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  • #381
  • Jul 2, 2011 2:04am Jul 2, 2011 2:04am
Some stats from 14th June (date I started a journal on the PF) up to yesterday on my main account:

24 trades
15 winners, 4 BE
5 losers

Biggest winner 10.62% (10.62R)
Biggest loser -1.62% (1R)

Risk per trade ranged from 0.5% to 5% with the average being around 1.5%.

Total Return +35.3%
  • #382
  • Jul 2, 2011 2:16am Jul 2, 2011 2:16am
Quoting atomtrader
I Started Trading in 2009 and i traded for months. I stop trading because i have to return to school. Sir, Now I want to resume my trading. I will be glad if you can provide me with tutorials on trading methods. Also I will love if you can be trading mentor. I am always on skype, oovoo and fb. My username is adesloop. thanks
I don't have any room left for private mentoring at the moment, but post some stuff on here and I'll help where/when I can.
  • #383
  • Jul 2, 2011 11:22am Jul 2, 2011 11:22am
Quoting unlv_tj
Today we had a nice little pop in the risk appetite today, but I didn't see it coming or know how to play it.

Did anyone get in on this today? I believe the news about Greece being bailed out helped push the risk appetite long, though I am not certain either.
Wow what happened to the thread. lol
I played that one, was long eu from 144 but closed it to early at 300.

Quoting unlv_tj
Thank you Mark. I completely forgot about looking at a USDX chart.

I just watched the EURUSD explode up, and I was thinking "how is this happening, what did I miss". I knew the Greek vote was for a day, and I saw nothing to tip this off. Now I see what I could have looked for.

I really want to get a feel for the EURUSD. I believe I could get this one pair down good enough to make money on it most days (other than days that just chop). Then the other pairs I just look for more obvious set-ups like you post here.

Lots of things...
As you said you want to develop a feel for the EURUSD. Apart from the technical signals i would like to you a perspective on things outside charts.

Whenever there is big event or say announcement is about to come out the market starts to have expectations about it. Sometimes expectations are't clear but sometimes they are, like the Greek situation, every one expected that the votes will get pass cause otherwise things would have been disastrous.

So,...When market makes a strong expectation about an event. Traders start tryin to take advantage by "GETTING IN FIRST". Next thing you know is a rally like we saw in EU.

Then comes the big day. If the expectations are met than it is no surprise. The traders who got in first as mentioned above will start to get out first as there expectations are met and it's a got opportunity to take profit by liquidating into herd's
  • #384
  • Jul 2, 2011 3:31pm Jul 2, 2011 3:31pm
Quoting nasir.khan
Wow what happened to the thread. lol
I played that one, was long eu from 144 but closed it to early at 300.



As you said you want to develop a feel for the EURUSD. Apart from the technical signals i would like to you a perspective on things outside charts.

Whenever there is big event or say announcement is about to come out the market starts to have expectations about it. Sometimes expectations are't clear but sometimes they are, like the Greek situation, every one expected that the votes will get pass cause otherwise things would have been...
Yes, that makes sense. And when the Greece vote was being counted and one of the top staff members voted against it, the EURUSD quickly fell like 50 pips crashing many out I am sure. So you have to get in early and protect yourself on big news like that, for sure.

I believe I can get a good feel for the EURUSD if I focus on it, and make money on it at least a few times a week. Where as the other majors I look for great S/R areas and try to play them as Mark does here.

I can say this much, this thread more so than any other thread I have read here, has helped to really make my trading progress.
  • #385
  • Jul 4, 2011 12:50am Jul 4, 2011 12:50am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
any trade yet, everyone?

I am a bit lucky, I think, see my chart

have a little trouble determining FTA, and what might be the first profit target, if I may?


krue
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy.gif Size: 21 KB
  • #386
  • Jul 4, 2011 8:27am Jul 4, 2011 8:27am
Quoting krue
any trade yet, everyone?

I am a bit lucky, I think, see my chart

have a little trouble determining FTA, and what might be the first profit target, if I may?


krue
It's a public holiday in US so not many people will be trading today.

i think 117.20 is a reasonable FTA and than 116.85/65.
.
  • #387
  • Jul 4, 2011 7:43pm Jul 4, 2011 7:43pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
your thinking seems correct, I was too greedy, didn't close part of my position, it was a 3.5R trade; now it retraces back close to my entry point, I was expecting a large move down, geeeeee

Quoting nasir.khan
It's a public holiday in US so not many people will be trading today.

i think 117.20 is a reasonable FTA and than 116.85/65.
.
  • #388
  • Jul 5, 2011 9:23am Jul 5, 2011 9:23am
Quoting krue
your thinking seems correct, I was too greedy, didn't close part of my position, it was a 3.5R trade; now it retraces back close to my entry point, I was expecting a large move down, geeeeee
Why were you expecting a large move down...especially on what was highly likely to be a low momentum day due to a) it's a Monday and b) it was a bank holiday in the US?

