Islander and Medici trade the European open | Page 205 | Forex Factory

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Islander and Medici trade the European open

  • #4,081
  • Apr 5, 2012 4:48am Apr 5, 2012 4:48am
Quoting Ian
Nice one.., I was feeling a bit after missing the EU sell at 3150, but managed to catch the EJ rejection of Y's low, short at 84 out for +23 when we bounced off 55 just above H4 target 107.50 as shown by Auron yesterday. (...)
Amazing stuff Ian!
My TPs were quite low today, as I hadn't expected the market to go so well. But any pips are green pips and that puts me in a good mood for Easter .
  • #4,082
  • Edited 5:26am Apr 5, 2012 5:07am | Edited 5:26am
Quoting Krisdetrader
Better late than never .
Nice trade, mate, and definitely right on time. Caught the same one myself. Question is, how long did you hold it for?

My take on it was that *if* we dropped from 3118 after such a small retrace we would be confirming a very strong move so could be a good one to hold as we were moving into some space on H1/H4. Then once price moves below 3100 and stays below that should at least let you lock in some pips.

I had the 76-79 levels marked for possible reaction but after a slight bounce it didn't even give a chance to bail. If you were following the MAs on the way down the first real exit signal I see is the double bottom at 3058 or maybe the HL just before it.

Edit: Just to add a bit more detail to my thinking, I wanted to point out the RB 2B with the 'x'. Although a possible exit signal, in this case I didn't bail because 1) we were below 3100 cleanly so I wanted to hold as long as we stayed below and 2) we were into space on H1/H4 and 3) the entry was off a key 3119 level (look back on higher TFs) and the next levels weren't for a while yet. So I was willing to give up some pips on a big retrace above 3100 but otherwise was stuck in and "trusting" the MAs.
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  • #4,083
  • Apr 5, 2012 5:13am Apr 5, 2012 5:13am
Hi Auron,
I think this is where my problem is. My TP is normally only 10 pips, SL is 7, but today i made 1:1 rrr.
  • #4,084
  • Apr 5, 2012 5:22am Apr 5, 2012 5:22am
Quoting Krisdetrader
Hi Auron,
I think this is where my problem is. My TP is normally only 10 pips, SL is 7, but today i made 1:1 rrr.
Here's a simple rule you can try: Hold until you get a candle close inside the Cloud. How about trying that?
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  • #4,085
  • Apr 5, 2012 5:25am Apr 5, 2012 5:25am
Quoting medici
Here's a simple rule you can try: Hold until you get a candle close inside the Cloud. How about trying that?
Too simple. Wouldn't you rather read all the words I wrote above and over-think it?
  • #4,086
  • Apr 5, 2012 5:28am Apr 5, 2012 5:28am
Quoting Auron112
Too simple. Wouldn't you rather read all the words I wrote above and over-think it?
That would be my usual way of doing things...but maybe there's still hope for Kris!?
  • #4,087
  • Apr 5, 2012 5:50am Apr 5, 2012 5:50am
Heh, guys !

Analytical part of me says: go with Auron's suggestion! Get all those charts running and and start thinking the way those cyborgs do. It's not that hard really.
Human part says: go with Medici's idea! Look at yourself and be honest. Are you going to keep your ridiculous rrr or follow something you don't fully understand at the moment?
  • #4,088
  • Apr 5, 2012 6:08am Apr 5, 2012 6:08am
Quoting Krisdetrader
Heh, guys !

Analytical part of me says: go with Auron's suggestion! Get all those charts running and and start thinking the way those cyborgs do. It's not that hard really.
Human part says: go with Medici's idea! Look at yourself and be honest. Are you going to keep your ridiculous rrr or follow something you don't fully understand at the moment?
Good observation and self-awareness And it's usually the analytical part that screws up trading. One way of giving that part what it wants would be to do some visual back-testing of the rule.

And if you want to be really meticulous you could learn some NLP and do a parts integration. :nerd:
  • #4,089
  • Apr 5, 2012 6:19am Apr 5, 2012 6:19am
Quoting medici
And if you want to be really meticulous you could learn some NLP..:nerd:
This thread definitely has some of the wisest cats on FF in it


And nice trading boys!
I was watching tonight - try to do that first after a break - BUT I grabbed a sneaky one from 3144ish down to the Weekly S2.. couldn't help myself. Should've held through the pullback though sheesh.

Anyone had any experience with these boxes? - http://www.tradingcomputers.com/

Looking at a dedicated box for trading and these look nice.
  • #4,090
  • Edited 6:52am Apr 5, 2012 6:37am | Edited 6:52am
Quoting nhen
This thread definitely has some of the wisest cats on FF in it
Flattery will get you nowhere here, mate But, on the topic of mental training for trading (which I think should be a part of every serious trader's routine), I would recommend learning self-hypnosis and studying and applying the chapter on maximising sports performance in this book:

http://www.amazon.co.uk/Self-Hypnosi...3625204&sr=8-1

where a complete training programme is outlined, which is highly applicable to trading.

