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  • #441
  • Jul 14, 2011 5:39am Jul 14, 2011 5:39am
Quoting nasir.khan
Hey i hope you got GJ touch short.
.
Nasir, the post above your post is a question regarding this trade.

I pulled my order off the table and didn't take the GJ short, because last night the pair shot up to 1.2782 in after hours trading. I was afraid this might eat up all the sell orders at 1.28, so I took my order off.

I was wondering how you might handle something like this. The chart and further discussion is 2 posts up.
  • #442
  • Jul 14, 2011 5:41am Jul 14, 2011 5:41am
Quoting krue
what you guys think of my short trade on EC technically speaking, it is not a major though? would you think this ppz a valid ppz and you would like to expect a bounce off of the retrace on daily? I am losing feel about S/R, not sure what's the problem......

Krue
It's a fine PPZ krue and nice trade.
.
  • #443
  • Jul 14, 2011 5:46am Jul 14, 2011 5:46am
Quoting unlv_tj
I am wondering how you guys play something like my posted chart.

I had a sell order at 128.00 originally set on the GBPJPY. I then saw yesterday in the post NY market time and early JPY market time, the GBPJPY shot up to 127.82 and then shot back down.

In my little understanding of market dynamics, it seems this move might take out a lot of the stop loss orders and sell orders that I would piggy back off of at 128. So I pulled my order last night.

I wake up this morning to see price shot up to 128, and shot back down as I had originally...
I thought you would've been all over.

"A little knowledge is a dangerous thing"

I think you just messed up on this one. Why are you even thinking about stop hunts and stuff? I mean i dint see see you talking about it ever before.

If you are serious about it and actually starting to go into Orderflow trading stuff and thinking about order, stops etc. Than its fine.

But if your are just guessing things without proper study and knowledge of how things work in order flow terms than you will just end up confusing yourself and missing trades like you just did.

Dont wanna sound harsh or discourage you, i hope you understand.
.
  • #444
  • Jul 14, 2011 7:30am Jul 14, 2011 7:30am
Quoting nasir.khan
I thought you would've been all over.

"A little knowledge is a dangerous thing"

I think you just messed up on this one. Why are you even thinking about stop hunts and stuff? I mean i dint see see you talking about it ever before.

If you are serious about it and actually starting to go into Orderflow trading stuff and thinking about order, stops etc. Than its fine.

But if your are just guessing things without proper study and knowledge of how things work in order flow terms than you will just end up confusing yourself and missing...
No, I need the harshness, I must learn this. Otherwise I will end up like I have ended up at 33, miserable in life, working a job I hate and spending my weekends washing dishes and cleaning up vomit at a bar.

I have always thought about order flow. I know order flow is what really moves the market, and what creates a pinbar. I just don't know order flow at a great level of detail, though I have read on it some.

I was not sure if I over thought this trade, or if I was correct in pulling my order.

All in all, the 128 level was so strong, it does appear I over thought the trade and made a mistake. It appears you would have left the sell order in place, as a little move within 20 pips and a move away would not be enough to scare you out.

I just was not sure how to handle this.
  • #445
  • Jul 14, 2011 11:15am Jul 14, 2011 11:15am
Been away on a stag do for a few days and then a few days recovering!

I see the market hasn't changed from its current choppyness, looks pretty touch to trade at the moment based on all the sudden impulsive news events that keep coming out.

This seems to me from a glance to be the setup of the week so far...
Attached Image (click to enlarge)
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  • #446
  • Jul 14, 2011 1:56pm Jul 14, 2011 1:56pm
Mark,

Regarding my GBPJPY trade with the chart above, I just wanted to know what you do in such a situation.

The 128 level looked pretty good for a short opportunity. But during the after NY Hours the pair hit 127.82 and then shot down. This scared me out of the trade, thinking that a lot of the sellers had already gotten in, making the 128 level not so attractive for a pop. So I pulled all orders I have.

Would you do the same, or would a move close to the area you are looking at for a FTB trade not scare you away so easily?

I wasn't sure how to handle this, at least from a simple macro view of order flow (I know each situation is different, but just a common course of action).
  • #447
  • Jul 14, 2011 2:00pm Jul 14, 2011 2:00pm
Quoting unlv_tj
No, I need the harshness, I must learn this. Otherwise I will end up like I have ended up at 33, miserable in life, working a job I hate and spending my weekends washing dishes and cleaning up vomit at a bar.

