DislikedOne quick trade.
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Normally after three consecutive up moves and a full pull back I'd be looking for a long here. However the 4275 level and served as resistance about 3.5 hours earlier and with the price bouncing off that level it was enough to put me in a bearish frame of mind. The price penetrating the next level down and then pulling well back gave the opportunity for a short. Despite a close call with the SL it eventually made TP.
What I learnt:[list=1][*]Don't lose sight of the bigger picture whlie...Ignored
Make Money Everyday - A Guide to Short-Term Trading
- #543
- May 27, 2011 11:46am May 27, 2011 11:46am
Don't recall if anyone has been successful with the pound - gave it a try today and guess what? it works...
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- #544
- May 30, 2011 11:04pm May 30, 2011 11:04pm
So glad to get back to trading. Having a holiday is nice, it would be better if there was trading 
. Hope everyone has had a solid May, it's been SUPER busy for me as all 3 of my boys have birthdays in May. Summer time or not - let's make June our best month so far this year!
I've included a chart, PA has moved nice so far (if you were long...). Let's see what the rest of the day and the week hold for us.
Mongolian
. Hope everyone has had a solid May, it's been SUPER busy for me as all 3 of my boys have birthdays in May. Summer time or not - let's make June our best month so far this year!I've included a chart, PA has moved nice so far (if you were long...). Let's see what the rest of the day and the week hold for us.
Mongolian
- #546
- Edited 5:04am May 31, 2011 4:51am | Edited 5:04am
So glad to get back to trading. Having a holiday is nice, it would be better if there was trading
I've included a chart, PA has moved nice so far (if you were long...). Let's see what the rest of the day and the week hold for us.
Mongolian
I must admit that the more I consider your strategy the more I see the attraction of getting in and out before the wolves have had a chance to huff-anf-puff and blow the house down
(Especially when a 2% risk can lead to 80% growth per month.)I have a question or two if I may. I think you said earlier that you trade either the EURJPY or the EURUSD, and once you have made a choice for the day you stick to it. What factors determine the choice of currency for the day? And do you ever switch currencies during the day?
Also, you mention that you are side-lined for certain news announcements e.g. FOMC: are you ONLY side-lined for red news (usually high impact as defined by the FF calender), or do you have some other criteria for stepping aside?
And is this all red news (if that is the criteria) or news that you only think will impact either JPY or USD or EUR. (Apologies if you have answered these questions already!)
With thanks,
Hi Mongolian,
I must admit that the more I consider your strategy the more I see the attraction of getting in and out before the wolves have had a chance to huff-anf-puff and blow the house down
I have a question or two if I may. I think you said earlier that you trade either the EURJPY or the EURUSD, and once you have made a choice for the day you stick to it. What factors determine the choice of currency for the day? And do you ever switch currencies during the day?
Also,...
I am not completely opposed to trading red FF news items. They don't all behave like FOMC news pieces do. What I am not equipped to handle emotionally is the giant price swings right before the news comes out. With this style of trading - it just happens too fast and it always costs me money. The Non-Farm Payroll sometimes is pretty volatile right before, but outside of that, I think the others can be traded if I'm 'nimble'!
Thanks for the questions!
Mongolian
- #548
- May 31, 2011 8:56am May 31, 2011 8:56am
what i expect - using quarter levels...
keep in mind - we have a big news event in 5 minutes so this quick analysis can be obliterated pretty quick - in that case I will re-analise at 9:15
keep in mind - we have a big news event in 5 minutes so this quick analysis can be obliterated pretty quick - in that case I will re-analise at 9:15
- #551
- Edited 5:29am Jun 1, 2011 4:53am | Edited 5:29am
Hey guys,
Not trading tonight but had a chance to watch the charts so I thought I would post a few and ask some questions.
Green arrow is where I marked a trade I would have taken. Perhaps would have exited early with all that chopping about, or not.
My question is.. looking at this chart I am still thinking UP, even after the few recent legs down. Hasn't broken below 1.4400 so I'm looking at those few legs down as a retracement. 15m is strong UP and I figured the figure, ha
, is a pretty safe place to buy on a bounce given the trend.
Looks like there may have be another trade on the pullback at 1.4412, see if it gets there.
Is this how others are seeing this? Am I seeing it correctly? ..
..Woops there goes the figure, so really the green arrow move up was a retracement of the current down move. I think I went too wide when looking tonight, considering we are looking at super short term?
Cheers,
Nic
Not trading tonight but had a chance to watch the charts so I thought I would post a few and ask some questions.
