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  • #312,581
  • Oct 23, 2010 8:43am Oct 23, 2010 8:43am
What are peoples' thoughts on optimal stop loss distance from your predefined entry level (support or resistance)? Specifically based on EU characteristics...

If it overruns, usually by how far? 15, 20 pips?
  • #312,582
  • Oct 23, 2010 8:45am Oct 23, 2010 8:45am
Quoting FibbinArchie
What are peoples' thoughts on optimal stop loss distance from your predefined entry level (support or resistance)? Specifically based on EU characteristics...

If it overruns, usually by how far?
use a chandelier stop with setting 14atr ..
Blogging daily now at www.volume.zone
  • #312,583
  • Edited 9:08am Oct 23, 2010 8:55am | Edited 9:08am
Quoting malcolmb14
use a chandelier stop with setting 14atr ..
Hi Malcolm, atr based on daily or which ever time frame you're trading? Also I assume you're talking about trailing an open position that is in profit.

What I'm angling at, is initial stop distance for entries, assuming you're buying into a bold faced bear candle or selling into a bold faced bull candle at a support/resistance level you have confidence in...

That may be what you meant, but to me chandelier implies a trailing stop.
  • #312,584
  • Edited 9:18am Oct 23, 2010 9:08am | Edited 9:18am
Quoting FibbinArchie
Posted on forexlive.com...

Let’s gaze into our crystal ball for a moment. It’s Monday morning in Sydney: The G20 has passed with nothing approaching a framework on exchange rates/current account gaps. What’s EUR/USD gonna do?
My guess is we rally right out of the gate as traders put back on short dollar positions on the status-quo being maintained.
What happens next is really the key. If we stall again in the 1.4000/50 level than I would guess we are in a for another round of profit-taking early in the week.
Keep an eye on gold...
Agree with the crystal ball in respect of levels in eu & gold but likely not hold them/failure & profit taking strategic/sell off whatsever.
checking gold chart,b wave up & c should down further again . anyway sorry to see gold tanking this much & more before the jump.1298 may stop down though .

corrected as it not from you but from others , anyway good one.
fontu
Attached Image(s) (click to enlarge)
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Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #312,585
  • Oct 23, 2010 9:16am Oct 23, 2010 9:16am
Quoting fontu
Agree with the crystal ball in respect of levels in eu & gold but likely not hold them/failure & profit taking strategic/sell off whatsever.
checking gold chart,b wave up & c should down further again . anyway sorry to see gold tanking this much & more before the jump.1298 may stop down though .

corrected as it not from you but from others , anyway good one.
fontu
You're Gold, wkly chart certainly paints a bearish outlook... Likely risk appetite also moves in waves...
  • #312,586
  • Oct 23, 2010 9:23am Oct 23, 2010 9:23am
Quoting FibbinArchie
You're Gold, wkly chart certainly paints a bearish outlook... Likely risk appetite also moves in waves...
Thanks but I am bull in gold , my 1500 formula this turn ( wave 3) alone still to work & after this correction will expect price over 1400 & hold . weekly though very strong down , a breakthrough candle not expect 3rd candle down to confirm it , just bais and may do any down though . lets see .
another thing, if G20 or any other external force now work out for currency war to cool down then currencies should start compromise & start fall more in respect of usd which already fell a great & all refuge to gold again to bring it up alone till all quite in the western front.

fontu
Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #312,587
  • Oct 23, 2010 9:27am Oct 23, 2010 9:27am
Quoting fontu
Thanks but I am bull in gold , my 1500 formula this turn ( wave 3) alone still to work & after this correction will expect price over 1400 & hold . weekly though very strong down , a breakthrough candle not expect 3rd candle down to confirm it , just bais and may do any down though . lets see .
fontu
Could be mid trend profit taking, but I think fundamentals may be in flux again and that is a powerful candle pattern on the weekly...
  • #312,588
  • Oct 23, 2010 9:30am Oct 23, 2010 9:30am
Quoting behman8850
Sir, The ONLY solution for this Madness is Never put STOPLOSS!! I never put SL, period!! I trade only one trade per 1000 dollars in balance . Currently I am in two eur/usd and one trade in Gbp?usd. Eur short and gdp long, come what may!! Que sara sara.
Yes I used to trade that way quite successfully until come what may finally came. Eventually your goose will get cooked.
  • #312,589
  • Oct 23, 2010 9:35am Oct 23, 2010 9:35am
Quoting Redeemed1
Yes I used to trade that way quite successfully until come what may finally came. Eventually your goose will get cooked.
laying on rail track waiting for the train to come springs to mind...
  • #312,590
  • Oct 23, 2010 9:39am Oct 23, 2010 9:39am
Quoting T@rantula
This is the best part of it as I tend to do the exactly same thing:
"I have listed a maximum dollar amount I can comfortably lose on any given trading day. Once I hit this level (and yes after 23 years of trading, I still have losing days), my plan calls for me to shut down my computer and leave the office regardless of the time of day or market environment. …Trying to work out issues while we are still trading is a recipe for disaster. [u][b]After I get stopped out for the day and I leave my office as my plan calls for, I will reward myself with...
23v years wow. hmm wad tf do u trade on? so u trade on a fixed hour?
  • #312,591
  • Oct 23, 2010 9:43am Oct 23, 2010 9:43am
Quoting Lady broker
lol



Mate
Where is your head? Definitely not on your shoulders but somewhere else
haha, well I dont have 23 years of experience ( f..k im 34 years only ) lol.