When you enter a trade do you identify problem areas and how you will respond if price reaches there in relation to your trade? If not I recommend you plan your trade management in advance, it would stop you getting frustrated by situations like your last trade.
  • #389
  • Jul 5, 2011 9:33am Jul 5, 2011 9:33am
Proper planning is key to successful trading...this chart was posted on the forum this morning.

I had the whole trade planned out hours before price hit there i.e. my entry, SL, order size and trade management plan was all pre-determined far in advance. My order was duly hit and I just implemented my trade management plan...it cannot get simpler than this!

Then a 4HR pin formed with a close below the RN, again something that once I was in the first trade I was pre-empting and pre-planning. So now I'm in 2 trades and am just waiting for either my SL to get hit or my next target so I can implement my revised trade management plan...

Trading should be and is very dull.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: chfjpy3.gif Size: 19 KB
  • #390
  • Jul 5, 2011 9:43am Jul 5, 2011 9:43am
Mark, that is awesome. CHFJPY is a pair I don't look at enough.

Thank you for all you do here, you have reallly given me hope at life again.
  • #391
  • Jul 5, 2011 10:08am Jul 5, 2011 10:08am
Quoting lovejoy80
Proper planning is key to successful trading...this chart was posted on the forum this morning.

I had the whole trade planned out hours before price hit there i.e. my entry, SL, order size and trade management plan was all pre-determined far in advance. My order was duly hit and I just implemented my trade management plan...it cannot get simpler than this!

Then a 4HR pin formed with a close below the RN, again something that once I was in the first trade I was pre-empting and pre-planning. So now I'm in 2 trades and am just waiting for either...
Hi Lovejoy,

I took the same trade at 96.25 with 40 pip SL. I will ask from curiosity ...how far was your sl on this one?

I always have a problem deciding how to put it. Hence it was 50% fib confluence it could be a lot tighter but from daily perspective 40 pips stop seem to be more secure.
  • #392
  • Jul 5, 2011 11:28am Jul 5, 2011 11:28am
Quoting Greenhaze
Hi Lovejoy,

I took the same trade at 96.25 with 40 pip SL. I will ask from curiosity ...how far was your sl on this one?

I always have a problem deciding how to put it. Hence it was 50% fib confluence it could be a lot tighter but from daily perspective 40 pips stop seem to be more secure.
I placed my SL above the 4HR wick high on the 3rd June (fxpro feed) and this is commonly what I do with TT's. Thus my entry was at 96.22 with a SL @ 96.51.

I actually attached the wrong chart as I was missing the FTA for the 4HR pin. I was watching it closely when it hit this area and I was looking for it to push through this relatively minor area quickly and with momentum (something that has been lacking all day)...it hung around for too long for my liking and thus as per my plan I cut the trades and took full here. I was hoping it would shoot down to the confluenced area below as that would have been a nice area to take profit but can only take what's on offer.
Attached Image (click to enlarge)
Click to Enlarge Name: chfjpy.gif Size: 19 KB
  • #393
  • Jul 5, 2011 11:30am Jul 5, 2011 11:30am
Quoting unlv_tj
Mark, that is awesome. CHFJPY is a pair I don't look at enough.

Thank you for all you do here, you have reallly given me hope at life again.
It's certainly not a pair I follow a lot, but I scanned my charts this mornng and it just stood out as a good opportunity. I always re-scan all my charts every morning and note down any setups that I might want to take and pre-plan them in advance and set price alerts to warn me when price is getting near.
  • #394
  • Jul 5, 2011 12:42pm Jul 5, 2011 12:42pm
Quoting lovejoy80
I placed my SL above the 4HR wick high on the 3rd June (fxpro feed) and this is commonly what I do with TT's. Thus my entry was at 96.22 with a SL @ 96.51.

I actually attached the wrong chart as I was missing the FTA for the 4HR pin. I was watching it closely when it hit this area and I was looking for it to push through this relatively minor area quickly and with momentum (something that has been lacking all day)...it hung around for too long for my liking and thus as per my plan I cut the trades and took full here. I was hoping it would shoot...
Thank You for your response LJ. Nice play there and it looks like You got your 1R After analysing my past trades i am coming to conclusion that my stops might have been atleast 2 times tighter on most of them. I ignored the minor trouble area on your chart hence i am still in with 2/3 of position with stop above the H4 pb and TP at 95.60.

