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  • #329,381
  • Nov 19, 2010 4:36pm Nov 19, 2010 4:36pm
Quoting rosssurf
closed it with small profit, better safe than sorry. I admit I will feel as though I missed some pips if it opens next week even lower. I think I used better judgment and did the right thing though. ..trying to use better pschychology here. well see.
profit is not a dirty word......check my siggy !
hang on to your bread......unless you want toast
  • #329,382
  • Nov 19, 2010 4:41pm Nov 19, 2010 4:41pm
Quoting Gld
profit is not a dirty word......check my siggy !
it's a dirty word to those who easily get jealous...
  • #329,383
  • Nov 19, 2010 5:01pm Nov 19, 2010 5:01pm
Quoting malcolmb14
today was being bought on the down moves and looked like a shake out of weak longs.

I owuld not be holding a sell on the weekend. If Ireland take the bail out deal then euro may move up 300 pip plus.
the dominoes may fall causing this pair to plunge like you've never seen.

the best approach... trade a system.

it doesn't matter what happens.

stan
  • #329,384
  • Nov 19, 2010 6:29pm Nov 19, 2010 6:29pm
I've gone back a few pages to see if any one picked up on the Bulliish sentiment. Surprised to see on many trading forums and websites, traders are bear bias.

Attached Image (click to enlarge)
Click to Enlarge Name: eurusdff.PNG Size: 26 KB

EURUSD Daily Bias Long
  • #329,385
  • Nov 19, 2010 6:45pm Nov 19, 2010 6:45pm
A: Well I took a step back and figured out why I am trading what it is and it could not include just because I see a technical level. Although the charts speak for themselves there is no confirmation with out fundamentals.

nonsense. many traders have no clue about fundies... just trade a solid day trading or swing trading system and you don't have to have a clue about economics.

B: Small risk big reward

small risk. high hit rate. low drawdown. risk reward is overplayed.

C: Stick to my trading plan no matter what

totally agree. it's why you should be trading a mechanical system.

D: Patience, not staring at charts waiting for a setup for hours and hours. Getting on with my life while setups wait (My trade goal is swing to long term trading so this is where the patience gives in)

day trading often involves staring at charts. but... patience is very important. when your system says pull the trigger do so.

F: Cutting losers letting winners run

nope. this is one of those things many novice traders say. this market is volatile. you better have massively deep pockets and be trading on a weekly chart to use this line.

G: Know when to reverse a trade and not chasing the market

bias is important. let your system determine that to remove emotion. never "reverse a trade"

H: Got rid of Indicators (this happened a while ago) and staring at charts understanding levels, when a market is ranging higher or ranging lower and lower.

utter horeshit. many people i know trade use inidis... i'm one of them. if you don't know how to trade then a chart with or without indis won't make a difference. levels? there are lots of those. s/r, pivots, fibs... all?
  • #329,386
  • Nov 19, 2010 7:16pm Nov 19, 2010 7:16pm
Quoting Jhig
I've gone back a few pages to see if any one picked up on the Bulliish sentiment. Surprised to see on many trading forums and websites, traders are bear bias.

Attachment
EURUSD Daily Bias Long

Read my posts I am bullish
Know when to hold em, Know when to fold em!
  • #329,387
  • Nov 19, 2010 7:17pm Nov 19, 2010 7:17pm
Well, my last short ended with me eating a 40 pip loss. The run upwards that ensued afterward eventually took out my trailing stop on the rest of my shorts on the downward run, so, needless to say I gave about 20% back. I'm flat for now, but my charts are pointing towards a near-term bullish bias. I'll wait for the next signal....bull or bear.
  • #329,388
  • Nov 19, 2010 7:20pm Nov 19, 2010 7:20pm
Quoting druckenmillr
A: Well I took a step back and figured out why I am trading what it is and it could not include just because I see a technical level. Although the charts speak for themselves there is no confirmation with out fundamentals.

nonsense. many traders have no clue about fundies... just trade a solid day trading or swing trading system and you don't have to have a clue about economics.

