I believe the sudden action today is because China unexpectedly announced it's raising interest rates by 0.25% tomorrow.
Thegman's Journal (Equity Millipede Concept) 102 replies
Trading an Equity Millipede 23 replies
DislikedIndeed Kevin. Not sure what is going on out there. Most pairs came back to 200ema so just went nuts and just opened 10 positions !
Got one long gbpcad hit my SL so far. Rest all seems to be going... well not sure which direction though
Let's see if today turns out to be as good as yesterday :-
DislikedLooks like the market is throwing a bit of a tantrum this morning. Most of my positions were running against me, so I closed all of my positions and am currently completely out of the market. Currently sitting on -273 pips after swap and commissions for the week. I'll begin jumping back in once things settle down a bit.
DislikedHope to see Graeme back soon to shed some direction on this 200ema project.Ignored
DislikedWhile there certainly might be conditions that warrant closing out all positions simultaneously I think it would be more prudent to look to space out your exits as well. The funk the market is going through today might be the start of a new trend or maybe it's just a part of retrace. Right now no-one knows.Ignored
DislikedI've traded this sort of long term approach quite a bit over the years and one bit of advice that I've learned is that it's probably not worth going all in or all out. Better to add your entries over time when you see decent setups and to also space your exits. If things look grim, by all means close out some positions so that if things continue to move against you the pain will be reduced. But if the market was just looking to shake out weak hands you'll still have a couple of positions to reap at least some rewards for your efforts.Ignored
DislikedYour current trading approach mirrors pretty closely that of BWILC (Bird Watching in Lion Country by Dirk du Toit) - trade the long term, pick a direction, low gearing and very wide stop losses.Ignored
DislikedI guess what I might be asking here is: do you have a plan for how you'll deal with the change of direction of the long term trend?Ignored
DislikedNow, I no longer care if I am ousted on monday: I've learned to "seat tight" with a trade that I called right, and one day I will hold THE trade that will not look back.
I promise to let you people know.
I think I found my one-thing: to anticipate the opposite direction of where the price will go ;-)
Instead of looking at 3 charts, you can look at 1 and still see the H1(red/green) and H4(dashed) candles. The advantages are less charts and seeing how price is moving within each time frame. The name of the indicator is candles-m.Ignored