so funny? his name should be in Guinness book of world record...as "the funniest cartoon drawer ever "
Aussie Trading Room and Cartoons Gallery
- #9,181
- Sep 6, 2012 10:46pm Sep 6, 2012 10:46pm
- Joined Jul 2010 | Status: Princess | 2,149 Posts
- #9,182
- Sep 6, 2012 11:07pm Sep 6, 2012 11:07pm
- Joined Apr 2008 | Status: Trader | 9,414 Posts
for this thread
U make me Smile , LV it when we have same view
- #9,183
- Edited 11:50pm Sep 6, 2012 11:25pm | Edited 11:50pm
- Joined May 2006 | Status: Still here. | 2,602 Posts
(I like to keep everything in the same place just close by me, in a pleasant space. So I hope you don't mind me having this journal-like conversation lately ... I think that the Journals section, although very much interesting, is a little cold environment for a freezy gal like me.)
------------------------------------------------------------
I am flat for the rest of the week, and wanted to share yesterday's experiences in this transition
The devil is in the details... How could I possibly overlook this?
Yesterday I was so engrossed with all the higher TF findings and chartings, that I overlooked my usual short-term m5 chart ...
When finally went to it and scrolled back, I then saw this:
A perfect tweezer at 1.02333 (one of my system's psychological levels), and there were also some big Devil Horns! O_O
My first short just had been stopped out, at the precise second when I was going to post that I was so happy as the position wasn't "timed" and it was still there after 03:30 ... very typical and murphy.
The platform's close alert sounded sarcastic, as it was like: "you weren't going to miss it anyway". Oh well.
The first scolding of today has been: BEWARE AT WHAT POINT OF THE WAVE YOU SET YOUR TRAILINGS TO RUN.
(I say "scolding" instead of "lesson", as I should have known better and I normally check.)
Although I sometimes start to trail immediately if the stops are very far from the entry (both platforms have dynamic trailing) I had decided to reset the first trade so it was matching the new order to come. I didn't set them on the order as the stops were quite tight. But I didn't checked the chart before resetting, and the price was just falling again so it went about 10 pips lower.
On one side this was a good thing because it made me aware of the pattern above, and anyway I wasn't counting on that position, which would have closed at about 1.0220 if timed.. Hmm...
But on the other side, it made me act too early upon the other position, and could have liquidated them near break-even a little while later, with barely a 10 pip-loss (instead of 85 ... ouch).
The second lesson was something I finally mastered but sometimes forget when I am overly tired: TRUST YOUR FIRST INSTINCTS, and its sequel: DO NOT MAKE TRADE DECISIONS WHEN NOT PROPERLY FED OR SLEPT.
ONE: I had eliminated the pending order at 1.0230 because of time (thinking the other trade would be closed), then my price alert fired up and I saw the price rising again so I opened it to see if I could catch it on a retest of the level.
TWO: I saw the break of the pivot and "knew" what was going to happen... but discarded the feeling (our subsconscious mind is totally survival oriented, thus often more accurate than plain "logical thought" on the handling of events, provided it has been well educated).
THREE: I went to sleep and had the impulse to set my tp at 1.0295 instead of my entry TP of 1.02314. Then discarded the idea.
It would had been hit.
When I woke up, I still was 31 pips green, and closed because of the rules of the system (and thinking it was Friday already, LOL)
Saddest thing of all, is that both had been at least 10 pips positive at different points between today and yesterday. But the plan is the plan is the plan ... sigh ... some are broken and some are fixed...v
No FUDGE though.
So here's the final scolding: BETTER TAKE WHAT THE MARKET WANTS TO GIVE YOU, LEST IT FEELS REJECTED AND TAKES DOUBLE OF IT BACK.
Although what also did happen, is that the transition and integration of two opposite strategies (my own short and long term scalping and planned averaging down, totally contrarian, and two similar breakout systems I've been backtesting with good results) PLUS the addition of the FibSto-oL and overall starting over on a new platform has been pretty tough.
But the above are common slippings, that even the most seasoned traders are bound to commit, time after time, unconsciously, if they happen to break even the teeny weeny tiniest rules from their PLAN.
