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  • #3,121
  • Jan 25, 2012 6:39am Jan 25, 2012 6:39am
Today i on the open of the second red candle.
My SL was 50
My TP of 50 pips was hit

Simple and fun trading my friends
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X-man the legendary conqueror of markets
  • #3,122
  • Jan 25, 2012 7:07am Jan 25, 2012 7:07am
Quoting X-Man
Well firstly a big hint was on the Daily TF.
PA was touching the top of the channel as well as touching the 60EMA so this acted as a resistance. TDI broke through the bands for some time now , so I knew it had to cross down to settle in the blue bands again. So i expected the bounce down. You can view this in the first chart i posted.

In my second chart i marked a candle with an arrow to indicate a weak blue candle.

At times PA will break through resistance and wont always bounce off.
...
Thank you very much X-Man,

Your analyse is very important for me!!!!

vcary
  • #3,123
  • Jan 25, 2012 7:28am Jan 25, 2012 7:28am
@gms:
Are you willing to share your "X-Man EA" ?
would be great
  • #3,124
  • Jan 25, 2012 7:31am Jan 25, 2012 7:31am
Wow what luck I have. Since I am a little sick I went back to sleep just after the news broke at 4am, only to wake up and find this. Oh well tomorrow is another day.
  • #3,125
  • Jan 25, 2012 7:42am Jan 25, 2012 7:42am
Was planning to take the momentum at the same spot as you X-man, but my system was lagging, so I took 10 pips further from there and didn't hit the 50 TP. Manually closed at 27 pips..

Still a profit.. Hopefully tomorrow will be better..
  • #3,126
  • Jan 25, 2012 8:02am Jan 25, 2012 8:02am
Every trade I've taken has resulted in a loss. I've never done this badly before. -74 in 3 days. I feel miserable.
  • #3,127
  • Jan 25, 2012 8:11am Jan 25, 2012 8:11am
Hi, I went long eu, after the pullback at 1.2957

Let's see...
  • #3,128
  • Jan 25, 2012 8:13am Jan 25, 2012 8:13am
Quoting Forexsaurus
Every trade I've taken has resulted in a loss. I've never done this badly before. -74 in 3 days. I feel miserable.
Right there with you. A little under the weather and i know i haven't been totally focused. Went from a bit of paralysis by analysis to over analysis and some bad calls. Also a few trades that went south because i was not here to manually close them and lock in profits. May have a look at the ea Lazy Lobster is trying out.
  • #3,129
  • Jan 25, 2012 8:16am Jan 25, 2012 8:16am
Quoting Forexsaurus
Every trade I've taken has resulted in a loss. I've never done this badly before. -74 in 3 days. I feel miserable.
Now it's -80. I feel like I'm following the rules. I'm making exactly the same trades I used to when I was profitable. It's like someone is watching me and adjusting prices based on what I do. The price will literally hit my SL, then bounce back in the other direction every time. It's like I'm cursed or something, I don't know. Losing too much money to let this continue...
  • #3,130
  • Jan 25, 2012 8:16am Jan 25, 2012 8:16am
Anyone looking at the 4 hr Eur/Cad? Like the pullback candle but a little concerned about the 60 ma and being above it.
  • #3,131
  • Jan 25, 2012 8:50am Jan 25, 2012 8:50am
Quoting zackery
@gms:
Are you willing to share your "X-Man EA" ?
would be great
zackery and sheppy,
this is just a simple trade manager I coded for myself (I don't trust EAs I have not coded myself). It does not enter any trades, just manages my SL, BE, and TS (x pips below/above previous candle). Similar to what LazyLobster is building.

I won't share it here, because I do not want to turn X-Man's great thread into an EA discussion. But you can use any other trade manager for that purpose.

gary
  • #3,132
  • Jan 25, 2012 8:57am Jan 25, 2012 8:57am
If News at top of hour supports this move, I am gonna take it. Continuation of downtrend. However, I think that the US is going to weaken in in this move not strengthen, but one can hope....Looks promising on a couple of timeframes.

LL
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"IN CASH WE TRUST"
  • #3,133
  • Jan 25, 2012 9:17am Jan 25, 2012 9:17am
Like many of you, I entered a short trade on the break of the Asian session low....exited on a pullback for +61 pips.
For those of you who are struggling to make positive pips....I have been down that road. Spend the time to study old charts and watch the ebb and flow of the market. Learn and understand how the market moves. Then test your methods on a demo account until you can get your emotions under control and can set realistic stops and profit targets based on what you learned. You cannot be successful if you exit for a loss every time the market pulls back on you 15 or 20 pips. Trust whatever method or system you have tested and that works for you. Big E's TMS system works for me. X-Man's S3 system works well also. Find one that works for you. Put all that into a written trading plan and then just follow that plan. The more simple and price action based that plan is, the better the results will be. With learning and testing, you can become successful in trading. It just takes lots of work and due diligence to get there.
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  • #3,134
  • Jan 25, 2012 9:18am Jan 25, 2012 9:18am
Quoting Forexsaurus
Now it's -80. I feel like I'm following the rules. I'm making exactly the same trades I used to when I was profitable. It's like someone is watching me and adjusting prices based on what I do. The price will literally hit my SL, then bounce back in the other direction every time. It's like I'm cursed or something, I don't know. Losing too much money to let this continue...

U are frustrated, u are not sure do u follow rules correctly, u want your pips back as fast as u can.

