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  • #573,681
  • Dec 12, 2011 1:05pm Dec 12, 2011 1:05pm
Quoting WickedPips
So you think it will Carry on down for the forseeable?

Interesting insight :]

I guess we all have offdays, i was doing so well before today! lol

The techs and the fundies are all still pointing down. She will happily sit here for quite a while as she has run 200 for the day and most that wanted to get out of her what they had planned have done so by now. There is no technical reason to retrace to your entry and the fundies are heavily stacked against you.

Your choice, your money, your plan. All of the EU has gone home, so expect no help from there and do you reckon the US all of a sudden is going to change its opinion about the mess the EU is in? They've got no reason to.

BTW, 3280 is not the yearly low, we got a while to go yet.
  • #573,682
  • Dec 12, 2011 1:07pm Dec 12, 2011 1:07pm
So nothing really amazing with the budget balance release.

Taking a long scalp from the low and the 61.8% fib, with a tight stop of 8 pips. 20 pip target at the previous 5 min high.

I will cover early if we can't break the TL.

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  • #573,683
  • Dec 12, 2011 1:08pm Dec 12, 2011 1:08pm
Should i cover my 270 pip short? Think i'll let it open for another week until we see 1.18
  • #573,684
  • Dec 12, 2011 1:09pm Dec 12, 2011 1:09pm
Quoting dean1star
Ladies and gentlemen, on behalf of the crew I ask that you please direct your attention to the monitors above as we review the emergency procedures. There are six emergency exits on this aircraft. Take a minute to locate the exit closest to you. Note that the nearest exit may be behind you. Count the number of rows to this exit. Should the cabin experience sudden pressure loss, stay calm and listen for instructions from the cabin crew. Oxygen masks will drop down from above your seat. Place the mask over your mouth and nose, like this. Pull the...
really funny
Forex will make you loose but you will stay gambling
  • #573,685
  • Dec 12, 2011 1:12pm Dec 12, 2011 1:12pm
Stopped out -8... Well that's scalping for ya LOL. 100% retracement on that swing anyway so.

-fighter
  • #573,686
  • Dec 12, 2011 1:13pm Dec 12, 2011 1:13pm
Any kind of retrace may very well be short lived. If you really cannot afford to have your margin called, cut your loses now, and live to fight another day.

I don't often post here - I try to catch swings on 4hr and above (I am guilty of trying to decipher the lies in the fundamentals in order to gain mid to long-term insight), the EU thread can be a little too fast and furious for this ticker - but do watch the occasional names, which led me on to yours.

Charts are the same as posted here with comments.

http://www.forexfactory.com/showthre...57#post5216157

Quoting WickedPips
I'm praying for a retrace today, lesson learnedi failed to follow my own simple rules lol!

Damn this is what everyone talked about "world of pain" etc :]

I'm praying for some kind of retracement so i dont lose quite as much today!! lol
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Author of: For Pip's Sake! (Available at Amazon... :-) )
  • #573,687
  • Dec 12, 2011 1:15pm Dec 12, 2011 1:15pm
Quoting daemon_delux
That's Cloggie's way of saying " Sorry for your loss!"

Keep your head up, learn and try not to act foolish. In the end, it's your money, not mine or his. The point of this thread is to learn, learn, learn.

And you shouldn't look up to me, or smth like that. I'm still the worst trader in my psiche. Try to accumulate as much as you can.
haha its cool :] Like i said not betting the family silver here! only using Quarter lots and only £1000 account so im still above that figure overall
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  • #573,688
  • Dec 12, 2011 1:16pm Dec 12, 2011 1:16pm
Quoting Dagobert
Should i cover my 270 pip short? Think i'll let it open for another week until we see 1.18
Why not tighten your SLs now and be safe?
  • #573,689
  • Dec 12, 2011 1:21pm Dec 12, 2011 1:21pm
Quoting WickedPips
1.3280 :o) (The yearly low)

you have to chuckle about these things at some point! still though very irritated at my noob mistake thinking that the euro could still defy gravity as it has been of late

my account isnt blown or anything, but still very annoyed .. how much further down could it possibly go? what happens if it bottoms out of the lowest price -- could it just freefall?

I am sorry for you. In the beginning it is far safer and easier to only ever trade with the trend. Look for pull backs TL to enter with very tight stops etc.
  • #573,690
  • Dec 12, 2011 1:21pm Dec 12, 2011 1:21pm
Im logging out so effing wound up with this thing today!!

Time to sleep it off and try again tomorrow

Night guys

Oh and just as predicted... I close my trade 104 pips down AND THEN comes the effing retracement..

I despair i really do!!!
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  • #573,691
  • Dec 12, 2011 1:24pm Dec 12, 2011 1:24pm
Quoting WickedPips
haha its cool :] Like i said not betting the family silver here! only using Quarter lots and only £1000 account so im still above that figure overall

You are making a very basic noobies mistake, you got in at 3280, on the only failed retrace of the day, funny ain't it how the market gives you those. Once you entered, you were really proud as it went a few pips green on you and you got all excited, that excitement lasted all the way through the next 20 pip drop, at that point you started to worry a bit, buy heheh, the market showed you a few green bars on the lower TF's and your excitement took over immediately from the earlier worries, by now you had completely forgotten that your trade was 20 pips in the red, you are now focusing on those few green bars as you are convinced that the reversal is now well and truly under way, you were just a tat too early on your 3280 entry, no worries, all is well again.