B: Small risk big reward

small risk. high hit rate. low drawdown. risk reward is overplayed.

C: Stick to my trading plan no matter what

[b]totally...
Your flaming me is totally uncalled for. It works for me. If it works for me its not horseshit. Also Just to let you know I have traded a couple systems with a couple systems and they did work super well. It just does not interest me. So who the hell are you to tell me what works for me is wrong. Get off your horse and go blow air up your ass somewhere else.
Know when to hold em, Know when to fold em!
  • #329,389
  • Nov 19, 2010 7:23pm Nov 19, 2010 7:23pm
Quoting egkid
Are we twin brother
They are my favorite set up
Hey bro...its very possible. Nile hides many secrets )
  • #329,390
  • Nov 19, 2010 7:26pm Nov 19, 2010 7:26pm
Quoting druckenmillr
F: Cutting losers letting winners run

nope. this is one of those things many novice traders say. this market is volatile. you better have massively deep pockets and be trading on a weekly chart to use this line.
Couldn't agree with your post more, other than this one section. However, I guess it's all in the execution, isn't it? Not to mention the system. If one is using a trend following system, then it's foolish to not allow winners to run by taking a partial profit when a pullback begins, and allowing the rest to ride....as the remainder of the trade will be worth far more down the line when the trend finally ends. Scaling in and out......

I will say that using a trend-following system on timeframes less than a 4H charts during news-heavy times is a bad idea. If you use such a system, you must be mindful of upcoming events, and be prudent. In such a view, I can appreciate the philosophy more of "grab and go" given the threat of news volitility.
  • #329,391
  • Nov 19, 2010 7:29pm Nov 19, 2010 7:29pm
Quoting PriceVolume
Couldn't agree with your post more, other than this one section. However, I guess it's all in the execution, isn't it? Not to mention the system. If one is using a trend following system, then it's foolish to not allow winners to run by taking a partial profit when a pullback begins, and allowing the rest to ride....as the remainder of the trade will be worth far more down the line when the trend finally ends. Scaling in and out......

I will say that using a trend-following system on timeframes less than a 4H charts during news-heavy times is...
You guys have no concept of time you guys seem like I trade what you do. Well I dont.... Seriously though what one person posts may be different agenda what another person posts. You cant possibly have every detailed explenation in one post of ones philosopy of their particular trade. n Did I mention time frames? types of news events, or even news for that matter? You limit the surface of what you are reading and appearently so is drunkenbozo
Know when to hold em, Know when to fold em!
  • #329,392
  • Nov 19, 2010 7:31pm Nov 19, 2010 7:31pm
Quoting Jhig
I've gone back a few pages to see if any one picked up on the Bulliish sentiment. Surprised to see on many trading forums and websites, traders are bear bias.

Attachment
EURUSD Daily Bias Long

Only short term, (well for some of us). What seems to be a move north on the EUR is-as-of-now a pull back before a further move south (((maybe).......

If we break above 1.3777......ish and hold your right. For now 1.29.....ish is a real possibility

We could see a nice three wave correction before the dollar crash. End of year profit taking could see us that low.......

Or I could be full of sh*t

Attached Image (click to enlarge)
Click to Enlarge Name: possible low.png Size: 39 KB
  • #329,393
  • Nov 19, 2010 7:33pm Nov 19, 2010 7:33pm
Quoting goods
You guys have no concept of time you guys seem like I trade what you do. Well I dont.... Seriously though what one person posts may be different agenda what another person posts. You cant possibly have every detailed explenation in one post of ones philosopy of their particular trade. n Did I mention time frames? types of news events, or even news for that matter? You limit the surface of what you are reading and appearently so is drunkenbozo
Was I replying to you? No, I wasn't, was I? I agreed with his comments. It so happens his comments were in regard to your post. You and I will just have to agree to disagree. Get over it.
  • #329,394
  • Nov 19, 2010 8:05pm Nov 19, 2010 8:05pm
This is what I started to do

Write a statement in the chart the Action plan for the day based on H1 price Action and EMA 100

When ever I open my chart I read the statement before looking into the price action. This way I am finding the mind is focused in one direction.
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 21 KB
  • #329,395
  • Nov 19, 2010 8:10pm Nov 19, 2010 8:10pm
Quoting cloggie
Identifying price action is often belittled by retailers as outdated and old fashioned, however it does show you very clearly when not to get in or when it is a no brainer to add to your position as the big boys are doing exactly the same thing.

