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Price is everything

  • #22,501
  • Nov 18, 2011 10:03am Nov 18, 2011 10:03am
Quoting FXfreak
hi redsword, for the first time i'm trading without stops. i had a sell and didn't close the trade with a loss of 20 pips. instead of my normal behavior i opened another sell 30 pips above.

would you have done this in the currecnt situation of usdchf also? or would you have taken the loss of 20 pips? perhaps you could comment my "rescue-strategy".

thanks!

http://img62.imageshack.us/img62/1850/201110251.gif

edit: i'm out of the whole position with +1 :-/

to a degree its an unfair question.........wasn't in the trade so dont really know how l would react

however, adding higher in this situation you have to use the correct ratio of position sizing to bring yourself out at either breakeven over all or a lesser loss


or even profit if you loaded the upper add


........ on a note from your chart, your lower position should have a take profit placed @ the entry as soon as it against you to be safe. You have not done that as it appears on you chart
  • #22,502
  • Nov 18, 2011 10:03am Nov 18, 2011 10:03am
Quick play on the euro, just a scalp to 35100. Pretty crappy entry, but i'll take it.
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  • #22,503
  • Nov 18, 2011 10:04am Nov 18, 2011 10:04am
Quoting FXfreak
hi redsword, for the first time i'm trading without stops. i had a sell and didn't close the trade with a loss of 20 pips. instead of my normal behavior i opened another sell 30 pips above.

would you have done this in the currecnt situation of usdchf also? or would you have taken the loss of 20 pips? perhaps you could comment my "rescue-strategy".

thanks!


edit: i'm out of the whole position with +1 :-/
'Fire-fighting' is not recommended because the flames can easily overcome you, especially when you run out of water and then Mr Margincall will come knocking on your door. Be wary of this strategy and if you do decide to use it, ensure you have made rules and you abide by these rules, otherwise it will end in tears. Red touched upon some of these rules in his response to you.

If you look at the h1, it does look bearish (No new HH and it printed a LL, now looking for a LH), so your short was valid, but your first entry was not ideal. If you look at the weekly tf, the supply zone is valid because it is a bearish engulfing (sellers are here) and this is our first visit back to the supply zone. Therefore, shorts are a high probability trade on USDCHF right now. The only thing that could over-rule the technicals is the SNB and rumours of them raising the ceiling on EURCHF which will also affect this pair.
  • #22,504
  • Nov 18, 2011 10:07am Nov 18, 2011 10:07am
trader bbakker in the house
  • #22,505
  • Nov 18, 2011 10:10am Nov 18, 2011 10:10am
Quoting Venice
Quick play on the euro, just a scalp to 35100. Pretty crappy entry, but i'll take it.
Out all.
  • #22,506
  • Nov 18, 2011 10:14am Nov 18, 2011 10:14am
bbaker and redsword, thank you!!

i know that adding to a losing position is not the best idea and i don't feel comfortable doing this but with this strategy i had no losers today. i was inspired by fti from his taf-thread. the second entry had the same size as entry one had.

without this strategy i would have taken two more losers today and i would have gotten 40 pips less.

the 4h looked bearish and weekly also so my chances were good.....but i also saw too many situations where price spiked 100s of pips without looking back... :-/
  • #22,507
  • Nov 18, 2011 10:21am Nov 18, 2011 10:21am
Quoting FXfreak
bbaker and redsword, thank you!!

i know that adding to a losing position is not the best idea and i don't feel comfortable doing this but with this strategy i had no losers today. i was inspired by fti from his taf-thread. the second entry had the same size as entry one had.

without this strategy i would have taken two more losers today and i would have gotten 40 pips less.

the 4h looked bearish and weekly also so my chances were good.....but i also saw too many situations where price spiked 100s of pips without looking back... :-/
Heres what I do. When entering, lets say for instance a supply zone... my selling area is at the bottom to the top of that supply zone. sometimes I get in to early (sell the bottom of the supply zone). I will add at the top of the supply zone as well as long as it hasn't been breached. As soon as price breaches the top of the supply zone, i cut it all out, because generally, this means it's time to go the other direction.

I don't add to much on the lower time frames, but on my bigger time frames (daily and 4h), we are talking a possibility of the supply zone being 100-150 pips, so I will add all along the way until price proves I am wrong.

There is a difference between adding to a loser, and adding to a position that is not invalid.
  • #22,508
  • Nov 18, 2011 10:25am Nov 18, 2011 10:25am
Quoting redsword11
trader bbakker in the house
:-)

Slowly trying to get back to normal ways after a tough couple of months and decided to get back to trading today. I have already scaled out and locked in profit on the remainder of my EU short.

Attached Image (click to enlarge)
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It is difficult to post during the day @work these days. Anyway, I got a privacy filter for my screen so it is much more difficult for people to see what is on my screen. Take that you stab-me-in-back fookers (colleagues@work)
  • #22,509
  • Nov 18, 2011 10:27am Nov 18, 2011 10:27am
Quoting bbakker
:-)

Slowly trying to get back to normal ways after a tough couple of months and decided to get back to trading today. I have already scaled out and locked in profit on the remainder of my EU short.

