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bringin sexy back - stochastics 2,549 replies

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Attachments: Would it be too much trouble to pay me back my $20,000, my sexy darling?
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Would it be too much trouble to pay me back my $20,000, my sexy darling?

Quoting M.A.C.Doug
I believe a short move down from 1.2880 is more likely than a break higher this session. My trade plan for the day is to sell above 1.2850 with stops above 1.2890.I will be targeting 1.2830 for the scalp and a longer term target of 1.2730. A break and hold above 1.2990 will void my bearish call for the session and I will flip long to recover to 1.2930. If it reaches that level I will try selling again
well my call was bogus and I lost hard trying to sell however I got it all back when I finally got with the program and abandoned shorts in favour of the long trade.
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Quoting M.A.C.Doug
well my call was bogus and I lost hard trying to sell however I got it all back when I finally got with the program and abandoned shorts in favour of the long trade.
I made the same call and I had 2 breakeven trades on that idea then I stopped trading it. You might want to try using a similar limit : a maximum of X trades in a particular direction in a specific time slot. I use a limit of 2 directional trades per trading session (european - american - asian).
I'm glad to see we both took this morning's breakout even though I only made 100 pips on EURUSD
Quoting Intensity
I made the same call and I had 2 breakeven trades on that idea then I stopped trading it. You might want to try using a similar limit : a maximum of X trades in a particular direction in a specific time slot. I use a limit of 2 directional trades per trading session (european - american - asian).
I'm glad to see we both took this morning's breakout even though I only made 100 pips on EURUSD
Yeah I do need to do something to stop those deep drawdowns from over trading. I dont like the idea of limiting myself but ill give it some thought. I know Boris Sclossenburg uses I similar idea where he quits trading for the day if he has three consequetive losers. I dont enjoy losing streaks but they are part of the game as I only have about a 38% win rate. That is to be expected when using a 4 pip stop like I do.

what I am not used to is having a losing day. I tend to keep trading till I come out on top. It is an unrealistic expectaion to think you can profit every time you trade

Yesterday I only took three short trades and they all lost. I drew down 0.8%. That is a big improvement and though I lost, I felt much better about it.
Quoting Intensity
I made the same call and I had 2 breakeven trades on that idea then I stopped trading it. You might want to try using a similar limit : a maximum of X trades in a particular direction in a specific time slot. I use a limit of 2 directional trades per trading session (european - american - asian).
I'm glad to see we both took this morning's breakout even though I only made 100 pips on EURUSD
Yeah I do need to do something to stop those deep drawdowns from over trading. I have lost and gained my entire months profit twice in the last week and I am not impressed by that volatility in my account. I dont like the idea of limiting myself but ill give it some thought. I know Boris Sclossenburg uses I similar idea where he quits trading for the day if he has three consequetive losers. I dont enjoy losing streaks but they are part of the game as I only have about a 38% win rate. That is to be expected when using a 4 pip stop like I do.

what I am not used to is having a losing day. I tend to keep trading till I come out on top. However, I am trading a bias rather than a set up and that can be very ineffective at times. It is an unrealistic expectaion to think you can profit every day you trade

Yesterday I only took three short trades and they all lost. I drew down 0.8%. That is a big improvement and though I lost, I felt much better about it.
Third time lucky with this broken trendline backside re-test. Both of the first entries achieved good profit before stopping me out at break even. Third attempt I took 25pips safely instead of the 30 pips I was after. I could have had 25 pips three times if I had not been greedy with the first two entries. Anyway, a marked improvement in what I have been doing lately so I am pleased about that
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It's tough to discern between greedy and following your plan/TP, tough one...great work on the third shot.

Quoting M.A.C.Doug
Third time lucky with this broken trendline backside re-test. Both of the first entries achieved good profit before stopping me out at break even. Third attempt I took 25pips safely instead of the 30 pips I was after. I could have had 25 pips three times if I had not been greedy with the first two entries. Anyway, a marked improvement in what I have been doing lately so I am pleased about that
Hi MacDoug ! Have you finally started using an EA ? The stop loss of your open orders keeps changing. It looks like the EURUSD is slumping because the european agreement was a complete letdown :/ I didn't trade today because of that unusual factor which is worse than NFP because it's highly political and subjective.
Quoting Intensity
Hi MacDoug ! Have you finally started using an EA ? The stop loss of your open orders keeps changing.
no EA - just a different trading style known as reckless gambling. I am going live with a larger sum using I.G markets as broker. I decided to let loose with this micro account.
Im looking for longer term short opportunities based on the following analysis and price projections. As a scalper, I find it very difficult to trade these longer term set ups. I predicted the 2008 Dow crash and target accurately using the same techniques - I took 40 pips from over 700. I predicted the EURO rise from 1.23 to 1.48 using the same techniques but I was lucky to breakeven over that period. This time I am determined to stick with it. Im currenty positioned from this possible head and shoulder on the daily chart as my first attempt. A break and hold above the weekly reversal candle cluster will void the bearish view.
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Quoting M.A.C.Doug
Im looking for longer term short opportunities based on the following analysis and price projections. As a scalper, I find it very difficult to trade these longer term set ups. I predicted the 2008 Dow crash and target accurately using the same techniques - I took 40 pips from over 700. I predicted the EURO rise from 1.23 to 1.48 using the same techniques but I was lucky to breakeven over that period. This time I am determined to stick with it. Im currenty positioned from this possible head and shoulder on the daily chart as my first attempt....
simple and clean charts

