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Sonic R. System

  • #13,741
  • Jul 23, 2010 9:10am Jul 23, 2010 9:10am
Closed half at 1.2800 with 66pips and waiting on the rest to see if it will go further... But this day however almost gave me a heart attack … I have to make sure to pay more attention to NVO early on in the day. It almost always points us in the right direction…
Good weekend to all,
C
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  • #13,742
  • Jul 23, 2010 9:18am Jul 23, 2010 9:18am
new set for GU

Hope god will give me the pips LOL
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  • #13,743
  • Jul 23, 2010 9:48am Jul 23, 2010 9:48am
Quoting chemfly
new set for GU

Hope god will give me the pips LOL
Why do you set entry point already??
Shouldn't we be waiting for a candle to close below the lower line of the tunnel. Before we can decide the entry point.
  • #13,744
  • Jul 23, 2010 10:11am Jul 23, 2010 10:11am
Quoting asen
Why do you set entry point already??
Shouldn't we be waiting for a candle to close below the lower line of the tunnel. Before we can decide the entry point.

Yep,must wait for the price down breakout 1.5350

Waiting for wait.....
  • #13,745
  • Jul 23, 2010 10:32am Jul 23, 2010 10:32am
Quoting chemfly
new set for GU

Hope god will give me the pips LOL
I see that at least in the short term that that the GU trade did not work out. I hope that if it didn't hit your SL it comes back for you.

Here are some reasons a short on GU should not have been taken IMO.

1. The waves were not set up properly for a short on GU. It only had a 1 high before the break. There was no lower high. For a good set up you want at least 3 points. H/L/LH

2. Also, on my chart at the time the tunnel dragon was tottally flat.

3. The trend was very strongly long.

4. I see that the other indicators lined up for a short, but waves, trend and angle of the tunnel trump those. The extra indicators are just extra confimation of price action.

If you try and take every break of the tunnel without the rest of the sonic rules you are going to get whipped a lot and inur lots of losses.

P.S. Pray to god for patience and wisdom he does not give out pips.
  • #13,746
  • Jul 23, 2010 11:01am Jul 23, 2010 11:01am
USD/CHF +80, EU +50, EJ -47

I Got up for the london open to see if there was anything happeing. USD/CHF Looked like a good long entry to me, but it really wasn't.

I ended up getting caught up in the news spike, which took the pair within 9 pips of stopping me out. Then I went back to bed and got up for the US open. To find UC had gone back in my favor. My enter during the london session was not good, but the pair ended up setting up good for the US session so I just stayed in the pair.

I thought EU and EJ were going short in the london session on both of their first downward break of the tunnel. Then news hit and they went long instead. Lucky for me my sell stops were not triggered.

When I got up my sell stops were still on as I thought the long move would correct to my shorts and break down.

EU did, and I re adjusted my short entry for the new breakout bar.

EJ broke but I left my londaon sell stop in place as I reasoned if it broke short 111.646 it might continue strongly down. Such was not the case. I shoudl have done the same thing I did with EU and readjusted my sell stop for the new break out bar. Then at least I'd have been able to lock in some pips on it before it went long again.

So, I ended up entering to late on EJ to get profit from it. I would have had to been very quick to catch a few pips past the break bar it was really moving at that time.

When EU hit +70 I locked in +50 on EU and -47 on EJ. That way If they did not continue short they would cancel out each other and I'd leave the day with profit from UC.
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  • #13,747
  • Jul 23, 2010 11:07am Jul 23, 2010 11:07am
Look at EU EJ right now......holy stop hunt bat man!
  • #13,748
  • Jul 23, 2010 11:10am Jul 23, 2010 11:10am
Quoting KumoDragon
Look at EU EJ right now......holy stop hunt bat man!
Yeah! Im watching with open mouth
Follow my trading on Twitter and FB: @pumlitch
  • #13,749
  • Jul 23, 2010 11:14am Jul 23, 2010 11:14am
Quoting Pumlitch
Yeah! Im watching with open mouth
mmmm I tried stock 50 pips stops today, instead of behind the last wave. (To make money/risk managment easier)

I think 50 is probably fine for UC/GU/EU, but EJ is probably going to need a stock 80-100.
  • #13,750
  • Jul 23, 2010 11:22am Jul 23, 2010 11:22am
Anybody take that big move long on GU in the london session?

I saw the set up, but the upcoming news made me chicken out of it. Turns out the news was just feul for it.
  • #13,751
  • Jul 23, 2010 11:25am Jul 23, 2010 11:25am
Just want to wish everybody a nice weekend. For the most part it's been a very good week trading, at least I hope it has for everyone. We have a good group in here, some very thoughtful people, and I hope to contribute more as I become more self-confident.

We've got the right idea, slow and steady, stick to the basics, proper money management, and keep the emotions out of it.

