EURUSD | Page 33734 | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

EUR/USD, GBP/USD, USD/CHF

Similar Threads

MT4: how to change "EURUSD" to "#EURUSD"? 3 replies

Re: EurUsd short term 15 replies

did oanda just drop its spread for eurusd to 1 pip? 11 replies

EA for multiple lot limit order for EURUSD 0 replies

NFP nice bump up on EURUSD 2 replies

Attachments: EURUSD
Exit Attachments

EURUSD

  • #674,661
  • Aug 2, 2012 11:42am Aug 2, 2012 11:42am
I use a 15 pip default stop loss. It gets hit about 1/3th of the time. The remaining third goes on to produce profit in the 50 pip range, more if i cascade. It works, but you needto stare at the PA to see when it's starting to bubble and when to freeze. Uncomfortable way of trading, but that's the only one I've gotten to work during thse summer holidays.
  • #674,662
  • Aug 2, 2012 11:43am Aug 2, 2012 11:43am
Quoting sdcasper
the markets across all currency pairs have moved hundreds if not thousands of pips this past month. i was 95% incorrect in my trades and hundreds of pips in the whole. doesn't matter what strategy i use or when. even last night i watched the market move in both directions hundreds of pips and i cannot pull out so much as 1 pip profit.

so here is what i'm going to do starting sunday through friday... i'm waiting for any of the following: r/s, pivot, fib, etc, once i have my scenario lined up i'm going to go to random.org and flip a coin. heads...
You have my sympathy.

Do you not read all the posts and look at the setups from the 10v+ guys here and compare them to your own before you trade?

As a novice, they have been an absolute godsend for me.
  • #674,663
  • Aug 2, 2012 11:46am Aug 2, 2012 11:46am
Quoting sdcasper
typically i look at support/resistance, patterns, breakouts etc. in retro-spect, when analyzing charts i see it so clearly. in live trading or demo for that matter it seems to take another path.
If that's the case there are only 2 things you need to do to become successful. 1) Read up on trading psychology 'trading in the zone' is a good starting place thought there are many other places to look. 2) Start eating well and exercising. That will give you the ability to look at your state of mind while you trade. You can't examine yourself when your mind is distracted and blurred by the excesses of modern life.
  • #674,664
  • Aug 2, 2012 11:54am Aug 2, 2012 11:54am
Quoting sdcasper
sometimes 15 pip stop loss, sometimes dynamic, sometimes greater. if i take last week i have 30 losses and 10 wins. but 6 of the 10 wins were under 1.00 profit. trading with 10k lots. maybe i need to take the 8 or 9 pips and not let the trade run me back to BE and play for more base hits then home runs.
Good day to you, sir

Love the fact that you still have a great sense of humour. You have touched me.

I think I can help you. Maybe...

PM me on Monday. Not before - wanna think about it first....

I may be able to assist you to curb the losses.

I wish you all the best

Regards
  • #674,665
  • Aug 2, 2012 11:56am Aug 2, 2012 11:56am
You can't examine yourself when your mind is distracted and blurred by the excesses of modern life.[/quote]

I've read many books on trading psychology and much of brett steenbarger. It's amazing how true that statement is. Something has me by the pips. I have to figure out what that demon is. I know I can do this. It's time to have some success.
  • #674,666
  • Aug 2, 2012 11:59am Aug 2, 2012 11:59am
..

Quoting MaxDoom
I don't think 1.211x is coiming for a while, time to try a long...
Attached Image (click to enlarge)
Click to Enlarge Name: m15 long.jpg Size: 318 KB
How to opt out annoying user signatures ??
  • #674,667
  • Aug 2, 2012 12:00pm Aug 2, 2012 12:00pm
I wish you all the best

Regards[/quote]

I shall take you up on your offer and put the coin away for the time being.

Just broke out "The Daily Trading Coach", one of my favorite reads for some weekend enjoyment.
  • #674,668
  • Aug 2, 2012 12:02pm Aug 2, 2012 12:02pm
Gahhh got stopped out at 1.2350 on that bigg vick!!

Can anyoone tell me what happend?!?!?
  • #674,669
  • Aug 2, 2012 12:05pm Aug 2, 2012 12:05pm
Quoting sdcasper
You can't examine yourself when your mind is distracted and blurred by the excesses of modern life.
I've read many books on trading psychology and much of brett steenbarger. It's amazing how true that statement is. Something has me by the pips. I have to figure out what that demon is. I know I can do this. It's time to have some success.[/quote]

You will always feel it's a bit out of your reach until you start hitting the gym or whatever it is with hard determination. You can read everything written on TS but if it's not really sinking in to the core and changing you then you simply won't change. The ability to think really clearly is all you need and in my experience that's only possible when you eat well and push your body. None of it really makes sense until you are ready to listen. Good luck.
  • #674,670
  • Aug 2, 2012 12:08pm Aug 2, 2012 12:08pm
Quoting sdcasper
You can't examine yourself when your mind is distracted and blurred by the excesses of modern life.
It's time to have some success.[/quote]

One more thing. Wishing for success can prevent you from having that success. Litterally as you trade, the feelings you have about 'success' can cloud the judgement you need to be successful. That's one reason why trading is not so easy.
  • #674,671
  • Aug 2, 2012 12:10pm Aug 2, 2012 12:10pm
Quoting stevexyg
I'd completely disagree with that as it depends on how you trade. If you are getting it right 80% of the time and price never goes more than 8pips against you on the right trades then a 15pip stop is probablly too big. So it depends.
You can disagree all you want, when you've been trading live for any amount of time, you'll see I'm right. Even if you, "get it right," 80% of the time, quite often when you, "get it right," price comes back to entry 2 or more times and then some to take out the weak hands before the actual move.

