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  • #4,721
  • Aug 8, 2012 3:05pm Aug 8, 2012 3:05pm
Quoting eliteincome
Gidday Traders

Got shorts in,kept thinking this will run out off steam soon.
Wrong Wrong Wrong
So every time it drops a bit I enter a small long

Got caught in the EUR/US went long to hedge,
It went against me,so I hedged again.
Had to wait all day to work myself out of that bulls up.

The little Greedy Bastard wants to come out an play.

Ended up costing me this weeks gains.

So back to turtle mode trading until I can afford to go in play in the danger zone
Like DB said, been there done that.. you need to control impulses. You think, that you need to be on that position.. and you jump in, because you see .. but, you trying to "chase the strength" and and catch the tail end of it, when you do that. #1) you jump in with no strategy or plan #2) you don't anticipate the position to whipsaw because you only see this .

Control your impulses, its a discipline problem!
There are those who know, and there are those who don't know.
  • #4,722
  • Aug 8, 2012 3:11pm Aug 8, 2012 3:11pm
Quoting palabara
Like DB said, been there done that.. you need to control impulses. You think, that you need to be on that position.. and you jump in, because you see .. but, you trying to "chase the strength" and and catch the tail end of it, when you do that. #1) you jump in with no strategy or plan #2) you don't anticipate the position to whipsaw because you only see this .

Control your impulses, its a disincline problem!
Why are you available during daytime today?
daddybearforex. com
  • #4,723
  • Aug 8, 2012 3:13pm Aug 8, 2012 3:13pm
Quoting DaddyBear
Why are you available during daytime today?
Cause, I had to rush to the hospital.. I thought they we're going to induce my son.. So, I'm going back tomorrow. My wife is pregnant, btw.
There are those who know, and there are those who don't know.
  • #4,724
  • Aug 8, 2012 3:23pm Aug 8, 2012 3:23pm
Quoting palabara
Cause, I had to rush to the hospital.. I thought they we're going to induce my son.. So, I'm going back tomorrow. My wife is pregnant, btw.
Seems to me. your deployment is only a few blocks from your home.
daddybearforex. com
  • #4,725
  • Aug 8, 2012 3:28pm Aug 8, 2012 3:28pm
Quoting DaddyBear
Seems to me. your deployment is only a few blocks from your home.
I'm not deployed! and its 5 hour drive.
There are those who know, and there are those who don't know.
  • #4,726
  • Aug 8, 2012 3:29pm Aug 8, 2012 3:29pm
Quoting DaddyBear
Could this be the next scenario?
Looks like this is what is happening now ........
Attached Image (click to enlarge)
Click to Enlarge Name: GARGOYLE-4.JPG Size: 44 KB
daddybearforex. com
  • #4,727
  • Aug 8, 2012 3:32pm Aug 8, 2012 3:32pm
Quoting DaddyBear
Looks like this is what is happening now ........
Hye daddy bear..i want to put a sell limit at 1.0630?what do you think?
  • #4,728
  • Aug 8, 2012 3:39pm Aug 8, 2012 3:39pm
Quoting Kaizen FX
Hye daddy bear..i want to put a sell limit at 1.0630?what do you think?
Welcome Kaizen FX!

Theoretically, you may put a sell limit anywhere above current level. Having said that, personally, I'd prefer to use a dynamic entry instead of a static one.

If this Bull gargoyle keeps growing bigger and bigger, your order will be hit. But, then there is no assurance that your order will be executed during or after the news.
daddybearforex. com
  • #4,729
  • Aug 8, 2012 3:44pm Aug 8, 2012 3:44pm
Quoting Kaizen FX
Hye daddy bear..i want to put a sell limit at 1.0630?what do you think?
palabara, do you mind answering this question?
daddybearforex. com
  • #4,730
  • Aug 8, 2012 3:48pm Aug 8, 2012 3:48pm
Quoting DaddyBear
Welcome Kaizen FX!

Theoretically, you may put a sell limit anywhere above current level. Having said that, personally, I'd prefer to use a dynamic entry instead of a static one.

If this Bull gargoyle keeps growing bigger and bigger, your order will be hit. But, then there is no assurance that your order will be executed during or after the news.
do you think 1.0630 is hard resistance level?..im not shorting the AU for long term.only targeting for 100pips reversal..i always follow ur analysis about this pair and most of the time u are right..
  • #4,731
  • Aug 8, 2012 3:52pm Aug 8, 2012 3:52pm
Quoting DaddyBear
palabara, do you mind answering this question?

Not at all, First.. I have to agree with.. DB about dynamic vs static entry's. I was listening to Jim Cramer last night, and he said.. if you can't be there to execute your trades, then you shouldn't be trading, I agree with that.

With that said, An entry at 1.0630 for a sell.. I'll be straight with you.. Lets play pretend.. and say, you put your limit order at 1.0630 and go to do something whatever you won't be present at your computer..

So lets see that the market does go up to 1.06xx and then upto 1.0630 and then boom your sell order is "hit" so good, you got your sell order.. but, then the resistance is also broken.. so.. 1.0640 comes along then 1.0650..then it decides to hit resistance at 1.0670.. Now your holding unto a 40 pip loss.. because you put a limit order.. so ok lets say it starts going back down.. from 1.0670.. and then comes to your entry point and finds that as a support..

