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  • #1,681
  • Aug 1, 2010 4:58pm Aug 1, 2010 4:58pm
Quoting stevo58
Filing cabinet would be good mate, successful trade printouts would be even better. They are coming, slowly but surely.

Sorry man, I play field hockey. I think its big out there with the women but its readily played in Europe and Australia. I play up front and have scored a few goals in my time, knees are slowly starting to buckle though. I've had teeth knocked out, thumb knocked out of its joint but its worth it for the hat-tricks and assists. When I was kid I got 8 goals in one game once, can't tell you what a good feeling that was. Hours and...
Heck yeah my man, I'm glad to hear about the progress!

Also, field hockey is an awesome sport! I don't get to play it nearly enough, that's for sure. lol If you haven't had injuries, you're not competing...there's a big difference between competing and just playing. I love to hear that spirit.

8 goals?! That is incredible Steve. Hell of a performance my man!!! As for talent, I am/was the same way...the only talent I have is what I taught myself to have. I was awful for the first few years, but for every hour that anybody else would practice, I'd be getting in 3. That's how winning is done and you're right too, trading is no different. I can't begin to tell you how many hours I've put into testing even just in this past year alone. All together, you'd think I don't have a life if I could show you how much I've done lol Yet again, that's how winning is done.

As for skating, you may not be able to skate yet, but I'm sure you'd be able to with a bit of work at it. It took me the longest time but after a while it just clicks and then it's nothing but a good time.

I hope your weekend was great Steve and I also hope that you're gearing up for an awesome week ahead too!

Peace out ladies and gents, I'm heading out to play some pickup right now then I'll be back here tomorrow morning.
I dream, therefore I become.
  • #1,682
  • Aug 1, 2010 5:31pm Aug 1, 2010 5:31pm
Hi there Mike,

I've just gone through the first 50 pages of Philip Nel's M5 thread over the last couple of days, after having gone through Jankone's thread and Ryanmcd's posts for the second time now, and I just happened to see that you seem to trade the M5 as per Phil Nel, if I'm not mistaken. If you don't mind me asking, when exactly do you enter trades like that? I'm still a bit unsure about this part of the method, and you're obviously quite proficient with this method.

Keep up the good work! It's inspiring.

Regards,
Boy
It's not about how much you make, it's about how much you don't lose.
  • #1,683
  • Aug 2, 2010 9:34am Aug 2, 2010 9:34am
Here's the importance of a stop loss ladies and gents. I got taken out of this one for 8 pips and hopped back in at 86.76 because I like the looks of the 4 hour setup. My stoploss is at B/E on the trade from 86.76 as of now. Losses are part of this business and you will take em. If anybody says that they don't, just walk away from that person because they are either talking from their pride or trying to sell you something. Either way, you don't want anything to do with that.

If you don't place your stoplosses the very second that you get in a trade, I can promise you that it will bring you PAIN. Trust me, I've been there.

I'm just watching this 4 hour setup at the moment now and will be adding to it once we see a bit more downside momentum building up.

I hope everybody is having a great day!
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I dream, therefore I become.
  • #1,684
  • Aug 2, 2010 9:37am Aug 2, 2010 9:37am
Quoting Dhb
Hi there Mike,

I've just gone through the first 50 pages of Philip Nel's M5 thread over the last couple of days, after having gone through Jankone's thread and Ryanmcd's posts for the second time now, and I just happened to see that you seem to trade the M5 as per Phil Nel, if I'm not mistaken. If you don't mind me asking, when exactly do you enter trades like that? I'm still a bit unsure about this part of the method, and you're obviously quite proficient with this method.

Keep up the good work! It's inspiring.

Regards,
Boy
Phil talks about the "warzone" all the time. I'll enter when two things are present and ONLY then will I enter trades. The first and most important reason that I will take a trade is momentum. I will, under no circumstances, take a trade if there isn't any momentum on the charts. Secondly, I'll enter trades when price moves anywhere in between the 21 ema and the 10 ema once we have momentum built.

I hope that helped and if not, let me know and I'll try to elaborate as much as possible for ya my man!
I dream, therefore I become.
  • #1,685
  • Aug 2, 2010 10:00am Aug 2, 2010 10:00am
Quoting Dhb
Hi there Mike,

I've just gone through the first 50 pages of Philip Nel's M5 thread over the last couple of days, after having gone through Jankone's thread and Ryanmcd's posts for the second time now, and I just happened to see that you seem to trade the M5 as per Phil Nel, if I'm not mistaken. If you don't mind me asking, when exactly do you enter trades like that? I'm still a bit unsure about this part of the method, and you're obviously quite proficient with this method.

