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Ramblings of a Forex Junkie

  • #1,001
  • Feb 28, 2013 7:30am Feb 28, 2013 7:30am
Quoting PiptheRipper
In my opinion it will be much more difficult to make money in that way. Reasons being:

1.) When betting whether a currency will be higher or lower after a certain duration, your reward for being correct is always less than what you are betting. That is your R ratio ranges between 0.8 - 1. Therefore you have to be right more than 50% of the time just to break-even.

2.) When betting whether a currency will be higher or lower a certain value after a certain duration, you have to be correct in both the direction and time. I don't...
Agree completely. Not a good bet.
  • #1,002
  • Feb 28, 2013 7:54am Feb 28, 2013 7:54am
You can get 20:1 if you think price will be 15pips higher or more in the next minute!

Or 3:1 for 15pips above entry in next hour.

If you can move the market this would be good. Who knows where price will be in an hour?
  • #1,003
  • Feb 28, 2013 4:05pm Feb 28, 2013 4:05pm
Once again a nice trade from the opening range breakout on EU...closed half at 1/1 for +29 pips (0.5R), moved stop to BE and second half running at +72 pips...
Attached Image (click to enlarge)
Click to Enlarge Name: breakout eu.png Size: 26 KB
  • #1,004
  • Feb 28, 2013 4:19pm Feb 28, 2013 4:19pm
Quoting Olarion1975
Once again a nice trade from the opening range breakout on EU...closed half at 1/1 for +29 pips (0.5R), moved stop to BE and second half running at +72 pips...
Nice trade, I am still in from last week's low. I am holding for the lows at 1.3025. Thinking Asia might push it down tonite. Never know.
  • #1,005
  • Feb 28, 2013 4:20pm Feb 28, 2013 4:20pm
Quoting Olarion1975
Awesome, Seneca. Sounds like a great way to trade the higher timeframe.
Have you decided yet what pairs you will trade on H4?

The usual suspects. EU, GU, EJ, and GJ. I am always watching which ones are behaving best and switching back and forth.
  • #1,006
  • Feb 28, 2013 4:28pm Feb 28, 2013 4:28pm
One question regarding your stoploss on H4: do you also use the weekly ATR for the daily open trades or the daily ATR as for the intraday trades?

PS: Thanks for your answers.
  • #1,007
  • Feb 28, 2013 4:32pm Feb 28, 2013 4:32pm
Quoting Olarion1975
One question regarding your stoploss on H4: do you also use the weekly ATR for the daily open trades or the daily ATR as for the intraday trades?

PS: Thanks for your answers.
I use the 5 day ATR for intraday stops and the 4week ATR for intraweek stops both smoothed with the 5 and 4 period ema.
  • #1,008
  • Feb 28, 2013 4:39pm Feb 28, 2013 4:39pm
Quoting Seneca pilot
I use the 5 day ATR for intraday stops and the 4week ATR for intraweek stops both smoothed with the 5 and 4 period ema.
Great. I am just preparing three sub accounts with my broker and the chart setups for parallel trading of the intraday levels, weekly levels and the opening range breakout. I will live trade all 3 methods and compare the results from next week on.

Made huge amounts of money this week trading the intraday levels and the range breakout.

I am wishing you continous success and a smooth transitioning of your lifestyle, I know what I am speaking of...I have 2 little kids myself.
  • #1,009
  • Feb 28, 2013 4:51pm Feb 28, 2013 4:51pm
Quoting Olarion1975
Great. I am just preparing three sub accounts with my broker and the chart setups for parallel trading of the intraday levels, weekly levels and the opening range breakout. I will live trade all 3 methods and compare the results from next week on.

Made huge amounts of money this week trading the intraday levels and the range breakout.

I am wishing you continous success and a smooth transitioning of your lifestyle, I know what I am speaking of...I have 2 little kids myself.

Thank you. Things are getting easier. We are moved into the new house and getting settled. I am ninety percent finished with the painting and preparations to the old house to get it sold. The kids are happy and doing well. And the new trading method is filling in the blanks until I get into the swing of trading off the four hour charts. I will say one thing I find it nice to enter a trade with a pending and only check two or three times a day to see where the trade stands. I only have to check charts periodically with the new intraday stuff and I can sleep all night so I am pumped. I don't know if the ultimate profitability will be the same but there is something to be said for having a normal life schedule.
  • #1,010
  • Feb 28, 2013 5:02pm Feb 28, 2013 5:02pm
Quoting Seneca pilot
Thank you. Things are getting easier. We are moved into the new house and getting settled. I am ninety percent finished with the painting and preparations to the old house to get it sold. The kids are happy and doing well. And the new trading method is filling in the blanks until I get into the swing of trading off the four hour charts. I will say one thing I find it nice to enter a trade with a pending and only check two or three times a day to see where the trade stands. I only have to check charts periodically with the new intraday stuff and...
Sounds good. Time can be worth more than money, especially if you have young kids and spend the time with them. It is a memorable time you do not want to have missed at a later date. My daughter is 7 and my son is 4 years.

