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EURUSD

  • #674,681
  • Aug 2, 2012 1:32pm Aug 2, 2012 1:32pm
Quoting Kaizen FX
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..
Something to keep in mind next time, in regards to where to put your SL. On my hourly, the mR3 was at 1.2405 before this morning. 1.2400 would have been an excellent sell limit entry. Then the SL a few pips above the mR3 point.
Time turns trend. - W.D. Gann
  • #674,682
  • Aug 2, 2012 1:36pm Aug 2, 2012 1:36pm
Quoting ForExtraPips
Something to keep in mind next time, in regards to where to put your SL. On my hourly, the mR3 was at 1.2405 before this morning. 1.2400 would have been an excellent sell limit entry. Then the SL a few pips above the mR3 point.
what is mR3?resistance 3??
  • #674,683
  • Aug 2, 2012 1:38pm Aug 2, 2012 1:38pm
Quoting Kaizen FX
what is mR3?resistance 3??
M - monthly , R Resistant
Mohan
  • #674,684
  • Aug 2, 2012 1:40pm Aug 2, 2012 1:40pm
Quoting rsmith911
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...
If I use probability to disagree with you. Look at all your trades this past 4 weeks. I can tell without looking, yes I am psychic. You Smith is making the correct trades more than half the times....Many here who have burned accounts recently can identify that "sweet line of green in the account history" nice nice perfect winning streak but still there is always that one baaaaaaaaad trade which eats up all the profit and hard work you made on those other correct calls. That one trade which whistles and pisses on your confidence.....That one trade which made you think that the market and your broker are colluding to go the opposite way of your wish. That is what Risk Reward prevents. It separates luck from a genuine job well done.
  • #674,685
  • Aug 2, 2012 1:41pm Aug 2, 2012 1:41pm
Quoting mohan76
M - monthly , R Resistant
i really need to improve my trading skill..thanx mohan76
  • #674,686
  • Aug 2, 2012 1:59pm Aug 2, 2012 1:59pm
so, do i take the 9 pips or let it run. do i move stop to BE. im in this position alot and do not seem to capitalize.
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  • #674,687
  • Aug 2, 2012 2:14pm Aug 2, 2012 2:14pm
Quoting sdcasper
so, do i take the 9 pips or let it run. do i move stop to BE. im in this position alot and do not seem to capitalize.
I would just draw a trend line and look for higher highs and higher lows on the hourly, like the chart below. Then once the hourly closes above the trend line, in regards to your entry, where you bought, then move the SL up to BE + spread. Then let it run. I just moved my SL up to +3 after buying @ 1.2142 GL
Attached Image (click to enlarge)
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Time turns trend. - W.D. Gann
  • #674,688
  • Aug 2, 2012 2:26pm Aug 2, 2012 2:26pm
Made a killing today in just ten minutes....BU TEE FULL
  • #674,689
  • Aug 2, 2012 2:31pm Aug 2, 2012 2:31pm
Quoting sdcasper
so, do i take the 9 pips or let it run. do i move stop to BE. im in this position alot and do not seem to capitalize.
why dont you take a third off and move to BE if you dont no what to do
  • #674,690
  • Aug 2, 2012 2:36pm Aug 2, 2012 2:36pm
Quoting sdcasper
so, do i take the 9 pips or let it run. do i move stop to BE. im in this position alot and do not seem to capitalize.
where is it going to run to at this time of the day? ma cross over systems work best in a strongly trending market. where is the trend right now?
  • #674,691
  • Aug 2, 2012 3:03pm Aug 2, 2012 3:03pm
[quote=stevexyg;5898616]where is it going to run to at this time of the day?

I took a 13.9 pip profit...closed position.

Higher time frames are bearish, but EUR is bullish in the past four hours, probably due to some profit taking from FOMC.
  • #674,692
  • Aug 2, 2012 3:26pm Aug 2, 2012 3:26pm
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. :-/
It's not about, "how you see the chart." That phrase it'self is pretty much nonsense. I'm talking from live trading experience. That is why I know that anyone who trades with rediculously small Stop Losses is going to lose the majority of their trades, simply because of the stop loss.

But, go ahead and use a 15 pip SL, have fun when the majority of your trades, good or bad, hit SL and whittle your profit down to nothing or a negative balance one small cut at a time.

With a 15 pip SL, you don't really have a 15 pip SL. Even if the spread is just 1 pip, you now effectively have a 14 pip SL when you enter. Then add spread widening to that, or just another pair with a wider spread. 5 pip spread?, now you have a 10 pip SL, good luck with that, your entries will have to be entered as if you could see the future AND entered just at the right time with laser accuracy.

Anybody who says they trade with a 15 pip SL is either a savant like pro, or a noob with little real experience. I'm pretty sure you're not a savant like pro, are you?
  • #674,693
  • Aug 2, 2012 3:27pm Aug 2, 2012 3:27pm
Just got stopped out on all of my short positions based on daily chart for massive pips from 2nd July as I really tightened my stops after the following factors ...

If you know a little something about supply and demand , see H4 chart and notice we are bouncing off a strong demand level ...

On daily , we have a potential head and shoulder pattern ... Don't rely on it much ...

None of the above is the trigger though ... I have other techniques for trigger ...
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Human
  • #674,694
  • Aug 2, 2012 3:28pm Aug 2, 2012 3:28pm
Quoting Kaizen FX
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..
This is the type of thing that happens with rediculously small stop losses. (Not picking on you in particular Kaizen, I'm making a point.)
  • #674,695
  • Aug 2, 2012 3:34pm Aug 2, 2012 3:34pm
[quote=sdcasper;5898658]
Quoting stevexyg
where is it going to run to at this time of the day?

I took a 13.9 pip profit...closed position.
Why? You never went negative in that trade and price has only now just done a double top suggesting weakness. What exit signs made you sell? You should have had close to 30pips from that trade - with a conservative exit.
  • #674,696
  • Aug 2, 2012 3:39pm Aug 2, 2012 3:39pm
F...... move to take care of it so how the retail trader will take of his capital
  • #674,697
  • Aug 2, 2012 3:46pm Aug 2, 2012 3:46pm
Quoting KumoDragon
I'm talking from live trading experience.
What your 'talking' is actually absolute nonsense. 'Your way' of trading is not the only way to trade and to think so is delusional and to insist upon it to others is plain arrogance.

Please feel free to let us all know how you trade but don't suggest it is the only way because that is absurd. It's also absurd to think of 15pips as 'ridiculously small'. We have seen weeks worth of euro/usd pa recently with a daily price range of 60-80pips or less. How can you suggest 30% of a daily range is a ridiculously small SL with a straight face?
  • #674,698
  • Aug 2, 2012 3:49pm Aug 2, 2012 3:49pm
Quoting KumoDragon
This is the type of thing that happens with rediculously small stop losses. (Not picking on you in particular Kaizen, I'm making a point.)
Who says his stop loss was small? It could have been 100pips so what point are you trying to make????
  • #674,699
  • Aug 2, 2012 3:54pm Aug 2, 2012 3:54pm
Quoting chess king
sell in 2358 for me is good r: r
PA to agree
forex
  • #674,700
  • Aug 2, 2012 4:06pm Aug 2, 2012 4:06pm
Quote
Pardon?

He is referring to the Chinese war ships that made it finally to the borders of Syria. He doesn't know , that the war ships crossed the swiss canal one week ago and everything was published , including a photograph of a police in chief on board. The Chinese and Russian are sending a clear message, that what happened in Libya will not be repeated or allowed to be repeat...

Nothing really important
"It's the Margin, Stupid."
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