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Trade what you see NOT what you expect

  • #35,001
  • Mar 22, 2012 3:02am Mar 22, 2012 3:02am
Quoting Trader131
Eusd 1hr chart- looking good for shorts, but latest candle hasn't closed yet, but we have a hangman before it
That, in combination with the quasimodo/mini H+S being still in play, i'd be very wary about going long right now.

Morning!
  • #35,002
  • Mar 22, 2012 3:09am Mar 22, 2012 3:09am
Quoting lazyboy
mother****er had my short order at 47 might have just been a dick for a tick (or 2)
Nearly a great start to the day, stepping away for a bit as cant see much else on and don't want to get caught out in frustration!
  • #35,003
  • Mar 22, 2012 3:14am Mar 22, 2012 3:14am
Good morning folks, China's PMI numbers last night wasn't too good for the Aussie.

HOLLA
  • #35,004
  • Mar 22, 2012 3:21am Mar 22, 2012 3:21am
Morning all! Ooh nice- just back from breakfast to see Eurusd down nicely- taken half off a short I placed at 43 for 45 pips- lovely stuff- I'm glad I was away, as I'm sure I would have taken profit sooner! May get a bounce at the figure, but this might be the start of a much bigger move
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd1hr.gif Size: 24 KB
There is no top. There are always further heights to reach. Jascha Heifetz
  • #35,005
  • Mar 22, 2012 3:35am Mar 22, 2012 3:35am
Taken another 1/4 off at 59 (84 pips) as we are at the base of the previous rocket up on the left of the hourly chart
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd1hr.gif Size: 25 KB
There is no top. There are always further heights to reach. Jascha Heifetz
  • #35,006
  • Mar 22, 2012 3:39am Mar 22, 2012 3:39am
Quoting Trader131
Taken another 1/4 off at 59 (84 pips) as we are at the base of the previous rocket up on the left of the hourly chart
Jeez, you are nailing these early morning entries bud, I need to get up earlier! That was a lovely setup on EU, she's a runaway train right now. yesterdays low is a strong pivot area to add-on if it retraces up to there. great trading fella!
  • #35,007
  • Mar 22, 2012 3:39am Mar 22, 2012 3:39am
H and s broken now
There is no top. There are always further heights to reach. Jascha Heifetz
  • #35,008
  • Mar 22, 2012 3:42am Mar 22, 2012 3:42am
Nice trading 131....

A nice 4hr close under all that crap above and a break of 1.3150 area could put us back to where we were last Thursday.

HOLLA
Attached Image
  • #35,009
  • Mar 22, 2012 3:47am Mar 22, 2012 3:47am
Cheers, Trotty. Yes, it was a good one!

You know I nearly doubled my short order before going to breakfast, but thought "no, that's the road to ruin..", as I would have been overleveraging. But even though I could have made double, I 'm still happy with my choice.

The great thing about trading when it all starts coming together is that it's not so much about the cash outcome of the trade, what's more important is that you are disciplined and stick to your plan, because in the long run that is what will define your success.

Yes, the early trades can be good. When I traded with the live club years ago we went online at 6.30am scanning for setups to trade before Frankfurt then London open. You can catch some great moves.
There is no top. There are always further heights to reach. Jascha Heifetz
  • #35,010
  • Mar 22, 2012 3:52am Mar 22, 2012 3:52am
Quoting Turtle
Nice trading 131....

A nice 4hr close under all that crap above and a break of 1.3150 area could put us back to where we were last Thursday.

HOLLA
Thanks, Turtle- you're up early or is that late!

Yes, I agree, and we also might get a retest of the h & s line to add to shorts
There is no top. There are always further heights to reach. Jascha Heifetz
  • #35,011
  • Mar 22, 2012 4:02am Mar 22, 2012 4:02am
Quoting Trader131
Thanks, Turtle- you're up early or is that late!

Yes, I agree, and we also might get a retest of the h & s line to add to shorts
Up early, went to bed after China PMI.

Great quote about being discipline, it is the key.

HOLLA
  • #35,012
  • Mar 22, 2012 4:03am Mar 22, 2012 4:03am
Quoting Trader131
Cheers, Trotty. Yes, it was a good one!

You know I nearly doubled my short order before going to breakfast, but thought "no, that's the road to ruin..", as I would have been overleveraging. But even though I could have made double, I 'm still happy with my choice.
Very glad you didn't too mate. I will often take trades at lower risk than usual because I like the setup but I don't like it THAT much but I will never put on a position greater than my maximum acceptable risk. You only need one of them to fail and you could easily spiral into loss chasing and even bigger positions to claw it all back etc.

