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Ramblings of a Forex Junkie

  • #3,241
  • May 8, 2013 3:21pm May 8, 2013 3:21pm
Quoting mmaker
{quote} If you shorted EJ at the Daily Open (3hrs before London Open), the price on my chart is 129.62. It only goes against you for -14pips but it dropped after your entry for +31pips. How did you get stopped out on a good trade like this?
It hadn't reached my target which was 2:1 - and I was prepared to let it retest the level.

I have to have a good reason to move to BE - I have lost out on retests too many times. I don't have a problem getting stopped out - I'm quite comfortable with it.

http://charts.mql5.com/1/503/eurjpy-...poration-3.png
  • #3,242
  • May 8, 2013 7:21pm May 8, 2013 7:21pm
Quoting Seneca pilot
Entries in the wicks. There is more in this but I don't want to sit out a retracement. I made more on the winners than the losers so net gain for GU today. That is better than I can say for my normal GU performance. I generally hate GU, it either moves like lightening or grinds in a thirty pip range for days. The lesson learned today (I have had this lesson about five hundred times but my head is thick) wait a bit longer for the price to hit the far outside price level when it is moving quickly. {image}

That red line is the Monday high, or? Is it still relevant for mid-week trading? (obviously it is, but I just wanted to hear your reasoning behind it).
  • #3,243
  • May 8, 2013 7:29pm May 8, 2013 7:29pm
Looks like the Tues high on E/J @ 130.35 could have been faded, but this would have meant initiating the trade at the London close. Too late in the day for some action?
  • #3,244
  • May 8, 2013 7:31pm May 8, 2013 7:31pm
This should appeal to you session traders..

http://www.fxstreet.com/webinars/ses...7-116dda25517d
tradewith60
  • #3,245
  • May 8, 2013 9:02pm May 8, 2013 9:02pm
Today was a good example of what I talked about last week with ADR's being hit around London close. One of my favorite setups.
Attached Image (click to enlarge)
Click to Enlarge Name: Capture.PNG Size: 48 KB
What is any ocean but a multitude of drops?
  • #3,246
  • May 8, 2013 10:17pm May 8, 2013 10:17pm
Quoting fxterrapin
{quote} That red line is the Monday high, or? Is it still relevant for mid-week trading? (obviously it is, but I just wanted to hear your reasoning behind it).
Red line is weekly open. It's here all week, tip your waitresses please.
  • #3,247
  • May 8, 2013 11:06pm May 8, 2013 11:06pm
Quoting Seneca pilot
{quote} Red line is weekly open. It's here all week, tip your waitresses please.

Ok Shirley, but only if you slip into that little pink dress I like so much...

Now go get me another cup o joe...
  • #3,248
  • May 8, 2013 11:09pm May 8, 2013 11:09pm
Quoting Seneca pilot
{quote} Red line is weekly open. It's here all week, tip your waitresses please.
But seriously, my mind fried temporarily when the idea of the weekly open crossed with the weekly open price. The dyslexia doesn't help much either-- especially when executing a trade.
  • #3,249
  • Edited 2:47am May 9, 2013 12:18am | Edited 2:47am
Quoting Seneca pilot
Hi Olarian, Still no runners with the ORB. I keep entering and EU keeps retracing. I have noticed something that I am going to test when I have time. When there is a breakout of the ORB on a given day but no retest to enter I have noticed that keeping that entry order open for a few days can sometimes result in some spectacular trades. I am not sure why I never noticed this but I will be taking a look to see if this is just a thing I am seeing lately or if it has some merit.
Hi SP,
Hope all is well. I went through your previous posts and couldn't find a reply to this. Do share more when appropriate...

(I'm staying away from MT4 as i don't want to go back to indicators and outlays, but will do visual backtesting soon.)

Have started trading a small live account, risking only 1% per trade. As i don't have the screentime to enter a trade and then reverse it after a stop and retest, i'm trading using a set-and-forget method. Yes, i've read TRT and PeterCrowns, but i'm going to stick to this for at least 2 weeks before evaluating next steps.

