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  • #15,481
  • May 5, 2011 2:49am May 5, 2011 2:49am
brilliant call on nzdchf,i wanted to take the trade after i took a short on gbpchf but i couldnt go into the trade cos i had invested a lot part of my account on the gbpchf trade.I think its more adviseable sometimes to split whatever money one wants to invest in a trade between 2 promising trades than investing it on just one pair in the market. i took a short position on gbpjpy just now,its bit late to make entry on usdjpy,so i wait and see what will happen today before NFP news tomorrow.positive pips to you all.
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  • #15,482
  • May 5, 2011 2:59am May 5, 2011 2:59am
Quoting Grimweasel
...- they set a few orders a week and ride the trends to wealth whilst doing other things in the day like rock-climbing, golf, scuba-diving etc..
A few orders a week..this really doesn't sound like "trading less", nor like stress free.

..rock climbing and scuba.., poor us rest 95% who have to work our a$$ off to add more funds to our accounts..

Kidding aside to my eyes trading for a living, actually doing IT and not kidding oneself, is a state that has to be EARNED, through pain work and above all Experience- 1 out of 100 gets there.

I always enjoy reading your posts grimweasel.

GB
  • #15,483
  • May 5, 2011 3:47am May 5, 2011 3:47am
Thanks Strat and Alexandra, the time off has indeed allowed me to focus. I only offer my ramblings to others so that they may jump start their trading career and not have to lose too much capital finding their feet.
Trade less and become more profitable!
  • #15,484
  • May 5, 2011 7:54am May 5, 2011 7:54am
Counter trend sometimes appear to be very productive as long as it executed at S/R.
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  • #15,485
  • May 5, 2011 10:56am May 5, 2011 10:56am
Trade closed for a profit of 1653 pipis.Trade well
  • #15,486
  • May 5, 2011 11:47am May 5, 2011 11:47am
Last position stopped out @ .8665. It has been a good ride.
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  • #15,487
  • May 5, 2011 12:00pm May 5, 2011 12:00pm
Quoting bjpumping
brilliant call on nzdchf,i wanted to take the trade after i took a short on gbpchf but i couldnt go into the trade cos i had invested a lot part of my account on the gbpchf trade.I think its more adviseable sometimes to split whatever money one wants to invest in a trade between 2 promising trades than investing it on just one pair in the market. i took a short position on gbpjpy just now,its bit late to make entry on usdjpy,so i wait and see what will happen today before NFP news tomorrow.positive pips to you all.
Thanks, I have moved my SL to above the hammer look alike to lock in the profit just in case. If today candle remains like this, I will add a short position below it with market money. I know NFP tomorrow that the beauty of market money with price action.
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  • #15,488
  • May 5, 2011 3:44pm May 5, 2011 3:44pm
Quoting Grimweasel
I've read many, probably too many books on trading and the single theme that comes across from the best traders is that you should really always trade with the trend.

It is very very good post and I am impressed with you now. I have read lots of book on trend trading but never read any book on counter trend trading as I think there aren't any good CT books as it is against the human behaviour as well.

One can make profits trading counter trend in short term but in the long run there will be losses more than gains. And that is why I have 98% of trade following trends out of which 80% are successful and just 2% are CT out of which 1% (50%) are successful.
  • #15,489
  • May 5, 2011 5:07pm May 5, 2011 5:07pm
Quoting kratun
Counter trend sometimes appear to be very productive as long as it executed at S/R.
For every chart you can show to prove counter trend trading is a viable method, I can show you over 10 charts where it is not.
15 YEARS OF PASR ON FOREX FACTORY!
  • #15,490
  • May 5, 2011 5:08pm May 5, 2011 5:08pm
Quoting patrick25
Last position stopped out @ .8665. It has been a good ride.
Doing good, Patrick!
15 YEARS OF PASR ON FOREX FACTORY!
  • #15,491
  • May 5, 2011 5:10pm May 5, 2011 5:10pm
Quoting simpleman
It is very very good post and I am impressed with you now. I have read lots of book on trend trading but never read any book on counter trend trading as I think there aren't any good CT books as it is against the human behaviour as well.