You relax and enjoy your 3 green bars on the M1, and now bam, down another 20, ah shit that's now 40 in the red, you can't really afford to close it here as she is slowing down already and yup a few minutes later a green one one on the M1, see all hope is not lost, time for a cup of tea, not a bad trade, the entry was just slightly wrong.


Bam, down another 30, ah shit, this is crap. You say to yourself now as soon as you get back to BE, you will never make this mistake again.


And here we are 120 pips in the red.....
  • #573,692
  • Dec 12, 2011 1:26pm Dec 12, 2011 1:26pm
Quoting cloggie
You are making a very basic noobies mistake, you got in at 3280, on the only failed retrace of the day, funny ain't it how the market gives you those. Once you entered, you were really proud as it went a few pips green on you and you got all excited, that excitement lasted all the way through the next 20 pip drop, at that point you started to worry a bit, buy heheh, the market showed you a few green bars on the lower TF's and your excitement took over immediately from the earlier worries, by now you had completely forgotten that your trade was 20...
damn you sure do love to relive the moment!! :] this is uncanny, were you there? lol
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  • #573,693
  • Dec 12, 2011 1:29pm Dec 12, 2011 1:29pm
Quoting WickedPips
damn you sure do love to relive the moment!! :] this is uncanny, were you there? lol

Taking a loss early is one of the hardest things you are going to have to learn.


I will go one step further in describing you. You started about a year ago and started off reasonably well, since then you have hit a bit of a slump and you can't seem to be doing anything right at the moment, you have a halfway decent run of a few days or weeks and bam, there goes all the hard work and you are back at square one.
  • #573,694
  • Dec 12, 2011 1:31pm Dec 12, 2011 1:31pm
Quoting cloggie
Taking a loss early is one of the hardest things you are going to have to learn.
Now that ive closed it and am out i'm going to be ANGRY if it goes all the way back up now! :/

Thanks for the tips :o) appreciated

Perhaps ill copy you tomorrow ha
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  • #573,695
  • Dec 12, 2011 1:31pm Dec 12, 2011 1:31pm
Quoting cloggie
You are making a very basic noobies mistake, you got in at 3280, on the only failed retrace of the day, funny ain't it how the market gives you those. Once you entered, you were really proud as it went a few pips green on you and you got all excited, that excitement lasted all the way through the next 20 pip drop, at that point you started to worry a bit, buy heheh, the market showed you a few green bars on the lower TF's and your excitement took over immediately from the earlier worries, by now you had completely forgotten that your trade was 20...
heh... sound like story of my trading too...
"I am still learning" - Socrates
  • #573,696
  • Dec 12, 2011 1:32pm Dec 12, 2011 1:32pm
Nice LONG scalp off of the old Oct 3rd low @ 1.3164.
4 pip initial stop loss, now @ BE.

I think I will let his one ride and see what I can get. Probably only take it to 1.3200/10 area considering the time of day and the bearish fundamentals, but we will see.

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  • #573,697
  • Dec 12, 2011 1:35pm Dec 12, 2011 1:35pm
Quoting WickedPips
Now that ive closed it and am out i'm going to be ANGRY if it goes all the way back up now! :/

Thanks for the tips :o) appreciated

Perhaps ill copy you tomorrow ha

No need to be angry with the market, that will get you nowhere. You entered the trade where you did, you mismanaged it, you could not face up to your own stupidity/mistake way back when.

You need to take ownership of that trading of yours, don't go blaming anyone or anything else, you get out of the market what you put in.

It can be very hard to see that your trade is rubbish when you are in a trade, look back over your charts now that she is closed and you will spot dozens of opportunities to get out of the darn thing way earlier.

Just look at what you are doing now, you are getting angry again over a few green bars on the M1......
  • #573,698
  • Dec 12, 2011 1:35pm Dec 12, 2011 1:35pm
Quoting cloggie
Taking a loss early is one of the hardest things you are going to have to learn.


funny though isn't it, how even in such a massive down trend day (days) and with so many good comments on taking shorts all day - that some people stilll try and fight it and pick the reversal point.

Some have justified it by feeling, some with good RR but hey you can have 500:1 RR but if it still goes down it counts for nothing and it is 500:1 for a reason....

old saying - trend is your friend

just watch the price actions boys and girls and be prepared to change your mind as the prices unfold......
  • #573,699
  • Dec 12, 2011 1:36pm Dec 12, 2011 1:36pm
Quoting cloggie
No need to be angry with the market, that will get you nowhere. You entered the trade where you did, you mismanaged it, you could not face up to your own stupidity/mistake way back when.

You need to take ownership of that trading of yours, don't go blaming anyone or anything else, you get out of the market what you put in.

It can be very hard to see that your trade is rubbish when you are in a trade, look back over your charts now that she is closed and you will spot dozens of opportunities to get out of the darn thing way earlier.
lol so hard to tell from text someones demeanour -- Not blaming anyone (That i recall)

And can take a bit of critique as clearly i have much to learn :]

Hard to tell whether your just being helpful or a chunt but its all appreciated lol
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  • #573,700
  • Dec 12, 2011 1:37pm Dec 12, 2011 1:37pm
Quoting WickedPips
lol so hard to tell from text someones demeanour -- Not blaming anyone (That i recall)

And can take a bit of critique as clearly i have much to learn :]

Hard to tell whether your just being helpful or a chunt but its all appreciated lol

I am always a chunt first, but I do know what I am talking about.
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