P.S. You are right when you say trading is not for perfectionists. I'm slowly learning to be less of a perfectionist, mostly influenced by the significant other half.
  • #3,250
  • May 9, 2013 2:51am May 9, 2013 2:51am
That weekly close on E/J is behaving very nicely today.
  • #3,251
  • May 9, 2013 4:11am May 9, 2013 4:11am
Quoting fxterrapin
That weekly close on E/J is behaving very nicely today.
Morning Mr Terrapin
I presume you're referring to 129.78? Seems strange that one broker I'm with is giving me a figure of 129.895 - I guess he must be one of those robbing types....
  • #3,252
  • May 9, 2013 4:42am May 9, 2013 4:42am
Interesting trades this morning.

I set a pending order for EJ from daily open - due to only just waking up, I put the stoploss (27 pips) in the order amount!! I happened to look at my phone in the car and saw the trade had been activated and I was 18% up on my account . Once I realised what I'd done and in my panic and pleasure I closed it (should have closed most of it and let the rest run). Lesson - drink coffee before trading.

I'm also short on the EU from the daily open targeting 1.3125.
  • #3,253
  • May 9, 2013 4:52am May 9, 2013 4:52am
Quoting hollowhead
Interesting trades this morning. I set a pending order for EJ from daily open - due to only just waking up, I put the stoploss (27 pips) in the order amount!! I happened to look at my phone in the car and saw the trade had been activated and I was 18% up on my account . Once I realised what I'd done and in my panic and pleasure I closed it (should have closed most of it and let the rest run). Lesson - drink coffee before trading. I'm also short on the EU from the daily open targeting 1.3125.
Up 18%?.......be interested to know what you were risking?
  • #3,254
  • May 9, 2013 4:59am May 9, 2013 4:59am
Quoting FOURX
{quote} Up 18%?.......be interested to know what you were risking?
I'm currently risking about 5% per trade - trying to compound to a certain level and will then scale down til my account allow me to live of 1-2%.


mmaker - The outcome was cool, but I'm very aware the mistake could just have easily damaged my account to the point of putting me back weeks if not months.
  • #3,255
  • Edited 10:04am May 9, 2013 5:00am | Edited 10:04am
I shorted EURJPY near the New York 5pm Close (130.211 on TradeStation feed), and amazed by the accuracy that Seneca Pilot taught.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: EJ5b.png Size: 37 KB
No longer trading forex. Looking for full time job.
  • #3,256
  • May 9, 2013 5:14am May 9, 2013 5:14am
Interesting how we get slightly different numbers.....my NY close is at 130.17
Best number today for me was the weekly open at 130.03 - see how 2 wicks touched it exactly early on?
Hollowhead what was the number you shorted from?
Attached Image (click to enlarge)
Click to Enlarge Name: ej5.png Size: 17 KB
  • #3,257
  • May 9, 2013 5:16am May 9, 2013 5:16am
Quoting jonnypants
Interesting how we get slightly different numbers.....my NY close is at 130.17 Best number today for me was the weekly open at 130.03 - see how 2 wicks touched it exactly early on? Hollowhead what was the number you shorted from? {image}
I shorted from 1.3002
  • #3,258
  • May 9, 2013 6:16am May 9, 2013 6:16am
Quoting hollowhead
{quote} I'm currently risking about 5% per trade - trying to compound to a certain level and will then scale down til my account allow me to live of 1-2%. mmaker - The outcome was cool, but I'm very aware the mistake could just have easily damaged my account to the point of putting me back weeks if not months.
ok mate,thanks for your explanation on your risk........good luck getting to your goal of 1-2%
  • #3,259
  • May 9, 2013 7:03am May 9, 2013 7:03am
Quoting mmaker
I shorted EURJPY near the New York 5pm Close (130.211 on TradeStation feed), and amazed by the accuracy that Seneca Pilot taught. {image} {image} {image}
That's a nice trade pal
What is any ocean but a multitude of drops?
  • #3,260
  • May 9, 2013 7:58am May 9, 2013 7:58am
Good morning,

I didn't trade anything last night. With all of Europe off line I decided to sleep. Looks like most of the levels were respected today but no range. I may trade something today if it looks interesting but right now nothing is jumping out at me. Glad to see several of you had good trades after London opened. It will be difficult to get any type of big moving trade today so I may just play with the kids and skip it all together. None of the news was a surprise so no big moves to trade.
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