First of all calm down. Decrase your lot size or switch to demo for some time. Read the thread again. Watch pictures posted by X-man and Phx62. Make a plan when u enter, when u exit. Stick to the plan. When u make 4 profitable weeks with this system switch to your normal account. I know how that sound, but emotional trading is a straight way to MC. Every system has a drawdown period, if u keep your MM wise u will be fine.

Good luck
P.
youtube.com/@pantherfxt
  • #3,135
  • Jan 25, 2012 9:49am Jan 25, 2012 9:49am
Quoting Phx62
Like many of you, I entered a short trade on the break of the Asian session low....exited on a pullback for +61 pips.
For those of you who are struggling to make positive pips....I have been down that road. Spend the time to study old charts and watch the ebb and flow of the market. Learn and understand how the market moves. Then test your methods on a demo account until you can get your emotions under control and can set realistic stops and profit targets based on what you learned. You cannot be successful if you exit for a loss every time the...

Thank you for your explanations Phx 68!
A question please (I have already asked at X-Man):
how have you analyzed the candle (at 11 hours) was not good for long? at the beginning of this hour, it yet broken up, the range of the Asian session.
I understand why X-Man had acted like you, but maybe you further analysis.
thank you in advance
vcary
  • #3,136
  • Jan 25, 2012 10:07am Jan 25, 2012 10:07am
Hey guys the road to success can be tough.
Just want to say hang in there, you guys will do just fine.

All traders have those weeks. My worst week was losing 200 pips. That week i couldnt get a single trade right.
I was blinded with loss. Emotion took over me. I felt that trading aint for me anymore.
I took a few days away from my computer and when i was calm i came back and analyzed my trades. Thats when i could see and think clearly again and realized my stupid irrational mistakes that could be easily avoided if i had a clear mind.

Its human nature to try to recover our losses as quick as possible as soon as we make a loss. By this we make bigger and stupid mistakes coz we rush into the next trade and end up losing again. We should not revenge trade or force the charts to give us signals. We should not over trade
When we force a signal then we make our mind believe that we looking at a high probability win then we double up and loss a lot by this time our emotions are running wild and we get into a frenzy. Every trader is affected by emotion when they start trading for the first time.

Forex have been introduced to every individual because the big boys know that whats happen with human behavior.
Only 3-5% of traders are successful because they have patience and discipline. Greed is a major factor which also plays a big part.

We should be strong and discipline. After my 200 pip loss incident i traded with patience. I rather sit on the sideline until im ready to come on the field to play again with a clear mind.
Ever since that time whenever i took a trade i feel nothing at all.
When i make a win im normal, when i make a loss im still normal.
A winning trade doesnt make me happy and a losing trade doesnt sadden me. Im hard as a rock.
When you spend enough hours learning the movements of the pair just like PHX62 mentioned and make lots and lots of trades then the emotion will dissapear
The market will not spare you if you trade emotionally.
There is no mercy in this game.
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X-man the legendary conqueror of markets
  • #3,137
  • Jan 25, 2012 10:44am Jan 25, 2012 10:44am
Here is my challenge. I live on the west coast of the USA. Due to work responsibilities, I cannot trade London. Any ideas as to how I can make this work for me with those restrictions? Thanks
  • #3,138
  • Jan 25, 2012 10:52am Jan 25, 2012 10:52am
Quoting milicentfx
Here is my challenge. I live on the west coast of the USA. Due to work responsibilities, I cannot trade London. Any ideas as to how I can make this work for me with those restrictions? Thanks
Yeah that is a challenge buddy.
A person with the same kind of situation who is successful in trading would be better off explaining that to you.
My situation is different.
I dont have the stress off work. My day is just looking at charts.
Theres majority traders on these threads that work and trade.
X-man the legendary conqueror of markets
  • #3,139
  • Jan 25, 2012 10:55am Jan 25, 2012 10:55am
Quoting vcary
Thank you for your explanations Phx 68!
A question please (I have already asked at X-Man):
how have you analyzed the candle (at 11 hours) was not good for long? at the beginning of this hour, it yet broken up, the range of the Asian session.
I understand why X-Man had acted like you, but maybe you further analysis.
thank you in advance
vcary

Several reasons.....first, I am always wary of a fake out at the beginning of the London session and second, there is a strong resistance (blue line) that had turned back price on the previous two days. I needed to see that resistance area broken to enter a long trade. As you may have noticed in an earlier post this week, on Tuesday I tried to go long and price was rejected after moving up 20+ pips or so. Third, the pattern of the Asian session the day before was very similar to the pattern today. Once price broke the low of the Asian and the TDI had crossed down at the open of the red candle, I knew there was a good potential that it would continue. When the TDI crosses on the H1 time frame, I expect it to continue in that direction for 3 to 8 candles. Also, my study show that once the London session sets a high for the day and reverses, it usually continues in that direction and sets the low of the day also. With the Average Daily Range on this pair at 128 pips, that leaves plenty of room to pick up 50 to 100 of those pips. Hope this answers your question.
  • #3,140
  • Jan 25, 2012 11:05am Jan 25, 2012 11:05am
Quoting milicentfx
Here is my challenge. I live on the west coast of the USA. Due to work responsibilities, I cannot trade London. Any ideas as to how I can make this work for me with those restrictions? Thanks
I live in AZ and operate a full time 40 truck delivery business and still manage to trade the London session. I sleep when I can....early in the evening and on weekends.....sometimes I set a trade and let the EA manage it while I go back to bed. It is just a matter of priorities and dedication. However, all my kids are grown so I don't have those responsibilities. I probably couldn't do it if I had kids at home.
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