All the best
GH
  • #395
  • Jul 5, 2011 1:22pm Jul 5, 2011 1:22pm
Quoting Greenhaze
Thank You for your response LJ. Nice play there and it looks like You got your 1R After analysing my past trades i am coming to conclusion that my stops might have been atleast 2 times tighter on most of them. I ignored the minor trouble area on your chart hence i am still in with 2/3 of position with stop above the H4 pb and TP at 95.60.

All the best
GH
That's the best way to find out what SL works best for you, by analysing your own results which is essentially doing your own research / due diligence. For me most of the time I put the SL at where 'on the balance of probability' if price reaches then the reason for my entry has been invalidated.

I prefer my PA trades to have hard momentum and when that's lacking I prefer to get out, especially when I know momentum is generally lacking from the market yesterday and today ahead of the big news events of the week. But that's just my style that suits me, having your own style that suits you is part of becoming a trader
  • #396
  • Jul 5, 2011 2:56pm Jul 5, 2011 2:56pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
good question, LJ, I didn't notice it's a banker holiday in US. I am still in the process of learning identifying areas, which has been my weakness. do you have a basic rule, if based on your style, governing defining FTA, please?

Krue

Quoting lovejoy80
Why were you expecting a large move down...especially on what was highly likely to be a low momentum day due to a) it's a Monday and b) it was a bank holiday in the US?

When you enter a trade do you identify problem areas and how you will respond if price reaches there in relation to your trade? If not I recommend you plan your trade management in advance, it would stop you getting frustrated by situations like your last trade.
  • #397
  • Jul 5, 2011 2:58pm Jul 5, 2011 2:58pm
Quoting Greenhaze
Thank You for your response LJ. Nice play there and it looks like You got your 1R After analysing my past trades i am coming to conclusion that my stops might have been atleast 2 times tighter on most of them. I ignored the minor trouble area on your chart hence i am still in with 2/3 of position with stop above the H4 pb and TP at 95.60.

All the best
GH
You were more than a bit unlucky there!

I got just under 1R...my exit could have been better, was a bit slow to react.
Attached Image (click to enlarge)
Click to Enlarge Name: chfjpy4.gif Size: 15 KB
  • #398
  • Jul 5, 2011 3:12pm Jul 5, 2011 3:12pm
Quoting krue
good question, LJ, I didn't notice it's a banker holiday in US. I am still in the process of learning identifying areas, which has been my weakness. do you have a basic rule, if based on your style, governing defining FTA, please?

Krue
I always, at the beginning of each day look at the FF calender to see if there are any news events or bank holidays that are likely to affect the trading day as a whole or certain events (like NFP or ECB interest rate announcement) where I dont want to be opening new trades and will want to take appropriate action with any existing trades etc.

I'm not going to tell you what I do straight-off, I'd rather you tell me what your current process is when you plan a trade or are in a trade...and how you identify problems areas and FTA's for your trades. Using some previous trades as examples would be useful. I'd rather see your current methods/thought process before providing some pointers.
  • #399
  • Jul 5, 2011 3:13pm Jul 5, 2011 3:13pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
LJ, the ppz at fib 50 seems not a strong level, the large bullish bar is another concern to me, and comparing to other jpy pair, chfjpy seems the most bullish one, which might not back up strongly a short trade?? this is how I interpret the price action message, not sure if these factors make any sense , just trying to understand how you evaluate the ppz quality, and does a large bullish bar as such lead you think twice before fading it ? I am responding in hindsight though, I had these questions in mind just wanting to appreciate your thinking process.

the way you placing SL requires skill, I think, fantastic spot

Quoting lovejoy80
I placed my SL above the 4HR wick high on the 3rd June (fxpro feed) and this is commonly what I do with TT's. Thus my entry was at 96.22 with a SL @ 96.51.

I actually attached the wrong chart as I was missing the FTA for the 4HR pin. I was watching it closely when it hit this area and I was looking for it to push through this relatively minor area quickly and with momentum (something that has been lacking all day)...it hung around for too long for my liking and thus as per my plan I cut the trades and took full here. I was hoping it would shoot...
  • #400
  • Jul 5, 2011 3:17pm Jul 5, 2011 3:17pm
Quoting lovejoy80
You were more than a bit unlucky there!

I got just under 1R...my exit could have been better, was a bit slow to react.
I am glad it happened now and not when my stop wasnt at BE. Damn you moody!
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