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The Really Useless Thread

  • #104,901
  • Jul 27, 2012 3:45pm Jul 27, 2012 3:45pm
out 2310
those who can, do. those who cant, talk about those who can
  • #104,902
  • Jul 27, 2012 3:47pm Jul 27, 2012 3:47pm
Quoting chazzle
nice going there -- few hours ago i thought it was a bit hopeful for you and geppy to hold this into the weekend and to add , i might add ( although didn't know his entry point ) - now look , fakking nice one geezer


Would be a little sweeter if you were in, too!

Obviously a bit of good fortune involved here. You could have given me million:1 odds on this H4 painting, and I probably wouldn't have taken it!

My top order has been as far as 350+ in profit already. Had resigned myself to the fact that I was probably going to be closing it around 150 with a bitter/sweet taste. Back to +280 now. 1.08!!!
  • #104,903
  • Jul 27, 2012 3:48pm Jul 27, 2012 3:48pm
Quoting Geppy


Rhetorical bollocks!

Time is money!
  • #104,904
  • Jul 27, 2012 3:49pm Jul 27, 2012 3:49pm
Quoting Geppy
The Dr. has given his diagnosis.

ALL ABOARD!
nice going dude , certainly a good looking h4 candle covering the most of the week range - good to be short from up there . I'm flat though going into weekend
  • #104,905
  • Jul 27, 2012 3:50pm Jul 27, 2012 3:50pm
Quoting Geppy
The Dr. has given his diagnosis.

ALL ABOARD!


Fakking LOVE that geezer! As sharp as they come!
  • #104,906
  • Jul 27, 2012 3:51pm Jul 27, 2012 3:51pm
what about 2458? that one is still valid. and if we take the cluster at 2360 as the mofu and the spike above as the "opener" we point to that exact place. 1.2458 (well, give or take a pip).

what say u big master?

Quoting gatorinla
other than scalps.. myself, i am waiting for a pullback to L. using the 2008 one below 2309 on a week close it usually a rejection once crossed above. then closed below. 2384 was a target. then we got 2609 as a second. i have been having problems with the second target all month. most of the time we just do the # 1.. for instance 2051 was #1... #2 was 1986.. 1986 is invalid now..since we took out 2322... im thinking we need to get below 2237 to validate 2609.. most of the time that would be 2184 or more. im just waiting for a new setup.. i would...
dreams do come true.
  • #104,907
  • Jul 27, 2012 3:51pm Jul 27, 2012 3:51pm
Quoting kenfen69

Would be a little sweeter if you were in, too!
was long most of the day

plenty more moves next week
Attached Image (click to enlarge)
Click to Enlarge Name: euraud.jpg Size: 130 KB
  • #104,908
  • Jul 27, 2012 3:54pm Jul 27, 2012 3:54pm
Quoting kill56
junkies

make sure u have a nice weekend full of weedoo and saxoo

one thing befor i go , i dont like the short covering on equities , i had a nice ride on es though but monday with out the ecb buying dead bonds they all will be fucked even if they do it means more wiping ass papers and fiber will go down ,just a thought might be wrong
oh left some for the road fak it
Better levels to get $hort!

Killer...you're a superstar! May your weekend turn your pink bott balls blue!

Best to you, my friend!

salaam
  • #104,909
  • Jul 27, 2012 3:59pm Jul 27, 2012 3:59pm
Ken, those MAs are something sweet. Lined up nicely with my own chart. Pulled 2% while I've been at work! Killed it over the last week for like 20%. Time to finish work and go tie a few on!
  • #104,910
  • Jul 27, 2012 4:02pm Jul 27, 2012 4:02pm
we also closed above 2309...
dreams do come true.
  • #104,911
  • Jul 27, 2012 4:06pm Jul 27, 2012 4:06pm
Official close for the week for EA on MBT is 1.17467 and the official open was 1.17479. Gotta love the fact she couldn't even squeeze out a green week. That's 8 down weeks in a row, but she sure gave it a run for the money this time.
check out my blog: forexmademillionaire dot com
  • #104,912
  • Jul 27, 2012 4:10pm Jul 27, 2012 4:10pm
Quoting Geppy
Official close for the week for EA on MBT is 1.17467 and the official open was 1.17479. Gotta love the fact she couldn't even squeeze out a green week. That's 8 down weeks in a row, but she sure gave it a run for the money this time.
EA is a pair that I never would have started trading it I didn't follow this thread. Considering the strength of Aud compared to eur right it's a dream to trade. Seems like there is no bottom in sight.
  • #104,913
  • Jul 27, 2012 4:20pm Jul 27, 2012 4:20pm
Quoting Geppy
Going back to when to add more, Ken. I'll admit, I'm a little at these levels with this week's PA.

