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  • #399,321
  • Mar 2, 2011 12:32pm Mar 2, 2011 12:32pm
Quote
what do you think you should do?

Rethink on my strategy. Since I am just learning and havnt put in too much of money (actually it is too less to even think of and still I have open margin of 1300%). I will rethink on my strategy and learn to use hard stops on longer time frames.
  • #399,322
  • Mar 2, 2011 12:32pm Mar 2, 2011 12:32pm
Venice,

Thats the truth my friend.
  • #399,323
  • Mar 2, 2011 12:37pm Mar 2, 2011 12:37pm
Quoting jillsaab
Rethink on my strategy. Since I am just learning and havnt put in too much of money (actually it is too less to even think of and still I have open margin of 1300%). I will rethink on my strategy and learn to use hard stops on longer time frames.
Have you gone through demos at all?
I'm sure its not the strategy, its prolly mm.
  • #399,324
  • Mar 2, 2011 12:39pm Mar 2, 2011 12:39pm
Quoting acetrader
Jill,

Larger time frames are not what you need,............
IMHO for a newbie this is exactly the wrong message.

Its kinda like saying for a newbie driver speed should not be a concern - as long as you use your turn signals properly and use both mirrors.
  • #399,325
  • Mar 2, 2011 12:40pm Mar 2, 2011 12:40pm
Quoting fldash
I have just a general question regarding what you guys use in intraday trades as the point to cut your losses and look to the next trade... I'm short EU at 3855, I know I should have sold on new high (breakout) but I didn't, which has actually helped me because I'm not losing less. I had to make a judgement call on placing that stop when looking at the intraday pip range and that it was already over average range.

So do you always place stops just on other side of s/r or do you use pip limits...

Thanks to anyone who answers.
depends on how much you are willing to loss vs. How much gain (realistic ones) to expect.
  • #399,326
  • Mar 2, 2011 12:49pm Mar 2, 2011 12:49pm
Quoting SunTrader
IMHO for a newbie this is exactly the wrong message.

Its kinda like saying for a newbie driver speed should not be a concern - as long as you use your turn signals properly and use both mirrors.
Eh. I have always found the lower time frames so much easier to trade. Daily chart can kiss my shiny metal arse!! hah.
  • #399,327
  • Mar 2, 2011 12:54pm Mar 2, 2011 12:54pm
Quoting fldash
I have just a general question regarding what you guys use in intraday trades as the point to cut your losses and look to the next trade... I'm short EU at 3855, I know I should have sold on new high (breakout) but I didn't, which has actually helped me because I'm not losing less. I had to make a judgement call on placing that stop when looking at the intraday pip range and that it was already over average range.

So do you always place stops just on other side of s/r or do you use pip limits...

Thanks to anyone who answers.
also depends on your time frame and where you are seeing the next support or resistance... but ask yourself this... did you short after we broke through previous high at 3861? we closed above it.. chances are this may become STRONG support...

i'm looking up towards 1.40 after this new high... but fundamentals are volatile right now with libya etc so i will stay cautious...

gl
  • #399,328
  • Mar 2, 2011 1:02pm Mar 2, 2011 1:02pm
Quoting T@rantula
And i need to go now....

Closed + 9

For others who are keeping the trade. 3895 should be s/l

Levels to watch 3860, 3835
Well...thats what happens when u sell resistance.
  • #399,329
  • Mar 2, 2011 1:04pm Mar 2, 2011 1:04pm
adding lots in my trade in my direction. i see some very strong holds coming up soon.
  • #399,330
  • Mar 2, 2011 1:05pm Mar 2, 2011 1:05pm
Quote
Have you gone through demos at all?
I'm sure its not the strategy, its prolly mm.

