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Auslanco - GBP/JPY and GBP/USD (newstrade)

  • #229,261
  • Jul 17, 2010 8:54pm Jul 17, 2010 8:54pm
Quoting KillerWhale
I made a stupid move Friday morning, seeing GY down over the night, and placed a long coz I thought I could get a retrace. Not realizing with my still sleepy head that it just broke the support trend line.
81 pips down on that trade at the moment.

But I'm hoping that it will come back to test the trend line and maybe I can come out as a winner here.

Question for the forum: I would like to have some good book titles about trading psychology. Because I have almost endless patience when it comes to a losing trade becoming a winner, but usually I...
Quoting Beljevina

Trading In The Zone by Mark Douglas is regarded as one of the best on trading psychology. I've read bits and pieces, and there is so much relevancy even for experienced traders, it's uncanny. Search and find it here. (No, I didn't put it there.)
I second Bel's recommendation, I read it yearly and it's the only psychology book I've read.

And I'm glad my posting has helped the forum in your opinion.

Quoting KillerWhale
Thank you Beljevina, but one question here" if a trade goes against you for let's say 1,000 pips and you don't wanna take the loss, then, when it comes back, why would you close for b-e? Why not let it ride for the proper gain that you were expecting when you started this trade in the first place?
Believe me, after weeks of worry, now you can enjoy a week of JOY
Lastly, there's no point ever having trades go again you so severely as you've mentioned. I never hold losing trades. I define my risk and reward and that's that. I may change my parameters, but only in my favor (ie tighten stop or widen profit target). You should never do the opposite and you should always define your risk.
check out my blog: forexmademillionaire dot com
  • #229,262
  • Edited 5:57am Jul 18, 2010 12:30am | Edited 5:57am
Quoting Geppy
Lastly, there's no point ever having trades go again you so severely as you've mentioned. I never hold losing trades. I define my risk and reward and that's that. I may change my parameters, but only in my favor (ie tighten stop or widen profit target). You should never do the opposite and you should always define your risk.
Geppy, I value your opinion but my trading style is a bit different then yours I guess. I don't use stops unless I'm in big, and I can effort to do so coz I trade most of the time with very low leverage. 1:0.5 to 1:2 at the most. This is enough to get my weekly goal of 2% - 2.5% of last weeks balance. (The actual realized number is 2.14% over the last 28 weeks starting Jan 1st). But I have one strict rule and that is that unrealized loss will never be more than 10% of my capital, if it goes over that limit, I'll take a partly loss to get it under the 10%.

There are limitless trading styles and methods. You just have to find out what works best in your own interest. After 5 years of trading I've found that this works the best for me. (Getting rich at a slow pace)

If anyone wants to know more about my trading style, I would highly recommend this e-book:
"Bird Watching In Lion Country". It is my bible to successfully trading the currency markets. I just wish I would have found this book a few years earlier.

Am I rich now? NO, NOT YET !! Will I be rich in 5 years from now? Most likely: YES !!

Shamu
New voice message: Why are you calling me? If I need you, I'll call you!
  • #229,263
  • Jul 18, 2010 7:53am Jul 18, 2010 7:53am
G/J.... I am expecting 129.30 comming week.
  • #229,264
  • Jul 18, 2010 8:59am Jul 18, 2010 8:59am
Quoting Kamran Khan
G/J.... I am expecting 129.30 comming week.
Can you present reasons for this assertion? I am not disagreeing with you, and indeed, share, somewhat, your sentiment. However, this reader likes to study other traders' reasons for, not opinions about.
Author of: For Pip's Sake! (Available at Amazon... :-) )
  • #229,265
  • Jul 18, 2010 9:52am Jul 18, 2010 9:52am
Quoting Kamran Khan
G/J.... I am expecting 129.30 comming week.
This is just an example of what WE DON'T WANT AT THIS FORUM.
If you expect 129.30, then tell us why you expect this, maybe give us a chart to see why it's going to 129.30 and if you can't do this then keep your mouth shut please !!!!!
New voice message: Why are you calling me? If I need you, I'll call you!
  • #229,266
  • Jul 18, 2010 12:18pm Jul 18, 2010 12:18pm
GJ 1H and 4H analysis . This is just tech. analysis . From my point of view we are under the monthly pivot .From the 1h graph we will see a little move up , somewhere around 133,25 (38.2% of fib. retre) and after that the "ride down" . If this setup will be valid my TP are:

