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Ramblings of a Forex Junkie

  • #2,321
  • Apr 15, 2013 2:16am Apr 15, 2013 2:16am
Quoting 60minuteman
I guess if your risk model adds up then why not take yourself out of the equation
Yes. I think that agrees with the article SP just referenced. The gist is that if your method has a legitimate, positive expectancy, you ultimately leave money on the table by scaling out.

Quoting 60minuteman
I for one make more bad decisions than my plan does
Right said 60min!
TRADING. It isn't rocket surgery.
  • #2,322
  • Apr 15, 2013 2:23am Apr 15, 2013 2:23am
Quoting Seneca pilot
One hundred percent correct. I never trail intraday trades. I also rarely piece out of them either. I can't remember the author but I read a paper a few years ago that proved to me that holding the entire trade to exit was better expectancy than taking off a piece and trailing the rest. The currency market can turn on a dime and I want my change. I also often don't get my TP. I usually set a very optimistic TP in hopes that I will catch a quick move but my real target is often smaller.
I remember that article. That one and the target article solved the day-trade-exit dilemma for me.
TRADING. It isn't rocket surgery.
  • #2,323
  • Apr 15, 2013 4:31am Apr 15, 2013 4:31am
Hi guys hope your all good. i just had pc looked at as i lost a trade earlier when it should not of happened lol. Regarding the exiting of a trade it all goes down to the individual, get outs obviously being resistance/support, levels, daily range, stoics etc, its up to the individual. i find that a lot of traders who only trade with peanuts opt for massive returns a bit like finding gold at the end of the rainbow. i am happy with 10 then 20 pips plus i compound and it adds up big time, it also depends on how fast the market runs.. But oil spikes are different i am after them ruthlessly. take care
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #2,324
  • Apr 15, 2013 8:38am Apr 15, 2013 8:38am
Good morning everybody.

Another day, another dollar.
  • #2,325
  • Apr 15, 2013 9:31am Apr 15, 2013 9:31am
Quoting Seneca pilot
Good morning everybody. Another day, another dollar.
Good morning!

My first short of the ORB was stopped out, I am now long on retest of the upper range...let' see...

By the way, nice open trade on EJ! Missed the session opens at all...

Is there a reason why you choose EJ over GJ? Perhaps the lower spread?
I see almost the same price action at that time...
  • #2,326
  • Apr 15, 2013 9:34am Apr 15, 2013 9:34am
Hi,

today 2 Win : on GJ entry on Weekly low, EU re-entry on daily open line
1 Loss : entry on EU daily open

the market is not random but anything can happen.
  • #2,327
  • Apr 15, 2013 9:51am Apr 15, 2013 9:51am
Quoting Olarion1975
Good morning! My first short of the ORB was stopped out, I am now long on retest of the upper range...let' see... By the way, nice open trade on EJ! Missed the session opens at all... Is there a reason why you choose EJ over GJ? Perhaps the lower spread? I see almost the same price action at that time...
Spread, and range was slightly bigger on EJ so more room to go.

I missed the ORB the first time today I was asleep and forgot to set my alarm . I also didn't take the second one, I will probably regret that but I am doing something in the investment account a little different. I am short since Friday afternoon and looking for a decent move down. May wish I didn't mess with it but I saw a pattern and decided to give it a shot. It has already been as much as sixty pips in profit so stop is BE and now its up to Mr. Market.
  • #2,328
  • Apr 16, 2013 2:40am Apr 16, 2013 2:40am
Weekly open is really sticky tonight. Real fight going on over the direction this thing is going to take.
  • #2,329
  • Apr 16, 2013 2:44am Apr 16, 2013 2:44am
Quoting Seneca pilot
Weekly open is really sticky tonight. Real fight going on over the direction this thing is going to take.
Sorted out. Going to sleep. One of my sons just cried for two and a half hours so I am ready to either sleep or shoot myself.
Attached Image (click to enlarge)
Click to Enlarge Name: eu tonite.gif Size: 16 KB
  • #2,330
  • Apr 16, 2013 2:50am Apr 16, 2013 2:50am
Quoting Seneca pilot
Sorted out. Going to sleep. One of my sons just cried for two and a half hours so I am ready to either sleep or shoot myself. {image}
Those of you who took the same short and can stay with the trade may be able to get a good move out of this. If the Euro economic news is bad this thing may go all the way through the Monday low.

Good luck. I am going to sleep now decided not to shoot myself, ammo is too hard to get now and I may not be able to replace the rounds.
  • #2,331
  • Apr 16, 2013 2:54am Apr 16, 2013 2:54am
I know how you feel Chris. Ours never slept for first 2 years respectively! Can't beat em join em so I worked nights instead, left missus to sort it out! They are great now, 4 and 7.
EJ bouncing off previous weekly low @ 127.418
  • #2,332
  • Apr 16, 2013 2:57am Apr 16, 2013 2:57am
Quoting Seneca pilot
Weekly open is really sticky tonight. Real fight going on over the direction this thing is going to take.
ZEW will have an impact, and on ej, which I'm trading, short term I agree, no way of telling which way it'll go. If it goes down, I have what is for me support at around 650, but that is only an area I'll be watching closely if it gets there. For me, we are still technically in a downtrend, but on H4 we have found support on the 200ema, so it could be a transitional phase before the longer term charts position themselves for another leg up. For now, I'm on the sidelines until after ZEW.

I like the intro to this thread by the way, all very true!
  • #2,333
  • Apr 16, 2013 3:15am Apr 16, 2013 3:15am
Chris. Question regarding EU. Did you take a long on the touch on the Daily open (0845 GMT)or do you feel the weekly open more important to take? Plus it being so close aswell? Your thoughts on that would be appreciated. Cheers
  • #2,334
  • Apr 16, 2013 3:17am Apr 16, 2013 3:17am
Sorry it was the 0745 GMTcandle, the other was my broker time
  • #2,335
  • Apr 16, 2013 3:22am Apr 16, 2013 3:22am
Quoting pipreeper
Chris. Question regarding EU. Did you take a long on the touch on the Daily open (0845 GMT)or do you feel the weekly open more important to take? Plus it being so close aswell? Your thoughts on that would be appreciated. Cheers
Weekly open was the first level hit for the day so that is the trade I go with until proven wrong by a stop out. I always take the first hit. Notice that the price did bounce off the daily open but the weekly level held.
  • #2,336
  • Apr 16, 2013 3:30am Apr 16, 2013 3:30am
Gotcha. Cheers Chris. You can go to bed now
  • #2,337
  • Apr 16, 2013 8:25am Apr 16, 2013 8:25am
Hi SP,

I saw you short EU (~1.3077) twice and GU (1.53134) once today. Two of them are before London open. What levels did you use?
  • #2,338
  • Apr 16, 2013 8:34am Apr 16, 2013 8:34am
Quoting kk007
Hi SP, I saw you short EU (~1.3077) twice and GU (1.53134) once today. Two of them are before London open. What levels did you use?
EU was weekly open price, GU was London close from Monday.

Woke up to the EU testing the previous week high so I am short from there currently.
  • #2,339
  • Apr 16, 2013 8:38am Apr 16, 2013 8:38am
Not sure why the buying pressure, looks to me like the US FED was on the bid after the five AM Euro news was weak. Can't have the dollar strengthening when you owe 16 trillion. Hey its good times in the euro zone, no cause for worry.
  • #2,340
  • Apr 16, 2013 8:42am Apr 16, 2013 8:42am
The explorer doesn't update like it should. I set the account to update every five minutes but it currently says the last update was 59 minutes ago. Hmmm.....
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