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Ramblings of a Forex Junkie

  • #2,061
  • Apr 4, 2013 9:31am Apr 4, 2013 9:31am
Quoting Seneca pilot
Due to NFP tomorrow I will not take the long side if there is a breakout. Normally I would absolutely take it but not today. I also will not make that trade tomorrow, nor any level trades. I only trade the news trade on NFP day.
Right, it's a good reminder, (since you've said that also before).
Thanks
"Always be yourself " Batman
  • #2,062
  • Apr 4, 2013 9:38am Apr 4, 2013 9:38am
All that crap and I am even for the day. I am tired and pissed. I sold the Wed high and sold into the stops just above the current week high and exited both at the daily open. I have to look at my actions today and do some hard thinking. I didn't exactly break the rules as no trade or combination ever risked more than about one percent of the account and I didn't take any trades that weren't at levels discussed here but I have overtraded and exited much too early. I bought the previous week low with six pips drawdown and only got 26 pips out of a 130 pip move. I am extremely jumpy lately and I don't know why. I am going to have a terrible time making profits if this keeps up.

Tantum, please feel free to discuss your thought process when setting up trades. I am done teaching in here my levels method is all out there. If there is anything you feel would help the traders here go ahead. I am sure I will learn as well. I never stop reading, watching webinars, and trying to learn. I sure as hell don't know everything and welcome new ideas.
  • #2,063
  • Apr 4, 2013 9:50am Apr 4, 2013 9:50am
Afternoon

Pic of my first "levels" trade.... Closed half with all the EU news that was due out and other half tagged at BE...

Wasn't brave enough to take the weekly low entry with Draghi still speaking.... sigh

Thanks again Chris for the thread..

Grant
Attached Image (click to enlarge)
Click to Enlarge Name: EU Levels trade 4th April 2013.png Size: 25 KB
  • #2,064
  • Apr 4, 2013 9:53am Apr 4, 2013 9:53am
Quoting Seneca pilot
All that crap and I am even for the day. I am tired and pissed. I sold the Wed high and sold into the stops just above the current week high and exited both at the daily open. I have to look at my actions today and do some hard thinking. I didn't exactly break the rules as no trade or combination ever risked more than about one percent of the account and I didn't take any trades that weren't at levels discussed here but I have overtraded and exited much too early. I bought the previous week low with six pips drawdown and only got 26 pips out of...
So, which of below is true?
1. You didn't follow well-defined rules
2. Your rules allow some discretions for the freedom you have used today?

If it is 1, it is pure mental, more mental work is needed. If it is 2, you may need tighten the freedom of discretion.
  • #2,065
  • Apr 4, 2013 9:55am Apr 4, 2013 9:55am
Quoting grant18265
Afternoon Pic of my first "levels" trade.... Closed half with all the EU news that was due out and other half tagged at BE... Wasn't brave enough to take the weekly low entry with Draghi still speaking.... sigh Thanks again Chris for the thread.. Grant {image}
This entry is the one same as I posted.
  • #2,066
  • Apr 4, 2013 10:25am Apr 4, 2013 10:25am
Quoting kk007
So, which of below is true? 1. You didn't follow well-defined rules 2. Your rules allow some discretions for the freedom you have used today? If it is 1, it is pure mental, more mental work is needed. If it is 2, you may need tighten the freedom of discretion.
I followed the entry rules exactly. My exits were crap.

It's mental right now, there are things outside of trading that are a distraction and I am tired physically and mentally.
  • #2,067
  • Apr 4, 2013 10:28am Apr 4, 2013 10:28am
Quoting Seneca pilot
I followed the entry rules exactly. My exits were crap. It's mental right now, there are things outside of trading that are a distraction and I am tired physically and mentally.
I sold the previous week close into the news and lost my nerve and exited below my normal stop just before the price turned down for sixty pips.

I bought the previous week low and covered at the weekly open 27 pips into a 130 pip move. Just crap exits. I should be up five to seven percent today. Just crap.

Sorry for the negativity, it's been a bad day.
  • #2,068
  • Apr 4, 2013 10:30am Apr 4, 2013 10:30am
Quoting kk007
This entry is the one same as I posted.
apologies, i didnt know same entry charts are not allowed...

