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  • #301
  • Jun 18, 2011 11:32am Jun 18, 2011 11:32am
Quoting lovejoy80
and my much smaller very aggressive account didn't do too badly either this week (I use 1 lot for every $10k - so it's super aggressive and a test off the mind more than anything)
Nice LJ, well done.
Had a tough week myself, with 1 loser, and 5 B/Es. Out of curiosity, how many of your trades go past the first FTA and to your targets?
  • #302
  • Jun 18, 2011 11:49am Jun 18, 2011 11:49am
Quoting Jlr
Nice LJ, well done.
Had a tough week myself, with 1 loser, and 5 B/Es. Out of curiosity, how many of your trades go past the first FTA and to your targets?
Thanks.

I haven't kept a log or journal of my trades for a while now (I've just started doing this again though) so I can only go from what I think it is...I reckon that on average there is at least 2 trades per week where price runs beyond the FTA for a potential nice winner.

My generic trade management style is to take 50% profit at FTA and move to BE on the remaining to try and bank some regular profit whilst giving price a chance to go on and run away for a nice winner. This also has the advantage of beng very simlistic and something I can easily repeat time after time i.e. negates the need for on the spot decision making and ensure I don't let any emotions interact with my decision making as everything is pre-worked out in a calm environment using only charts as my reasoning etc.

Last week on my main account I had 11 trades, 7 winners, 2BE and 2 losers. The two big runners were of course the Oil and NU trade which contributed 64% of my overall weekly gain.
  • #303
  • Jun 18, 2011 12:55pm Jun 18, 2011 12:55pm
Quoting lovejoy80
Thanks.

I haven't kept a log or journal of my trades for a while now (I've just started doing this again though) so I can only go from what I think it is...I reckon that on average there is at least 2 trades per week where price runs beyond the FTA for a potential nice winner.

My generic trade management style is to take 50% profit at FTA and move to BE on the remaining to try and bank some regular profit whilst giving price a chance to go on and run away for a nice winner. This also has the advantage of beng very simlistic and something I...
Ok, thank you.
I think I will start doing that too. Hate having weeks like this where I leave so much on the table (especially when I'm in the negative for the week).
When you say you had 11 trades, 7 wins, 2 be's, for those breakevens did you not book any at the first FTA? You felt they were such quality setups, that it wasn't worth it to do so? Or did they just move away from entry point so fast, that you felt there was a higher probability they wouldn't get caught up in the FTA area? How did you factor what decision to make at the FTA?
Hope that makes sense and thanks again.
  • #304
  • Jun 18, 2011 6:09pm Jun 18, 2011 6:09pm
Quoting Jlr
Ok, thank you.
I think I will start doing that too. Hate having weeks like this where I leave so much on the table (especially when I'm in the negative for the week).
When you say you had 11 trades, 7 wins, 2 be's, for those breakevens did you not book any at the first FTA? You felt they were such quality setups, that it wasn't worth it to do so? Or did they just move away from entry point so fast, that you felt there was a higher probability they wouldn't get caught up in the FTA area? How did you factor what decision to make at the FTA?
Hope...
That's why I generally use this method it ensures you still get regular profit i.e. regular reward for picking good setups and avoids the frustration that can occur if you were to get a lot of BE's in a row just because price didn't go beyond an FTA.

The BE's were actually PA trades that just lacked momentum. The other TT's I took this week were:

1. Gold, moved to BE @ FTA marked and full profit at the PPZ marked.
2. EU - took 75% profit at the FTA and the rest off after the 1HR pin formed.
3. UC - I took 100% profit at former bar lows - its a choppy pair and I was in the NU long which looked much better to me and so didn't expect a runner out of UC.
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  • #305
  • Jun 19, 2011 5:20pm Jun 19, 2011 5:20pm
Quoting lovejoy80
That's why I generally use this method it ensures you still get regular profit i.e. regular reward for picking good setups and avoids the frustration that can occur if you were to get a lot of BE's in a row just because price didn't go beyond an FTA.