------------------------------------------------------------
I am flat for the rest of the week, and wanted to share yesterday's experiences in this transition
The devil is in the details... How could I possibly overlook this?
Yesterday I was so engrossed with all the higher TF findings and chartings, that I overlooked my usual short-term m5 chart ...
When finally went to it and scrolled back, I then saw this:
A perfect tweezer at 1.02333 (one of my system's psychological levels), and there were also some big Devil Horns! O_O
My first short just had been stopped out, at the precise second when I was going to post that I was so happy as the position wasn't "timed" and it was still there after 03:30 ... very typical and murphy.
The platform's close alert sounded sarcastic, as it was like: "you weren't going to miss it anyway". Oh well.
The first scolding of today has been: BEWARE AT WHAT POINT OF THE WAVE YOU SET YOUR TRAILINGS TO RUN.
(I say "scolding" instead of "lesson", as I should have known better and I normally check.)
Although I sometimes start to trail immediately if the stops are very far from the entry (both platforms have dynamic trailing) I had decided to reset the first trade so it was matching the new order to come. I didn't set them on the order as the stops were quite tight. But I didn't checked the chart before resetting, and the price was just falling again so it went about 10 pips lower.
On one side this was a good thing because it made me aware of the pattern above, and anyway I wasn't counting on that position, which would have closed at about 1.0220 if timed.. Hmm...
But on the other side, it made me act too early upon the other position, and could have liquidated them near break-even a little while later, with barely a 10 pip-loss (instead of 85 ... ouch).
The second lesson was something I finally mastered but sometimes forget when I am overly tired: TRUST YOUR FIRST INSTINCTS, and its sequel: DO NOT MAKE TRADE DECISIONS WHEN NOT PROPERLY FED OR SLEPT.
ONE: I had eliminated the pending order at 1.0230 because of time (thinking the other trade would be closed), then my price alert fired up and I saw the price rising again so I opened it to see if I could catch it on a retest of the level.
TWO: I saw the break of the pivot and "knew" what was going to happen... but discarded the feeling (our subsconscious mind is totally survival oriented, thus often more accurate than plain "logical thought" on the handling of events, provided it has been well educated).
THREE: I went to sleep and had the impulse to set my tp at 1.0295 instead of my entry TP of 1.02314. Then discarded the idea.
It would had been hit.
When I woke up, I still was 31 pips green, and closed because of the rules of the system (and thinking it was Friday already, LOL)
Saddest thing of all, is that both had been at least 10 pips positive at different points between today and yesterday. But the plan is the plan is the plan ... sigh ... some are broken and some are fixed...v
No FUDGE though.
So here's the final scolding: BETTER TAKE WHAT THE MARKET WANTS TO GIVE YOU, LEST IT FEELS REJECTED AND TAKES DOUBLE OF IT BACK.
Although what also did happen, is that the transition and integration of two opposite strategies (my own short and long term scalping and planned averaging down, totally contrarian, and two similar breakout systems I've been backtesting with good results) PLUS the addition of the FibSto-oL and overall starting over on a new platform has been pretty tough.
But the above are common slippings, that even the most seasoned traders are bound to commit, time after time, unconsciously, if they happen to break even the teeny weeny tiniest rules from their PLAN.
- #9,184
- Sep 6, 2012 11:53pm Sep 6, 2012 11:53pm
- Joined May 2006 | Status: Still here. | 2,602 Posts
Here's the commented 5-minute charts:
Elements that I missed to spot:
Some other clues:
Finally another weekly overview similar to yesterday's (I was thinking it was already Friday today...)
I think we most probably could end the week at 1.0250 (today's pivot and centerline of the big triangle).
Market's refueling mode = ON
Flat onto Sunday evening for another round ...
Haven't had much time to read the latest posts, as my connection comes and goes. I'll delve deeper and answer other posts as soon as I get some well-deserved and long-winded sleep session!
Take care and remember, it's Friday!
Have a great week-end you all! and a big balance of pips!
Elements that I missed to spot:
Some other clues:
Finally another weekly overview similar to yesterday's (I was thinking it was already Friday today...)
