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Ramblings of a Forex Junkie

  • #2,921
  • May 1, 2013 11:19am May 1, 2013 11:19am
Quoting Seneca pilot
{quote} I say this because these VERY important announcements require us to throw the levels out the window and trade the news with the method I explained earlier. NFP method will work for these announcements.
The post you replied to reminds me of Ed Seykota's saying: There are old traders and there are brave traders, but there are very few brave old traders...
  • #2,922
  • May 1, 2013 11:51am May 1, 2013 11:51am
Quoting TraderT
{quote} The post you replied to reminds me of Ed Seykota's saying: There are old traders and there are brave traders, but there are very few brave old traders...
I am definitely gutless when it comes to trading. I take as little risk as possible. Even though I know I have to accept losses I am still scared as hell of enduring them. I am about as picky with trade entries as anyone can be.
  • #2,923
  • May 1, 2013 12:11pm May 1, 2013 12:11pm
Short day for me today. Done before the FOMC release which works out just fine.

I took one of this trade in my real account
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  • #2,924
  • May 1, 2013 12:16pm May 1, 2013 12:16pm
The new account is up and funded. I gave up on MB and will be getting my regular account funded with another broker ASAP. Here is the link:

http://www.myfxbook.com/members/MH60L
  • #2,925
  • May 1, 2013 12:18pm May 1, 2013 12:18pm
Quoting biDc
Short day for me today. Done before the FOMC release which works out just fine. I took one of this trade in my real account {image}


Stick with it looks like you are thinking well.
  • #2,926
  • May 1, 2013 12:23pm May 1, 2013 12:23pm
Quoting Seneca pilot
{quote} Stick with it looks like you are thinking well.
I like the management here. By taking the daily high and closing at the weekly level then taking the retest you are getting eight out of the possible thirteen points painted on your chart without taking the risk that a bounce at the weekly level can erase all your profits. If there was no retest of the weekly level from below you still have a gain for the day and missing a trade is not the end of the world. Professional thinking.
  • #2,927
  • May 1, 2013 12:44pm May 1, 2013 12:44pm
Quoting Seneca pilot
{quote} I like the management here. By taking the daily high and closing at the weekly level then taking the retest you are getting eight out of the possible thirteen points painted on your chart without taking the risk that a bounce at the weekly level can erase all your profits. If there was no retest of the weekly level from below you still have a gain for the day and missing a trade is not the end of the world. Professional thinking.
Thanks to your posts in this thread

Looking forward to your fxbook
  • #2,928
  • May 1, 2013 1:18pm May 1, 2013 1:18pm
If this news bar breaks to the upside, fine there is some room to go up. I am thinking we may see an inside bar because there seemed to be some indecision when the news was released. An inside bar that broke down below the Weekly/Monthly high would be an attractive trade to me.
  • #2,929
  • May 1, 2013 1:21pm May 1, 2013 1:21pm
Quoting Seneca pilot
If this news bar breaks to the upside, fine there is some room to go up. I am thinking we may see an inside bar because there seemed to be some indecision when the news was released. An inside bar that broke down below the Weekly/Monthly high would be an attractive trade to me.
Skipping the buy trade I don't like it. I don't have a short bias but there seems to be very little momentum. I still would like the sell below the bottom of this current bar.

If I am wrong I think I am only giving up a few pips to the upside.
  • #2,930
  • May 1, 2013 1:29pm May 1, 2013 1:29pm
Quoting Seneca pilot
{quote} Skipping the buy trade I don't like it. I don't have a short bias but there seems to be very little momentum. I still would like the sell below the bottom of this current bar. If I am wrong I think I am only giving up a few pips to the upside.
NYO has been pain to the upside today.
  • #2,931
  • May 1, 2013 1:30pm May 1, 2013 1:30pm
Quoting Seneca pilot
{quote} Skipping the buy trade I don't like it. I don't have a short bias but there seems to be very little momentum. I still would like the sell below the bottom of this current bar. If I am wrong I think I am only giving up a few pips to the upside.
Total lack of follow through to the upside now I will sell the break down. Nice stop up at the highs and not too big.
  • #2,932
  • May 1, 2013 1:32pm May 1, 2013 1:32pm
Quoting TantumVerum
{quote} NYO has been pain to the upside today.
Yep, once it broke to the downside is has been sellapalooza there ever since. Do you think they are convinced of a cut from the ECB?
  • #2,933
  • May 1, 2013 1:35pm May 1, 2013 1:35pm
Quoting Seneca pilot
{quote} Yep, once it broke to the downside is has been sellapalooza there ever since. Do you think they are convinced of a cut from the ECB?
Forecasted cut is to .5. Imagine the carnage if they cut to .25
  • #2,934
  • May 1, 2013 1:47pm May 1, 2013 1:47pm
I am risking about .75% on this and I am