Keep up the good work! It's inspiring.

Regards,
Boy
BTW, You'll want to check out Golfer's posts as well. He really took the method and ran with it. He's a brilliant guy and a phenomenal trader IMO.
I dream, therefore I become.
  • #1,686
  • Aug 2, 2010 10:22am Aug 2, 2010 10:22am
Mike,

Thanks for the info. Assuming momentum is present, will you enter as soon as price gets into the war zone, or do you wait for the first sign of trend continuation (i.e., price moving out of the war zone again)?

Will definitely read all of Golfer's posts as well.

Did my first day of testing the M5 method today btw. Was also in the UJ one, right before the news. Had my stop @ BE already. My two earlier trades were BEs as well. No sweat. Plenty of opportunities with this method.

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It's not about how much you make, it's about how much you don't lose.
  • #1,687
  • Aug 2, 2010 10:25am Aug 2, 2010 10:25am
Quoting Dhb
Mike,

Thanks for the info. Assuming momentum is present, will you enter as soon as price gets into the war zone, or do you wait for the first sign of trend continuation (i.e., price moving out of the war zone again)?

Will definitely read all of Golfer's posts as well.

Did my first day of testing the M5 method today btw. Was also in the UJ one, right before the news. Had my stop @ BE already. My two earlier trades were BEs as well. No sweat. Plenty of opportunities with this method.

Attachment
So many opportunies my man! It's great.

I typically won't look for the first sign of continuation before entering although if I see a pin being held at the support or resistance of the 10 or 21, I'll put more weight onto the position. These setups are money in the bank probably 70% of the time, possibly more.
I dream, therefore I become.
  • #1,688
  • Aug 2, 2010 7:12pm Aug 2, 2010 7:12pm
Hey Mike,
What do you think of the eur/chf?There was a daily pin and also a weekly pin.Daily reached it's resistance and now looks as if it will give the weekly bar a chance to move.Great posts as usual man!I have been going threw phil's thread today,good stuff over threre.
I hope to pull a lot of knowledge out of that thread.There are a couple times I felt I went threw a learning spurt.One of my best was James16 thread.I have learned such a great deal threw that thread.James is an awesome person I couldn't say enough for him.But I feel like I am going threw another learning spurt and your thread has a lot to do with it.Keep up with the great work Mike!!Have a good night!..Josh
  • #1,689
  • Aug 3, 2010 1:21am Aug 3, 2010 1:21am
Quoting mike w
Heck yeah my man, I'm glad to hear about the progress!

Also, field hockey is an awesome sport! I don't get to play it nearly enough, that's for sure. lol If you haven't had injuries, you're not competing...there's a big difference between competing and just playing. I love to hear that spirit.

8 goals?! That is incredible Steve. Hell of a performance my man!!! As for talent, I am/was the same way...the only talent I have is what I taught myself to have. I was awful for the first few years, but for every hour that anybody else would practice,...
Yeah mate those were the days, I felt like a superstar after scoring those goals, it was against the teachers as well which made it even better. Certainly playing sport when you're growing up installs some good habits. Like I said keep the hockey stories coming.

I took a short on EURJPY yesterday and took a small loss. Nothing else really stood out for me so went and played golf with the old man. Seem to be holding my breath this morning as well, waiting for a retracement and PA on the 1H/4H.

Lets see what happens, have a good day and good trading.
  • #1,690
  • Aug 3, 2010 2:51am Aug 3, 2010 2:51am
Well USDJPY just went kaboom.

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  • #1,691
  • Aug 3, 2010 7:10am Aug 3, 2010 7:10am
Quoting stevo58
Well USDJPY just went kaboom.

Attachment
Yes sir, I'm feeling good about that short right around now lol I'm actually going to go ahead and close it now for 85 pips. Gotta love those 4 hour setups.
I dream, therefore I become.
  • #1,692
  • Aug 3, 2010 7:17am Aug 3, 2010 7:17am
Quoting jlmac27
Hey Mike,
What do you think of the eur/chf?There was a daily pin and also a weekly pin.Daily reached it's resistance and now looks as if it will give the weekly bar a chance to move.Great posts as usual man!I have been going threw phil's thread today,good stuff over threre.
I hope to pull a lot of knowledge out of that thread.There are a couple times I felt I went threw a learning spurt.One of my best was James16 thread.I have learned such a great deal threw that thread.James is an awesome person I couldn't say enough for him.But I feel like I am...