TP1 - 131.26
TP2 - 130.43
TP3 - 127.60

Maybe im wrong , ... thx for comments.
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  • #229,267
  • Jul 18, 2010 2:26pm Jul 18, 2010 2:26pm
Quoting KillerWhale
Thank you Beljevina, but one question here" if a trade goes against you for let's say 1,000 pips and you don't wanna take the loss, then, when it comes back, why would you close for b-e? Why not let it ride for the proper gain that you were expecting when you started this trade in the first place?
Believe me, after weeks of worry, now you can enjoy a week of JOY
Good question perhaps, but 1000 pips in the wrong direction is a huge amount for me - I've been more than 500 pips underwater, but often hedged. If/when if comes back on me, I might let it ride for a bit, but psychology takes over, and I tend to close it at a rebounce, while it's still positive, I guess fearing it could go negative again. I know they're not the best guidelines, but it's that human element that clouds our (my!) judgement, and just releasing it and starting over is sometimes best.

In terms of books, "Bird Watching In Lion Country" is not often mentioned, and I think a bit undervalued. It's perhaps not the best organized book out there, but I recall the first 5 chapters being particularly valuable for insight into the industry, and recalling valuable real occurence historical forex moments and experiences the author had gone through.
  • #229,268
  • Jul 18, 2010 4:11pm Jul 18, 2010 4:11pm
Quoting KillerWhale
This is just an example of what WE DON'T WANT AT THIS FORUM.
If you expect 129.30, then tell us why you expect this, maybe give us a chart to see why it's going to 129.30 and if you can't do this then keep your mouth shut please !!!!!
hey whale...I think u are too harsh....opinions form everybody are welcome... if u like charts look for those who post ony charts...u can block those who u dont like and u wont see the posts did u know that?

relax brother let everybody say what they think....
  • #229,269
  • Jul 18, 2010 4:14pm Jul 18, 2010 4:14pm
Quoting Tomex
GJ 1H and 4H analysis . This is just tech. analysis . From my point of view we are under the monthly pivot .From the 1h graph we will see a little move up , somewhere around 133,25 (38.2% of fib. retre) and after that the "ride down" . If this setup will be valid my TP are:

TP1 - 131.26
TP2 - 130.43
TP3 - 127.60

Maybe im wrong , ... thx for comments.
I agree with you BUT I think will go a little higher first around 134.52 and then yes... the downtrend u also see ....same here my MA are all already crossing down but on the daily so thats why i see correction and then drop dead later

Regards!!
  • #229,270
  • Jul 18, 2010 4:19pm Jul 18, 2010 4:19pm
+1

Quoting kourtney
hey whale...I think u are too harsh....opinions form everybody are welcome... if u like charts look for those who post ony charts...u can block those who u dont like and u wont see the posts did u know that?

relax brother let everybody say what they think....
  • #229,271
  • Jul 18, 2010 4:25pm Jul 18, 2010 4:25pm
Quoting kourtney
I agree with you BUT I think will go a little higher first around 134.52 and then yes... the downtrend u also see ....same here my MA are all already crossing down but on the daily so thats why i see correction and then drop dead later

Regards!!
Yop it is the second version esp. 61.8% fib retre ,... but the gap has been made down so i m expecting only 38.2% ,... got 2 pending orders :

1. 132,90
2. 133,40

Both 0,1 lot , ... and now just waiting GL ,...
  • #229,272
  • Jul 18, 2010 4:44pm Jul 18, 2010 4:44pm
Meant to post this earlier: a Ashraf Laidi seminar in about 15 minutes. Here's the write-up from his blog, and the sign up link, which after you provide your e-mail/name, will launch you right into the webinar (you also get connect instructions in your e-mail).

