Trade what you see NOT what you expect | Page 1689 | Forex Factory

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Why did you start trading and what do you expect from it? 19 replies

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Trade What You See And Not What You Hope 0 replies

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Trade what you see NOT what you expect

  • #33,761
  • Nov 5, 2010 12:39pm Nov 5, 2010 12:39pm
Quoting The Captain
Great Stuff.

Cheers Cisco.
WAZZUP Cap'n?

I'm glad to see you're doing so good on your trading.
Hi, my name is Barry and you can keep your doctor...
  • #33,762
  • Nov 5, 2010 12:45pm Nov 5, 2010 12:45pm
Quoting wingnut
It’s like stepping on the accelerator without knowing where the steering wheel or break peddle are.
I know where the accelerator is.

I know where the steering wheel is.

I have to admit, though, I don't know where the 'break' pedal is. Is that something on one of those 'furrin' cars?
Hi, my name is Barry and you can keep your doctor...
  • #33,763
  • Edited 10:57am Nov 6, 2010 10:04am | Edited 10:57am
Glad to see all you old timers doing well haha!! Just a little something I am looking at. I am looking for a retest of 1.6000 / 1.6060 area on the 4hr soon and then who knows. These 4hr channel trades have really been working nicely for me.
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Please ask questions and share your experiences with us all!
  • #33,764
  • Edited Nov 7, 2010 5:16am Nov 6, 2010 10:40am | Edited Nov 7, 2010 5:16am
I have a prediction and it is just that a "PREDICTION". I see 1.6350/1.6400 and then back down to test 1.6000 area. Only time will tell!!
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  • #33,765
  • Nov 6, 2010 10:43am Nov 6, 2010 10:43am
BTW thanks for the vouch Captain
Please ask questions and share your experiences with us all!
  • #33,766
  • Nov 6, 2010 12:27pm Nov 6, 2010 12:27pm
Quoting bkg102665
BTW thanks for the vouch Captain
Well deserved! Thanks as well.

Cheers.
Cap
  • #33,767
  • Nov 6, 2010 12:31pm Nov 6, 2010 12:31pm
Quoting cisco
WAZZUP Cap'n?

I'm glad to see you're doing so good on your trading.
It's going well! I remember you saying a few months ago that you weren't able to trade.. What's going on, back in the game now?
Cap
  • #33,768
  • Nov 7, 2010 5:13am Nov 7, 2010 5:13am
This is a daily chart with a trend line off the high back in November of 2007 so I would really be careful with longs in this area.
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  • #33,769
  • Nov 7, 2010 8:09am Nov 7, 2010 8:09am
Quoting The Captain
It's going well! I remember you saying a few months ago that you weren't able to trade.. What's going on, back in the game now?
No, not trading. Too busy with other things. So many women...so little time.
Hi, my name is Barry and you can keep your doctor...
  • #33,770
  • Nov 7, 2010 2:08pm Nov 7, 2010 2:08pm
Cisco,

I am wondering when you draw your S/R lines how many pips are they spread apart on average. I believe that it is not good to draw the S/R lines too close. Am I right?

Thanks.
  • #33,771
  • Nov 7, 2010 4:26pm Nov 7, 2010 4:26pm
Quoting aljosas
Cisco,

I am wondering when you draw your S/R lines how many pips are they spread apart on average. I believe that it is not good to draw the S/R lines too close. Am I right?

Thanks.
I will speak for Cisco here, s/r has nothing to do with how many pips apart they are but where you see s/r on the chart. It also depends on what time frame chart you are looking at, larger time frames will have a larger pip spread. i hope this helps.
Please ask questions and share your experiences with us all!
  • #33,772
  • Nov 9, 2010 12:28pm Nov 9, 2010 12:28pm
Quoting cisco
No, not trading. Too busy with other things. So many women...so little time.
Understandable.. Don't wear out that pump!


After (almost) reaching the trendline BKG showed, (I had a limit order set and it didn't reach it, making me miss the first 100 pips of the fall) - here's where we stand right now.

Some support here at 1.6000 and if that break it should be down to 1.5850.

Cheers
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Cap
  • #33,773
  • Nov 9, 2010 5:58pm Nov 9, 2010 5:58pm
Hi,

I need to know what chart I should refer when I'm drawing Fibonacci Lines for the next day. Do I need to consider previous week's high and low or just the previous day's high and low.


Thanx in Advance
  • #33,774
  • Nov 10, 2010 3:42am Nov 10, 2010 3:42am
Quoting cisco
No, not trading. Too busy with other things. So many women...so little time.
You have to set priorities.

hmmmmm...women or money...hmmmm
  • #33,775
  • Nov 11, 2010 8:23am Nov 11, 2010 8:23am
Had a nice conversation with Pippi last night. Between EO and Pippi I believe they could pay off the national debt very quickly if they were hired to trade for the country.

