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  • #12,581
  • Oct 13, 2011 9:10am Oct 13, 2011 9:10am
AUS/USD [email protected] [email protected] TP@10060
Closed the trade 2 hours in @1.0157 for -1 pip as tdi was flat on the H1 and didnt look like it had momentum.
Also - watching all the XXX/USD pairs I see they are all losing strength.
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  • #12,582
  • Oct 13, 2011 9:12am Oct 13, 2011 9:12am
Quoting MichaelSimon
Going to post my last few trades for scrutiny
Eur/Usd [email protected] SL@13601 TP@13601
Still open
Attachment
Excellent entry on EURUSD 4H. Manage your trade well and let it ride for as long as possible. Max your pips and don't worry about giving some back as long as you are positive.
  • #12,583
  • Oct 13, 2011 9:13am Oct 13, 2011 9:13am
EUR/JPY [email protected] Opening SL@~106.85 Moved SL to 105.800 [email protected]
Still open - signals still strong +105 pip
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  • #12,584
  • Oct 13, 2011 9:15am Oct 13, 2011 9:15am
CAD/JPY [email protected] Opening SL@~76.10 new [email protected](was hit)
Stopped at 75.50 for 14 pips
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  • #12,585
  • Oct 13, 2011 9:16am Oct 13, 2011 9:16am
earned in about 3min.. +33 pip profit.
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  • #12,586
  • Oct 13, 2011 9:16am Oct 13, 2011 9:16am
Have a trade open on Eur/Usd 4hr TF up 27 pips so far.
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  • #12,587
  • Oct 13, 2011 9:18am Oct 13, 2011 9:18am
USD/CAD [email protected] [email protected] [email protected]
Closed it at 1.0203 for +13 pips when TDI flattened and seemed to lose strength
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  • #12,588
  • Oct 13, 2011 9:18am Oct 13, 2011 9:18am
Quoting MichaelSimon
GBP/USD Short @1.5693 [email protected] [email protected]
Still open -2 pips
* Watching it closely. TDI has tweaked up a bit.. may exit with small loss or b/e.
Attachment
Michael,

Again you followed all the entry rules correctly. A+ to you for that.

Wait for the close of this candle to decide if you want to stay in or get out. Its still to early in the trade for that decision. At worst your SL will be hit before your 4H candle is completed. I'm hoping you are comfortable taking a trading loss.

Here are the exit rules i use for trading a larger TF: if the (i) current and the next candle are both weak and (ii) either the 5SMA or the RED look flat or close to flat (iii) if the current trade is distracting you from other profitable positions... it might be worthwhile to close the trade.

Good luck with your trade management.
  • #12,589
  • Oct 13, 2011 9:23am Oct 13, 2011 9:23am
USD/CHF long @ .8991 [email protected] [email protected]
Open still. signs look good. ~+40 pips atm.
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  • #12,590
  • Oct 13, 2011 9:55am Oct 13, 2011 9:55am
Quoting Raa
earned in about 3min.. +33 pip profit.
What TR are you using for these short time trades - 5M?
  • #12,591
  • Oct 13, 2011 10:10am Oct 13, 2011 10:10am
Quoting ananjee
Michael,

Again you followed all the entry rules correctly. A+ to you for that.

Wait for the close of this candle to decide if you want to stay in or get out. Its still to early in the trade for that decision. At worst your SL will be hit before your 4H candle is completed. I'm hoping you are comfortable taking a trading loss.

Here are the exit rules i use for trading a larger TF: if the (i) current and the next candle are both weak and (ii) either the 5SMA or the RED look flat or close to flat (iii) if the current trade is distracting you...
Thank you Ananjee for the input. Yes I am comfortable with taking the loss as I was a good boy and calculated my risk and accepted it in advance. Although if Im watching it and I see its turned for sure, I'll exit and cut losses. No problem, always another setup on the horizon. Also, Im on a narrow margin so dont want to overleverage (need to account for all open positions, not just the one)
  • #12,592
  • Oct 13, 2011 10:13am Oct 13, 2011 10:13am
Quoting piprac
What TR are you using for these short time trades - 5M?
when i earned 72 pips today morning.. it was 4h.. now 1h.
  • #12,593
  • Oct 13, 2011 10:31am Oct 13, 2011 10:31am
Hi michealSimon

I like the trades you took and see that you traded on the 4H charts which means you got to have LOTS of patience. Look at AUD/USD and USD/CHF
you wouldve been in the profit if you waited.
Just wait for the candle to close because I notice that momentum starts to build at the ending of the candle.
X-man the legendary conqueror of markets
  • #12,594
  • Oct 13, 2011 11:15am Oct 13, 2011 11:15am
Quoting X-Man
Hi michealSimon

I like the trades you took and see that you traded on the 4H charts which means you got to have LOTS of patience. Look at AUD/USD and USD/CHF
you wouldve been in the profit if you waited.
Just wait for the candle to close because I notice that momentum starts to build at the ending of the candle.