waiting for shorting too ....
Quoting ccreative
simple and clean charts

waiting for shorting too ....
Thankyou but I must confess - those charts are for display purposes and only show what is relevant to the post. There are many more lines on the charts I use to analyse, including fibs and pivot points.

The possible head and shoulder did not eventuate as price has breached the left shoulder level of 1.3230. It did bounce 50 pips down after the first touch of that level, would have been a nice scalp. It is currently retesting the backside of the broken weekly trendline at around 1.3280. The bulls must get price back inside that trendline to succeed and the bears must prevent that from happening or the cause is lost. Should be quite a fight.

Here is my not so clean 15 minute chart showing the current battle over the weekly trendline. The bulls are mounting a full scale attack but the bears have managed to hold them off, at least for now
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I had some time of work today so I decided to do a little analysis and post my call for fun

Price opened the week below the demand trendline but then formed a pin bar on the daily chart. I expect a rally now to be short lived, capped by the back side of the broken trendline around 1.31ish. The ensuing fall should easily target the trendline plus fib extension confluence at 1.2850
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  • Post #573
  • Quote
  • Edited at 6:53pm May 9, 2012 8:46am | Edited at 6:53pm
Trading a little differently now, same entry criteria, different risk/reward

bounce trade, 15 minute chart 1% risk, 1% reward
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Hope all is well buddy.
  • Post #575
  • Quote
  • Edited at 6:52pm May 9, 2012 6:39pm | Edited at 6:52pm
Quoting sam0182
Hope all is well buddy.
All is well, you coming down here still?

Quoting M.A.C.Doug
Trading a little differently now, same entry different risk/reward

bounce trade, 15 minute chart 1% risk, 1% reward
excellent set up later in the session and although I didnt get this one, it was worth posting I thought.

a combination of the S1 pivot + previous s/r level was a great level to sell with trend. You could have sold the line or waited for price action to confirm the reversal and gone for 2x or 3x risk being in the direction of a trending market
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Glad to hear, keep up the trading.

And no...they sent me way the hell up in Canada. Should be on Onslow late next year. I'll keep in touch.
Ive been hitting the charts pretty full on all weekend and trading constantly all week. Yesterday I didnt get out of my pyjamas which was not a great look when the inlaws rocked up. I decided to give it a rest today do some stuff around the house.

There were some excellent opportunities today but I was not around for most of it. I did manage to enter a position first thing and I set an order and then left the pc alone. Both trades won for a 2% account gain while I was having a great day getting stuff done.
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  • Post #578
  • Quote
  • Edited at 7:00pm May 11, 2012 6:49pm | Edited at 7:00pm
Very good day today, 2.7% return to finish the week at 11.7%. Seems I might be getting the hang of this. Market conditions were ideal for my scalping techniques this week. I have posted a trade explorer for anyone who might be interested

I have included the exact chart I was using on friday, showing my analysis and my broker chart to show exactly what trades I took as the day progressed (green arrows are winners, red arrows are losers). This is one of the most complete and revealing post of how I analyse and trade. I got to go back to work next week so less time for trading and even less for posting. I will be happy to answer any questions though
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Ha 11% this week? Where can I send you a chunk of my account?

Keeping my head above water was an accomplishment this week. Good trading buddy.
  • Post #580
  • Quote
  • Edited at 7:12am May 14, 2012 5:08am | Edited at 7:12am
Obviously bearish today with price gapping down at the open and down another 40 pips by 10.00am London. Looks like price will go to straight to 1.28 (60 pips lower) from here. However, by the time I got to the pc, price was testing an old support level on the Weekly chart. should be good for at least a 30 pip bounce but all I need is 12 pips for my 1% return for the day. High probability counter trend trade in my book

EDIT: Kaching! (see chart 2) 40 mins screen time, 1 trade, 1% and Im done for the day
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