I have always thought about order flow. I know order flow is what really moves the market, and what creates a pinbar. I just don't know order flow at a great level of detail, though I have read on it some.

I was not sure if I over thought this trade, or if I was correct in pulling my order.

All in all, the 128 level was so strong,...
I was not watching the marts at that time but i heard there were rumors of an intervention by BoJ. So maybe i would have gotten scared looking at way yens well falling. But otherwise in normal situations i would have let the order live, thats just 1% of my account.

What 20 pip move you are referring too?

All i can say is to keep it simple.

Plan the trade and trade the plan. If there is an event that can turn market upside down like an intervention, a natural disastrous or a fundamental risk event like bad NFP than pull off the order, otherwise dont get scared of every quick 10-20 pip move.

After all all you risking is 1% are't you?
.
  • #448
  • Jul 14, 2011 2:44pm Jul 14, 2011 2:44pm
Quoting unlv_tj
Mark,

Regarding my GBPJPY trade with the chart above, I just wanted to know what you do in such a situation.

The 128 level looked pretty good for a short opportunity. But during the after NY Hours the pair hit 127.82 and then shot down. This scared me out of the trade, thinking that a lot of the sellers had already gotten in, making the 128 level not so attractive for a pop. So I pulled all orders I have.

Would you do the same, or would a move close to the area you are looking at for a FTB trade not scare you away so easily?

I wasn't...
My general take on TT's or FTB's is that if price comes close then move awys before coming back I'll remove my order because I want to trade the high probability first rejection of the area...this is my general rule.

In this instance I likely wouldn't have classed this as having come too close. .82 is still 18 pips away from the RN and if the RN was the basis of my entry then I'd be looking for price to get within around 5 pips of the RN at the least before moving away...so in this instance if I were to take it I would still have my order there.

BTW don't get scared there is no room for emotions in this business
  • #449
  • Jul 14, 2011 5:08pm Jul 14, 2011 5:08pm
Quoting nasir.khan
I was not watching the marts at that time but i heard there were rumors of an intervention by BoJ. So maybe i would have gotten scared looking at way yens well falling. But otherwise in normal situations i would have let the order live, thats just 1% of my account.

What 20 pip move you are referring too?

All i can say is to keep it simple.

Plan the trade and trade the plan. If there is an event that can turn market upside down like an intervention, a natural disastrous or a fundamental risk event like bad NFP than pull off the order, otherwise...
Thank you again Nasir, yes, I must have over complicated it. I very much over complicate everything in my life. I am referencing how the pair moved up to 127.82 (18 pips away from my order and then slammed down in the direction I intended) making me think the trade had already played itself out and was done for.

I am risking far less than 1%, I want to learn with real money on the line, but a tiny fraction so even if I mess up, I am not hurt in the long run.

Thank you again, I really do appreciate all the help you and Mark have offered me.
  • #450
  • Jul 14, 2011 5:09pm Jul 14, 2011 5:09pm
Quoting lovejoy80
My general take on TT's or FTB's is that if price comes close then move awys before coming back I'll remove my order because I want to trade the high probability first rejection of the area...this is my general rule.

In this instance I likely wouldn't have classed this as having come too close. .82 is still 18 pips away from the RN and if the RN was the basis of my entry then I'd be looking for price to get within around 5 pips of the RN at the least before moving away...so in this instance if I were to take it I would still have my order there....
All I know is, that if I get this darn trading thing down (and I really think I will, I just have that kind of will) I got to get to England and get you a lot of beers. Your help is amazing.

Thank you.

T.J.
  • #451
  • Jul 14, 2011 7:56pm Jul 14, 2011 7:56pm
Quoting unlv_tj
All I know is, that if I get this darn trading thing down (and I really think I will, I just have that kind of will) I got to get to England and get you a lot of beers. Your help is amazing.

Thank you.

T.J.
Hi guys thanks for open thread Mark.How are Nasir?Good to see more posts from u.
Hey unlv_tj,
I saw a few posts here on FF and I need to say this. From my view u too much complicating things I think u can find nice set up and understand TA which can work for u but problem is midset?(fear ).You working hard save enough money and you don't want to lose any.Maybe I am wrong as many times.
Ok back to my cave I only think u should look on trading from difer.side.
Happy trading to everyone and thank you for all your posts nice to read and learn.