My head...LOL bite me!
  • #312,592
  • Oct 23, 2010 9:45am Oct 23, 2010 9:45am
Quoting yuan83
23v years wow. hmm wad tf do u trade on? so u trade on a fixed hour?
NO no no....it was a quote. I have cited the message above. A trader was explaining how he who has 23 years of experience loses a trade from time to time but he always take it as a part of the trade as all traders should do it.

I lost 15 pips on Friday and u know what? I went shopping.

Read my article why u should never trade on Fridays except for some small scalps

T
  • #312,593
  • Oct 23, 2010 10:08am Oct 23, 2010 10:08am
Quoting behman8850
Sir, The ONLY solution for this Madness is Never put STOPLOSS!! I never put SL, period!! I trade only one trade per 1000 dollars in balance . Currently I am in two eur/usd and one trade in Gbp?usd. Eur short and gdp long, come what may!! Que sara sara.
I never use stops as i monitor open trades and close them if i am not available.

But my whole days trading was based on 1.3900 strength.
Price did a temporary pop through earlier in day but immediately reversed.
This time it formed a 233 tick candle underneath so the strength had gone or so i thought.
I manually closed the trade because it broke my reasons for being in it .
I took the loss and was sick but the trade was a great success because i measure success on sticking to the reasons/ rules of why i was in the trade .
Overall i am happy that i am proving to myself i can stick to the criteria i set myself and that this same discipline helps me to stay in the trades, that also stick to my criteria, and move in the anticipated direction.

When i looked back I said to myself if i had stayed in I would have had a great profit.

BUT: if i stay in next time it may continue going against me so :-

1) stick to rules ,take loss.= thats ok better result next trade.

2) break rules , take profit = Get big dude to give me a slap for breaking rules, temporary increase in profit .

3) future trade, break rules, giant loss, = big dude hit me with baseball bat, and emotionally beaten up cause i broke rules and may do it again .

$$$$4$$$$) stick to rules,Stay in trade, make good profit = Very happy, feel i can do it again, Daydream about new sports car and yatch.
making green pips large and red pips small this is my goal.
  • #312,594
  • Oct 23, 2010 10:46am Oct 23, 2010 10:46am
Given the falling trend line, previous resistance and psychological 00, I'm now seeing 1.40 as being the next key level to the upside...
  • #312,595
  • Oct 23, 2010 11:10am Oct 23, 2010 11:10am
Quoting FibbinArchie
Given the falling trend line, previous resistance and psychological 00, I'm now seeing 1.40 as being the next key level to the upside...
may be but there again the diamond mofu , so even 4083 and above upto 4157 top do not mean anything rather a false spike untill & unless breaks top & down minimum 3334 & 2586 far away & again break & hold apply.
so to indulge mofu again while trendline very strong up still .
fontu
Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #312,596
  • Edited 12:18pm Oct 23, 2010 11:22am | Edited 12:18pm
Quoting fontu
may be but there again the diamond mofu , so even 4083 and above upto 4157 top do not mean anything rather a false spike untill & unless breaks top & down minimum 3334 & 2586 far away & again break & hold apply.
so to indulge mofu again.
fontu
Hmm, yeah I see possible double top here if lower resistance fails to hold, no down momentum on higher time frames, H4 MACD has zeroed again (although went negative for first time since start of rally on 19th Oct), but that is to be expected in consolidation phase... Safe to say that last month's up trend has stalled out for now (stating the obvious)...

Question is reaccumulation or distribution... Going on the resident VSA experts' opinions, we are more likely to see downside once consolidation resolves...
Attached Image (click to enlarge)
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  • #312,597
  • Oct 23, 2010 11:49am Oct 23, 2010 11:49am
I wonder how G20 is going...
  • #312,598
  • Oct 23, 2010 12:01pm Oct 23, 2010 12:01pm
Quoting fontu
Morning all . just checking charts again , yes all the same as before so far.
weekly expecting eu down for correction & usdx up but no trend change so soon or few weeks perhaps .usdx not down as expected & eu up too that is no...
Could you tell me where you see that usd index chart?
I am looking for a usdx live chart.

Thank you
  • #312,599
  • Oct 23, 2010 12:05pm Oct 23, 2010 12:05pm
At 16:20 EDT a strange flash crash happened in US DOLLAR INDEX Dec'10 (DX Z0) .
  • #312,600
  • Oct 23, 2010 12:08pm Oct 23, 2010 12:08pm
This is something I found today about the G20. I'm not sure what to make of it though.

http://www.forexlive.com/141425/all/hey-its-a-start

Quoting Venice
I wonder how G20 is going...
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