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AUD/USD

  • #37,221
  • Dec 7, 2011 11:16pm Dec 7, 2011 11:16pm
Quoting eqshack
camoonn!! start falling..lol im stepping in with my shorts
Up up up!

Spartan buyers, puuuush!

I long at 1.0260, may 50-level and daily S1 @ 1.0247 watch my back =)

I hope it reaches 1.0290 at least, not sure if can breach 1.0300 because whoever resides there seemed powerful. Would be an epic battle, can't wait to watch and join the winning side LOL
The tone of your words reflects the quality and result of your trading ;-)
  • #37,222
  • Dec 7, 2011 11:23pm Dec 7, 2011 11:23pm
Quoting andri66
For me just use a very conservative MM..only 0.5 - 1% risk/trade (using more than 3% usually cloud my judgment & fear easily creep in) ..so don't care if it hit SL ..If my strategy is good then my account will grow in the end..just my 2 cents
you're right. sometimes i just... walk away from my screen but i 'll still go back to my screen after 5 mins.... lol damn it.
  • #37,223
  • Dec 7, 2011 11:25pm Dec 7, 2011 11:25pm
Quoting happytrader
how do you guys overcome the tendency to cut profit?

my example is like this : 1st trade of the day - 15 pips loss
2nd trade - tp is 100 pips but when it hit 15, i will close the position... for fear that the price will reverse and i'll end up with -15 pips for the day....

Hey Happy Have you tried using Trailing Stops?

I have similar issues... although my major challenge is that I have a tendency to want to trade to "make money" when my plan and signals are not in place.... waiting on the sidelines is the challenge I'm currently working through - as my plan works fantastically... I just am cultivating the discipline to be patient and not deviate from my plan....

So as far as my perspective on the wanting to cut profits.... when I don't trade my plan I have the opposite problem.... I get up a nice amount of pips, and nice unrealized P.... and I know its wise to take the P and bank it - but a part of me is like - oh but I could go higher.... so thats why my plan is so important... its tailored to me.... and my habits and tendencies.... "The oh but this thought" which is the same as the "oh but I could loose it" .... We just need to be aware of those thoughts as they sabotage our trading.... Taking Profits early is still generating $$ for you.... Whats your leverage and how often are you up vs. how often you are down?

Two things I wanted to touch on - do you use Trailing stops....? Maybe set it at 10 pips when your up 15.... or looser or tighter depending on the situation?

and

Have you considered the T1T2 method.... It involves taking half your trade's profits and letting the other half run on a trailing stop.... Kathy Lien talks about it in her book called "The Little Book of Currency Trading"....
  • #37,224
  • Dec 7, 2011 11:31pm Dec 7, 2011 11:31pm
Quoting Teddicus
Hey Happy Have you tried using Trailing Stops?

I have similar issues... although my major challenge is that I have a tendency to want to trade to "make money" when my plan and signals are not in place.... waiting on the sidelines is the challenge I'm currently working through - as my plan works fantastically... I just am cultivating the discipline to be patient and not deviate from my plan....

So as far as my perspective on the wanting to cut profits.... when I don't trade my plan I have the opposite problem.... I get up a nice amount of...

i trailing stops don't work for me as my problem is with the simple tp. i tried letting half of my profit run but.. this stupid brain will force me to close it early due to fear.

let's see how next week is like for me...
  • #37,225
  • Dec 7, 2011 11:39pm Dec 7, 2011 11:39pm
Quoting happytrader
how do you guys overcome the tendency to cut profit?

my example is like this : 1st trade of the day - 15 pips loss
2nd trade - tp is 100 pips but when it hit 15, i will close the position... for fear that the price will reverse and i'll end up with -15 pips for the day....
Drop some of your earlier trades from your history window onto the chart and have a look at where they actually went compared to where you closed out. I find this helps you to avoid closing out too quickly.

Treat each trade independently and try not to use the one trade to simply cover the loss on another, it's quite likely you'll be there all day giving and taking back pips. You need the profit on the one or two good trades which you allow to run to cover multiple loss trades another day.

AU has been difficult this week so you can't expect it too easy. While everyone here seems to want to be short, I'm convinced we should see 1.04+ by the end of the week and have been long all week. Euro babble, general uncertainty and holidays approaching (plus you guys always shorting it!!) are stretching out the time it's taking to break to the upside. Similar to mid Oct, it is again just farting about at this level before the move up.

The lack of characteristics it usually shares with GU & EU this week lead me to suspect there is euro related big money manipulation going on which is why the charts are apparently telling the wrong/different story.

I'll expect it going long any time now, OK

Just my 2c.

Regards, Paul.
  • #37,226
  • Dec 7, 2011 11:42pm Dec 7, 2011 11:42pm
Happy,

I used to have your problem, but once you use proper money management, it does help.

Example, for now with an account balance of USD 2000, I would only open at max 10 0.01 units at any one time.

I would then set TPs based on Supply & Demand lines, but because my exposure is small, I don't set SLs.

More often then not, my TPs are hit, the ones that do not hit, I just let it run as I know sooner or later the TP will get hit.

Hope that helps.
Buy! Buy! Sell! Sell! Just make sure you have proper MM!
  • #37,227
  • Dec 7, 2011 11:56pm Dec 7, 2011 11:56pm
Quoting happytrader
i trailing stops don't work for me as my problem is with the simple tp. i tried letting half of my profit run but.. this stupid brain will force me to close it early due to fear.