However, it is starting to look like she's serious about continuing the trend. I'll be looking at the 15min and waiting for, at a minimum, the 50ema to drop outside of the bear flag.

Once done, I'll be looking for any pullback to drop 'em like it's hot
You know what's a bit funny? I kinda wish I was flat, because I would be a little more aggressive in my pursuit of entries. As it stands...I'm being overly cautious because I don't want to fak up what I have. Know what I mean?

Don't get me wrong...there's worse positions to be in...but when I entered my top order, it was two standard lots. The lower one running was one standard lot. Both are now $1(and change)/pip. I'll take it, but want to put in again somewhere at $10/pip if it presents itself. BUT...

As impressive as that H4 candle is...the bastards just basically wiped out the dreams of any longs. Probably picked up a few sell stops at the bottom, too. New parameters for me going into next week are: Today's high (+ a few...stops me out) and 1693ish on my broker at the bottom.

A chart...

Attached Image (click to enlarge)
Click to Enlarge Name: 1D.PNG Size: 86 KB


Would love to get back to how it was over the last couple of weeks. Virtually every touch of the H1 50ema was a sell. Did I do that? A couple of times...but NOT every time...and NOT often enough. Time will tell.

Another note: That Really Useless channel. Look at the fib in that chart. I pulled it a few days ago across the channel. Don't worry if it seems upside down...its fibs...all mirrors, but...

The 50% got a LOT of respect...as did the 38.2 (61.8 mirror). Quantifiable metric? Surely I jest! But...just another fixture on the chart that I can gauge intra-day PA against. The figures are absolutely meaningless to me. Just plots on a chart to take stock. Having said that...Fibonacci really had a high Q!
  • #104,914
  • Jul 27, 2012 4:21pm Jul 27, 2012 4:21pm
Quoting C5fx
EA is a pair that I never would have started trading it I didn't follow this thread. Considering the strength of Aud compared to eur right it's a dream to trade. Seems like there is no bottom in sight.
Add the juicy swap in with that and it's a dream and a half
check out my blog: forexmademillionaire dot com
  • #104,915
  • Jul 27, 2012 4:21pm Jul 27, 2012 4:21pm
Quoting chazzle
was long most of the day

plenty more moves next week
You bastard!

Nicely done, mate!

You're not trading on Dukascopy these days are you?
  • #104,916
  • Jul 27, 2012 4:26pm Jul 27, 2012 4:26pm
Quoting C5fx
Ken, those MAs are something sweet. Lined up nicely with my own chart. Pulled 2% while I've been at work! Killed it over the last week for like 20%. Time to finish work and go tie a few on!
Good man! Tie that bastard right around your neck!

Going to post an updated template soon. Something else needs to go on there. Will include a description of the whole thing, too...so anyone using it understands what they are looking at...and potentially risking money on.

Rip it up, brother...well done!
  • #104,917
  • Jul 27, 2012 4:36pm Jul 27, 2012 4:36pm
Quoting kenfen69
You bastard!

Nicely done, mate!

You're not trading on Dukascopy these days are you?
yes , opened account recently - wanted an ECN platform , but for practical purposes , wanted true one-click entry . Really I would like a good broker with cTrader platform which enables one click entry and exit (whereas Dukas is 2 clicks exit) - but you can't get rid of the damn chart on the platform.( I use ProRealTime for charts.) I emailed them recently about it ( cTrader ) and apparently they are working on it
  • #104,918
  • Jul 27, 2012 4:41pm Jul 27, 2012 4:41pm
Quoting C5fx
Ken, those MAs are something sweet.
One last thing on them...

The reason they work...get respect...is because they are NO secret. They are on prop desk/fund's...aka bastards...screens all over the world. That is EXACTLY what I want to see. Their money makes my money.

In the world of MAs, you'll often hear 14day SMA this...21day that...50, 100, 150...blah, blah, blah. The possibilities are infinite. That template gives intra-day "staples." Throw it up...observe for a while, and I'm sure they will become a regular tool in your pip extracting endeavors. Not fool-proof...will NOT work every time...but well worth paying attention to. If the bastards do...so should you!
  • #104,919
  • Jul 27, 2012 4:42pm Jul 27, 2012 4:42pm
Quoting kenfen69
You know what's a bit funny? I kinda wish I was flat, because I would be a little more aggressive in my pursuit of entries. As it stands...I'm being overly cautious because I don't want to fak up what I have. Know what I mean?