Quote
Anyone had any experience with these boxes? - http://www.tradingcomputers.com/

Looking at a dedicated box for trading and these look nice.

Living close to the City of London, I don't have any problems with execution, but their Falcon-CMI Reversal Indicator looks interesting and could possibly be applied in our context. A few charts and maybe I could reverse engineer it for MT4
  • #4,091
  • Apr 5, 2012 6:57am Apr 5, 2012 6:57am
Quoting medici
Flattery will get you nowhere here, mate But, on the topic of mental training for trading (which I think should be a part of every serious trader's routine), I would recommend learning self-hypnosis and studying and applying the chapter on maximising sport performance in this book:
I'll check that out cheers.


Quoting medici
Living close to the City of London, I don't have any problems with execution, but their Falcon-CMI Reversal Indicator looks interesting and could possibly be applied in our context. A few charts and maybe I could reverse engineer it for MT4
To be honest neither do I.. But I like toys and any excuse to buy some more.

Did you see the video? Maybe if they give me a discount when I get a box I'll try their 30 day guarantee on the indi
  • #4,092
  • Apr 5, 2012 8:53am Apr 5, 2012 8:53am
Another beauty I just missed. Hope someone got it.

2B with div off the 38 level.

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Follow, don't anticipate.
  • #4,093
  • Apr 5, 2012 8:55am Apr 5, 2012 8:55am
Quoting Ian
Another beauty I just missed. Hope someone got it.

2B with div off the 38 level.

Attachment
Unfortunately not. I was in a short that I exited at that point but I got a pretty crap bar over 38 instead of that nice hammer you have. If my chart looked like yours I would have gone for it, especially considering how slow that push down had been.

Edit: Here's the short off the EU tick chart if anyone is curious. Came within a pipette or two of stopping me out twice before spiking into the level and stalling (not a good sign for a hold).
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  • #4,094
  • Apr 5, 2012 9:29am Apr 5, 2012 9:29am
Quoting Krisdetrader
Hi Auron,
I think this is where my problem is. My TP is normally only 10 pips, SL is 7, but today i made 1:1 rrr.
I don't use the cloud, but the t3 trend magic that medici posted a while back helps me determine if I should bail or let her run.

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disclaimer: I always dump a portion of my position at 8 pips - I let what's remaining run. An example - earlier I took a short at 3128 - I took 80% off at 8120 and caught roughly 60 pips with the remaining 20%. I know you might be wondering - why wouldn't you just let the whole thing run for 60 - easy answer - I can't!
  • #4,095
  • Apr 5, 2012 11:26am Apr 5, 2012 11:26am
Quoting nhen
To be honest neither do I.. But I like toys and any excuse to buy some more.
Fair enough...I like my toys too...

Quote
Did you see the video? Maybe if they give me a discount when I get a box I'll try their 30 day guarantee on the indi

Yes, saw the video and am a bit less interested now. Have some other ideas I will try first.
  • #4,096
  • Apr 10, 2012 3:00am Apr 10, 2012 3:00am
Hi all, trust you had some nice time off the screen(s). What is your break even point?
  • #4,097
  • Apr 10, 2012 3:12am Apr 10, 2012 3:12am
Quoting Krisdetrader
What is your break even point?
Depends on setup and context. Sometimes I would move to BE within just a few pips. Other times I look for more than 10 before moving to BE or will just move my stop part way if I think we may come back and re-test a key level before moving in my direction.

So I guess the answer is that there is no clear answer, but I use my experience and intuition to adjust the stop according to the information the market provides.

Since you're fairly new your best bet is to try something somewhat mechanical until you get comfortable with more discretion. The only way you can figure out a plan that will work for you would be to back-test a bit (visually is fine) and keep track of some numbers. Then you should at least have some comfort using your tested data moving forward, or at least a lot more than if you rely on what others do as your reasoning for trade management.
  • #4,098
  • Apr 10, 2012 3:25am Apr 10, 2012 3:25am
Quoting Auron112
Depends on setup and context. Sometimes I would move to BE within just a few pips. Other times I look for more than 10 before moving to BE or will just move my stop part way if I think we may come back and re-test a key level before moving in my direction.

So I guess the answer is that there is no clear answer, but I use my experience and intuition to adjust the stop according to the information the market provides.

Since you're fairly new your best bet is to try something somewhat mechanical until you get comfortable with more discretion....
Dammit Auron just tell us when to sell the forex for the other currency!
  • #4,099
  • Apr 10, 2012 3:29am Apr 10, 2012 3:29am
Quoting nhen
Dammit Auron just tell us when to sell the forex for the other currency!
Damnit, nhen, you owe me a new keyboard for causing me to laugh out loud while drinking a beer.

  • #4,100
  • Apr 10, 2012 3:34am Apr 10, 2012 3:34am
Thanks Auron,

I have been using BE+1 at 4.5 pips level (by EA), but I kicked myself for not letting this one go as it triggered the BE. Well, back to the lab...
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