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Rufus

i have cashed in E/U longs. One from last night was 110 pips but it was whittled down to 1/4 of what it was at entry. Like Jesse Livermore says, "Be right. Sit tight." Hard to sit tight.

I'm flat now & waiting for the ZEW number.
"If The Fool persists in his Folly he will become wise." - William Blake
Here are the fib targets with the measured move.

This is all well and good. We have a news release in 30min to contend with
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Illegitimi non carborundum - Noli pati a scelestis opprimi.
Quoting The Fool
i have cashed in E/U longs. One from last night was 110 pips but it was whittled down to 1/4 of what it was at entry. Like Jesse Livermore says, "Be right. Sit tight." Hard to sit tight.

I'm flat now & waiting for the ZEW number.
I'm sitting...Would like to get a few more pips out of this before the news release to get things set to BE.
Illegitimi non carborundum - Noli pati a scelestis opprimi.
Quoting The Fool
i have cashed in E/U longs. One from last night was 110 pips but it was whittled down to 1/4 of what it was at entry. Like Jesse Livermore says, "Be right. Sit tight." Hard to sit tight.

I'm flat now & waiting for the ZEW number.

The Fool just reminded me I had this for your reading pleasure

"After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. I've known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level which should show the greatest profit. And their experience invariably matched mine that is, they made no real money out of it. Men who can both be right and sit tight are uncommon. I found it one of the hardest things to learn. But it is only after a stock operator has firmly grasped this that he can make big money. It is literally true that millions come easier to a trader after he knows how to trade than hundreds did in the days of his ignorance. The reason is that a man may see straight and clearly and yet become impatient or doubtful when the market takes its time about doing as he figured it must do. That is why so many men in Wall Street, who are not at all in the sucker class, not even in the third grade, nevertheless lose money. The market does not beat them. They beat themselves, because though they have brains they cannot sit tight. Old Turkey was dead right in doing and saying what he did. He had not only the courage of his convictions but the intelligent patience to sit tight"
Illegitimi non carborundum - Noli pati a scelestis opprimi.
Whew........................still sitting
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Illegitimi non carborundum - Noli pati a scelestis opprimi.
Quoting Rufus
The Fool just reminded me I had this for your reading pleasure
lol... ya I have posted that on FF about 5 times I think - that's the best quote in the whole book.

Funny how some of the simplest things are so true: I have that "Be Right - Sit Tight! Got it?" burned in my brain.

But that sitting tight is probably the hardest thing for a natural scalper to learn how to do, though...
"If The Fool persists in his Folly he will become wise." - William Blake
Ah the sweet smell of pips. Target 1 in the bag. Stops now to BE.


I don't know which was wilder. My younger days or this.

I can now sip my scotch and watch for a while.
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Illegitimi non carborundum - Noli pati a scelestis opprimi.
Hey Rufus, one small question, how do you calculate your pivots on the charts? I mean, do you set a specific GMT-offset to calculate them or you just use your broker "day-change" time to know what is today and what is yesterday ? - I use GMT+1 which is London time, even if my broker (alpari uk) is set on GMT+2, so basically my "today" starts at 01.00 AM of the broker.

thank you.
Lorenzo
Quoting lorbax
Hey Rufus, one small question, how do you calculate your pivots on the charts? I mean, do you set a specific GMT-offset to calculate them or you just use your broker "day-change" time to know what is today and what is yesterday ? - I use GMT+1 which is London time, even if my broker (alpari uk) is set on GMT+2, so basically my "today" starts at 01.00 AM of the broker.

thank you.
I use this indicator. These are calculated with NY close
Attached File
File Type: mq4 ###Auto Pivot.mq4   15 KB | 109 downloads
Illegitimi non carborundum - Noli pati a scelestis opprimi.
I have lowered my stop to halfway between BE and where I originaly had it. I need to give this thing a little more room to cook tonight. 2:30am here. I am going to bed. Good night for trading but it wasn't easy.

Rufus
Illegitimi non carborundum - Noli pati a scelestis opprimi.
Quoting Rufus
I use this indicator. These are calculated with NY close
cool, thank you.

I use these two.
Attached Files
File Type: mq4 Pivot_Points_MTF.mq4   45 KB | 159 downloads
File Type: mq4 TZ-Pivot.mq4   23 KB | 123 downloads
Lorenzo
Quoting Rufus
I have lowered my stop to halfway between BE and where I originaly had it. I need to give this thing a little more room to cook tonight. 2:30am here. I am going to bed. Good night for trading but it wasn't easy.

