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Trades based on Market Geometry and Price Action

  • #2,901
  • Jul 29, 2011 7:38am Jul 29, 2011 7:38am
as expected. the market reacted kinda violently again. protected my profits with 20 pips from current price before the news released. and all hit my SL hahas
  • #2,902
  • Jul 29, 2011 7:39am Jul 29, 2011 7:39am
i closed all trades
  • #2,903
  • Jul 29, 2011 7:39am Jul 29, 2011 7:39am
I am up cable so far + 54 pips
  • #2,904
  • Jul 29, 2011 7:41am Jul 29, 2011 7:41am
bad trades management...i prefer to cut losses
  • #2,905
  • Jul 29, 2011 7:42am Jul 29, 2011 7:42am
very nice tatbat. u got that one hahas. closed my eurcad and entered a long position due to good news released. and i am up by 40 pips now lols !

DK, i am thinking that the eur trades will still head down as this is just a news triggering the unreal direction. so in maybe another hour time, the bars will eventually go back down.
  • #2,906
  • Jul 29, 2011 7:44am Jul 29, 2011 7:44am
Quoting Tatbat
I am up cable so far + 54 pips
all trades on cable closed now
  • #2,907
  • Jul 29, 2011 7:44am Jul 29, 2011 7:44am
Quoting dailyking
bad trades management...i prefer to cut losses

dk who r u referring to?
  • #2,908
  • Jul 29, 2011 7:46am Jul 29, 2011 7:46am
you can keep any trade you want...nut not the eur/cad. because it will reverse. it touched a critical level
  • #2,909
  • Jul 29, 2011 7:48am Jul 29, 2011 7:48am
oh. i am up by about 100 pips each for eurusd and eurjpy. so i protected them against this news released in case it turned my way which it did. so in fact, i gained 80 pips instead of 100 to risk for a super red bar if the news turned out to be what i wanted. but since it hit my sl, i am now holding on to 80 pips. i am aiming the bar for eurusd to be totally red and that would be the additional pips i wouldve gained by risking just 20 pips. i bought eurcad just for the news release purpose. i have thus taken profit for 59 pips. this is all part of my FA trading technique.
  • #2,910
  • Jul 29, 2011 7:49am Jul 29, 2011 7:49am
Quoting Tatbat
all trades on cable closed now

DK, again I made mistake and closed the trade that could potentially give me more then some 50-60 pips more..... how am I to handle this stupid thing of mine that doing again and again , please?
  • #2,911
  • Jul 29, 2011 7:51am Jul 29, 2011 7:51am
Quoting Tatbat
DK, again I made mistake and closed the trade that could potentially give me more then some 50-60 pips more..... how am I to handle this stupid thing of mine that doing again and again , please?

always be contented with ur gains. i exited eurcad at 1.368. it is 1.373 now and i dun give a darn. coz i have already pocketed what i needed. =)
  • #2,912
  • Jul 29, 2011 7:54am Jul 29, 2011 7:54am
i was sleeping . did not have time to book smoe profits..but not bad...
i'm up +48% for the week..good for me
  • #2,913
  • Jul 29, 2011 7:55am Jul 29, 2011 7:55am
Quoting edwinsieng
always be contented with ur gains. i exited eurcad at 1.368. it is 1.373 now and i dun give a darn. coz i have already pocketed what i needed. =)

thanks for your words....but I am really stupid today - you know - on one side I am trading some technical things that gave me 10 - 20 pips and on the other hand I am not able to see a 150 profit trade!!!!!!!! ( Really I am angry of myself...)
  • #2,914
  • Jul 29, 2011 7:56am Jul 29, 2011 7:56am
an update on what actually happened where u guys have seen the violent move.

usd dollar went up due to news.
eur went up as greece was being assured of payments.
cad dollar went down due to news


so the end result is, eur news has a way larger impact compared to usd and cad news has a way large impact than eur
  • #2,915
  • Jul 29, 2011 7:58am Jul 29, 2011 7:58am
this is strong technical level...i knew eur/cad would reversed, but i looked for too much 20 pips from my take profit, normally should be break even trade. but next week i will beat the currency because, it is now in a strong up move
  • #2,916
  • Jul 29, 2011 8:00am Jul 29, 2011 8:00am
Quoting Tatbat
thanks for your words....but I am really stupid today - you know - on one side I am trading some technical things that gave me 10 - 20 pips and on the other hand I am not able to see a 150 profit trade!!!!!!!! ( Really I am angry of myself...)

be happy is the key. a dollar is still winnings. 100 dollar is winnings as well. overall u still win, but if quantity is what u r looking for, then perhaps u should rethink again. this game is all about surviving in the market. if you make excessive risk by making a larger entry or risking for a higher move, make sure u have sufficient risk management to reduce overloss. no1 would really mind overprofit for sure.

anyway, forex is everyday during the weekdays. you cant possibly trade every single candle bar. so the money will not end this very moment even if you missed a 200 pips bar
  • #2,917
  • Jul 29, 2011 8:08am Jul 29, 2011 8:08am
market is done now...let's wait for next week i made around +100 pips, but did take any profit from these trades....good lesson of greed...
  • #2,918
  • Jul 29, 2011 8:11am Jul 29, 2011 8:11am
don't worry, good trades to come next week
Attached Image (click to enlarge)
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  • #2,919
  • Jul 29, 2011 8:12am Jul 29, 2011 8:12am
haha dk. perhaps i can share with you what i did. basically 2 minutes before news release, i put all my stop loss 20 pips from the current trading average price and with no take profit. the moment news release, check what is the news. if it is something drastic like CAD, most likely ur SL wouldve been hit instantly and u r out of the market safely. or if it turned ur way, u r about 150 pips in ur pocket unknowningly. as for movements like those against usd, the movement is slower as the news are relatively weak. so u may choose to hold or exit the trade even after minutes of the news release without it hitting ur stop loss yet.
  • #2,920
  • Jul 29, 2011 8:34am Jul 29, 2011 8:34am
that's good. i wanted also to put my stop loss to break even, but it was too late, since i fell asleep
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