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AUD/USD

  • #45,761
  • May 31, 2012 3:07am May 31, 2012 3:07am
In relation to the Aussie Dollar, 4000 on the ASX should be a crucial support level. If it gets broken, it's bad news for the AD.

H1
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  • #45,762
  • May 31, 2012 3:17am May 31, 2012 3:17am
Quoting forextraderx
Eh, I closed out a bit early because E/U looked to be hitting resistance... and i didn't want a pull downward on my profits...so closed with about 30 pips. had I held, it would have basically targeted. next time.... next time.


now I wait for a retest of the lows for the day....

X
I So want to lock away some sort of profit on this one but all my trends are showing down. How do you all stick to your guns when it's moving against you?
  • #45,763
  • May 31, 2012 3:30am May 31, 2012 3:30am
Quoting RhemyD
I So want to lock away some sort of profit on this one but all my trends are showing down. How do you all stick to your guns when it's moving against you?
Shut down the charts and go for a walk. Stop staring at the dam screen
  • #45,764
  • May 31, 2012 3:33am May 31, 2012 3:33am
Quoting RhemyD
I So want to lock away some sort of profit on this one but all my trends are showing down. How do you all stick to your guns when it's moving against you?
switch to M5, M15 and look at resistance and support, see how price behaved at those levels and then set your SL around that region to lock in profit then walk away
  • #45,765
  • May 31, 2012 3:35am May 31, 2012 3:35am
Long A/U @ 9727 +15 so far, looks nice TDI cross on H4
  • #45,766
  • May 31, 2012 3:39am May 31, 2012 3:39am
Hre's what I see:
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  • #45,767
  • May 31, 2012 3:43am May 31, 2012 3:43am
Quoting RhemyD
I So want to lock away some sort of profit on this one but all my trends are showing down. How do you all stick to your guns when it's moving against you?
u have to learn to not care about money, if u care about it, your going to care about loosing, an when you care about loosing, your end up loosing because u have no proper focus but not caring about loosing doesnt make u win...

:-)
  • #45,768
  • May 31, 2012 3:43am May 31, 2012 3:43am
Quoting geosanuy
Hre's what I see:
I didnt get in as early as you, im long from 0.9747, but yes, H4 looking promising
  • #45,769
  • May 31, 2012 3:48am May 31, 2012 3:48am
Quoting geosanuy
Long A/U @ 9727 +15 so far, looks nice TDI cross on H4
Whats your target?
  • #45,770
  • May 31, 2012 3:51am May 31, 2012 3:51am
TP at middle of the channel would be around 50p primary.
  • #45,771
  • May 31, 2012 3:52am May 31, 2012 3:52am
Quoting RhemyD
I So want to lock away some sort of profit on this one but all my trends are showing down. How do you all stick to your guns when it's moving against you?
A lot of it has to do with the quality of setup in the first place, what correlated markets are doing, whether news events and subsequent price action support my direction, but most of all technical levels on various TF's.

I also look to reduce the chance of a loss as quickly as reasonable. usually by 30 pips or less of profit, i'll take something off and move stops up to a point where the trade can't lose.


Most of my trades do not trigger my "perfect" setup or entry, but those that do, I can carry for 50-100 or more pips, because my perfect entries, IMO, are the ones where i have strong conviction in the trade moving a very long way without retracing to my entry point.

but, 90-95% of my entries I don't have THAT much conviction on... so i take profits as soon as I see a small TF technical level get hit... i'll reduce my exposure at that point.

Once I create a break even or better situation, I am much less bothered by what happens.... particularly if i have had a good day/week so far, and am ahead of where I would normally be.

This week has been slow, i'm only up about 2.5%. If I was up 5%+, I would have likley set a target at 9755ish and 9780ish, and just let it run once I have stops at BE or a BE trade over all.

X
  • #45,772
  • May 31, 2012 3:52am May 31, 2012 3:52am
Quoting Silencer
u have to learn to not care about money, if u care about it, your going to care about loosing, an when you care about loosing, your end up loosing because u have no proper focus but not caring about loosing doesnt make u win...

:-)
Your thinking is the complete opposite of what you should be thinking (or you're demo trading?)