Hey what's happenin brother? I don't trade the eur/chf my man. It's too touchy all the time for me to even want to. That's just my experience though, and it's not saying that it can't be traded; It's just not worth it to me to do so.

And heck yeah my man, Phil's and especially James' thread are phenomenal. I always say that if it weren't for James, I wouldn't be a trader and that's true.

Have a good one Josh and a great work week as well!
I dream, therefore I become.
  • #1,693
  • Aug 3, 2010 7:22am Aug 3, 2010 7:22am
Hi Mike,

If you don't mind me asking, how do you set TPs for your M5 trades? Do you aim for 10 or so pips as per Phil Nel, or do you let them run, when your SL is on BE or better? I've already seen so many examples of trades that would have evolved into significant runners, that killing them for a few pips seems somewhat counter-intuitive to me. On the other hand, if you're aiming for runners, you'll probably end up with a higher percentage of BEs.

Just wondering what your thoughts on this matter are.
It's not about how much you make, it's about how much you don't lose.
  • #1,694
  • Aug 3, 2010 7:24am Aug 3, 2010 7:24am
Quoting Dhb
Hi Mike,

If you don't mind me asking, how do you set TPs for your M5 trades? Do you aim for 10 or so pips as per Phil Nel, or do you let them run, when your SL is on BE or better? I've already seen so many examples of trades that would have evolved into significant runners, that killing them for a few pips seems somewhat counter-intuitive to me. On the other hand, if you're aiming for runners, you'll probably end up with a higher percentage of BEs.

Just wondering what your thoughts on this matter are.
If they are with the higher timeframe trend, I aim for runners. If not, I take the scraps lol
I dream, therefore I become.
  • #1,695
  • Aug 3, 2010 7:27am Aug 3, 2010 7:27am
Lol, scraps can be just fine.

Thanks a lot man.
It's not about how much you make, it's about how much you don't lose.
  • #1,696
  • Aug 3, 2010 7:30am Aug 3, 2010 7:30am
Quoting mike w
Yes sir, I'm feeling good about that short right around now lol I'm actually going to go ahead and close it now for 85 pips. Gotta love those 4 hour setups.
Good stuff buddy, I'm aiming for 85ish and stop is at b/e. Now its a waiting game, sometimes they get there.

Just seen your post highlighting your earlier entry, nice work. Did you add any more positions on the way down?
  • #1,697
  • Aug 3, 2010 7:35am Aug 3, 2010 7:35am
Quoting stevo58
Good stuff buddy, I'm aiming for 85ish and stop is at b/e. Now its a waiting game, sometimes they get there.

Just seen your post highlighting your earlier entry, nice work. Did you add any more positions on the way down?
No, I didn't fool with it last night as we had another hockey game. It was my basic position, albeit a little larger considering that my S/L was 10 pips and then nothing within 15 minutes.
I dream, therefore I become.
  • #1,698
  • Aug 3, 2010 8:08am Aug 3, 2010 8:08am
lol Hey Boy, I just saw your post on the J16 thread and I'm thinking the same on the aussie. In at .9120 with a S/L at .9097. The hourly close just backed up the thought on a bullish view and that gave me the push needed to want to trade it.
I dream, therefore I become.
  • #1,699
  • Aug 3, 2010 9:07am Aug 3, 2010 9:07am
Quoting mike w
lol Hey Boy, I just saw your post on the J16 thread and I'm thinking the same on the aussie. In at .9120 with a S/L at .9097. The hourly close just backed up the thought on a bullish view and that gave me the push needed to want to trade it.
Well that's that. The difference an hour and some news makes eh? lol There isn't a damn thing worth trading on the 5 minute charts to make up for it either. out at a loss of 23 pips.
I dream, therefore I become.
  • #1,700
  • Aug 3, 2010 9:08am Aug 3, 2010 9:08am
Just saw in another thread that aussie apparently just completed a bearish gartley butterfly on d1. Wouldn't it be something if we had just picked the top on this upmove?

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It's not about how much you make, it's about how much you don't lose.
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