I have (still) a part time job in the office, get home at 2:30 pm and enjoy playing with the kids all kinds of games for 1-2 hours at least every day.

Sorry for getting offtopic. Just some thoughts. Trading is also about having a balanced life.
  • #1,011
  • Feb 28, 2013 5:14pm Feb 28, 2013 5:14pm
Quoting Olarion1975
Sounds good. Time can be worth more than money, especially if you have young kids and spend the time with them. It is a memorable time you do not want to have missed at a later date. My daughter is 7 and my son is 4 years.

I have (still) a part time job in the office, get home at 2:30 pm and enjoy playing with the kids all kinds of games for 1-2 hours at least every day.

Sorry for getting offtopic. Just some thoughts. Trading is also about having a balanced life.
I have always had a problem with balance in my life. I am something of a workaholic and have a problem with perfectionism. I have had to fight it continually in my trading. My children have helped with this. Many other things lost importance when they were born. Who cares about all the little things when you can play with two great little kids.
  • #1,012
  • Feb 28, 2013 5:26pm Feb 28, 2013 5:26pm
Quoting Seneca pilot
Many other things lost importance when they were born. Who cares about all the little things when you can play with two great little kids.
How true, mate.
0:30 pm here in Germany, time to get some sleep.
  • #1,013
  • Feb 28, 2013 5:28pm Feb 28, 2013 5:28pm
Quoting Seneca pilot
I have always had a problem with balance in my life. I am something of a workaholic and have a problem with perfectionism. I have had to fight it continually in my trading. My children have helped with this. Many other things lost importance when they were born. Who cares about all the little things when you can play with two great little kids.
I can relate to that big time. Enjoy those moments while you still can brother.
What is any ocean but a multitude of drops?
  • #1,014
  • Feb 28, 2013 5:36pm Feb 28, 2013 5:36pm
Quoting Xhale12
I can relate to that big time. Enjoy those moments while you still can brother.
How's it going, haven't heard from you for a while.
  • #1,015
  • Mar 1, 2013 4:59am Mar 1, 2013 4:59am
Hi guys hope your all good.i was away for most of this week but i got back home today and traded e/u- g/u and oil all short and got plenty of pips, i have closed all the trades and am now done for the week . All these particular trades where based on the london opening break out on the 15 minute chart like what was posted in here approx post 80. take care
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #1,016
  • Mar 1, 2013 9:10am Mar 1, 2013 9:10am
Olarian,

I'm curious to know if you plan to hold your short through the weekend. I am out as of 1.3020 in the test account. I am trying to decide whether to keep these runners through the weekend in my investment account. I see the risk right now to be the sequester. If there is a deal there will probably be a risk on rally. No deal and there could be an extension of this move down. Kind of seems like gambling to me. My instinct is to close as usual and not hold the trade. What do you think?
  • #1,017
  • Mar 1, 2013 9:55am Mar 1, 2013 9:55am
Quoting Seneca pilot
Olarian,

I'm curious to know if you plan to hold your short through the weekend. I am out as of 1.3020 in the test account. I am trying to decide whether to keep these runners through the weekend in my investment account. I see the risk right now to be the sequester. If there is a deal there will probably be a risk on rally. No deal and there could be an extension of this move down. Kind of seems like gambling to me. My instinct is to close as usual and not hold the trade. What do you think?
I closed the trade, too. Too much risk involved I think.
You are right about gambling, you never know where price goes/gaps over the weekend.
  • #1,018
  • Mar 1, 2013 10:22am Mar 1, 2013 10:22am
Me too. I closed at 1.30. No guts some glory.
  • #1,019
  • Mar 1, 2013 4:52pm Mar 1, 2013 4:52pm
[quote=Seneca pilot;6485014]Olarian,

I'm curious to know if you plan to hold your short through the weekend.

Hi there, when in doubt get out. you will have all next week to gather pips. Be in CONTROL. take care
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #1,020
  • Mar 1, 2013 7:11pm Mar 1, 2013 7:11pm
[quote=billytt;6485981]
Quoting Seneca pilot
Olarian,

I'm curious to know if you plan to hold your short through the weekend.

Hi there, when in doubt get out. you will have all next week to gather pips. Be in CONTROL. take care
Closed all trades. It was a good week. I haven't held a trade over the weekend in more than two years.
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