Every trade should be entered on the fact that it's the highest probability trade you can make. It's all about preserving equity and exposing as little as possible. If you was to focus on this, the wins and profits will look after themselves. Every trade should be entered with the mind set of how little you want to lose and not how much you want to gain.
  • #45,773
  • May 31, 2012 3:54am May 31, 2012 3:54am
Quoting Freshpips
H4 looking promising
Hey Freshpips, how's it going?

Do you have a H4 chart please. I don't see anything bullish on H4 at the moment.
  • #45,774
  • May 31, 2012 3:56am May 31, 2012 3:56am
TP- Beyond that hitting dotted blue 55 MA would bring about 90p.
  • #45,775
  • May 31, 2012 4:00am May 31, 2012 4:00am
It has been fun ride for me but i fear this D pivot line...
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  • #45,776
  • May 31, 2012 4:07am May 31, 2012 4:07am
Quoting fosking
Hey Freshpips, how's it going?

Do you have a H4 chart please. I don't see anything bullish on H4 at the moment.
Hey Fosking, i was purely looking at the bounce from around 0.9665 with 2 strong H4 bull bars which I envisaged as possible confirmation of bullish move/retracement up to next strong resistence. Especially after the last 7 consecutive bearish bars.

But I am new to this, are you on the sidelines or you waiting for bearish resumption?
  • #45,777
  • May 31, 2012 4:21am May 31, 2012 4:21am
Quoting Freshpips
Hey Fosking, i was purely looking at the bounce from around 0.9665 with 2 strong H4 bull bars which I envisaged as possible confirmation of bullish move/retracement up to next strong resistance. Especially after the last 7 consecutive bearish bars.

But I am new to this, are you on the sidelines or you waiting for bearish resumption?
I'm on the sidelines atm waiting for my next signal.
Technically looking at the highs and lows, just a few hours ago we did break the low from the 23rd (red line) so this leg up is so far just a retracement. Before an up trend or reversal should even be considered, around 0.900 needs to be broken (green line) as this was the last swing high. Furthermore the 0.900 level needs to be tested again after a break to confirm this is now an area of support.
Currently we are still in a downtrend with resistance around 0.800. I won't be entering until I have a signal.
You just need to remember to buy at support in an up trend and sell at resistance in a down trend. Anything outside of that is gambling and called picking tops and bottoms, which you don't want to do as you cannot win over the long term.
Just play the chart of what is actually happening and not what you think might happen and you will be making money before you know it.

H4
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  • #45,778
  • May 31, 2012 4:38am May 31, 2012 4:38am
Quoting fosking
I'm on the sidelines atm waiting for my next signal.
Technically looking at the highs and lows, just a few hours ago we did break the low from the 23rd (red line) so this leg up is so far just a retracement. Before an up trend or reversal should even be considered, around 0.900 needs to be broken (green line) as this was the last swing high. Furthermore the 0.900 level needs to be tested again after a break to confirm this is now an area of support.
Currently we are still in a downtrend with resistance around 0.800. I won't be entering until I have...

I also have those numbers but had considered the possibilty that this (at the moment, minor) retracement had its sights set on 9800. Obviously rookie mistake getting in too early before any concrete signals.
I appreciate the advise and it make perfect sense...
I have been reading your posts for a while now, you appear to have have trading down to a fine art and any nuggets of wisdom you choose to share are always greatly received.
Thank you
  • #45,779
  • May 31, 2012 4:43am May 31, 2012 4:43am
Quoting fosking
Your thinking is the complete opposite of what you should be thinking (or you're demo trading?)

Every trade should be entered on the fact that it's the highest probability trade you can make. It's all about preserving equity and exposing as little as possible. If you was to focus on this, the wins and profits will look after themselves. Every trade should be entered with the mind set of how little you want to lose and not how much you want to gain.
who r u?
  • #45,780
  • May 31, 2012 4:49am May 31, 2012 4:49am
Quoting Silencer
who r u?
I'm not sure who he is...but I tend to agree with him myself.

Obviously if losing money is destabilizing to your decision making process.... you are likely a very new trader, and one who needs to get over the loss of any amount of money being a hit to ones security...no doubt.

But, once someone has moved beyond the basics of "losing messes with my head"...there comes a more dangerous period, in which "losing doesn't mess with my head much... "

After that, I find a few folks reach the point where "losing does not mess with my head, but I know just how dangerous a cavalier attitude toward loss can be...so I will plan around what I can lose, and take good trades, and the winning will run itself"

At least that's been my experience over all.

maybe yours is different.
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