...
If you have an option to set a hard limit (TP), and let the trade run to the limit, you will have a target to aim for and be able to take your hands off the wheel and let the trade run.
Over time, you should overcome this problem.
Cheers, H
Cheers, Harry The hardest way to make easy money.
  • #37,228
  • Dec 8, 2011 12:19am Dec 8, 2011 12:19am
OK, time for the long trade again....Long @ 1.0256
Expect the unexpected.
  • #37,229
  • Dec 8, 2011 12:32am Dec 8, 2011 12:32am
Quoting HarryJ
If you have an option to set a hard limit (TP), and let the trade run to the limit, you will have a target to aim for and be able to take your hands off the wheel and let the trade run.
Over time, you should overcome this problem.
Cheers, H
thanks Harry , i'll do that!
  • #37,230
  • Dec 8, 2011 12:33am Dec 8, 2011 12:33am
Quoting rafiqhidayat
Happy,

I used to have your problem, but once you use proper money management, it does help.

Example, for now with an account balance of USD 2000, I would only open at max 10 0.01 units at any one time.

I would then set TPs based on Supply & Demand lines, but because my exposure is small, I don't set SLs.

More often then not, my TPs are hit, the ones that do not hit, I just let it run as I know sooner or later the TP will get hit.

Hope that helps.
arent you worried that your tps will never be hit and the price will turn against u and hit ur sl?
  • #37,231
  • Dec 8, 2011 12:35am Dec 8, 2011 12:35am
Quoting fx-rocket
OK, time for the long trade again....Long @ 1.0256
have you moved your sl to be at this point?
  • #37,232
  • Dec 8, 2011 12:37am Dec 8, 2011 12:37am
Quoting happytrader
have you moved your sl to be at this point?
oh, sorry, stop loss is at 1.0226 still.
AUD is ranging between 1.0240 and 1.0300 today
Expect the unexpected.
  • #37,233
  • Dec 8, 2011 12:50am Dec 8, 2011 12:50am
Quoting happytrader
arent you worried that your tps will never be hit and the price will turn against u and hit ur sl?
No SLs to be hit.

And so far so good, my TPs are hit, but I do from time to time manually intervene i.e. if I see the price bouncing off a level before my TP, I would generally close of the trade, and wait for another time to put in another position. So I have at least secured whatever profit I was supposed to get, and now I'm inline to gather more profits.
Buy! Buy! Sell! Sell! Just make sure you have proper MM!
  • #37,234
  • Dec 8, 2011 1:03am Dec 8, 2011 1:03am
Quoting rafiqhidayat
No SLs to be hit.

And so far so good, my TPs are hit, but I do from time to time manually intervene i.e. if I see the price bouncing off a level before my TP, I would generally close of the trade, and wait for another time to put in another position. So I have at least secured whatever profit I was supposed to get, and now I'm inline to gather more profits.
oh my god... do u close them manually/.?
  • #37,235
  • Dec 8, 2011 1:19am Dec 8, 2011 1:19am
Quoting fx-rocket
oh, sorry, stop loss is at 1.0226 still.
AUD is ranging between 1.0240 and 1.0300 today
ok, now stop moves to 1.0257 (+1 pip) target open, but 1.0300 is 1:st aim..
Expect the unexpected.
  • #37,236
  • Dec 8, 2011 1:21am Dec 8, 2011 1:21am
Quoting happytrader
oh my god... do u close them manually/.?
I let them run. Don't like losing money due to SLs, so I know with good money management, I can withstand huge drawdowns before the trend reverts back the way I want it to be.
Buy! Buy! Sell! Sell! Just make sure you have proper MM!
  • #37,237
  • Dec 8, 2011 1:26am Dec 8, 2011 1:26am
TPs hit at 1.0280. Secured 200 pips in total for 2 positions.

Now to wait for another dip to long at a better price (targeting around 1.0250 again)

Most probably will only get there after NY open.
Buy! Buy! Sell! Sell! Just make sure you have proper MM!
  • #37,238
  • Dec 8, 2011 1:32am Dec 8, 2011 1:32am
Till I get some sort of solid indicator... ECB up down, lets see.... can't touch me now!~
  • #37,239
  • Dec 8, 2011 1:37am Dec 8, 2011 1:37am
Mate, are you in long on this move ?
Expect the unexpected.
  • #37,240
  • Dec 8, 2011 1:50am Dec 8, 2011 1:50am
Quoting fx-rocket
ok, now stop moves to 1.0257 (+1 pip) target open, but 1.0300 is 1:st aim..
I closed my long position at 1.0285 for a +25 pip, though I believe that the price has some tendency to breach 1.0300 as big sellers who repelled the price back down previously now may think more than once to defend the level as buyers gets closer and closer. With the strong encampment around 1.0250, this buyer push may very well breach the 1.0300 level with the help of some big sellers if they choose to change sides.

However, I predict there will be a fierce battle between buyers and sellers near the 1.0300. I prefer to watch because I believe some formidable sellers will still defend the level to create a counterwave that will probably breach the 1.0250 level down to follow their fundamental cause (bad unemployment change & rate earlier today).

This is gonna be interesting. Whoever win, I join LOL
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The tone of your words reflects the quality and result of your trading ;-)
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