Even scalpers who go for just 10-20 pips a pop often just use a 50 pip emergency stop because they realize stop hunts and odd mini spikes will just take them out to often.

15 pip stop as part of an edge= fantasy land.
  • #674,672
  • Aug 2, 2012 12:30pm Aug 2, 2012 12:30pm
Quoting KumoDragon
You can disagree all you want, when you've been trading live for any amount of time, you'll see I'm right. Even if you, "get it right," 80% of the time, quite often when you, "get it right," price comes back to entry 2 or more times and then some to take out the weak hands before the actual move.

Even scalpers who go for just 10-20 pips a pop often just use a 50 pip emergency stop because they realize stop hunts and odd mini spikes will just take them out to often.

15 pip stop as part of an edge= fantasy land.
Each to their own. I use between 8-12 (most often) and up to 25 depending on circumstance. It's the amount of pips against you where you decide you are wrong. This is my personal trading style that works for me.
  • #674,673
  • Aug 2, 2012 12:51pm Aug 2, 2012 12:51pm
Trouble is lots of people don't understand basic probability. If you were to trade randomly they think they have a 50/50 chance which is not true. If you make very long term trades with huge SP & TP then you can get close to 50/50. If you're using 15 pip SL & TP your chances are reduced considerably because the spread is a much larger % of your SL/TP. There are plenty of deluded people who also think that this "risk reward ratio" rubbish works. If you change from a 1:1 ratio to a 1:2 ratio all you've done is double your potential profit but reduce your chances of hitting it by half. So it makes absolutely no difference. Even professional traders and those writing books and on websites very often don't understand this simple fact. For those non-believers write a simple MQ4 app to place trades randomly and then alter the risk reward ratio and SL/TP sizes and you'll see what I mean. Simpler just to use 1:1 always if you don't know what you are doing. Or better still place your stops and profits at intelligent places (at support/resistant points).

This is why scalping is so hard. You have to use tight SL or else you risk losing your last dozen trade profits with one bad trade or spike. But if you do that then the slightest typical market fluctuation stops you out even if you got the direction right. So you basically have to be Yoda to be successful at it. Wheras if you were to trade a monthly chart and place random trades with 5000 point SL/TP without any intelligent insight at all you should get close to break even.
  • #674,674
  • Aug 2, 2012 12:53pm Aug 2, 2012 12:53pm
Quoting KumoDragon
You can disagree all you want, when you've been trading live for any amount of time, you'll see I'm right.
he he ok. a very amusing statement. have you ever thought that not everyone sees a chart the same way you do? you can disagree with me all you want but I think you will find I'm right. :-/
  • #674,675
  • Aug 2, 2012 12:56pm Aug 2, 2012 12:56pm
Quoting stevexyg
he he ok. a very amusing statement. have you ever thought that not everyone sees a chart the same way you do? you can disagree with me all you want but I think you will find I'm right. :-/
There is no right or wrong just indifference
  • #674,676
  • Aug 2, 2012 1:11pm Aug 2, 2012 1:11pm
Quoting DrTuner
I use a 15 pip default stop loss. It gets hit about 1/3th of the time. The remaining third goes on to produce profit in the 50 pip range, more if i cascade. It works, but you needto stare at the PA to see when it's starting to bubble and when to freeze. Uncomfortable way of trading, but that's the only one I've gotten to work during thse summer holidays.
Try this tomorrow. Yes!!!
  • #674,677
  • Aug 2, 2012 1:22pm Aug 2, 2012 1:22pm
im out of my sell position because of 3 pips difference between my stop loss (1.2400) and daily high (1.2403)..its really sad..
  • #674,678
  • Aug 2, 2012 1:27pm Aug 2, 2012 1:27pm
I think euro is forming the left shoulder of an inverted H&S!
  • #674,679
  • Aug 2, 2012 1:29pm Aug 2, 2012 1:29pm
Quoting littlemole
hi!

I am so happy that I skipped today. Still holdings my shorts and I will sell again if I can. Primary target 1.15, secondary is around 1.1.

Attachment

double happy for me , i have decided to stay sideline , half way throw our area Internet and phone went down (first as far i know). i am so glad i was side lined


just wake up to check what really happen , i should go back to bed
Mohan
  • #674,680
  • Aug 2, 2012 1:31pm Aug 2, 2012 1:31pm
Quoting Zink
I think euro is forming the left shoulder of an inverted H&S!
nice trade you got there in your fx book account..
564 traders viewing now, 1 is registered:
Gecco8