Rufus

Last two parts hit my stop. -10pips

I thought I should clarify something. I never just randomly place my stop. There will always be a technical reason for it. With this last position I moved my stop lower than BE but above my original stop to give it room to move. But I also placed it below the 61.8 fib of the previous move.

The range we are in is chewing up stops for breakfast. Speaking of breakfast.....I should have some.

Greats night trading last night. Required a lot of thinking and switching gears. I am looking forward to another nice long trend.

Rufus
Illegitimi non carborundum - Noli pati a scelestis opprimi.
Hi Rufus,

About 1/2 way through your Journal and it is a great read. We have similar backgrounds as I am an old calf roper and current team roper. I too was raised on a farm.

Keep up the great trades!

Look forward to following along and learning from your posts.

Kurt

Quoting Rufus
Ah the sweet smell of pips. Target 1 in the bag. Stops now to BE.


I don't know which was wilder. My younger days or this.

I can now sip my scotch and watch for a while.
Quoting TheRoper
Hi Rufus,

About 1/2 way through your Journal and it is a great read. We have similar backgrounds as I am an old calf roper and current team roper. I too was raised on a farm.

Keep up the great trades!

Look forward to following along and learning from your posts.

Kurt
Thank you Kurt

I never thoght keeping a journal could be this fun. I am glad you are enjoying it.

I still miss the farm life. At times I get around a group of cattle and take in the distinctive smell they give off. Of course those with me think I am crazy. I have always thought that my ideal place to trade the forex would be in the middle of Montana or Wyoming on 10,000 acres. Have some cattle and horses to occupy my time when the charts are quiet.

Rufus
Illegitimi non carborundum - Noli pati a scelestis opprimi.
...then on occasion fly your cessna to a fishing lodge in alaska or to the beach...

Quoting Rufus
I have always thought that my ideal place to trade the forex would be in the middle of Montana or Wyoming on 10,000 acres. Have some cattle and horses to occupy my time when the charts are quiet.

Rufus
Annoying Precision
Well it looks like I missed another wild ride last night. ! houe before LO I was sitting at my charts setting things up and I couldn't keep my eyes open. (11:00pm my time). Have also a little work to do this morning.

So I left the pips for a little sleep. I shound be at it tonight.

Looks to me like it wasn't to easy a night.

Rufus
Illegitimi non carborundum - Noli pati a scelestis opprimi.
Quoting Rufus
Well it looks like I missed another wild ride last night. ! houe before LO I was sitting at my charts setting things up and I couldn't keep my eyes open. (11:00pm my time). Have also a little work to do this morning.

So I left the pips for a little sleep. I shound be at it tonight.

Looks to me like it wasn't to easy a night.

Rufus
Hi there,

it wasn't that easy for me either, the 1,29 has been a marble resistance for now, i tried to long it at the break of the previous high but didn't work, i reversed short and recovered the -15 with a +18. I could have done more but I didn't feel like asking too much.

I think this long is a bit weak. what you think Rufus ? thanks.
Lorenzo
Quoting lorbax
Hi there,

it wasn't that easy for me either, the 1,29 has been a marble resistance for now, i tried to long it at the break of the previous high but didn't work, i reversed short and recovered the -15 with a +18. I could have done more but I didn't feel like asking too much.

I think this long is a bit weak. what you think Rufus ? thanks.

I think it is weak...Things are so bound up right now. Then when you get a burst of movement it is without much warning.

We also have the makings of a double top. One of the few times I use a Stocastic is when price is in a range like this is. I use it as a filter for my entries. I usually don't care about the crossovers I just want OB or OS and starting to move out of those areas.

Any way we are bouncing off Tokyo's high and the Daily pivot. If it breaks through there might be a short there.

It looks like it was a tough trading night last night. I didn't miss much.

Rufus
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Illegitimi non carborundum - Noli pati a scelestis opprimi.
Hey Rufus,

Thought you might get a kick out of our family brand "Running M"

Kurt

Quoting Rufus
I have been doing a lot of thinking this past month of things that used to hold me back with trading. All of this was brought to light to me when I read "Trading In The Zone" about 8 Months ago.

I grew up on a farm in northern Minnesota and had to work hard for every nickle I ever had. My Dad was my teacher for this mindset.

Now as I start to tell you of some things I had to overcome don't get me wrong I still believe in hard work. But there comes a time when it is to hard. My Dad is a firm believer of working physically for every dollar....
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Quoting TheRoper
Hey Rufus,

Thought you might get a kick out of our family brand "Running M"

Kurt
That Made My Day. That is a good looking brand.

Thanks for sharing that with me. You must have seen "Lucky M" on the steer I posted awhile back.

Rufus
Illegitimi non carborundum - Noli pati a scelestis opprimi.
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