Don't get me wrong...there's worse positions to be in...but when I entered my top order, it was two standard lots. The lower one running was one standard lot. Both are now $1(and change)/pip. I'll take it, but want to put in again somewhere at $10/pip if it presents itself. BUT...

As impressive as that H4 candle...
Lots of good points, but what sticks out to me most is your issue with adding to your position.

I'm the opposite... when things start going my direction, I tend to get more aggressive with adding. I often times have to just walk away so I don't go too overboard with it.

I'm also terrible at taking partial profits (something you seem quite religious about). I usually define my trades: entry, stop, target. After that, I'm pretty dead set on hitting either end of the spectrum. Sometimes I'll chicken out and take profits JUST before the target, but I usually try and let it ride.

Last week, for example, I'd been targeting 0.7820 for about 2 weeks on EUR/GBP. I had some entries from quite high and had even added aggressively in that bear flag that occurred in the 0.7880-0.7900ish zone. Looking back on the charts, my original entries were around June 29th.

I was pretty patient, but eventually took profits in the 0.7845 area or thereabouts.

My point is, I never took any partial profits the entire way down. There are positives and minuses to this approach:

Minuses:

1) There's no good psychological feeling that you get by banking profits. I had to wait weeks for it.

Positives:

1) For me, it's much easier to add to my positions. Like I said, I define my risk and every time I add to the trade, I redefine it (move the SL down). For me, having a large paper profit makes it very easy for me to add to my trade. I'm not losing any money if it pulls back because that money was never realized.

2) There is no psychological feeling of leaving money on the table. I struggle less and less with this these days regardless, but many people do not. You all probably know by now that I had originally shorted EA at 1.2850 and covered at 1.2450 thinking there would be a nice pullback and I'd get short again.

WHOOOPS! It never came and I couldn't find the 'right' place to reengage. Has it bothered me much? Honestly, no. Would it have bothered me a few years ago? Most definitely.

The feeling of lose is often greater when leaving money on the table than it is when we actually LOSE on a trade. Why? When people lose, they often blame the markets, or Draghi, Merkel, Obama, QEX, etc. It's easy to avoid blaming yourself.

When you leave money on the table, it's impossible to blame anyone other than yourself. That's a harsh reality for most and not something that's easily conquered. We aren't wired to accept complete blame for something, we generally try to find excuses that will distribute that pain and make us feel better about our situation.

I played poker professionally for a couple years out of college. It's the same thing: people constantly blame "the dealer" or the "idiot" that "shouldn't have been in the hand". It's easy to blame others for your own mistakes... unless there's nobody to blame.

Ok, this turned into a long rant and not what I intended.

I think it's interesting you take profits as aggressively as you do. I'm not saying it's wrong, I just find it interesting... mostly because it's so opposite from what I do.

If you have an edge, define your risk and reward on every trade... why not just let it play out that way? What would be the costs and what would be the benefits of having NOT taken partial profit on those trades?

The only time I take partial profits is if I'm expecting a pullback and I plan on adding MORE than the amount I took profits on back to my position.

Maybe that's crazy, but that's the way I role. We're all different and we all have different styles, but I always like looking at things from all angles.
check out my blog: forexmademillionaire dot com
  • #104,920
  • Jul 27, 2012 5:16pm Jul 27, 2012 5:16pm
Quoting chazzle
yes , opened account recently - wanted an ECN platform , but for practical purposes , wanted true one-click entry . Really I would like a good broker with cTrader platform which enables one click entry and exit (whereas Dukas is 2 clicks exit) - but you can't get rid of the damn chart on the platform.( I use ProRealTime for charts.) I emailed them recently about it ( cTrader ) and apparently they are working on it
I'm Ken...and I'm a WHORE!!!

Have been around the block a few times, and...I hate to sound like an advertisement, but... you'll travel far to find someone better. Charts BLOW! Two click close IS a drag...particularly with scalpel in hand, but...Merge is nice. Close all by pair is nice. Execution has been second to none for me. Spreads are in the top 90% as far as goodness. cTrader will be GREAT!!! They aren't the quickest to deploy "pipeline" material...but will be fantastic when it surfaces.

I might have a few tools that could pique your interest.

No plate.


WUT!!!!!!
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