I think we may have a trend reversal on our hands with Debt deal getting closed and Equities on Resistance.
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DislikedMark, I will take a crack at the reasoning for you going long on the USDCAD...
I didn't follow the fundamentals closely this week, except for the debt crisis, which was probably more show than anything else. So I sort of tuned it all out.
The USDCAD appears to be coming off a double bottom, and broke through the Round Number of .95. By the top of this break through the .95 number the 50 Fib retracement lined up pretty close to the .95 round number. So on the return to .95 price pretty much stone walled right there, going through the often...Ignored
DislikedI think we may have a trend reversal on our hands with Debt deal getting closed and Equities on Resistance.
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DislikedEquities are are at the weekly 'range' low now so it is certainly an important area to be watching as a guage of risk sentiment in the market.
Personally I think you might be a bit too early as I think the Eurozone problems and some recent soft global economic data is also a significant contributor towards the current risk aversion...combined with the continued trend of poor US economic data (QE3 is surely a near certainty if the US economy remains as stagnant as it is).
So I'm on the sidelines waiting for more pieces in the puzzle to come together....Ignored
DislikedSee, I told you, you were too early...
Did you get a load of CHF action this morning...my brain was a bit slow to interpret this new information (combined with fact my Tweet Deck wasn't working!) so I got in late, but better late than never.Ignored
DislikedYeah when my first SL was taken out i knew i was early. I was strongly betting on a sharp bounce in YM and SP but again was in too early.
No my brain dint work at all that after this Verbal intervention will get over CHF will rise again. I was kinda busy with others. Though the intervention itself helped me indirectly with a EU long trade.
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Dislikedthis is one of them, ashamed of sharing others, I think I was making a setup for unknown reason ......Ignored
DislikedOne thing I didn't add in the comments below was that I see you are still in this trade...
Apologies for the spelling mistakes had one eye on my yen longs at the same time.
Let me know if any of the comments don't make sense.Ignored
DislikedOne thing I didn't add in the comments below was that I see you are still in this trade...
Apologies for the spelling mistakes had one eye on my yen longs at the same time.
Let me know if any of the comments don't make sense.Ignored
Dislikedforgot to mention, the price is approaching a major resistance as shown in your chart drawing, so, I am not closing this short position to see if could bet some recovery by tomorrow morning ( my time, again )
krueIgnored
DislikedKrue,
I thought we'd been over this before, not using SL's or defined risk management?
I can never recommend taking a trade with no SL and with no plan as to where you will take a loss. I feel strongly that if you are in a trade where the reasoning for your entry has now gone then this is madness and a sure fire way to a blown account[size=1] (there are very few people can trade without using SL's and defined risk as it requires a huge amount of skill and emotional control and I've never seen anyone do it successfully for a material length...Ignored
DislikedUCAD turns out to be a disaster to me, any reason not to trade the two major resistance? how come none of the two survived short positions? I can not judge market directional bias correctly, what could be the mean to asure a sound directional judgement? some may refer to PA, but, it doesn't work to me, probably fundie, but, fundie is really very subject to interpretation. my mind was in short mode coz the overall trend of this pair has been bearish so far, even at the moment, and trend is your best friend, geeee. LJ, you went long on this pair,...Ignored
DislikedLJ described his trade, or well he asked, and I answered.
The return to the .95 round number was also around the 50 fib and offered a chance to enter long. I don't think LJ ever expected this trade to run anything like it has run. He probably was looking for 1:1 and then got to break even, and was just surprised by the explosion of this pair.
As for your trade, it was fine. I didn't see it coming, I was kind of mad at myself for not at least seeing it. But not all trades work, that is what we use stop losses for. I think LJ said he gets 80%...Ignored
DislikedUCAD turns out to be a disaster to me, any reason not to trade the two major resistance? how come none of the two survived short positions? I can not judge market directional bias correctly, what could be the mean to asure a sound directional judgement? some may refer to PA, but, it doesn't work to me, probably fundie, but, fundie is really very subject to interpretation. my mind was in short mode coz the overall trend of this pair has been bearish so far, even at the moment, and trend is your best friend, geeee. LJ, you went long on this pair,...Ignored
QuoteDislikedThe return to the .95 round number was also around the 50 fib and offered a chance to enter long. I don't think LJ ever expected this trade to run anything like it has run. He probably was looking for 1:1 and then got to break even, and was just surprised by the explosion of this pair.
QuoteDislikedAs for your trade, it was fine. I didn't see it coming, I was kind of mad at myself for not at least seeing it. But not all trades work, that is what we use stop losses for. I think LJ said he gets 80% winners. That is REMARKABLE. But that means he has 20% losers. 20%. So he has a lot more than just one trade not go as expected.
QuoteDislikedTrading is about finding an edge and exploiting it as often as possible. If you don't want to lose here and there, you are in the wrong business. Everyone loses.
QuoteDislikedWith regards the 1:1 comment, this is a pet hate of mine...people taking profit according to the risk/reward ratio rather that what their charts are telling them. So many people do this, some without realising it and it is a big hurdle that if you can over come and free your mind you will notice a huge difference in your results.