Priceless gem of wisdom: "momentum starts to build at the ending of the candle"

Excellent observation X-Man. Going inside the candle to understand it.

the first 3 mins and last 3 mins have the most volume/momentum in majority of candles.
  • #12,595
  • Oct 13, 2011 11:23am Oct 13, 2011 11:23am
Yep Im tryikng hard to plan the trades and stick to the plan with patience, tho I admit it's tough!
Im still on the usd/chf but although the sign are strong its sort of stalled. Thats ok.
Since I started this run in the early am hours of today, Ive had 10 trades closd, in which 6 were losers. The big difference between now and before is, that my average trade is twice my losing.
Win/Lose = 4/6
Win amount/Lose amount=8:16
6 (loss) *8 = -48
4(profit)*16 = 64
Total= +16
I can live with those numbers. On my $754 equity, $13.18 is approx. 1.7%. And got a few positive pips still in action.
I know that this may look unimpressive for many of you, but for me it's an eye opener and a confidence builder
Just to show you don't have to win them all...
Attached statement if anyone is interested.
Oh and if I close out trades right now thats $6 more. $19/754 = 2.5%
Attached File(s)
File Type: xls Statement.xls   42 KB | 558 downloads
  • #12,596
  • Oct 13, 2011 11:26am Oct 13, 2011 11:26am
Quoting X-Man
Hi michealSimon

I like the trades you took and see that you traded on the 4H charts which means you got to have LOTS of patience. Look at AUD/USD and USD/CHF
you wouldve been in the profit if you waited.
Just wait for the candle to close because I notice that momentum starts to build at the ending of the candle.
Im trying to pinpoint exactly what you mean. Candle close - you mean that even tho there is a cross, wait for the current candle to close before entering right?
Cos we were observing open trades so wasnt sure if you were looking for the close in regards to entry or exit... or both?
When you say nice momentum builds at the end - do you mean towards the end? like the last hour or so? Its just that it seems to me that usually the momentum is in the first several minute to hour say, and many time, there is pullback later into the candle.
Im strictly referring to H4 with this btw. Im purposely not analyzing the H1 yet because I want to stay focused..
  • #12,597
  • Oct 13, 2011 11:35am Oct 13, 2011 11:35am
i took 6 trades.. so far all good.
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  • #12,598
  • Oct 13, 2011 11:37am Oct 13, 2011 11:37am
Quoting MichaelSimon
Im trying to pinpoint exactly what you mean. Candle close - you mean that even tho there is a cross, wait for the current candle to close before entering right?
Cos we were observing open trades so wasnt sure if you were looking for the close in regards to entry or exit... or both?
When you say nice momentum builds at the end - do you mean towards the end? like the last hour or so? Its just that it seems to me that usually the momentum is in the first several minute to hour say, and many time, there is pullback later into the candle.
Im strictly referring to H4 with this btw. Im purposely not analyzing the H1 yet because I want to stay focused..
I think he meant instead of moving the SL or closing the trade during the H4 candle, you should wait till it closes then decide? But I'm just guessing, lets wait till X-Man clears it up.
  • #12,599
  • Oct 13, 2011 12:28pm Oct 13, 2011 12:28pm
hi all,
another week is over for me. total +230 pips, my targets is 250, so nearly reached. Most traded EUR/USD H1 and H4 TF. Im gonna stick to that pair only next week, it should be enough trade just this one to hit my target. More more and more back-testing over the weekend
many pips to all!!!
  • #12,600
  • Oct 13, 2011 12:41pm Oct 13, 2011 12:41pm
Its just like how ananjee said it. A candle most of the time has most of its momentum during the 1st 3-10 min and the last 3-10min of its life.
And when its news hour there will be lots more momentum.

Yeah the rule is to enter at the opening of the first candle or the second candle.
Your entries look good on the trades you took, its just that you have to have more patience before you exit. Big E says exit on the 3rd candle or when TDI hooks or you ride longer if its looking good.
But the worst thing to do is watch a 4H chart , your emotions will be like a roller coaster watching PA going up and down enough times making you want to exit too early.

If you look at the daily chart on E/U and A/U there are already 8 blue candles( a trend usually lasts around 8 candles sometimes even more), personally i would start looking for signs of reversals.
Maybe the reversal could happen tomorrow or maybe few days times who knows you just have to wait for the opportunity. thats another tip on how I analyze the charts looking for reversals.
X-man the legendary conqueror of markets
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