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  • #5,781
  • Feb 29, 2012 9:38am Feb 29, 2012 9:38am
Thanks Xman

Ahh i see, Erm.. Could anyone teach me how to close half of the trade on MT4? Just briefly explain to me will do then I go figure it out myself.

Well I am also confident that this is gonna head down. But I set my TP wrongly like I mentioned. But I still get +28pips. Just that it hit my SL at breakeven and I missed this spike.. Argghhh...

Anyway I am still happy

Let's see if this manage to go pass 100% of fibo on this very scary candle!
  • #5,782
  • Feb 29, 2012 9:43am Feb 29, 2012 9:43am
Quoting Phx62
Go to the video link posted by X-Man at post #5599 and watch it several times to understand what is being taught.....Rick / Dcginc is a professional trader and knows what he is talking about in the video....confidence comes from believing in your system.....
ok i really believe in this system and i want to keep using it and i know i will loss some of my live account funds at the beginning as long as i use it directly to my live account but in your opinion in my trades based on the technical side
i think i do not violate any of valid entry rules
  • #5,783
  • Feb 29, 2012 9:44am Feb 29, 2012 9:44am
Quoting Dr_Zulu
You're certainly right X-Man.
But we should learn to make our own decisions sooner or later.
Every time I choose not to duplicate your or other experienced traders ideas, no matter how deeply I study the move, I end with an epic fail.
Like today, I waited for whole day the moment to go with the trend, and the very moment after I decide to finally pull the trigger... Probably the shortest candle of the whole month slaps my face and sends me -30 in a blink of an eye.
This happening dozens of times.
Very depressing, honestly.
Yip i agree

the trick to forex is to look for the most basic analysis.
dont ever analyze your charts in a complex way.
always use the simplest tools.

why do i say this?
because you must try to see what the world (majority of traders) is looking at.

When i opened my chart that divegance and double top was clear as day. from there you tell me which trader didnt see that on E/U.
I garantee that any trader that knew forex basics would see that setup.

Orders move the market so people will add on shorts.
This is the most simplest way of determing Volume.

I never try to do complex chart anaysis because majority of traders around the world wont be doing that.
At times i agree that some calls are tough coz there will be traders that see valid signals to go long and theres others that will see a signal to short. so there will be a battle of the bulls and bears.
and at times like today almost everyone will see the short signal.

Thats just a basic understanding and forex should always be kept simple and basic.
X-man the legendary conqueror of markets
  • #5,784
  • Feb 29, 2012 9:49am Feb 29, 2012 9:49am
Quoting X-Man
Yip i agree

the trick to forex is to look for the most basic analysis.
dont ever analyze your charts in a complex way.
always use the simplest tools.

why do i say this?
because you must try to see what the world (majority of traders) is looking at.

[size=3][color=blue]When i opened my chart that divegance and double top was clear as...
Thanks X-Man.
I bow to your KISS way and to your good will to teach stoneheads like me.
  • #5,785
  • Feb 29, 2012 9:51am Feb 29, 2012 9:51am
Quoting HITMAN
i hope one of Seniors will explain this
Explain what, holding onto a trade?

Very difficult at the moment. Last few weeks (months) London open session has been very skittish and we are in if in doubt leave altogether mode. Generally waiting for US session.

Add onto this neg divergence on D for a sell, identified poss R area around 5950, a W R 4 pivot and D R2 at 5962 and 5975 respectively and sell divergence on 1hr and theres lots of reasons not to hang onto buy trades.

If you are making money in last few days you have either got outright lucky, just happened to hit on the infrequent good moves in the day or are a genuinely good/brilliant trader (in my humble opinion).
  • #5,786
  • Feb 29, 2012 9:52am Feb 29, 2012 9:52am
Quoting jamauqui
Hi X-Man,

I’ve got a question for you.
I guess you opened the EU trade at 1.3465 or 1.3459, then went at 1.3421 (aprox. +40pips) after 2-3 candles, then retraced at 1.3468 (aprox. -45pips). So the point is how come you kept the trade opened with a retrace of 45pips and with a report to come(Home sales)? As I know the price during a report can go everywhere depends of the results.
Thanks a lot..


