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  • #375,301
  • Jan 28, 2011 10:16am Jan 28, 2011 10:16am
Quoting cloggie
Something is brewing though, all we need are a few fundies to push us along nicely.
I am looking at 3550 and 3420 to confirm/deny just a retrace for breathing room or if we do continue to head down.
  • #375,302
  • Jan 28, 2011 10:16am Jan 28, 2011 10:16am
Quoting vosterfxandy
make sure you've closed out all your positions.

with no SL and all, anything can happen over the weekend.

I always close my book at 1600 on Friday, no matter what the trades are doing.

I use an AFM stop, just in case the world falls of the edge, but don't set limits on my trades in general, I get out when the price does not support my chosen direction any longer.
  • #375,303
  • Jan 28, 2011 10:17am Jan 28, 2011 10:17am
Quoting cloggie
Something is brewing though, all we need are a few fundies to push us along nicely.
Agree with that. The resilience this week to realities was starting to push the bounds of credulity.

Probably too much uncertainty to rely completely on a Friday in NY, though.
  • #375,304
  • Jan 28, 2011 10:17am Jan 28, 2011 10:17am
Quoting vosterfxandy
going long here for a few pips isn't a bad idea.
yes that is not a good idea too
  • #375,305
  • Jan 28, 2011 10:17am Jan 28, 2011 10:17am
Quoting attila
i'm not sure how people can wait for an hour candle to close in order to take a trade. i would die without scalping. i have at least 10-15 trades running at all times.
lol This is what i call 6 from north and 9 from south
The finest tool in the world still needs a MAN who KNOWS how to use it.
  • #375,306
  • Jan 28, 2011 10:17am Jan 28, 2011 10:17am
Quoting attila
i'm not sure how people can wait for an hour candle to close in order to take a trade. i would die without scalping. i have at least 10-15 trades running at all times.
I waited all week for 3470.

That's pretty cool, but I use forex as my longer term trades. I could say the same thing in equities. I am always knawing at the ETF's (FAS/FAZ, TNA/TNZ) are my favorites.
  • #375,307
  • Jan 28, 2011 10:18am Jan 28, 2011 10:18am
Quoting Venice
I I could say the same thing in equities.

I am a pure news trader on equities, only trade announcements and news/rumours. Never trade indices or ETF's.
  • #375,308
  • Jan 28, 2011 10:18am Jan 28, 2011 10:18am
Quoting Shah22
yes that is not a good idea too
hmmm, it's stalling right now.
Enter Signature
  • #375,309
  • Jan 28, 2011 10:19am Jan 28, 2011 10:19am
Quoting attila
i'm not sure how people can wait for an hour candle to close in order to take a trade. i would die without scalping. i have at least 10-15 trades running at all times.
and how many pips do you make every day on average?
Enter Signature
  • #375,310
  • Jan 28, 2011 10:20am Jan 28, 2011 10:20am
Quoting cloggie
Plenty of succesful scalpers in this business. A good mate of mine runs a Quant fund and he continues to pick up pennies all day long executing 100k+ trades a day.

It is personal, for some the fear cannot be overcome and they are better suited to trade the shorter TF's scalping, some are impatient and can't or are not able to sit around all day looking for the setups. To each their own really.
One of the worlds greatest individual traders is a scalper. I'm able to do it for a month or so then get my azz handed to me.
  • #375,311
  • Jan 28, 2011 10:21am Jan 28, 2011 10:21am
Quoting attila
i'm not sure how people can wait for an hour candle to close in order to take a trade. i would die without scalping. i have at least 10-15 trades running at all times.
I'm much the same except with far less open trades at once haha.

There's something about leaving a position on for some time I just don't like. I keep thinking; what's happening what's going on where's price, where's suppor/resistance...blah blah it's non stop. This way I'm in, I'm out half hour tops and I know where I stand to plan for the next one.

That being said, I prefer a trending market. this week the euro has not been my cup of tea.
  • #375,312
  • Jan 28, 2011 10:21am Jan 28, 2011 10:21am
  •  Vilgax
  • | Joined Aug 2010 | Status: Lack of money is root of most evil | 466 Posts
Quoting cloggie
1600 GMT, closing all, am done for the day and the week. Guys/galls enjoy your weekend and see y'all next week some time.
done for the day? did you trade today? The reason I keep asking is that you were implying that you were short so I wanted to know what your TP was?
The forex market has its own life and takes its own time.
  • #375,313
  • Jan 28, 2011 10:22am Jan 28, 2011 10:22am
Quoting Vilgax
I wanted to know what your TP was?

I don't have TP's, I stay in for as long as the price moves. I have if-then-if levels, so if one gets hit and goes, I stay in etc. I add a stop at a certain point when a trade is in profit, just to lock some in, alternatively I scale out at different levels once I am happy with the money on the line. On the same token, I scale in on profitable trades, especially on the ones that look like they will be on the book for a while, my scaling is always incrementally smaller to keep the weighing as close to the original price. So a trade develops, I start small, once direction is confirmed, I go in heavy and once in profit I continuously scale into a winner in incrementally smaller amounts, then once a profit is realised at a point where I am content with the result I either add stops to lock in profits, or I start scaling out, always using the reverse, so FIFO
  • #375,314
  • Jan 28, 2011 10:22am Jan 28, 2011 10:22am
Guys, what do you think about this chart?
Attached Image (click to enlarge)
Click to Enlarge Name: week.gif Size: 44 KB
  • #375,315
  • Jan 28, 2011 10:22am Jan 28, 2011 10:22am
Quoting johnnyarnold
One of the worlds greatest individual traders is a scalper. I'm able to do it for a month or so then get my azz handed to me.
i get my ass handed to me everyday.
Enter Signature
  • #375,316
  • Jan 28, 2011 10:23am Jan 28, 2011 10:23am
I think the bottom line here is trade a style that your are comfortable with, and one that makes you money.
Look Sharp/Trade Tight
  • #375,317
  • Jan 28, 2011 10:24am Jan 28, 2011 10:24am
Quoting cloggie
Plenty of succesful scalpers in this business. A good mate of mine runs a Quant fund and he continues to pick up pennies all day long executing 100k+ trades a day.

It is personal, for some the fear cannot be overcome and they are better suited to trade the shorter TF's scalping, some are impatient and can't or are not able to sit around all day looking for the setups. To each their own really.
Yup. As long as you are making pips it really doesn't matter. Get it however you can!
  • #375,318
  • Jan 28, 2011 10:24am Jan 28, 2011 10:24am
move up dammit!
Enter Signature
  • #375,319
  • Jan 28, 2011 10:26am Jan 28, 2011 10:26am
Quoting vosterfxandy
i get my ass handed to me everyday.
I trade quite mechanical now so I win most of the time. Scalping too damn emotional.
  • #375,320
  • Jan 28, 2011 10:26am Jan 28, 2011 10:26am
Quoting PayTheLimit
I think the bottom line here is trade a style that your are comfortable with, and one that makes you money.
statement of the day
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