Anybody know if this thing is overbought?
  • #2,935
  • May 1, 2013 2:15pm May 1, 2013 2:15pm
I am having a funny day. I made a hot dog for lunch. When I bit into it there was a small opening in the bottom of the bun where it was cut and a big blob of ketchup pooped out on my shirt.

Then I was on the floor playing with the twins. They like it when I lay down on my back and let them climb on me and play. Well my son Colin got up on my chest and was laughing and bouncing and lost his balance. He immediately threw out his hands to catch himself and with all his weight and both hands landed on my privates. I am typing this in a voice that is three octaves higher than normal.
  • #2,936
  • May 1, 2013 2:21pm May 1, 2013 2:21pm
Quoting Seneca pilot
I am having a funny day. I made a hot dog for lunch. When I bit into it there was a small opening in the bottom of the bun where it was cut and a big blob of ketchup pooped out on my shirt. Then I was on the floor playing with the twins. They like it when I lay down on my back and let them climb on me and play. Well my son Colin got up on my chest and was laughing and bouncing and lost his balance. He immediately threw out his hands to catch himself and with all his weight and both hands landed on my privates. I am typing this in a voice that is...
Just a normal day at Chris's house, eh?
  • #2,937
  • May 1, 2013 2:23pm May 1, 2013 2:23pm
Quoting Seneca pilot
I am having a funny day. I made a hot dog for lunch. When I bit into it there was a small opening in the bottom of the bun where it was cut and a big blob of ketchup pooped out on my shirt. Then I was on the floor playing with the twins. They like it when I lay down on my back and let them climb on me and play. Well my son Colin got up on my chest and was laughing and bouncing and lost his balance. He immediately threw out his hands to catch himself and with all his weight and both hands landed on my privates. I am typing this in a voice that is...
When the twins were born we were in the delivery/operating room speaking with the doctor just before the birth. He asked names of the children and asked if we minded if he had music during the delivery. We told him the names Declan, and Colin. He had never heard the name Declan before and asked what it meant. My wife told him it meant full of goodness and also mentioned that it was Elvis Costello's real name. My children were born to Elvis Costello music from the doctor's IPAD. I hope they grow up to appreciate the good stuff and not the Bieber stuff.
  • #2,938
  • May 1, 2013 2:24pm May 1, 2013 2:24pm
Quoting fxterrapin
{quote} Just a normal day at Chris's house, eh?
Yes pretty much.
  • #2,939
  • May 1, 2013 2:28pm May 1, 2013 2:28pm
Quoting Seneca pilot
{quote} Skipping the buy trade I don't like it. I don't have a short bias but there seems to be very little momentum. I still would like the sell below the bottom of this current bar. If I am wrong I think I am only giving up a few pips to the upside.
Interesting how your thinking switches to price action in a news environment.
  • #2,940
  • May 1, 2013 2:33pm May 1, 2013 2:33pm
Quoting fxterrapin
{quote} Interesting how your thinking switches to price action in a news environment.
It's a totally different trading environment. You can't trade levels when the news is important enough to potentially blow through them all. The bars will tell which way it is going to go. Even if you took the breakout of the first bar you had a great place to reverse and get short when the second bar signaled lack of follow through and broke down. We are below the London close from earlier today. NY closed at 3165 yesterday so I am looking to maybe get there before the close today. Now I am going to take my kids for a walk so I don't screw it up. If I watch I might close too early. I am ok with losing .75% here but I am not ok with closing with less than that as a win. The winners have to be bigger than the losers.
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