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Ramblings of a Forex Junkie

  • #2,281
  • Apr 10, 2013 4:37pm Apr 10, 2013 4:37pm
Quoting snail69
Chris, can you advise, which one ?
http://rapacapintro.com/account/accounts?acc=
  • #2,282
  • Apr 11, 2013 6:04am Apr 11, 2013 6:04am
As you guys know I am doing this fxbook with my test account. An interesting thing happened this morning. I had a short position in GJ prior to the unemployment news. In my regular account the trade did fine. In the Oanda account the spread went so wide during the news (over twenty pips) that I was stopped out. Of course I called them and of course they said there was nothing they could do about the spread but I know the real spread was no where near twenty pips. How could anyone trade any size with a broker that does this. These guys are fine for a small test and learning account but wow, twenty pips spread for a news event that is not even that big of a deal.

So anyway I re entered short and made back the loss. Also got a few pips on EU. Done for the day.
  • #2,283
  • Edited 8:04am Apr 11, 2013 6:14am | Edited 8:04am
Quoting Seneca pilot
As you guys know I am doing this fxbook with my test account. An interesting thing happened this morning. I had a short position in GJ prior to the unemployment news. In my regular account the trade did fine. In the Oanda account the spread went so wide during the news (over twenty pips) that I was stopped out. Of course I called them and of course they said there was nothing they could do about the spread but I know the real spread was no where near twenty pips. How could anyone trade any size with a broker that does this. These guys are fine for...
Robber broker!
  • #2,284
  • Apr 11, 2013 6:25am Apr 11, 2013 6:25am
Quoting kk007
Robber broker!
I have always been pretty happy with them knowing that they open spreads up to ten or twelve pips on BIG news events. Today though on weekly unemployment wider than twenty pips is robbery. the real spread at the time was only a few pips more than normal maybe seven or eight pips.

On a side note I had a nice 1.5% day in the works but now only have .67% with the two GJ trades cancelling each other out. And of course I didn't hold either of the winners long enough. Some day I will be a good trader, some day.
  • #2,285
  • Apr 11, 2013 6:48am Apr 11, 2013 6:48am
The ORB trade is still alive but only just. I am starting to think we are never going to get a runner. Runners only happen a few times a year but many years it has already happened once. We are through the first quarter with nothing but a few two day moves that stop out at second day BE. This is trading, lots of waiting and many disappointments. I think this is why most people can't execute day after day. There are so many false starts and pitfalls and unrealized goals in this business that it is sometimes hard to keep taking the trades. Trading is not hard to learn but it is extremely hard to execute and this is why so few people can do it. There are many repeating patterns and there are easily defined locations where the odds favor taking action. The difficulty for most people is the uncertainty of the trade outcome so most of us either don't take the trade or kill it at the first sign of adversity. Worse yet our natural tendency is to exit at the first sign of profit, especially after the trade has been in draw down.

The truth:

This is a hard, hard business and I am glad. Rewards should not come easily.

Chris
  • #2,286
  • Apr 11, 2013 6:54am Apr 11, 2013 6:54am
Quoting Seneca pilot
The ORB trade is still alive but only just. I am starting to think we are never going to get a runner. Runners only happen a few times a year but many years it has already happened once. We are through the first quarter with nothing but a few two day moves that stop out at second day BE. This is trading, lots of waiting and many disappointments. I think this is why most people can't execute day after day. There are so many false starts and pitfalls and unrealized goals in this business that it is sometimes hard to keep taking the trades. Trading...
^^^^
  • #2,287
  • Apr 11, 2013 7:01am Apr 11, 2013 7:01am
Quoting Seneca pilot
The ORB trade is still alive but only just. I am starting to think we are never going to get a runner. Runners only happen a few times a year but many years it has already happened once. We are through the first quarter with nothing but a few two day moves that stop out at second day BE. This is trading, lots of waiting and many disappointments. I think this is why most people can't execute day after day. There are so many false starts and pitfalls and unrealized goals in this business that it is sometimes hard to keep taking the trades. Trading...
Oh yes, you are right. The ORB trades made me 11.97% gain for the last 7 weeks though. Yesterday I skipped the trade as there was 1.31 just above and I had a strong feeling the trade would not turn out positive. Today I entered long with 2 positions according to plan, one half exited at 1/1, second half (still) running. Let's see when we finally get a nice runner.
Anyhow, I will continue executing the ORB trades cause they made me consistent profits.
  • #2,288
  • Apr 11, 2013 7:05am Apr 11, 2013 7:05am
Quoting Olarion1975
Oh yes, you are right. The ORB trades made me 11.97% gain for the last 7 weeks though. Yesterday I skipped the trade as there was 1.31 just above and I had a strong feeling the trade would not turn out positive. Today I entered long with 2 positions according to plan, one half exited at 1/1, second half (still) running. Let's see when we finally get a nice runner. Anyhow, I will continue executing the ORB trades cause they made me consistent profits.
Slow and steady does win the race.
  • #2,289
  • Apr 11, 2013 7:49am Apr 11, 2013 7:49am
[quote=Olarion1975;6595751]Oh yes, you are right. The ORB trades made me 11.97% gain for the last 7 weeks though. Yesterday I skipped the trade as there was 1.31 just above and I had a strong feeling the trade would not turn out positive. Today I entered long with 2 positions according to plan, one half exited at 1/1, second half (still) running. Let's see when we finally get a nice runner. Anyhow, I will continue executing the ORB trades cause they made me consistent profits.[/QUO

Olarion nice trading, what are you using for stop level on trades?
  • #2,290
  • Apr 11, 2013 8:07am Apr 11, 2013 8:07am
SP Re; spread,, this has happened to me several years ago i had big move but got killed before it happens lol.. i am not sure of any way around it or whether it is good practice.