I entered at 1.34600 the trade never retraced more than 17 pips against me.

The first time it went against me was for 16 pips and the second time it went 8 pips
other than that i was profits all the time
X-man the legendary conqueror of markets
  • #5,787
  • Feb 29, 2012 9:54am Feb 29, 2012 9:54am
Guy I am out 120pips nice move to 200EMA today

Reason why I held because I had a 20pip stop, there wa double top an engulfing candle at top and divergence
  • #5,788
  • Feb 29, 2012 9:57am Feb 29, 2012 9:57am
Quoting EvoPips
Thanks Xman

Ahh i see, Erm.. Could anyone teach me how to close half of the trade on MT4? Just briefly explain to me will do then I go figure it out myself.

Well I am also confident that this is gonna head down. But I set my TP wrongly like I mentioned. But I still get +28pips. Just that it hit my SL at breakeven and I missed this spike.. Argghhh...

Anyway I am still happy

Let's see if this manage to go pass 100% of fibo on this very scary candle!

  1. Open Terminal window
  2. Double click on the ticket number of your trade
  3. Select your order then open popup menu with right mouse button
  4. Select Modify or Cancel Order. The Modify Order window will show
  5. Under "Type" menu choose "Instant execution"
  6. Under "Volume" insert half the volume of your trade
  7. Click the yellow button "Close #(tktnumber)"

Or you can simply open 2 orders with half the volume of your original intended trade. This way you can also set 2 different TPs.
Hope it helps.
Rob

  • #5,789
  • Feb 29, 2012 9:58am Feb 29, 2012 9:58am
Today i spoke to "Fed Chairman Bernanke" I told him to put in a word there to favour my short trade.

Looks like he is over doing it now with that massive bear candle. Have to call him again to tell him thats enough.

Fed Chairman Bernanke Testifies that X-man is awesome
X-man the legendary conqueror of markets
  • #5,790
  • Feb 29, 2012 10:01am Feb 29, 2012 10:01am
Quoting X-Man
Today i spoke to "Fed Chairman Bernanke" I told him to put in a word there to favour my short trade.

Looks like he is over doing it now with that massive bear candle. Have to call him again to tell him thats enough.

Fed Chairman Bernanke Testifies that X-man is awesome
  • #5,791
  • Feb 29, 2012 10:05am Feb 29, 2012 10:05am
damnit. 100pips on the last candle. and i am not even see that is coming. is it because of crude oil?
  • #5,792
  • Feb 29, 2012 10:05am Feb 29, 2012 10:05am
Quoting X-Man


I entered at 1.34600 the trade never retraced more than 17 pips against me.

The first time it went against me was for 16 pips and the second time it went 8 pips
other than that i was profits all the time

Yes, that’s right. After the third candle you held a profit of 40pips then the pair retrace 45pips against you, so I read that when the price goes back against me I should move my SL at BE. My concern about this trade is why hold the trade in negative after having 40 pips of profit.
I don’t know if you know what I mean.
  • #5,793
  • Feb 29, 2012 10:08am Feb 29, 2012 10:08am
Quoting X-Man
Today i spoke to "Fed Chairman Bernanke" I told him to put in a word there to favour my short trade.

Looks like he is over doing it now with that massive bear candle. Have to call him again to tell him thats enough.