Wont happen again
Grant
  • #2,069
  • Apr 4, 2013 10:33am Apr 4, 2013 10:33am
Quoting grant18265
apologies, i didnt know same entry charts are not allowed... Wont happen again Grant
Post anything you like Grant. Here I'll throw it up too.
Attached Image (click to enlarge)
Click to Enlarge Name: eu trade.gif Size: 15 KB
  • #2,070
  • Apr 4, 2013 10:44am Apr 4, 2013 10:44am
Quoting Seneca pilot
I sold the previous week close into the news and lost my nerve and exited below my normal stop just before the price turned down for sixty pips. I bought the previous week low and covered at the weekly open 27 pips into a 130 pip move. Just crap exits. I should be up five to seven percent today. Just crap. Sorry for the negativity, it's been a bad day.
So, you've followed rules for entry but not exit....and it was because of the lack of discipline due to some distraction.. thanks for clarifying.
  • #2,071
  • Apr 4, 2013 10:45am Apr 4, 2013 10:45am
Quoting grant18265
apologies, i didnt know same entry charts are not allowed... Wont happen again Grant
No No No.. I remarked it as duplication just to make it clear to everyone. Post whatever you like and OP allows.
  • #2,072
  • Apr 4, 2013 10:47am Apr 4, 2013 10:47am
Quoting Seneca pilot
But he said absolutely nothing Euro positive. I am dazed and confused.
I really doubt this people managing Euro rate really know what they are doing when we see the complete mess it is in europe.......
the market is not random but anything can happen.
  • #2,073
  • Apr 4, 2013 10:51am Apr 4, 2013 10:51am
Quoting kk007
So, you've followed rules for entry but not exit....and it was because of the lack of discipline due to some distraction.. thanks for clarifying.
Distraction is a factor in my fatigue. It is not an excuse though for poor trade management. It was purely a breakdown in my discipline. The method if properly traded was a spectacular success today. Look at the move from the previous week low. Look at the profit from the Wed low. Look at the profit from selling the previous week close into the news and taking profit at the previous week low. I simply blew it today. EU has given opportunities to make a very good return today. I feel like I have blown a great opportunity today.
  • #2,074
  • Apr 4, 2013 10:55am Apr 4, 2013 10:55am
Quoting vspatrick
I really doubt this people managing Euro rate really know what they are doing when we see the complete mess it is in europe.......
I think I have one very positive thing I can take from today. I feel that I have been somewhat vindicated that the Previous week low held price despite the obvious lack of a plan for the Euro zone. Draghi said it himself when asked. His only response was that Europeans love the euro and there is no plan b. Wow what an eye opening statement. So if some country wants out there is no plan to contain the fallout from such a move and when he says it the euro is jumping. Fundamentals don't mean anything, worry about orders.
  • #2,075
  • Apr 4, 2013 11:02am Apr 4, 2013 11:02am
Quoting Seneca pilot
Distraction is a factor in my fatigue. It is not an excuse though for poor trade management. It was purely a breakdown in my discipline. The method if properly traded was a spectacular success today. Look at the move from the previous week low. Look at the profit from the Wed low. Look at the profit from selling the previous week close into the news and taking profit at the previous week low. I simply blew it today. EU has given opportunities to make a very good return today. I feel like I have blown a great opportunity today.
This is very interesting to me, because I feel the exact same. I have missed out on some very good opportunities today on my main pair E/U. I got caught up in the news more than I should have and not what price was doing at the important levels today. I am currently scalping the tight range with 1/2 typical lot size until I get pegged.

After looking at the bigger picture it appears there was a lot of book and stop clearing today. For what? I guess we will find out.

@RDSL: Will answer your questions in a bit...
  • #2,076
  • Apr 4, 2013 11:05am Apr 4, 2013 11:05am
Quoting Seneca pilot
Fundamentals don't mean anything, worry about orders.
I guess you would agree with my previous statement in the first paragraph then...

EDIT: I guess I would agree, you beat me to it!
  • #2,077
  • Apr 4, 2013 11:12am Apr 4, 2013 11:12am
Quoting TantumVerum
This is very interesting to me, because I feel the exact same. I have missed out on some very good opportunities today on my main pair E/U. I got caught up in the news more than I should have and not what price was doing at the important levels today. I am currently scalping the tight range with 1/2 typical lot size until I get pegged. After looking at the bigger picture it appears there was a lot of book and stop clearing today. For what? I guess we will find out. @RDSL: Will answer your questions in a bit...
I 100% agree with it and I preach it. I guess I am as human as the next guy and I can't beat myself up about it.

Stop sweeps and clearing of books is a common thing the week of NFP. You know some of these guys already know the number and use these moves to position themselves. I have the belief that central banks let the tier one banks know which way to position for these things. I could be wrong but who doesn't love a good conspiracy theory?
  • #2,078
  • Apr 4, 2013 12:38pm Apr 4, 2013 12:38pm
Quoting Seneca pilot
I didn't take any trades that weren't at levels discussed here but I have overtraded and exited much too early. I bought the previous week low with six pips drawdown and only got 26 pips out of a 130 pip move. I am extremely jumpy lately and I don't know why.
Hey Chris, knowing full well you can trade a day like today but failed to, you should beat yourself up just a bit, it will help both alleviate the stress and set the learning curve in motion. That's if a learning curve can be mobile. When focus and discipline are absent I first think is there enough sleep in the tank? Is there enough exercise going on? Have you been eating healthy and not junk? Taking multi B Vitamins really helps you become calm when you were stressed and jittery and you can become depleted of B Vits quite easily. Obviously don't over-do the coffee. Finally I think there was a bit of yesterday in todays trader? Were you carrying anything over from Wednesday that either made you overly cautious or overly eager to get even? From exiting early I would suggest over cautious.
  • #2,079
  • Apr 4, 2013 12:38pm Apr 4, 2013 12:38pm
Quoting rdsl
WoW Seneca, you are here too? I have one for you and Olarion as well. If the EU closes above the OR for a long,(in 35 minutes or so) are you going to take that one as well? I saw you guys doing that a few weeks back, but i'm just not sure yet if I should do this trade twice a day... Thanks and good luck to us all for the NFP trade tomorrow
Looks like it would have worked out nicely to have taken that long after all. I still don't like the trade though.
  • #2,080
  • Apr 4, 2013 12:39pm Apr 4, 2013 12:39pm
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD 04042013.jpg Size: 124 KB


Hi guys, I've been looking at icoff's template today (thank you icoff good job).

Can I again make sure I'm understanding what's going on.

N°1 - This phrase gets me every time "fade the return to the open" is it going long at 1 or going short at the question mark? I'm so dim sometimes.

N°2 - Buy the previous day low

N°3 - Buy the previous weeks low........ wow that was a nice 5R back to the daily open (awesome entry price now breaking 2930!)

N°4 - Now we've been buying all day I guess we're not looking to sell the previous day high?, would a retest of the daily open after a nice break be a good long?

thanks for any guidance.
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