2nd,, SP i have people pinging me ,, they should ask here. But this morning with u/j open 00-00 uk time,, Would your method of been triggered, we had a break of the previous 3 hours, a 15 minute candle closing outside range then a retrace ,,but the retrace was small before it went south... i didnt trade my method even though it would of been good as i was having a few beers lol. ( yes i am sad) got guests around but the monitors stay on.
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #2,291
  • Apr 11, 2013 8:10am Apr 11, 2013 8:10am
[quote=FOURX;6595962]
Quoting Olarion1975
Oh yes, you are right. The ORB trades made me 11.97% gain for the last 7 weeks though. Yesterday I skipped the trade as there was 1.31 just above and I had a strong feeling the trade would not turn out positive. Today I entered long with 2 positions according to plan, one half exited at 1/1, second half (still) running. Let's see when we finally get a nice runner. Anyhow, I will continue executing the ORB trades cause they made me consistent profits.[/QUO Olarion nice trading, what are you using for stop level on...
Thank you. For SL I use the other side of the range as described in post 80.

EDIT: Sorry, stoploss is described later by SP.
  • #2,292
  • Apr 11, 2013 8:27am Apr 11, 2013 8:27am
Quoting billytt
SP Re; spread,, this has happened to me several years ago i had big move but got killed before it happens lol.. i am not sure of any way around it or whether it is good practice. 2nd,, SP i have people pinging me ,, they should ask here. But this morning with u/j open 00-00 uk time,, Would your method of been triggered, we had a break of the previous 3 hours, a 15 minute candle closing outside range then a retrace ,,but the retrace was small before it went south... i didnt trade my method even though it would of been good as i was having a few beers...
I only do the ORB with EU around London open. I haven't even tested it with any other pairs or market opens. This would be something for people to test if they want to trade around other opens and with other pairs. This is a simple method to test so it would only take a couple of hours to take a look at two years if history.
  • #2,293
  • Apr 11, 2013 8:35am Apr 11, 2013 8:35am
[quote=Seneca pilot;6596118]I only do the ORB with EU around London open. I haven't even tested it with any other pairs


thanks,, people keep asking and i do not have time to test it,, i normally only do e/u - g/u uk open and oil on us open.. but people keep speaking of u/j so i have done 3 trades with it lol
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #2,294
  • Apr 11, 2013 8:37am Apr 11, 2013 8:37am
[quote=billytt;6596137]
Quoting Seneca pilot
I only do the ORB with EU around London open. I haven't even tested it with any other pairs thanks,, people keep asking and i do not have time to test it,, i normally only do e/u - g/u uk open and oil on us open.. but people keep speaking of u/j so i have done 3 trades with it lol
Most pairs move about the same but I wouldn't advise anyone to use a method without testing it on the pair they want to trade.
  • #2,295
  • Apr 11, 2013 9:20am Apr 11, 2013 9:20am
[quote=Seneca pilot;6596143][quote=billytt;6596137] Most pairs move about the same but I wouldn't advise

Is everyone listening ALWAYS test first,,as i was saying i trade 3 pairs plus oil using my well tested method and i run tests on them almost every dy as they need tweaking at time. be good
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #2,296
  • Apr 11, 2013 9:28am Apr 11, 2013 9:28am
Since there are a lot of questions about the ORB trade here is an example with the rules noted right on the chart. Simple strategies work best.
Attached Image (click to enlarge)
Click to Enlarge Name: orb rules.gif Size: 18 KB
  • #2,297
  • Apr 12, 2013 1:25am Apr 12, 2013 1:25am
hi guys have a good weekend, i will be shutting down as soon as this g/u short trade allows me.. I just hope i do not have to spend a few hours correcting it.lol.be good
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #2,298
  • Apr 12, 2013 1:44am Apr 12, 2013 1:44am
woo woo thats me done for the week, no trades going. I will just leave pc set up to catch any spikes in oil up until a few hours.. have a good weekend >>>>>>>>>>>>>>>>>>>>>>>>>>>>>gone
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #2,299
  • Apr 12, 2013 6:56am Apr 12, 2013 6:56am
I had a great week and I hope all of you did the same. I had lots of missed opportunities and bad exits but came out nicely ahead anyway. Everyone enjoy your weekend. I have sold my old house and now have to spend the weekend cleaning out the last of our stuff and touching up the paint. I am sure most of you will have better things to do on a beautiful spring weekend. Hit a golf ball for me.
  • #2,300
  • Apr 12, 2013 7:12am Apr 12, 2013 7:12am
Quoting Seneca pilot
I had a great week and I hope all of you did the same. I had lots of missed opportunities and bad exits but came out nicely ahead anyway. Everyone enjoy your weekend. I have sold my old house and now have to spend the weekend cleaning out the last of our stuff and touching up the paint. I am sure most of you will have better things to do on a beautiful spring weekend. Hit a golf ball for me.
That's great. Spring comes nearer now in Germany, snow is almost away. Awaiting 20°C on Monday...
Just a screenshot from my last level trade...long on EU from the previous week's high. Exit on the mid of the down move (50% fib).
Have a nice weekend.
Attached Image (click to enlarge)
Click to Enlarge Name: EU.png Size: 30 KB
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