ASHRAF's WEBINAR THIS SUNDAY will go over the evolving relationships between equities and currencies, medium term putlook for USD, EUR, JPY and GBP, the lag between CAD & oil and the rationale for these recent IMTs. Register and connect here.

  • #229,273
  • Jul 18, 2010 4:48pm Jul 18, 2010 4:48pm
I agree with u kourtny and this what i wanted to say plus if its explained!!!!!!! Or not! Some wont to see nor to listen. Things are clear.
Shush this is over.
peace Shamu my dear friend
Quoting kourtney
hey whale...I think u are too harsh....opinions form everybody are welcome...

relax brother let everybody say what they think....
  • #229,274
  • Jul 18, 2010 6:04pm Jul 18, 2010 6:04pm
just saw a nice drop here in the Tokyo opening..any call on how far we'll go... I have a small short from 132.60 that I left over the weekend..not sure if I'm going to add to yet cause It always seems to go up a bit then fall down. I pay attention to the 4hr and 1hr charts with bollinger band (20,2 setting) and we seem to be at the bottom of both...which means we could go up but I'm still trying to find a good indicator as to when the timing is right ..any suggestion would be highly appreciated.
  • #229,275
  • Jul 18, 2010 6:36pm Jul 18, 2010 6:36pm
Quoting Beljevina
Meant to post this earlier: a Ashraf Laidi seminar in about 15 minutes. Here's the write-up from his blog, and the sign up link, which after you provide your e-mail/name, will launch you right into the webinar (you also get connect instructions in your e-mail).

ASHRAF's WEBINAR THIS SUNDAY will go over the evolving relationships between equities and currencies, medium term putlook for USD, EUR, JPY and GBP, the lag between CAD & oil and the rationale for these recent IMTs. Register and connect here.

...
I missed webinar...Do you know if it was recorded?
The Market pays you to be disciplined
  • #229,276
  • Jul 18, 2010 7:01pm Jul 18, 2010 7:01pm
Today is Japan bank holiday. GJ will be in a narrow range.
  • #229,277
  • Jul 18, 2010 8:53pm Jul 18, 2010 8:53pm
Quoting kourtney
hey whale...I think u are too harsh....opinions form everybody are welcome... if u like charts look for those who post ony charts...u can block those who u dont like and u wont see the posts did u know that?

relax brother let everybody say what they think....
Agree, Sorry
New voice message: Why are you calling me? If I need you, I'll call you!
  • #229,278
  • Jul 18, 2010 8:59pm Jul 18, 2010 8:59pm
Quoting Beljevina
Good question perhaps, but 1000 pips in the wrong direction is a huge amount for me - I've been more than 500 pips underwater, but often hedged. If/when if comes back on me, I might let it ride for a bit, but psychology takes over, and I tend to close it at a rebounce, while it's still positive, I guess fearing it could go negative again. I know they're not the best guidelines, but it's that human element that clouds our (my!) judgement, and just releasing it and starting over is sometimes best.

In terms of books, "Bird Watching In Lion Country"...
Beljevina, Believe it or not, but at this moment I have one small trade open for -1305 pips. And believe me, I'm going to close this trade with a gain before the end of this year.
New voice message: Why are you calling me? If I need you, I'll call you!
  • #229,279
  • Jul 18, 2010 9:13pm Jul 18, 2010 9:13pm
I just shorted this Pair...

I dont trade this Pair...SO..

I did not look at the Spread.... holy F***** ..ITS 15 pips....

What the ....***
Markets are not Random, they are designed!
  • #229,280
  • Edited 9:37pm Jul 18, 2010 9:22pm | Edited 9:37pm
Quoting Raza
I just shorted this Pair...

I dont trade this Pair...SO..

I did not look at the Spread.... holy F***** ..ITS 15 pips....

What the ....***
I know its not G/CAD forum...but this could be a nice long term Opportunity

HERE IS THE CHART... If wrong stop loss is tight..no worries..will short later again...

If some one Does not like it PM me...lol....
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Markets are not Random, they are designed!
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