I think we most probably could end the week at 1.0250 (today's pivot and centerline of the big triangle).
Market's refueling mode = ON
Flat onto Sunday evening for another round ...
Haven't had much time to read the latest posts, as my connection comes and goes. I'll delve deeper and answer other posts as soon as I get some well-deserved and long-winded sleep session!
Take care and remember, it's Friday!
Have a great week-end you all! and a big balance of pips!
- #9,185
- Sep 7, 2012 12:10am Sep 7, 2012 12:10am
- Joined May 2006 | Status: Still here. | 2,602 Posts
Just had a look at the hourly.
A push to 1.0350 could quite likely happen, and then it's back to 100% (1.0275) or pivot line as expected. Or else just holding at 1.0300?
A push to 1.0350 could quite likely happen, and then it's back to 100% (1.0275) or pivot line as expected. Or else just holding at 1.0300?
- #9,188
- Sep 7, 2012 1:39am Sep 7, 2012 1:39am
- Joined Jun 2012 | Status: Trader | 1,106 Posts
Some people say I'm lucky, but the more I practice the luckier I get
- #9,189
- Sep 7, 2012 2:21am Sep 7, 2012 2:21am
- Joined Jun 2012 | Status: Trader | 1,106 Posts
Some people say I'm lucky, but the more I practice the luckier I get
- #9,190
- Sep 7, 2012 6:15am Sep 7, 2012 6:15am
- Joined May 2006 | Status: Still here. | 2,602 Posts
Good Day and Happy Green Friday to You All !
- #9,191
- Edited 7:53am Sep 7, 2012 6:42am | Edited 7:53am
- Joined May 2006 | Status: Still here. | 2,602 Posts
I do trade with negative swaps because the total profit is always more than the swaps, but the Aussie is very costly and when I look at my monthly statement and see $xx,xxx going to my broker I always feel like I am working for them.
Because of the peg AUDCHF & EUDAUD make an excellent hedging combination for USA traders or brokers that do not allow it.
Thanks for the tip. I will try that on demo.
I used EURUSD as temporary hedge combination because of its 90%+ positive correlation on 5-minute prices, however over time it can be tough as one of them expands tenfold thus messing with the floating DD.
Your divergence trading on smaller TF's sounds interesting, I do this in combination with Harmonic patterns, but I do prefer to trade divergence on H1 and above.
I started aiming for longer TF myself last year, especially because this allows for much better entries. But seems I am a scalper at heart, although lately I am getting tired more easily and have much less tolerance to stress situations so I definitely want to move on to greater time spans. As one of the brokers I am using now allows hedging, I am trying to combine a breakout / trending strategy with my own. Barely started this month so it's still very raw.
I never take a loss, I always add to my account, I may have losing trades within a basket of trades but I will only close the basket if I am in profit overall. This might sound foolish to some traders, but each to their own, I trade full time and therefore have plenty of time to manage my trades and will only close them when I am ready, not because the sharks have hunted my SL or my broker has widened the spread during market volatility.
Every time I've had to take big losses it has been because of external issues and out of fear (needing to travel and not being able to monitor the trades for more than a week, etc..) or bad planning of the distance between trades, also given that I trade for a living, having to do an emergency withdrawal and thus changing the proportion of the allowable DD, etc... almost all of them were emotional issues in fact (I'd rather lose 8% of my funds than stress over it - I give back 13% of them to my exchanger anyway every time I bring my funds back to my local currency...
edit: oh plus 4% to the electronic money intermediary... that's 17%!), because only ONE among 5 times it occurred, was entitled to a MC if I didn't close (bad planning issue). The remaining 4 would have been positive 2x from the first entry (re-) ...All the best with your trading
Thanks so much! You too!
- #9,192
- Edited 9:02am Sep 7, 2012 6:55am | Edited 9:02am
- Joined May 2006 | Status: Still here. | 2,602 Posts
- #9,193
- Sep 7, 2012 7:09am Sep 7, 2012 7:09am
- Joined May 2006 | Status: Still here. | 2,602 Posts
Not yet. Still waiting for Mama Dobbie's answer.
@smilemiz: are you a girl?