Green arrow is where I marked a trade I would have taken. Perhaps would have exited early with all that chopping about, or not.
My question is.. looking at this chart I am still thinking UP, even after the few recent legs down. Hasn't broken below 1.4400 so I'm looking at those few legs down as a retracement. 15m is strong UP and I figured the figure, ha
, is a pretty safe place to buy on a bounce given the trend.Looks like there may have be another trade on the pullback at 1.4412, see if it gets there.
Is this how others are seeing this? Am I seeing it correctly? ..
..Woops there goes the figure, so really the green arrow move up was a retracement of the current down move. I think I went too wide when looking tonight, considering we are looking at super short term?
Cheers,
Nic
Hey guys,
Not trading tonight but had a chance to watch the charts so I thought I would post a few and ask some questions.
Green arrow is where I marked a trade I would have taken. Perhaps would have exited early with all that chopping about, or not.
My question is.. looking at this chart I am still thinking UP, even after the few recent legs down. Hasn't broken below 1.4400 so I'm looking at those few legs down as a retracement. 15m is strong UP and I figured the figure, ha
Looks...
NOW one thing for everyone to see - PA was strong, now it is in a little range - between 14400 and 14425. How many times has it basically bounced between those numbers? It hasn't been super-clean, but it fails to reach 14450 on the high end and it fails to go to 14375...
- #555
- Edited 5:30am Jun 2, 2011 3:17am | Edited 5:30am
I think that's a good place to be in at. Of course PA dipped down on you after that, but w/o knowing that - you are correct, PA was strong long for the most part - buying on the dips.
NOW one thing for everyone to see - PA was strong, now it is in a little range - between 14400 and 14425. How many times has it basically bounced between those numbers? It hasn't been super-clean, but it fails to reach 14450 on the high end and it fails to go to 14375...
I'm wondering if you would mind posting a chart of trades you have taken lately during London or NY, from mid this week if possible
I find they help a lot as I can see if my thinking was in line with yours.Cheers!
Nic
-Edit - Price was trending so nicely tonight, I was at the charts but missed most of the moves due to distractions and being a bit of a space cadet
Will post chart later on., hope you guys took advantage of what I missed!
- #556
- Jun 2, 2011 6:24am Jun 2, 2011 6:24am
Missed every good opportunity tonight.. and there were many.. I think I should lock my door when trading In saying that it was all my doing, need to reacquaint myself with entries after having a week off.
1) Half hour into London buy filled at 1.4375. Got ancy as price kept bouncing at recent high, I figured it was rejected so swiftly it may come back. But really it had made a new high so I should have left it +8
2) Buy filled at 1.4387. Got out early as news was coming, eventually made PT but wasn't going to risk red news +5
3) Buy filled at 1.4412. Moved stop to BE +1 to cover spread when price went to pivot. Came back and stopped me out, then took off too quickly to enter again without chasing. +0
4) Yellow circle - Was chatting with flat mate and missed this.
5) Buy filled at 1.4450. Moved stop to BE after price went 6+ and got stopped +0
6) Price broke through 1.4475, set order, picked up, then came back to stop me -6
7) Placed another order at 1.4475, price got me in on the way back up, went 2 pips from PT then came back to stop me out -6
All in all what could have been a nicely profitable London Session.. wasn't
Nic
In saying that it was all my doing, need to reacquaint myself with entries after having a week off.1) Half hour into London buy filled at 1.4375. Got ancy as price kept bouncing at recent high, I figured it was rejected so swiftly it may come back. But really it had made a new high so I should have left it +8
2) Buy filled at 1.4387. Got out early as news was coming, eventually made PT but wasn't going to risk red news +5
3) Buy filled at 1.4412. Moved stop to BE +1 to cover spread when price went to pivot. Came back and stopped me out, then took off too quickly to enter again without chasing. +0
4) Yellow circle - Was chatting with flat mate and missed this.
5) Buy filled at 1.4450. Moved stop to BE after price went 6+ and got stopped +0
6) Price broke through 1.4475, set order, picked up, then came back to stop me -6
7) Placed another order at 1.4475, price got me in on the way back up, went 2 pips from PT then came back to stop me out -6
All in all what could have been a nicely profitable London Session.. wasn't
Nic
- #557
- Jun 2, 2011 7:08am Jun 2, 2011 7:08am
Here is my final trade again for the night.. Had 2 wins for the day and one loss so happy days again with +18 pips. Keep a good eye on those 6 pip levels between nhen, i think they provide a good sign of which way the price may move. Well from recently looking at them thats what i found anyways
josh
josh
nollej is power..