Fed Chairman Bernanke Testifies that X-man is awesome
LoL, this made me laugh so hard.. ahhaha
  • #5,794
  • Feb 29, 2012 10:10am Feb 29, 2012 10:10am
Quoting jamauqui
Yes, that’s right. After the third candle you held a profit of 40pips then the pair retrace 45pips against you, so I read that when the price goes back against me I should move my SL at BE. My concern about this trade is why hold the trade in negative after having 40 pips of profit.
I don’t know if you know what I mean.
when i say retrace against me i mean in my account. I must see it go red in my account. the most it went against me in my account was 16 pips.
My account is the important key
X-man the legendary conqueror of markets
  • #5,795
  • Feb 29, 2012 10:21am Feb 29, 2012 10:21am
Caught a nice +85 on GBPJPY today with a bounce of resistance turned support with the trend and a TDI cross on the 4h.

Also short eurusd from double top / Divergence and previous resistance from December @ 1.3444 on 4h chart.

And long usdchf from double bottom & divergence & resistance turning into support from October / November last year @ 0.8964 on 4h chart.
Attached Image (click to enlarge)
Click to Enlarge Name: GJ.gif Size: 28 KB
  • #5,796
  • Feb 29, 2012 10:24am Feb 29, 2012 10:24am
Quoting X-Man
when i say retrace against me i mean in my account. I must see it go red in my account. the most it went against me in my account was 16 pips.
My account is the important key
Yes, sorry but my concern it’s about the blue candle, the trade should be close in blue candle at BE 1.3460 after a retrace of 40pips. Why did you keep open at next candle where you got +65pips.
Thanks a lot.
  • #5,797
  • Feb 29, 2012 10:27am Feb 29, 2012 10:27am
Quoting X-Man
Guys when the X-Man comes on and say go short you must go short.
They dont call him the conqueror of the markets for nothing LOL

Had my E/U trade open the entire day but this last spike hit my 65 pips target clean.

Happy pippin guys

Patience and discipline
Well played!

Spiked down as Bernanke was speaking at that time, a red news event on FF calendar.

Did you consider that and regard it as nothing to be of any concern about to stay in the trade?

cheers
  • #5,798
  • Feb 29, 2012 10:36am Feb 29, 2012 10:36am
Quoting jamauqui
Yes, sorry but my concern it’s about the blue candle, the trade should be close in blue candle at BE 1.3460 after a retrace of 40pips. Why did you keep open at next candle where you got +65pips.
Thanks a lot.
Mark your chart with a horizontal line at 1.34600.
Now from there measure how much did the market dip into my account.
That blue candle only dipped into my account about 8 pips. so the market went against me for 8 pips there.
My SL was at 30pips.

You are talking about how many it retraced in the market and not how many it retraced against me. thats the difference.
If it retraced against me for 30pips then my SL wouldve been hit.
X-man the legendary conqueror of markets
  • #5,799
  • Feb 29, 2012 10:41am Feb 29, 2012 10:41am
Quoting gamekeeper
Well played!

Spiked down as Bernanke was speaking at that time, a red news event on FF calendar.

Did you consider that and regard it as nothing to be of any concern about to stay in the trade?

cheers
Through the little experience i have i noticed that the news kinds of play in your fovour when you make the right chart analysis.
seriously in my view before the news happens i think they really set the news according to what they see in the chart and then you get a news release which will cause volatility.

Thats just my personal view and have experience this since the time i started trading. It dont happen 100% but majority of the time.
Thats why i am pure chartist
X-man the legendary conqueror of markets
  • #5,800
  • Feb 29, 2012 10:53am Feb 29, 2012 10:53am
Quoting X-Man
Mark your chart with a horizontal line at 1.34600.
Now from there measure how much did the market dip into my account.
That blue candle only dipped into my account about 8 pips. so the market went against me for 8 pips there.
My SL was at 30pips.

You are talking about how many it retraced in the market and not how many it retraced against me. thats the difference.
If it retraced against me for 30pips then my SL wouldve been hit.
No sorry, I am talking about how many retraced against the market, I know that the maximum lost was 16 the first time and then 8 during blue candle. But before blue candle, the pair move in your direction about 40pips then it retraced 45pips which was the blue candle. Should I move my SL to BE?
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