Yes I did demo for about 6 months and based on the same strategy converted 500 silly bucks into more than 20000. But demo is ofcourse non-emotional and in such a drawdown it would not have given me that "feel". At that time I was using only 1h and 4h time frame. Currently I am on daily and weekly time frame with my live account with least to 4h. I completely consider myself in school and I think it is time to pay tuition right now. Its okay, I have learned well.
  • #399,331
  • Mar 2, 2011 1:07pm Mar 2, 2011 1:07pm
hey sis .. been doing some mapa... the 3928.8 one looks like a tough area to crack. and 3939.5... i know most are looking at 3978 ish tl.. but is may be sooner. 3978 or 4005.7 may never get touched. at the least we should have a decent bounce before at the lower #s. i guess we will cross that bridge when we get to the other side.
those who can, do. those who cant, talk about those who can
  • #399,332
  • Mar 2, 2011 1:14pm Mar 2, 2011 1:14pm
Quoting jillsaab
Yes I did demo for about 6 months and based on the same strategy converted 500 silly bucks into more than 20000. But demo is ofcourse non-emotional and in such a drawdown it would not have given me that "feel". At that time I was using only 1h and 4h time frame. Currently I am on daily and weekly time frame with my live account with least to 4h. I completely consider myself in school and I think it is time to pay tuition right now. Its okay, I have learned well.
Major factor that you were missing trading on demo imo was that there were no sl and tp in place. You may want to do that again on demo with sl and tp, and see how that works out. My 2c.
  • #399,333
  • Mar 2, 2011 1:16pm Mar 2, 2011 1:16pm
Quoting gatorinla
hey sis .. been doing some mapa... the 3928.8 one looks like a tough area to crack. and 3939.5... i know most are looking at 3978 ish tl.. but is may be sooner. 3978 or 4005.7 may never get touched. at the least we should have a decent bounce before at the lower #s. i guess we will cross that bridge when we get to the other side.
we should have a decent 2-4 little bounces before if it ever does touches those points.
  • #399,334
  • Mar 2, 2011 1:19pm Mar 2, 2011 1:19pm
we've also already experienced 1 bounce off a candlestick on the daily. i am hoping we close above 76% for midday and 100% for the daily...
  • #399,335
  • Mar 2, 2011 1:19pm Mar 2, 2011 1:19pm
Quoting gatorinla
hey sis .. been doing some mapa... the 3928.8 one looks like a tough area to crack. and 3939.5... i know most are looking at 3978 ish tl.. but is may be sooner. 3978 or 4005.7 may never get touched. at the least we should have a decent bounce before at the lower #s. i guess we will cross that bridge when we get to the other side.
Agree with your mapa Gator.

I would only add, and as you know, that these are big timeframe levels (up to monthly) so sure 1.392x is a key level but intraday with ECB/NFP combo it can overshoot 80 ticks above and still close below that level on the daily and in a few week it will look like a tiny tail in our charts so in simple words, in my case I would only trade them with the appropriate perspective.

sisse
Pending conversations? PM for a chat...I am mainly in OTM now
  • #399,336
  • Mar 2, 2011 1:21pm Mar 2, 2011 1:21pm
Quoting T@rantula
Well...thats what happens when u sell resistance.
Still holding my short... thoughts on next level of support?

Targeting 3836 as exit.
  • #399,337
  • Mar 2, 2011 1:24pm Mar 2, 2011 1:24pm
Quoting Marioa01
Still holding my short... thoughts on next level of support?

Targeting 3836 as exit.
Go with my signal...I closed it prematurely as I needed to go out....watch 3835 next
  • #399,338
  • Mar 2, 2011 1:24pm Mar 2, 2011 1:24pm
Quoting pkimnyc
Major factor that you were missing trading on demo imo was that there were no sl and tp in place. You may want to do that again on demo with sl and tp, and see how that works out. My 2c.
Jillsaab, you need to set stop loss and take profit levels and abide by them. Money management is key ! Your system is probably very profitable and was so on a demo trading account when there wasn't any emotion and you clearly saw your losers and closed them. With real money you have that urge to let the losing trades run with hopes that they will turn around—don't do this, ever! Set SL and TP levels at the beginning of the trade and no matter what do not change them.

I like the time frames you say you're trading on, although most of my work is actually done in the 1h frames, but at least you haven't fooled around with the 1M 5M charts yet.

You're not a losing trader yet, you're making the same mistake over 90% of the new players in this game make.
  • #399,339
  • Mar 2, 2011 1:27pm Mar 2, 2011 1:27pm
Quoting gatorinla
3662.4 is st bearish #1 target
#2 3845.5 m 3868.2
#3 3834.8 m 3862.3
#4 3808.1 m 3849
all bs until we get there
time will reveal...
no bears w/o 3862
if #3 is reached (plus a few) we may have a nice drop.
just speculation
moving sl just above 62.4 now
those who can, do. those who cant, talk about those who can
  • #399,340
  • Mar 2, 2011 1:27pm Mar 2, 2011 1:27pm
Quoting infinitus
Hi Jezek, hi Mr. Hatch,

per Friday there were around 7% USD bulls left
haha, thank you
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