Attachment

It is difficult to post during the day @work these days. Anyway, I got a privacy filter for my screen so it is much more difficult for people to see what is on my screen. Take that you stab-me-in-back fookers (colleagues@work)
You are in the same boat as I am. Luckily I have an cubed office style setup, where people can only see my screen if they come into it.

Darn work getting in the way of trading, such a pity. lol.
  • #22,510
  • Nov 18, 2011 10:30am Nov 18, 2011 10:30am
Quoting bbakker
:-)

Slowly trying to get back to normal ways after a tough couple of months and decided to get back to trading today. I have already scaled out and locked in profit on the remainder of my EU short.

Attachment

It is difficult to post during the day @work these days. Anyway, I got a privacy filter for my screen so it is much more difficult for people to see what is on my screen. Take that you stab-me-in-back fookers (colleagues@work)


alligator, l see the volatility



stunning
  • #22,511
  • Nov 18, 2011 10:52am Nov 18, 2011 10:52am
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todays story


test and north
  • #22,512
  • Edited 11:11am Nov 18, 2011 10:54am | Edited 11:11am
Quoting bbakker
'Fire-fighting' is not recommended because the flames can easily overcome you, especially when you run out of water and then Mr Margincall will come knocking on your door. Be wary of this strategy and if you do decide to use it, ensure you have made rules and you abide by these rules, otherwise it will end in tears. Red touched upon some of these rules in his response to you.

If you look at the h1, it does look bearish (No new HH and it printed a LL, now looking for a LH), so your short was valid, but your first entry was not ideal. If you look...
Hi Brian, agreed, my only problem with that as a weekly supply is, (and this is for the benefit of noobs to supply and demand and not yourself), that it is too close to weekly demand to attract any larger time-frame sellers at that level. If we zoom into that area on the daily then we can see price has been there before and the area is in fact weakening. Another thing for me is that if we look at the weekly high and low of that drop down, that level sits just below what Seiden calls the equilibrium zone (half way -good for day trading but not swing/position) as this area is only mid way on the curve (i.e not imbalanced enough and therefore range like behaviour to be expected). Obviously good enough for scalp trading though which is what we are talking about.
  • #22,513
  • Nov 18, 2011 11:15am Nov 18, 2011 11:15am
Attached Image (click to enlarge)
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Is this a valid entry using supply and demand PA?
Please comment.
  • #22,514
  • Nov 18, 2011 11:20am Nov 18, 2011 11:20am
Quoting Porkpie
Hi Brian, agreed, my only problem with that as a weekly supply is, (and this is for the benefit of noobs to supply and demand and not yourself), that it is too close to weekly demand to attract any larger time-frame sellers at that level. If we zoom into that area on the daily then we can see price has been there before and the area is in fact weakening and will likely be breached. Another thing for me is that if we look at the weekly high and low of that drop down, that level sits just below what Seiden calls the equilibrium zone (half way -good...
You are right! Monthly also shows a possible bullish flag forming. Parity looks interesting on the monthly.
  • #22,515
  • Nov 18, 2011 11:29am Nov 18, 2011 11:29am
UJ @ 77.00 is interesting..

Also,Re-test of LTL or possible H&S play..Counterdicks my feeling on low volume Friday play and S&P sell off showing one hell of a gap still...
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  • #22,516
  • Nov 18, 2011 11:30am Nov 18, 2011 11:30am
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friday momentum is unforgiving


trying to get a scalp
  • #22,517
  • Nov 18, 2011 12:01pm Nov 18, 2011 12:01pm
Quoting redsword11
Attachment


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friday momentum is unforgiving


trying to get a scalp
Nice trading as always. Have a great weekend! I will pop in on Sunday evening to say hello to the gang.

P.S. I have decided to leave my remaining small positions at BE. Price is currently far away enough from entries according to my rules to leave them open over the weekend. If price was closer to entry, I would have covered.
  • #22,518
  • Nov 18, 2011 12:03pm Nov 18, 2011 12:03pm
Very good post by Red, Mr.BB , Porkpie and Venice regarding entry strategy into S/D zone. I also, just sell in the box or depending on PA reaction, or rejection of the box.

From here I'll set hight entry's at @ even with TP's and decide to drop some of the no so good entry's, keeping an eye on how PA reacts to the zone..

Nice job gentlemen!
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  • #22,519
  • Nov 18, 2011 12:05pm Nov 18, 2011 12:05pm
Quoting Chillypiper
UJ @ 77.00 is interesting..

Also,Re-test of LTL or possible H&S play..Counterdicks my feeling on low volume Friday play and S&P sell off showing one hell of a gap still...

Attached Image (click to enlarge)
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commonly known as horse head
  • #22,520
  • Nov 18, 2011 12:11pm Nov 18, 2011 12:11pm
Good call! Haven't hear, or seen it for a while...I'll have to brush up...

Quoting redsword11
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commonly known as horse head
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