Pippi's jelqing shop is going gangbusters. He's thinking about franchising near all the major college campuses. Apparently there's a lot of college duds who want to be college studs.

Personally, I've always used my tongue to part my hair. That, by itself, will get you a fair amount of babes. A big schlong is just a bonus for the participating female contestants.
Hi, my name is Barry and you can keep your doctor...
  • #33,776
  • Nov 13, 2010 5:54pm Nov 13, 2010 5:54pm
Quoting cisco
Pippi's jelqing shop is going gangbusters. He's thinking about franchising near all the major college campuses. Apparently there's a lot of college duds who want to be college studs.


Not surprised to hear about his shop, although he needs to get with the times. It's 2010- The younger generation knows that if you want real results you need to do "clamping" or "hanging"!
Cap
  • #33,777
  • Nov 14, 2010 5:54am Nov 14, 2010 5:54am
For a minute I thought my pegym emails were getting mixed up with my ft subscriptions.
Makin my way, the only way I know how...
  • #33,778
  • Nov 16, 2010 1:13am Nov 16, 2010 1:13am
Hi ALL,

First I would like to thank all of you. I am learning a lot from this thread.I have a question regarding trade management. I enter my trades based on 4 hr.After entering a trade how do you guys manage it? The reason why i ask this is when I enter a trade the trade goes in my direction. It goes for 50+ pips. The trade may have a potential for 150 pips but there may be a 1 hr support which is quite strong so I wil move my stop loss to BE(break even). The price will come to SL and hit it and then go in my direction. I know this is a usual story for traders. But i want to know how you manage it. the risk reward ratio, sl and when do you move stop loss to break even. To make myself clear I wil say an example. Lets say i entered a trade from a point 100 with Stop loss around 50 and target around 250 which is a 1:3 R:R ratio. my trade will go till 160 (which is 60 pips). then i will move my stop loss to Break even(BE) or +1 because it may be a 1 hr resistance there(We wont know when price reverse). It willcome down and hit that SL and go to 250 pips.Can you provide my some suggestion on this. Please say if I am doing it in a correct way. thanks a lot for your advice.
  • #33,779
  • Nov 17, 2010 4:45am Nov 17, 2010 4:45am
I beleive that EO used to enter multiple trades......

ie if he wanted to trade 4 lots, he would have entered either 4 sets of 1 lot or 2 sets of 2 lots.

I beleive he took profit at 15 pips and moved to break even (based on 15m and 1hr trading). If price came back, he made 15 pips, if it continued he made lots more.

However, if it came back prematurely, then its highly likely he would have reentered the trade.

If it were me, I would look back over my trades and see how often price retraced to my entry point and then A) moved off in the correct direction again or B) kept coming back.

If A is higher than B, then dont move your Stop to BE to soon.

If B is higher than A, then consider breaking trades down into two or three and taking profit in stages. You can then move to break even, having taken 2/3rds profit and if it take you out at BE, then so beit, if it runs off again, then its all good.

One of the key things that EO used to do, once he was at break even, he would, essentially, forget about the trade and look for his next entry. His thoughts were simply that you had made 1/2 or 2/3rds, what do you care about the rest...... its a free ride......

Just remember, the 4hr is far more exagerated than the 15mins...... it needs A LOT more space to breathe.

Regards

Lee
  • #33,780
  • Nov 17, 2010 10:39am Nov 17, 2010 10:39am
Quoting leemonk
I beleive that EO used to enter multiple trades......

ie if he wanted to trade 4 lots, he would have entered either 4 sets of 1 lot or 2 sets of 2 lots.

I beleive he took profit at 15 pips and moved to break even (based on 15m and 1hr trading). If price came back, he made 15 pips, if it continued he made lots more.

However, if it came back prematurely, then its highly likely he would have reentered the trade.

If it were me, I would look back over my trades and see how often price retraced to my entry point and then A) moved off in the correct...
thanks lee. can I ask you one more question. Sorry to bother you.

I understand what you explained, and I have read EO doing that. May I ask you about your style. I got a rough idea but didnt clearly understand what you explained by that A and B example. It will be really great if you can post one chart as an example if you are not so busy.
Another issue i want to ask is lets say we entered 1 standard lot(10$/pip) with 20 pips as SL and 40 pips target for example. trade moved in our direction and at +20 pips we took half lot and moved to BE that is we took 5$(20*5=100). then from the 21st pip to 40th pip we are running on only 5 dollars right?(40*5=200). But lets say the trade went against us and hit SL we will loose 20*10 which is 200. So by taking half profit will we be able to make a profit in long run? I havent done this. So i dont know How do you tackle this issue? I dont know if i am thinking about money management in the right way. Can you give some advice on this? I am totally confused with this MM thingy.
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