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Ramblings of a Forex Junkie

  • #1,341
  • Mar 12, 2013 6:28pm Mar 12, 2013 6:28pm
Took two trades off the daily open. First one EU went BE, 2nd one here on EJ I took to the daily low for 80 pips. Last month's close a level to watch on EU.
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What is any ocean but a multitude of drops?
  • #1,342
  • Mar 12, 2013 6:54pm Mar 12, 2013 6:54pm
Here's some reality. It makes for harsh reading and I came across it randomly today but it's so true and I would like to remember it every time I make a trade.... (it's a quote from a poster defending the high margins in Silver and he's getting rubbished by all the phisical silver/gold bugs but please lets not get started on that!)

"...here is the truth, nobody especially not the large banks, give a f..k about small specs. You are a rounding error in the bottom line. Nobody wants to discourage you from trading because we KNOW you are going to lose. You come undercapitalized, you all believe the same stupid sh1t, you pin all your hopes and dreams on some great f ing idea, then you let your emotions get the best of you before the real action even starts and you blow your wad and get out. So the banks and the exchanges and the rest of us want all of you in all the time. You're free money. The real game is taking the real money from other players. Not specs but actual players..."

My translation = don't compete in the small timeframes (they are overcrowded and the players have more price/orderflow information), learn to hang on to winners even if that trend goes for months. (when your average price is 5% behind the market, adding onto a winner is easier than, well, falling off a log. Position size (repeat three times), play your own game, be an individual. If you can't do it succesfully, find someone who can, don't try and do it for the fun/challenge.
  • #1,343
  • Mar 12, 2013 7:30pm Mar 12, 2013 7:30pm
Quoting Hyperion
Here's some reality. It makes for harsh reading and I came across it randomly today but it's so true and I would like to remember it every time I make a trade.... (it's a quote from a poster defending the high margins in Silver and he's getting rubbished by all the phisical silver/gold bugs but please lets not get started on that!)

"...here is the truth, nobody especially not the large banks, give a f..k about small specs. You are a rounding error in the bottom line. Nobody wants to discourage you from trading because we KNOW you are going to...
This is exactly the reason I trade on such low leverage and only take trades in specific trusted places. Retails can win at this game but most don't have the discipline to watch a market all day and not take a trade or take only one or two. Jim Rogers said it best in Market Wizards. Wait until there is money just sitting on the floor and walk over and pick it up. Take the trades with the odds stacked in your favor. Those of you who want to make it listen up, You can get rich taking two or three well planned trades PER WEEK.
  • #1,344
  • Mar 12, 2013 8:11pm Mar 12, 2013 8:11pm
I just wanted to take a few minutes to run down the day's activity across the four pairs I trade most.

EU) Traded down from the daily open and triggered long off the weekly close/open (only five pips apart this week so trade the middle). This one shot up in pretty much a straight line to the Monday high for 50+ pips.

EJ) Same move down as EU but stopped out on an overrun down. Triggered later in the day off the daily open for an 80+ pip run back down to the weekly levels.

GU) Made a nice quick little short off the London close down to the last week low. GU also had a nice short off the daily open. I did not take it as that weekly low was too close but the trade broke the low for a temporary hard down move (on news I assume).

GJ) Another nice move off the London close. I got twenty pips on this one and eighteen on GU. I am doing more of this type of trading lately because its fast and I can go to sleep. GJ then fired off a beautiful short off the daily open that ran all the way through the Monday and Friday lows as well as the weekly close/open levels.

I traded the two pound pairs around the London close and then went to sleep. I missed the EJ short as I was with my boys but was able to scalp a little off EU by selling the daily open after London closed. I hope you guys all had a nice day.

I may start doing this each day so that you can see my thought process and maybe develop a little confidence in the method by seeing daily results. I am unable to trade all night any more but I do still make use of the same levels. I have come to the realization that three to five percent a week is the maximum reasonable goal I can aim for given my available time for trading. My boys will be in school in a couple of years and the wife and I are discussing a nanny, so maybe I can get back to my schedule sooner than later.
  • #1,345
  • Mar 12, 2013 8:42pm Mar 12, 2013 8:42pm
Hi guys. Hope you had a good tuesday. I had a tricky start with e/u but just reversed strategy when ity went long. Oil was ok. I I have been away from. Pc for hours and this is on blackberry. Should be home for wed uk open. Be good
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #1,346
  • Mar 12, 2013 9:33pm Mar 12, 2013 9:33pm
Quoting Seneca pilot
I just wanted to take a few minutes to run down the day's activity across the four pairs I trade most.
.........................
++++++++++++++++++++++++++++++++

I like it!