The BE's were actually PA trades that just lacked momentum. The other TT's I took this week were:

1. Gold, moved to BE @ FTA marked and full profit at the PPZ marked.
2. EU - took 75% profit at the FTA and the rest off after the 1HR pin formed.
3. UC - I took 100% profit at former bar lows -...
Thanks, as always
And nice week there, though I'm sure its fairly standard for ya.
  • #306
  • Jun 20, 2011 9:00pm Jun 20, 2011 9:00pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
shall I close my long position at 1.36, and reverse with a TT short trade?

reason : BRN + 50 ret & ppz

are these reasons enough to pull the trigger? do I have the quality ppz as identified? simply could not believe in my eye for the moment, your comment is appreciated, anyone please?
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  • #307
  • Jun 21, 2011 3:35am Jun 21, 2011 3:35am
Quoting krue
shall I close my long position at 1.36, and reverse with a TT short trade?

reason : BRN + 50 ret & ppz

are these reasons enough to pull the trigger? do I have the quality ppz as identified? simply could not believe in my eye for the moment, your comment is appreciated, anyone please?
I think it's a decent zone to close ur long and i think i would have gone short looking that move up, it signals a good reversal pattern but on the other hand PPZ is a little iffy.

But i think its kind of an area where where different SR traders could have different views, so its your own choice.
.
  • #308
  • Jun 21, 2011 3:45am Jun 21, 2011 3:45am
Quoting krue
shall I close my long position at 1.36, and reverse with a TT short trade?

reason : BRN + 50 ret & ppz

are these reasons enough to pull the trigger? do I have the quality ppz as identified? simply could not believe in my eye for the moment, your comment is appreciated, anyone please?
Nasir is right in that it's down to personal choice. You have to have a trade management plan that suits your own personality and if that setup is a setup whereby by your own rules you would go short then it would make sense to take profit and reverse for a short...if it's not an area where you would go short then maybe it's an area to either take some profit or move your SL up.

Personally for me I would not be taking the short here if I had the long position you had, I would likely be taking some profit or moving my SL up to just below 1.3500 based on my chart below.
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  • #309
  • Jun 21, 2011 3:48am Jun 21, 2011 3:48am
This is a near perfect setup...this was on the forum watchlist for a fair while but it was hit Friday evening when I was not around (the market can be pretty sneaky at times lol!), no surprise where price went to and not surprise that there was a reaction there.
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  • #310
  • Jun 21, 2011 3:54am Jun 21, 2011 3:54am
How is this for correlated confluence...no brainer really.

Before:
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  • #311
  • Jun 21, 2011 3:56am Jun 21, 2011 3:56am
Quoting lovejoy80
How is this for correlated confluence...no brainer really.

Before:
After...
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  • #312
  • Jun 21, 2011 11:01am Jun 21, 2011 11:01am
A busy area looking far back, Ucad is also hitting a PPZ,.. lets see.
.
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  • #313
  • Jun 21, 2011 7:44pm Jun 21, 2011 7:44pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Thanks, LJ & Nasir

I am glad that I've spotted something which is of your interest either. I don't look at charts & FF overnight( Beijing,Singapore time zone), so, the first thing my morning time after getting into office is to check out FF postings and charts, a bit sorry for late response.

I hold the position overnight, coz the 6th bullish bar from right was strong. now, I've got a potential BEOB, plus weekly view which is pretty bearish, these will lead to a short position. I don't have any information from daily chart. That's my personal understanding, and would like to take a brave step, but, minor position size to test the water, after it finalise the H4 BEOB formation, I think.

Krue
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  • #314
  • Jun 21, 2011 8:01pm Jun 21, 2011 8:01pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
cute

Quoting lovejoy80
After...
  • #315
  • Jun 21, 2011 8:56pm Jun 21, 2011 8:56pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
after thinking twice, feel a bit hesitate to execute the short trade plan, given the FTA H4 is so close to the beob close, the beob might fail me. this seems a difficult situation to evaluate the weight of probability by each direction. do you have any reading to clarify the situation, if possible please?