(one of my daughter's name is also Michelle).
@all: --- haiku-tweet --- There is a SUPPORT and RESISTANCE at EVERY price level.
- #9,194
- Edited 7:38am Sep 7, 2012 7:15am | Edited 7:38am
- | Joined May 2012 | Status: Ball reader | 1,034 Posts
Here is my 2 pips on the recent rally based from the StochCandleFib (now FibStool) method that I'm currently using.
2 possibilities
1st possibility : This is a continuation of the upward movement we had since early June
W1 Stoch 14,3,3
maybe its 85% target just wasn't enough..
although the 5,3,3 has already got its downward targets
1.0197 <-- done
1.0142
1.0041
0.9940
but the 14,3,3 line simply hasn't crossed down level 70 which may still indicate that it has some unfinished business up there
to be honest, I was or maybe still am mesmerized by the 5,3,3 stochastic one instead of the 14,3,3 one
======================================================
2nd possibility : this is a correction driven by smaller TFs
D1 is about to cross level 50 stoch, I said it's about to cross because the current candlestick hasn't closed yet. So anything could happen before it closes that can cause the failure of level 50 stoch crossing.
Today is NFP day, as I said earlier today, NFP has always been creeping me out. So I'm staying on the sidelines for today. Good luck everyone!
2 possibilities
1st possibility : This is a continuation of the upward movement we had since early June
W1 Stoch 14,3,3
maybe its 85% target just wasn't enough..
although the 5,3,3 has already got its downward targets
1.0197 <-- done
1.0142
1.0041
0.9940
but the 14,3,3 line simply hasn't crossed down level 70 which may still indicate that it has some unfinished business up there
to be honest, I was or maybe still am mesmerized by the 5,3,3 stochastic one instead of the 14,3,3 one
======================================================
2nd possibility : this is a correction driven by smaller TFs
D1 is about to cross level 50 stoch, I said it's about to cross because the current candlestick hasn't closed yet. So anything could happen before it closes that can cause the failure of level 50 stoch crossing.
Today is NFP day, as I said earlier today, NFP has always been creeping me out. So I'm staying on the sidelines for today. Good luck everyone!
- #9,197
- Sep 7, 2012 8:04am Sep 7, 2012 8:04am
- Joined May 2006 | Status: Still here. | 2,602 Posts
Just would like to add i'm still a newbie & have been trying forex for 3 years now & was always trading off 4H, 1H & M15. Started off with Demo for 1 year & then came onto real account & since then have been loosing money.
Didn't wanted to give up tho, so trained myself (to hv patience) for 1D & 4H TF since this week & this is the first week so far in 2 years where my account is BreakEven (I even recouped losses of $50). Yes I trade micro lots of $.02!! It just took me time to realize im not a scalper & now I understand much more clearly that...
Welcome mubinirl!
Much success to you and congrats for the persistance.
Here's a true and funny article I just read:
http://www.savingadvice.com/articles/2008/03/19/102067_is-it-worth-my-time-to-pick-up-a-penny.html
If you could make a living picking up pennies, one after the other, forty hours a week, you would make $37,440 a year, assuming two seconds to pick up each penny. Some people, like my friend, would say that picking up a penny is not worth your time if you make more than $37,400 annually. I say that, even if I made $500,000, picking up that penny would be worthwhile because I would then have made $500,000.01.
A la Rockefeller style!
- #9,199
- Sep 7, 2012 8:56am Sep 7, 2012 8:56am
- Joined May 2006 | Status: Still here. | 2,602 Posts
(...)
Today is NFP day, as I said earlier today, NFP has always been creeping me out. So I'm staying on the sidelines for today. Good luck everyone!
Why FibSto-oL?
- Because it uses FIBs and STOchastic indicators.
- Because it's a TOOL (and a good one at it!)
- Because you need a good VISION to apply it (hence the O-O glasses --- also, I do wear them as well...)
- Because it reminds me of the dual nature of Forex: step on a STOOL and you'll either be right and climb higher, or wrong and end up covered in "fudge" ...
But the noble tradition and legacy of the StochCandleFib will always be revered and respected as it deserves, and his name shall last in our hearts forever!