Finding the real money in price is probably almost as important as finding the trend. Finding the trend though is easier for most traders.
Been off forum for awhile but this is an interesting post I found while reading today's banter. I trade my acct daily and this is one of the tools I use called 'following the money' to coin Jim Roger's phrase. Look at the break of 136.50 today (11/19) at 11:10 NY time. On the 5 min chart it was a decisive 'long bar' relative to the trade at the time and that long bar closed near it's low (@1.3636) . Took some big selling to get there but the price slowly crept up and that long bar sell was not 'protected' by more selling at half that long bar, in fact we did not see selling come back till prices retraced the entire 'long bar' down move. When the selling was attempted it was weak etc and barely got near the long bar low then went up and ultimately closed up from there.

..Look at the longer, decisive bars (ie-closes on the low of a long down bar) on your 5m etc and watch how prices then react around those moves and how sellers and buyers will jump in and protect those levels is interesting and indicator-free... follow the money.
  • #329,396
  • Nov 19, 2010 8:14pm Nov 19, 2010 8:14pm
Quoting harigp
This is what I started to do

Write a statement in the chart the Action plan for the day based on H1 price Action and EMA 100

When ever I open my chart I read the statement before looking into the price action. This way I am finding the mind is focused in one direction.
Trendline is not correct. Let me redraw it.

Attached Image (click to enlarge)
Click to Enlarge Name: t.jpg Size: 154 KB
  • #329,397
  • Nov 19, 2010 8:25pm Nov 19, 2010 8:25pm
Quoting Trendstar
Been off forum for awhile but this is an interesting post I found while reading today's banter. I trade my acct daily and this is one of the tools I use called 'following the money' to coin Jim Roger's phrase. Look at the break of 136.50 today (11/19) at 11:10 NY time. On the 5 min chart it was a decisive 'long bar' relative to the trade at the time and that long bar closed near it's low (@1.3636) . Took some big selling to get there but the price slowly crept up and that long bar sell was not 'protected' by more selling at half that long bar, in...
interesting but it would be better with some charts. If your going to go through the trouble of posting instructions,,,,,,,, draw some pictures. just saying
  • #329,398
  • Nov 19, 2010 8:42pm Nov 19, 2010 8:42pm
Quoting knuckledrag
interesting but it would be better with some charts. If your going to go through the trouble of posting instructions,,,,,,,, draw some pictures. just saying
Yep, a picture is better, sorry if it's oversized-
Attached Image (click to enlarge)
Click to Enlarge Name: downbar.jpg Size: 171 KB
  • #329,399
  • Nov 19, 2010 8:52pm Nov 19, 2010 8:52pm
Most of you here now won't have any idea who MuddBuddha is but before he got burned out again by all the mud wrestlin that goes on here, he dropped this little gem. Just sayin...

Quoting MuddBuddha
... A lot of the people in this thread probably wouldn't agree with my trading....and I think a lot of you folks are absolutley crazy. If it pays the bills, then peace be with you.

Best thing you can do in trading is absorb what you think is useful and quietly disregard things that don't sit well with you.
And folks here wonder why things are the way they are in this thread.

If you really wanna hoot, go back a'rd a year ago and read cloggies reply to me ((when he was fairly new here)) after I fussed at him for coddling some annoying noobers....


But you gotta find it your ownself ...
FUBAR...
  • #329,400
  • Nov 19, 2010 9:10pm Nov 19, 2010 9:10pm
Quoting Trendstar
Yep, a picture is better, sorry if it's oversized-

sorry not as helpful as I had hoped

I'm sure you know what your doing, but I don't----(by your chart.)
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