more losing trades that winners
  • #264,199
  • Jun 28, 2010 5:22pm Jun 28, 2010 5:22pm
yay, its coming down!

now make my week!
  • #264,200
  • Jun 28, 2010 5:26pm Jun 28, 2010 5:26pm
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