I have seen some equity curves that have left me speechless. Gentle and consistent rises followed by a big jump and then a huge slide down back to where they started. You know exactly what happened, they got over confident, increased their risk and then chased those losses with even greater risk. Slowly slwoly catchy money

What was this club btw?
  • #35,013
  • Mar 22, 2012 4:17am Mar 22, 2012 4:17am
Quoting Trotty
Very glad you didn't too mate. I will often take trades at lower risk than usual because I like the setup but I don't like it THAT much but I will never put on a position greater than my maximum acceptable risk. You only need one of them to fail and you could easily spiral into loss chasing and even bigger positions to claw it all back etc.

I have seen some equity curves that have left me speechless. Gentle and consistent rises followed by a big jump and then a huge slide down back to where they started. You know exactly what happened, they got...
Yes, spot on, Trotty. Risk before reward. Always. Period.

The danger comes as you say when either overconfidence or frustration or even desperation kicks in. It is easy to think "oh it's definately going to drop", but there are no absolutes in trading- anything can happen, which is why we must protect our risk and keep to our plan.

The club no longer trades, but it was called the fx500 club, but I think the founder, Dan Armitage still teaches and has opened another club. It was a very good introduction to trading for me- they had excellent traders there.
There is no top. There are always further heights to reach. Jascha Heifetz
  • #35,014
  • Mar 22, 2012 4:19am Mar 22, 2012 4:19am
Looks like pound is starting to catch up.

Let's see how this 1.5780 - 1.5800 holds up, lots of SMA's and fibo's sitting in this area.

HOLLA
Attached Image
  • #35,015
  • Mar 22, 2012 4:24am Mar 22, 2012 4:24am
Quoting Trader131
Yes, spot on, Trotty. Risk before reward. Always. Period.

The danger comes as you say when either overconfidence or frustration or even desperation kicks in. It is easy to think "oh it's definately going to drop", but there are no absolutes in trading- anything can happen, which is why we must protect our risk and keep to our plan.

The club no longer trades, but it was called the fx500 club, but I think the founder, Dan Armitage still teaches and has opened another club. It was a very good introduction to trading for me- they had excellent...
Absolutely mate. Only disciplined traders make it long-term, we all must be one.

Heard mixed things about these clubs, some say they helped them and others say that the contradicting calls people make leave them in a cloud of confusion. Glad it helped a little though
  • #35,016
  • Mar 22, 2012 4:26am Mar 22, 2012 4:26am
Quoting Turtle
Looks like pound is starting to catch up.

Let's see how this 1.5780 - 1.5800 holds up, lots of SMA's and fibo's sitting in this area.

HOLLA
Very nice, Turtle. Here's my 1 hr chart of cable want to see this lower TL break first
Attached Image (click to enlarge)
Click to Enlarge Name: cable1hr.gif Size: 23 KB
There is no top. There are always further heights to reach. Jascha Heifetz
  • #35,017
  • Mar 22, 2012 4:31am Mar 22, 2012 4:31am
Quoting Trotty
Absolutely mate. Only disciplined traders make it long-term, we all must be one.

Heard mixed things about these clubs, some say they helped them and others say that the contradicting calls people make leave them in a cloud of confusion. Glad it helped a little though
Can't say it any better it any better than that Trotty.

131 - breaks that area on the pound and a mad rush to the doors.

Looks like Aussie is breaking those Daily SMA's

HOLLA
  • #35,018
  • Mar 22, 2012 4:33am Mar 22, 2012 4:33am
Well that's that gone straight after I posted! Great trade, Turtle!
Attached Image (click to enlarge)
Click to Enlarge Name: cable1hr.gif Size: 23 KB
There is no top. There are always further heights to reach. Jascha Heifetz
  • #35,019
  • Mar 22, 2012 4:37am Mar 22, 2012 4:37am
Quoting Trader131
Well that's that gone straight after I posted! Great trade, Turtle!
I turned around to look at my charts after posting the last message as said What the F-----

It's a wild one today.

HOLLA
  • #35,020
  • Mar 22, 2012 4:43am Mar 22, 2012 4:43am
Quoting Turtle
I turned around to look at my charts after posting the last message as said What the F-----

It's a wild one today.

HOLLA
Haha!
Eurusd 4hr chart
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd4hr.gif Size: 22 KB
There is no top. There are always further heights to reach. Jascha Heifetz
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