FX
  • #452
  • Jul 14, 2011 9:13pm Jul 14, 2011 9:13pm
Quoting Fxfighter
Hi guys thanks for open thread Mark.How are Nasir?Good to see more posts from u.
Hey unlv_tj,
I saw a few posts here on FF and I need to say this. From my view u too much complicating things I think u can find nice set up and understand TA which can work for u but problem is midset?(fear ).You working hard save enough money and you don't want to lose any.Maybe I am wrong as many times.
Ok back to my cave I only think u should look on trading from difer.side.
Happy trading to everyone and thank you for all your posts nice to read and learn.

FX
Yes, you are right. I am VERY uptight, probably about the most uptight a personality can be. So learning to trade has taught me a lot about myself, how I need to relax, and also I am still learning that it is expected I must lose time to time (unfortunately).
  • #453
  • Jul 15, 2011 4:50am Jul 15, 2011 4:50am
Quoting unlv_tj
Yes, you are right. I am VERY uptight, probably about the most uptight a personality can be. So learning to trade has taught me a lot about myself, how I need to relax, and also I am still learning that it is expected I must lose time to time (unfortunately).
unfortunately maybe in your last word is secret who if you find it or better change it kick you forward.
And another hand Nasir and Mark are not just TA or FA so asked them right questions and I am sure u will be fine.
  • #454
  • Jul 15, 2011 2:58pm Jul 15, 2011 2:58pm
Quoting Fxfighter
Hi guys thanks for open thread Mark.How are Nasir?Good to see more posts from u.
Hey unlv_tj,
I saw a few posts here on FF and I need to say this. From my view u too much complicating things I think u can find nice set up and understand TA which can work for u but problem is midset?(fear ).You working hard save enough money and you don't want to lose any.Maybe I am wrong as many times.
Ok back to my cave I only think u should look on trading from difer.side.
Happy trading to everyone and thank you for all your posts nice to read and learn.

FX...
Hey Fighter im super, long time no see.
.
  • #455
  • Edited 3:17pm Jul 15, 2011 2:58pm | Edited 3:17pm
Quoting unlv_tj
Yes, you are right. I am VERY uptight, probably about the most uptight a personality can be. So learning to trade has taught me a lot about myself, how I need to relax,....
i think that's the best 'side effect' of trading

happy weekend to all!
  • #456
  • Jul 15, 2011 3:02pm Jul 15, 2011 3:02pm
Quoting unlv_tj
Yes, you are right. I am VERY uptight, probably about the most uptight a personality can be. So learning to trade has taught me a lot about myself, how I need to relax, and also I am still learning that it is expected I must lose time to time (unfortunately).
Just dont care about money, wins and looses. Strive to be that trader who executes his planes emotionlessly and flawlessly every day.

Strive for excellence and success will follow.

and relaaaaaaaaaaax dude.
.
  • #457
  • Jul 15, 2011 3:05pm Jul 15, 2011 3:05pm
Quoting supremeChaos
i think that's the best 'side effect' of trading
I agree, I have been working at this for about 4 years now. And whether I am ever able to trade full time or not, it doesn't matter. It has all been worth it just due to how it has helped to shape me as a man.
  • #458
  • Jul 15, 2011 5:54pm Jul 15, 2011 5:54pm
Quoting supremeChaos
i think that's the best 'side effect' of trading

happy weekend to all!
It allows you to discover yourself in a way most people never will. It's only when you discover and understand your own innner workings that you really take that big step forward as a trader IMO.
  • #459
  • Jul 15, 2011 6:08pm Jul 15, 2011 6:08pm
Quoting unlv_tj
Yes, you are right. I am VERY uptight, probably about the most uptight a personality can be. So learning to trade has taught me a lot about myself, how I need to relax, and also I am still learning that it is expected I must lose time to time (unfortunately).
You need to get to the stage where you are no thinking about is as winning and losing but just executing your well researched plan. You need to trade with confidence otherwise your mind will always cause you to question yourself.

Confidence comes from researching and doing your own due diligence and forming a method that you know works and you know will work for you. Once you know that you should have confidence to go out there and execute your trading plan...keep reminding yourself that this is all you are doing, if you find yourself questioning yourself or deliberating over a potential trade then just go back to your plan and that will give you the answer...you can trade with confidence because you know your method will give you a positive expectancy.
  • #460
  • Jul 17, 2011 4:08am Jul 17, 2011 4:08am
Quoting lovejoy80
It allows you to discover yourself in a way most people never will. It's only when you discover and understand your own innner workings that you really take that big step forward as a trader IMO.
Quoting lovejoy80
You need to get to the stage where you are no thinking about is as winning and losing but just executing your well researched plan....


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