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14 Year Old Forex Trader's Lessons

  • #701
  • Sep 26, 2011 8:26am Sep 26, 2011 8:26am
Quoting bumapatria
im not understanding.
You need to manage your loss.

mla
"The Heart is the hub of all dances; go there and chill out"
  • #702
  • Sep 26, 2011 8:26am Sep 26, 2011 8:26am
Quoting bumapatria
to minimize loss of my longs, i would short a scalp.
or scalp a short...

i realize that its okay to have a floating loss of 30 when ur looking for 100
Ha Ha Ha. In my world of position trading, I run 200 to 300 pip floating loss sometimes. I only get concerned when I see 400 pips and that's when I consider taking another position in the same direction. That way when price starts going my way, I will have the opp to take my full target profit at the original open price, or if it doesn't make it that far, at least mitigate my loss but hopefully break even.
However, all this is done in the H4 world where the relative swings are usually not that wild.
Those who say it cannot be done should not interrupt those who are doing it
  • #703
  • Sep 26, 2011 8:26am Sep 26, 2011 8:26am
Quoting mla
You need to manage your loss.

mla
Do not worry, just focus, this is only a battle not the war.

mla
"The Heart is the hub of all dances; go there and chill out"
  • #704
  • Sep 26, 2011 8:29am Sep 26, 2011 8:29am
Quoting mla
Do not worry, just focus, this is only a battle not the war.

mla
true. Thats what im trying to do, but i guess being early doesn't make you right.

I'll leave it to be then

i have never got 100 pips countertrending, and the most i got was half of that. Im not doing this to prove myself or anything but im seeing buy signals for 2-3 days.
Have I got something on my face, SOLDIER?
  • #705
  • Sep 26, 2011 8:30am Sep 26, 2011 8:30am
I also made a mistake, I should have gotten in 2 bar before so I am not in a very good position

mla
"The Heart is the hub of all dances; go there and chill out"
  • #706
  • Sep 26, 2011 8:33am Sep 26, 2011 8:33am
I see we are still dealing with a very rich supply at the 1.3550 zone

The panic sellers in NY are in. When they are done panicking, this sucker may rise again. But for now stand aside.
Those who say it cannot be done should not interrupt those who are doing it
  • #707
  • Sep 26, 2011 8:33am Sep 26, 2011 8:33am
gann line broken...
ah... valid supply for how maany times? 3?

i still see this as ranging though.

that long might'nt be the best..


this might be some bear trap to catch scalpers take the 'big bearish candles' theire seeing.
Attached Image (click to enlarge)
Click to Enlarge Name: gann.gif Size: 35 KB
Have I got something on my face, SOLDIER?
  • #708
  • Sep 26, 2011 8:34am Sep 26, 2011 8:34am
made 8 pips covered half, moved Sl to BE.

I have been nibble. now she can do what she want.

mla
"The Heart is the hub of all dances; go there and chill out"
  • #709
  • Sep 26, 2011 8:34am Sep 26, 2011 8:34am
When I shorted it you guys were still talking about longs. Think what you're doing wrong.
  • #710
  • Sep 26, 2011 8:34am Sep 26, 2011 8:34am
Quoting bumapatria
gann line broken...
ah... valid supply for how maany times? 3?

i still see this as ranging though.
Do you use stoploss?

mla
"The Heart is the hub of all dances; go there and chill out"
  • #711
  • Sep 26, 2011 8:36am Sep 26, 2011 8:36am
Quoting GoldMan.
When I shorted it you guys were still talking about longs. Think what you're doing wrong.
Yes Goldman, you were right.

mla
"The Heart is the hub of all dances; go there and chill out"
  • #712
  • Sep 26, 2011 8:36am Sep 26, 2011 8:36am
Quoting GoldMan.
When I shorted it you guys were still talking about longs. Think what you're doing wrong.
its obvious supply i know.
this supply is going to break anytime soon. its really getting used up.
shit... fuck. I wasnt convinced the supply would hold.

stop loss?

yes.

i didnt set it when i posted the chart.
Have I got something on my face, SOLDIER?
  • #713
  • Sep 26, 2011 8:39am Sep 26, 2011 8:39am
Quoting bumapatria
its obvious supply i know.
this supply is going to break anytime soon. its really getting used up.
shit... fuck. I wasnt convinced the supply would hold.
I did not pay much attention on that supply level, it was very clear bull weakening when you looked small timeframes.
  • #714
  • Sep 26, 2011 8:41am Sep 26, 2011 8:41am
Quoting bumapatria
gann line broken...
ah... valid supply for how maany times? 3?

i still see this as ranging though.

that long might'nt be the best..


this might be some bear trap to catch scalpers take the 'big bearish candles' theire seeing.
Yes, but that why I think short term is where the money is, you go where she goes, she goes down you go down, she goes up you go up, if she goes nowwhere you can still make money, you buy the bottom of the range and you sell at the top of the range. Do not have a direction, be nibble.

your friend
mla
"The Heart is the hub of all dances; go there and chill out"
  • #715
  • Sep 26, 2011 8:41am Sep 26, 2011 8:41am
i even KNEW this was the abc correction. this is the c wave now.
Have I got something on my face, SOLDIER?
  • #716
  • Sep 26, 2011 8:42am Sep 26, 2011 8:42am
Quoting GoldMan.
I did not pay much attention on that supply level, it was very clear bull weakening when you looked small timeframes.
Yes, but where did you cover, did you cover at the significant bull TL or are you still in.

mla
"The Heart is the hub of all dances; go there and chill out"
  • #717
  • Sep 26, 2011 8:44am Sep 26, 2011 8:44am
Quoting mla
Yes, but where did you cover, did you cover at the significant bull TL or are you still in.

mla
gann line 2 still holding.
Attached Image (click to enlarge)
Click to Enlarge Name: gann 2.gif Size: 22 KB
Have I got something on my face, SOLDIER?
  • #718
  • Sep 26, 2011 8:46am Sep 26, 2011 8:46am
Quoting mla
Yes, but where did you cover, did you cover at the significant bull TL or are you still in.

mla
http://www.forexfactory.com/showthre...50#post4987550 Can you see this brown line on M5 chart? (1.3459), closed half of them there.
  • #719
  • Sep 26, 2011 8:49am Sep 26, 2011 8:49am
Quoting GoldMan.
http://www.forexfactory.com/showthre...50#post4987550 Can you see this brown line on M5 chart? (1.3459), closed half of them there.
Good one and the other half?

mla
"The Heart is the hub of all dances; go there and chill out"
  • #720
  • Edited 9:04am Sep 26, 2011 8:50am | Edited 9:04am
Once again price was aggressively rejected at the 1.3550 level.
This is the third time since Friday morning so it doesn't look like we are going to get to the 1.3690 area to load up on an additional short position this NY morning.
Perhaps if panic selling in NY calms down a bit, we may make another run at it but for now we stand aside and let the market do its thing.

Peace

Update: US New Home Sales at 10am EST Expecting 296k. If it comes in significantly higher, it may give us another shot at the target.

Update: US New Home Sales came in at 295k as expected. So down we go. As we stand now, I have 370 pips of profit on my current short positions.
Attached Image (click to enlarge)
Click to Enlarge Name: eu-h1.gif Size: 31 KB
Those who say it cannot be done should not interrupt those who are doing it
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