If we can just average 100 pips a week (which I think is conservative) using 3% of account, compounding as account grows, in a year's time we'll be professional traders and look like this:
"Be the change that you wish to see in the world." --Gandhi
  • #13,752
  • Jul 23, 2010 11:33am Jul 23, 2010 11:33am
Quoting Wally1953
Just want to wish everybody a nice weekend. For the most part it's been a very good week trading, at least I hope it has for everyone. We have a good group in here, some very thoughtful people, and I hope to contribute more as I become more self-confident.

We've got the right idea, slow and steady, stick to the basics, proper money management, and keep the emotions out of it.

If we can just average 100 pips a week (which I think is conservative) using 3% of account, compounding as account grows, in a year's time we'll be professional traders...
That's pretty much what I'm trying to do, risk 3% over my SL for each trade. Then compound or de compound the next day, depending on where my account is at.
  • #13,753
  • Jul 23, 2010 11:38am Jul 23, 2010 11:38am
EU Short Trade Initiated:

After the whipsaw, it looked like it might yield more downside. It did set an EP on the candle following the whipsaw.
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  • #13,754
  • Jul 23, 2010 11:56am Jul 23, 2010 11:56am


Here is the new set for GU

If GU breakout 1.5375-1.5370 zone,I will sell it

Will is the GOD
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  • #13,755
  • Edited 12:12pm Jul 23, 2010 11:57am | Edited 12:12pm
EU Watch:

I added the FE study to the chart. As it happens, my TP aligns with the 79% extension level.

With still 3+ hours to go, price could make it there, or even to the 100% level.

Well, time to ......let the market decide.
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  • #13,756
  • Jul 23, 2010 12:04pm Jul 23, 2010 12:04pm
7 of 91 European banks did not pass the Stress Tests. That is the reason of the chaos in EUR market what happend while ago.

BTW: My SLs' on GU and EU hit.
I will maybe try to get the pips back. Damned.
Follow my trading on Twitter and FB: @pumlitch
  • #13,757
  • Jul 23, 2010 12:15pm Jul 23, 2010 12:15pm
Quoting Pumlitch
7 of 91 European banks did not pass the Stress Tests. That is the reason of the chaos in EUR market what happend while ago.

BTW: My SLs' on GU and EU hit.
I will maybe try to get the pips back. Damned.
Good to know it was due to some news and not just random friday spikes.

I seriously hate financial news and its effects on currencies. Half the time after a spike it ends up right where it started before the news anyway.
  • #13,758
  • Jul 25, 2010 1:56am Jul 25, 2010 1:56am
Quoting KumoDragon
Good to know it was due to some news and not just random friday spikes.

I seriously hate financial news and its effects on currencies. Half the time after a spike it ends up right where it started before the news anyway.
"I seriously hate financial news and its effects on currencies. Half the time after a spike it ends up right where it started before the news anyway." - KumoDragon

You've noticed that too! For what seems a very long time now, I have been saying that while "news" may sometimes be the reason for prices to change, more often than not "news" is just the excuse for prices to change. And the price will be right back where it started several days later, or even a day later, or even a few hours later! Those in the market with the money to drive prices can make these moves happen....up/down, over a period of time.....soley to make money and using "news" as the trigger.

Traders can take a lot of risk trying to trade the "news". Or they can sit it out and trade the reverse play later when it happens....with a lot less stress and risk!
  • #13,759
  • Jul 25, 2010 12:06pm Jul 25, 2010 12:06pm
I just reviewed my last week trades and result is +110pips!
It is not a fortune but it is my first positive week result since I started to trade in April. (I hadn't known anything about trading before)

Pretty important info for me (maybe for any other newbies here too) is that I made the most trades and simultaneously the lowest profit on Monday and Friday. Monday - too much looking forward to trade after weekend. Friday - want to earn as much pips as I can because it is the last chance ever .
Follow my trading on Twitter and FB: @pumlitch
  • #13,760
  • Jul 25, 2010 4:37pm Jul 25, 2010 4:37pm
Quoting Pumlitch
I just reviewed my last week trades and result is +110pips!
It is not a fortune but it is my first positive week result since I started to trade in April. (I hadn't known anything about trading before)

Pretty important info for me (maybe for any other newbies here too) is that I made the most trades and simultaneously the lowest profit on Monday and Friday. Monday - too much looking forward to trade after weekend. Friday - want to earn as much pips as I can because it is the last chance ever .

Congrates Pumlitch,

It's an old saying ... : "suckers gets in first" ! that's why I rather to avoid trading in monday, unless there is a very good setup. And on friday, many traders decide to close their trades, that's why it's change from technical to some random moves. That's why I just trade UK session if and only if there is a very good setup ...

Anyway, it's better that you grasp the movement of the market, and there is no posts better than TAH's in this thread in this field ... Try to read them all ...

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
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