Should you decide to do this daily or even periodically, I think it offers insight that really can't be expressed by merely stating rules.
Thanks,
Darryl
  • #1,347
  • Mar 12, 2013 9:37pm Mar 12, 2013 9:37pm
Quoting Seneca pilot
.

Retails can win at this game but.... take only one or two.

You can get rich taking two or three well planned trades PER WEEK.
This exactly is the way ! To be very picky about trades.
  • #1,348
  • Mar 13, 2013 12:50am Mar 13, 2013 12:50am
Seneca: "I have come to the realization that three to five percent a week is the maximum reasonable goal I can aim for given my available time for trading."

That is more than enough considering compounding...
  • #1,349
  • Mar 13, 2013 1:12am Mar 13, 2013 1:12am
Quoting Seneca pilot
GU) Made a nice quick little short off the London close down to the last week low. GU also had a nice short off the daily open. I did not take it as that weekly low was too close but the trade broke the low for a temporary hard down move (on news I assume).
I tried out yesterday's News Breakout method and it really worked well. Helps one wait for the reaction of the traders after 15 Mins.
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  • #1,350
  • Mar 13, 2013 3:05am Mar 13, 2013 3:05am
This is what I have done this morning. I thought I would post this to show an example of how I use Seiden levels for exit.

A chart: note the supply zone to the left. This was a poorly executed daily open entry (about three pips too high) with Seiden exit.
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  • #1,351
  • Mar 13, 2013 3:09am Mar 13, 2013 3:09am
Quoting Seneca pilot
This is what I have done this morning. I thought I would post this to show an example of how I use Seiden levels for exit.

A chart: note the supply zone to the left. This was a poorly executed daily open entry (about three pips too high) with Seiden exit.
Nice trading. I took the same, but exited a little earlier.
  • #1,352
  • Mar 13, 2013 3:48am Mar 13, 2013 3:48am
hi guys hope your good.e/u is a bit better today so far it bounced off the 2nd resistance level. i wasnt going to trade it as it opened outside the channel but then i remembered i was thinking and that is deadly lol. square1 if you are reading, trading the news can be very good especially when the news is expected like last friday. i think i might have a go and treat it like a bonus, so i have learned something else. take care
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #1,353
  • Mar 13, 2013 3:50am Mar 13, 2013 3:50am
edit to last post, news which is unexpected lol
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #1,354
  • Mar 13, 2013 4:00am Mar 13, 2013 4:00am
thats me done, e/u dropped to almost 1 support and as i am tired with being up all night i am going to sleep, so no compounding etc .Maybe oil will shift later so i will be awake for that. Take care all
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #1,355
  • Mar 13, 2013 4:49am Mar 13, 2013 4:49am
Quoting billytt
edit to last post, news which is unexpected lol
I think it's news that is expected and also expected to be big(highly volatile). I wouldn't trade what i don't know or wouldn't see, that's one reason why i don't take weekend trades.
  • #1,356
  • Mar 13, 2013 5:01am Mar 13, 2013 5:01am
Quoting square1
I think it's news that is expected and also expected to be big(highly volatile). I wouldn't trade what i don't know or wouldn't see, that's one reason why i don't take weekend trades.
i do not think you get my point, but not to worry and your right with the weekend trading. be good
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #1,357
  • Mar 13, 2013 5:02am Mar 13, 2013 5:02am
Hello Everybody
EU: short from 1.3025, SL 1.3035 , TP 1.2985
EC: short from 1.2338, SL 1.2350, TP 1.2308

reasons: my bias is to short them, i entered on the retest on the DO

Comments and critics very welcomed

Good trades to all of you
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  • #1,358
  • Mar 13, 2013 5:09am Mar 13, 2013 5:09am
[quote=be water;6511001]Hello Everybody
EU: short from 1.3025, SL 1.3035 , TP 1.2985
EC: short from 1.2338, SL 1.2350, TP 1.2308


i was looking to that level and it happens to be 2nd support , but like i said earlier i went to bed but now i have to pick bike up off mechanic so my trading is over, take care
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #1,359
  • Mar 13, 2013 5:45am Mar 13, 2013 5:45am
Quoting square1
I tried out yesterday's News Breakout method and it really worked well. Helps one wait for the reaction of the traders after 15 Mins.
The entry was short (first break of inside bar)?
  • #1,360
  • Mar 13, 2013 5:58am Mar 13, 2013 5:58am
Quoting FOURX
The entry was short (first break of inside bar)?
Hi FOURX..the NIESR GDP Estimate News came out at 18:00 GMT (17:00 PLT(Platform Time)). This was my main focus 15 Min Bar. The Next 15Min bar broke out of the range to the upside. So i took a long. As you can realize, there was no inside bar.
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