One can make profits trading counter trend in short term but in the long run there will be losses more than gains. And that is why I have 98% of trade following trends out of which 80% are successful and just 2% are CT out of which 1% (50%) are successful.
One can make profits trading counter trend in short term but in the long run there will be losses more than gains. And that is why I have 98% of trade following trends out of which 80% are successful and just 2% are CT out of which 1% (50%) are successful.

These are some of the reasons why SimpleMan is a 2 STAR trader on www.stratsforextrading.com
15 YEARS OF PASR ON FOREX FACTORY!
  • #15,492
  • May 5, 2011 5:51pm May 5, 2011 5:51pm
Quoting strat
One can make profits trading counter trend in short term but in the long run there will be losses more than gains. And that is why I have 98% of trade following trends out of which 80% are successful and just 2% are CT out of which 1% (50%) are successful.

These are some of the reasons why SimpleMan is a 2 STAR trader on www.stratsforextrading.com
yes, 2 out of 5, still long way to go, slowly slowly getting there.
  • #15,493
  • May 5, 2011 6:17pm May 5, 2011 6:17pm
Often times i have been looking for some way to perfect how i can take counter trend trades but i haven't come up with something and the most important thing is that i just dont have the guts.That should be a quick scalp on EURGBP,i cant dare such at all.Thumbs up to you,think what matters is making profit but all the same be careful with such trades.
  • #15,494
  • May 6, 2011 2:23am May 6, 2011 2:23am
Quoting bjpumping
Often times i have been looking for some way to perfect how i can take counter trend trades but i haven't come up with something and the most important thing is that i just dont have the guts.That should be a quick scalp on EURGBP,i cant dare such at all.Thumbs up to you,think what matters is making profit but all the same be careful with such trades.
Hi bjpumping I think you don't need to perfect anything.All you need is to identify S/R levels and act accordingly.There is nothing certain in the markets ,its a wild place I'm sure you know this.You say that should be a quick scalp on EUR/GBP.No...the reason I took this trade is because my plan tells me to.When I have a set up I act without hesitation ,because I follow my plan which tells me exactly when to enter/exit certain trade.It's a more of mechanical system which I follow very strictly.I never break the rules.The moment I break the rule , then I don't have a plan.Regards
  • #15,495
  • May 6, 2011 7:38am May 6, 2011 7:38am
Quoting simpleman
yes, 2 out of 5, still long way to go, slowly slowly getting there.
GREAT STUFF SIMPLEMAN! Well done on the stats too - proves you are able to critically analyse your trading records to good effect. Also proves their worth!
Bravo!
Trade less and become more profitable!
  • #15,496
  • May 6, 2011 7:47am May 6, 2011 7:47am
Bravo Simpleman one more star and we'll have a Lieutenant general trader.
  • #15,497
  • May 6, 2011 8:34am May 6, 2011 8:34am
Hi folks,

I got a question about EU, please have look at the following chart.

The big picture (Daily) shows that EU is in a uptrend.

Is this a good time to go long?
It seems that the price action is not very clear.

Attached Image (click to enlarge)
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Try to understand English Try to understand Forex
  • #15,498
  • May 6, 2011 10:16am May 6, 2011 10:16am
Hi Activer the best thing for you to do is to sit and wait for a suitable P/A.The sentiment is rather bearish at least for now.But of course as we have Star traders in here they might as well give their opinions.
  • #15,499
  • May 6, 2011 11:41am May 6, 2011 11:41am
Quoting kratun
Hi Activer the best thing for you to do is to sit and wait for a suitable P/A.The sentiment is rather bearish at least for now.But of course as we have Star traders in here they might as well give their opinions.

I expected the price to come down today to 142.50-143 and for silver 30-31, so far it hasn't. Let's see what happens on Monday.
  • #15,500
  • May 6, 2011 4:07pm May 6, 2011 4:07pm
Another pair which may worth a look in the near future.
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