Krue



Quoting krue
Thanks, LJ & Nasir

I am glad that I've spotted something which is of your interest either. I don't look at charts & FF overnight( Beijing,Singapore time zone), so, the first thing my morning time after getting into office is to check out FF postings and charts, a bit sorry for late response.

I hold the position overnight, coz the 6th bullish bar from right was strong. now, I've got a potential BEOB, plus weekly view which is pretty bearish, these will lead to a short position. I don't have any information from daily chart. That's my personal...
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  • #316
  • Jun 22, 2011 1:30am Jun 22, 2011 1:30am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Regarding to your statistic, if you don't mind, does your 11 winners include probably half of each of the two trades whoes remaining position ended up as 2 BEs? according to your generic trade management style, you usually take half profit and the rest on table upon FTA. I am just curious to understand how many setups you did on that week. thank you.

Krue

Quoting lovejoy80
Thanks.

I haven't kept a log or journal of my trades for a while now (I've just started doing this again though) so I can only go from what I think it is...I reckon that on average there is at least 2 trades per week where price runs beyond the FTA for a potential nice winner.

My generic trade management style is to take 50% profit at FTA and move to BE on the remaining to try and bank some regular profit whilst giving price a chance to go on and run away for a nice winner. This also has the advantage of beng very simlistic and something I can...
  • #317
  • Jun 22, 2011 2:38am Jun 22, 2011 2:38am
Quoting krue
Regarding to your statistic, if you don't mind, does your 11 winners include probably half of each of the two trades whoes remaining position ended up as 2 BEs? according to your generic trade management style, you usually take half profit and the rest on table upon FTA. I am just curious to understand how many setups you did on that week. thank you.

Krue
The 11 trades were 11 trade setups so regardless of whether I take different exit prices for different portions of the position it's still just one trade.
  • #318
  • Jun 22, 2011 2:58am Jun 22, 2011 2:58am
Quoting krue
after thinking twice, feel a bit hesitate to execute the short trade plan, given the FTA H4 is so close to the beob close, the beob might fail me. this seems a difficult situation to evaluate the weight of probability by each direction. do you have any reading to clarify the situation, if possible please?



Krue
The fact that the FTA is so close is a reason for me to not want to take this trade (plus the fact I don't trade during Asia session). If I did for some reason take it I would be looking for a fasr high momentum break through that support area and if it didn't I'd cut it. But as a standard PA setup the close should be below the PPZ you highlighted as the FTA for me to want to consider taking it.
  • #319
  • Jun 22, 2011 4:02am Jun 22, 2011 4:02am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Thanks for the clarification, it is indeed very impressive performance

Regarding the beob setup, I totally agree with your assessment, the short position will be openned only if it closes below the ppz, that's critical in pulling the triger.


Quoting lovejoy80
The 11 trades were 11 trade setups so regardless of whether I take different exit prices for different portions of the position it's still just one trade.
  • #320
  • Jun 22, 2011 9:19am Jun 22, 2011 9:19am
Quoting krue
Thanks for the clarification, it is indeed very impressive performance

Regarding the beob setup, I totally agree with your assessment, the short position will be openned only if it closes below the ppz, that's critical in pulling the triger.
Thanks..this week has been somewhat slower, wasn't around Monday so missed the no brainer EU long and took my first trade of the week today...another easy setup, this time a continuation PA setup with close below the range low and RN.

There was also a good chance this would work out from a fundamental perspective...the same can be said on all GBP setups that occurred at the same time...if you compare the PA bar that formed yesterday as a reaction to the economic data and compare the economic news that was out today with basic understanding of economics you should be able to tell why fundamentally it was odds on GBP would show further downside momentum with the setups today compared to yesterday...thus fundamentals and technicals aligned...powerfull confluence indeed.

You'd also be pretty daft to be going against CHF strength at the moment given the fundamentals, the strong technical trend and the continued uncertainty that still exists within the global economy....however judging by what I see on Oanda's order book most trader's disagree...now I wonder why most traders lose money
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