Now you can break even.. and lose nothing, or decide your going to wait for a move down lower.. so this sell limit of yours have cost you time and money, cause you could have.. sold it at 1.0670 and made that 40 pips or even rode it up to that point..

bottom line.. Sell limits, buy limits, anything to do with limits.. you can't be here to trade.. then.. So, take it for what it's worth.. but.. I'd had my fun with limits, and got burned every time.

I don't even set stop limits, I monitor all my positions, myself! So no one knows when, I plan to exit.
There are those who know, and there are those who don't know.
  • #4,732
  • Aug 8, 2012 3:53pm Aug 8, 2012 3:53pm
Quoting Kaizen FX
do you think 1.0630 is hard resistance level?..im not shorting the AU for long term.only targeting for 100pips reversal..i always follow ur analysis about this pair and most of the time u are right..
There is no such thing like hard resistance. Because there are some major news coming out tonight, anything can happen during and after that time. The best way to do is waiting until you are sure about the direction. You may not be able to pick the top but it would be much safer to you.
daddybearforex. com
  • #4,733
  • Aug 8, 2012 3:54pm Aug 8, 2012 3:54pm
Quoting Kaizen FX
do you think 1.0630 is hard resistance level?..im not shorting the AU for long term.only targeting for 100pips reversal..i always follow ur analysis about this pair and most of the time u are right..
By putting a sell limit, you are setting up a resistance level. Resistance and support are all built on "limit orders"
There are those who know, and there are those who don't know.
  • #4,734
  • Aug 8, 2012 3:58pm Aug 8, 2012 3:58pm
Quoting DaddyBear
Looks like this is what is happening now ........
http://www.forexfactory.com/attachme...7&d=1344457762
Every time I think the market is doing something, the next minute it goes the other way.

I may just do this way from now on ......
Attached Image (click to enlarge)
Click to Enlarge Name: GARGOYLE-5.JPG Size: 47 KB
daddybearforex. com
  • #4,735
  • Aug 8, 2012 4:03pm Aug 8, 2012 4:03pm
Quoting palabara
Not at all, First.. I have to agree with.. DB about dynamic vs static entry's. I was listening to Jim Cramer last night, and he said.. if you can't be there to execute your trades, then you shouldn't be trading, I agree with that.

With that said, An entry at 1.0630 for a sell.. I'll be straight with you.. Lets play pretend.. and say, you put your limit order at 1.0630 and go to do something whatever you won't be present at your computer..

So lets see that the market does go up to 1.06xx and then upto 1.0630 and then boom your sell order...
thanx for ur advise..really appreciate it..atm i see this pair is so strong and im really waiting for a huge retracement..what is your view about this pair mate?
  • #4,736
  • Aug 8, 2012 4:06pm Aug 8, 2012 4:06pm
Quoting palabara
Not at all, First.. I have to agree with.. DB about dynamic vs static entry's. I was listening to Jim Cramer last night, and he said.. if you can't be there to execute your trades, then you shouldn't be trading, I agree with that.

With that said, An entry at 1.0630 for a sell.. I'll be straight with you.. Lets play pretend.. and say, you put your limit order at 1.0630 and go to do something whatever you won't be present at your computer..

So lets see that the market does go up to 1.06xx and then upto 1.0630 and then boom your sell order is "hit"...
Hi palabara,

Wise advice, though it's frustrating from a timing perspective as the market does not care if we are in in front of our monitor or otherwise indisposed.

As for the discipline. Right on the money. Possibly one of the hardest skills to master. Things should move a bit with AUD and CNY data today.

Positive pips to all
  • #4,737
  • Aug 8, 2012 4:07pm Aug 8, 2012 4:07pm
Quoting DaddyBear
Every time I think the market is doing something, the next minute it goes the other way.

I may just do this way from now on ......

http://www.forexfactory.com/attachme...1&d=1344459523

You ......
http://www.forexfactory.com/attachme...2012%2010:42am
daddybearforex. com
  • #4,738
  • Aug 8, 2012 4:07pm Aug 8, 2012 4:07pm
Quoting DaddyBear
There is no such thing like hard resistance. Because there are some major news coming out tonight, anything can happen during and after that time. The best way to do is waiting until you are sure about the direction. You may not be able to pick the top but it would be much safer to you.
i have a bad experience trading with news..so ill take ur advise and stay out for tomorrow and interpret the direction where she wants to go next after the news..
  • #4,739
  • Aug 8, 2012 4:42pm Aug 8, 2012 4:42pm
Quoting Kaizen FX
thanx for ur advise..really appreciate it..atm i see this pair is so strong and im really waiting for a huge retracement..what is your view about this pair mate?

Right now, to many unknowns with the reports.. all coming out at 9:30 PM.. Est my time.. I say, go with the flow let the trend establish, (wait for it to pick a direction) and then go with the flow, based on all the data.

Just becareful for whipsaws.. and don't act on impulses, once the data is out and AUD stabilizes, will see whats going to happen from there.
There are those who know, and there are those who don't know.
  • #4,740
  • Aug 8, 2012 4:44pm Aug 8, 2012 4:44pm
Quoting Moova
Hi palabara,

Wise advice, though it's frustrating from a timing perspective as the market does not care if we are in in front of our monitor or otherwise indisposed.

As for the discipline. Right on the money. Possibly one of the hardest skills to master. Things should move a bit with AUD and CNY data today.

Positive pips to all
No, it does not.. and makes for bad entries and bad exits, but.. your job you have to report at certain times, and be there to get paid.. same thing with forex.. Can't get something for nothing.. If it was that easy, then everyone would do it. lol.
There are those who know, and there are those who don't know.
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