The range goes on. The 20 days moving average of 1.30 is the key support, but if it goes further down, there will be an assault to the neck line of 1.2750.
- #42,983
- Apr 16, 2013 11:10am Apr 16, 2013 11:10am
my long trades are as is: 1.28000 - Still Open 1.28510 - Still Open 1.30600 - Still Open and you are absolutely right, the only way I learned to see the market clearly for what it is: 1. Small small trade size risking no more than 1% and giving you ample Draw Down in pips so the trade can swing back around in favor of you. 2. Take off all indicators I trade naked (charts) 3. Build up your position giving bulls and bears time and space however only after you have locked in profit should you think about adding and only after confirmation in direction....
I am holding long since 4.4
This is a turtle market and there is no rush to get in and out everyday.
Holding a position is better than trading frequently imo. There are too many false signals and traps for short term traders.
I have built a system that works on eurusd which risks 5% on each trade. Risking 5% of the whole account is fine to me because there is few trade setup each month. Also built a backup system on GBPUSD in case that there is no trade on eurusd.
- #42,985
- Apr 16, 2013 12:04pm Apr 16, 2013 12:04pm
- Joined Aug 2012 | Status: Love for all; Hatred for none | 3,566 Posts
Love for all; Hatred for none.
- #42,986
- Apr 16, 2013 12:10pm Apr 16, 2013 12:10pm
- #42,987
- Apr 16, 2013 12:49pm Apr 16, 2013 12:49pm
How big is leverage that you are using? I was long long @1,29, than bought more @1,283 when it fell down, then it was introduced 80% taxation in Cyprus banks, going to 1,279 which I closed (using 1:200 leverage). Than it went down further to 1,274, then big bounce and now we are heading to 1,32. Now I am improving my money management, my discipline and system. But I admit investing with higher capital and small leverage is better on your nerves. :-)
My leverage is less than 10. That is <1 mini lot for every thousand dollars or <1 standard lot for every 10k dollars. The max leverage allowed is 33(3 % margin requirement).
When I had 400 max leverage, it is easy to go over the limit and kill the account. It is only fine to bet all in when the balance is around a few hundred or 1k max becasue I do not care. I am having now more than 10k in my account so I will be crying if I lose all of it.
I have tested the stop loss with an EA in last 2 weeks and the best number I came up for eurusd is 51 pips. I like an odd number.
It is better to have a tight small loss. Previously I thought 100 pips or more would be better to protect me from unnecessary stop out, but that is not true. Now I prefer to be stopped out early than hold a losing trade.
- #42,988
- Apr 16, 2013 1:14pm Apr 16, 2013 1:14pm
I messed up massive today, and here is why!
As you can see on the chart (I cleared most of my indicators so it's readable
) last week ended with a hanging man formation that looked pretty strong, next two candles confirmed that the hanging man is valid and a further move down should be expected (that's at least what all the books I've read on Candle formations are pointing), so I've shorted the pair @ 1.3107, and as it is right now I'm ~ -80 pips. I still have some hopes for those candle formations to work out, but I still think the long term is UP to 1.4000 (July IMO as posted earlier). So where is I messed up? I entered short, when my LT strategy is to go Long.
My hopes for down movement are based on history (where confirmed Hanging man is followed by one or two black candles), and the fact that such a long candle is often a sign of exhaustion.
PS : ETJD I told you that I'm short, and you still pushed the MKT up. I'm no longer your friend
As you can see on the chart (I cleared most of my indicators so it's readable
) last week ended with a hanging man formation that looked pretty strong, next two candles confirmed that the hanging man is valid and a further move down should be expected (that's at least what all the books I've read on Candle formations are pointing), so I've shorted the pair @ 1.3107, and as it is right now I'm ~ -80 pips. I still have some hopes for those candle formations to work out, but I still think the long term is UP to 1.4000 (July IMO as posted earlier). So where is I messed up? I entered short, when my LT strategy is to go Long.My hopes for down movement are based on history (where confirmed Hanging man is followed by one or two black candles), and the fact that such a long candle is often a sign of exhaustion.
PS : ETJD I told you that I'm short, and you still pushed the MKT up. I'm no longer your friend
Mind you, my first name is Bad. ..."Nunc Id Vides, Nunc Ne Vides"...
- #42,990
- Apr 16, 2013 5:28pm Apr 16, 2013 5:28pm
- Joined Feb 2010 | Status: Helping Others | 1,668 Posts
I messed up massive today, and here is why! As you can see on the chart (I cleared most of my indicators so it's readable
Know when to hold em, Know when to fold em!
- #42,991
- Apr 16, 2013 5:54pm Apr 16, 2013 5:54pm
- Joined Feb 2010 | Status: Helping Others | 1,668 Posts
Know when to hold em, Know when to fold em!
- #42,992
- Apr 16, 2013 6:08pm Apr 16, 2013 6:08pm
- Joined Feb 2010 | Status: Helping Others | 1,668 Posts
Know when to hold em, Know when to fold em!
- #42,993
- Apr 16, 2013 6:43pm Apr 16, 2013 6:43pm
I just sold GBPAUD at 1.47956 about an hour ago.
- #42,994
- Apr 16, 2013 6:55pm Apr 16, 2013 6:55pm
- | Commercial User | Joined Nov 2012 | 3,178 Posts
PS : ETJD I told you that I'm short, and you still pushed the MKT up. I'm no longer your friend
Trade smaller than rational because the market is irrational...
- #42,996
- Apr 16, 2013 8:33pm Apr 16, 2013 8:33pm
- Joined Feb 2010 | Status: Helping Others | 1,668 Posts
Pardon me, Goods. You sold at supply. But there was no COT, correct? What other confirmation did you use? Otherwise you're selling at the edge, correct?
1. COT Data GBP/AUD bull/bear is running out of steam
2. Major Supply area
Know when to hold em, Know when to fold em!
- #42,997
- Apr 16, 2013 8:33pm Apr 16, 2013 8:33pm
- Joined Feb 2010 | Status: Helping Others | 1,668 Posts
Damn alone again....
Know when to hold em, Know when to fold em!
- #42,998
- Apr 16, 2013 9:04pm Apr 16, 2013 9:04pm
- Joined Feb 2010 | Status: Helping Others | 1,668 Posts
Know when to hold em, Know when to fold em!
