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james16 Chart Thread
- #119,626
- Oct 9, 2012 7:06pm Oct 9, 2012 7:06pm
- Joined Mar 2009 | Status: Hobby Trader | 4,477 Posts
Winston, I also enterred long this afternoon on aud....my feed on the daily looks good....your comments?
As has been pointed out we are in a not-so-fresh demand area where I believe longs are being exhausted. Certainly opportunities for long "scalps" have probably played out well for some but that is not my style. The daily closes to the upside so far have been weak IMHO.
Anyway an experiment in trading from weekly levels so we'll see how it plays out. I appreciate everyone's comments. Thanks!
- #119,627
- Oct 9, 2012 8:51pm Oct 9, 2012 8:51pm
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
I believe . . .
- #119,628
- Oct 9, 2012 8:57pm Oct 9, 2012 8:57pm
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
So what's the lesson here ? - Mind lows/highs!
A see a lot of you guys, i really don't know why, ignore lows for closes. Closes are important sure thing, but don't forget that FX is not a centralized market. It NEVER closes!!! What this means? It means that they are no REAL closes out there (except for hourly and lower). The closes you see are your broker chopping up the price movements in pieces for your convenienceI am sure you know that already, but closes differ from one broker to another, whether the time they choose to close!
In...
I promise to be right back though sooner than later and will be posting my live trades and updating the "How I trade part" with the latest findings.
When you set about developing a new strategy it takes a lot of trial and error and permutations and combinations to find the right fit for that consistent edge and that can take a bit of tinkering. And that's exactly what I am up to these days.
So hang on and thanks for the kind words and your interest in the blog.
g.
I believe . . .
- #119,630
- Edited Oct 10, 2012 2:46am Oct 9, 2012 11:43pm | Edited Oct 10, 2012 2:46am
- Joined May 2010 | Status: HCR-LCS SFP | 6,026 Posts
The blog is pretty outdated and I regret not keeping it lively. Things have changed a bit and I have dumped the "daily strategy" altogether. So I no longer take the HCR/LCS into consideration on the higher time frames. Its all about the bar lows and highs now (like the intra day strategy)
I promise to be right back though sooner than later and will be posting my live trades and updating the "How I trade part" with the latest findings.
When you set about developing a new strategy it takes a lot of trial and error and permutations and combinations...
It will be Great to have you back Ghous.
Are you still trading the Constrictor base type system.
- #119,631
- Edited 4:14am Oct 10, 2012 12:19am | Edited 4:14am
- | Joined Sep 2011 | Status: Hybrid | 413 Posts
GBP/CHF
this was though...took me 3 weeks to get there, hit almost my first SL but then turn around
Attachment
I think that's a horrible way to manage a trade. You let it come into 60%+ drawdown and just hoped it would reverse....??
Once it broke those lows, why assume full risk anymore? Cut your losses short (reduced SL being hit) with the chance it would have dropped hard.
I don't need easy. I just need possible.
- #119,633
- Oct 10, 2012 9:13am Oct 10, 2012 9:13am
- Joined Oct 2010 | Status: full time beer drinker | 1,345 Posts
- #119,636
- Oct 10, 2012 11:59am Oct 10, 2012 11:59am
- | Commercial User | Joined Aug 2006 | 12,004 Posts
Reduce risk but don't compromise the story.I saw it in the last Mike`s webinar... very very good webinar!
http://imageshack.us/a/img856/9346/gbpchfa.gif
Am I correct Mike,please?
glad it helpedThis is very much how you will see me trade on many trades. It's not a hard and fast rule for everyone. But it will help cut a lot of losses(they happen) short and then still keep us in logically. If we are picky enough with our trades and mgmt over time you will come out on top. I stress this a lot from my experiences that I share
Best
Mike
- #119,637
- Oct 10, 2012 12:14pm Oct 10, 2012 12:14pm
I also went short at the break of the BEOB on the eur/gbp. Today there are still a couple of hours to go till the close of the day, but it looks like a pin might form (see chart below). Question is: Is it better to cut the trade for a reduced risk or just let it play out?
- #119,638
- Oct 10, 2012 12:31pm Oct 10, 2012 12:31pm
- Joined Oct 2010 | Status: full time beer drinker | 1,345 Posts
Because when price closes below those lows, there is no logical reason to keep risk at 100%. Move the SL just above the previous support area (where you see fit) and this creates 2 things:
1) Reduced risk, with the SL placed behind a LOGICAL reason for the market ( S turned into R, instead the high of some random BEOB)
2) This gives you a higher RR ratio since you risk less to win the same amount.
What you did there WAS hope, whether you realize it or not. You gradually watched it go into a huge drawdown cause you were scared or (just didn't...
""..S turned into R, instead the high of some random BEOB"...well look at this crazy BEOB again, do you really think its random?
And again buddy, i had not hoped. I doesn't risk my whole account on that or something like that. And i am not a BE trader, if you know what i mean. I think if you will trade successful on daily charts your trades should have space to breathe...
but we going anywhere with this discussion, so take care
everybody has a different style of placement SL and TP. Why do you think yours is logical than mine?
""..S turned into R, instead the high of some random BEOB"...well look at this crazy BEOB again, do you really think its random?
And again buddy, i had not hoped. I doesn't risk my whole account on that or something like that. And i am not a BE trader, if you know what i mean. I think if you will trade successful on daily charts your trades should have space to breathe...
but we going anywhere with this discussion,...
I don't need easy. I just need possible.
- #119,640
- Oct 10, 2012 1:12pm Oct 10, 2012 1:12pm
- Joined Oct 2010 | Status: full time beer drinker | 1,345 Posts