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Ramblings of a Forex Junkie

Quoting TantumVerum
SP, Curious if you traded into the U/J 100.80 this morning for the 10 o'clock? Edit: Appears all money is flowing U/J.
No I was doing this:

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There has been an unusually good amount of express trades this week.
Quoting Seneca pilot
{quote} No I was doing this: {image} There has been an unusually good amount of express trades this week.

Interesting because I entered a buy on U/J on nearly the exact candle after an engulfing bar and pullback to PDL and targeted that 100.80 level.

Now I am doing this off that wick encompassing about 3-4 levels. I was happy to see the entry candle close as it did...

I have a feeling you have executed your plan well this week.

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Quoting TantumVerum
{quote} Interesting because I entered a buy on U/J on nearly the exact candle after an engulfing bar and pullback to PDL and targeted that 100.80 level. Now I am doing this off that wick encompassing about 3-4 levels. I was happy to see the entry candle close as it did... I have a feeling you have executed your plan well this week. {image}
I had a good week this week. Working on some new stuff in my test account that isn't going too well but that is the reason for using the test account.
Quoting Seneca pilot
{quote} No I was doing this: {image} There has been an unusually good amount of express trades this week.
Well done, Chris. I only traded occasionally but was able to gain about 21.2 % in my live account this week. I risked no more than 1%, sometimes less.
Have nice weekend, everyone.

The barbecue is almost ready. Having 25°C here...
Quoting Olarion1975
{quote} Well done, Chris. I only traded occasionally but was able to gain about 21.2 % in my live account this week. I risked no more than 1%, sometimes less. Have nice weekend, everyone. The barbecue is almost ready. Having 25°C here...
About 35 here. Kids first birthday party is tomorrow and the weather is perfect for the pool.

It was a great week for levels. Sideways markets are very kind to highs, lows, and closes.
Hi ,

I had an AHA moment today and I thought it could be useful so I'd like to share it with you.

Somwehere around 25% of the times I take "bad" trades (i.e. not according to my plan) are the ones when i'm trying to get back what i've just lost on a trade. The aha moment came when I realized that this happens to us because in the "real world "that's exactly what we are supposed to do when we make a mistake. (We've been conditioned from our first day to do this.)

Think about it : In the "real world" when you make a mistake you CAN do something to make it better, and in most cases even make the mistake totally disappear. You can appologize to a person, you can give money to compensate for something , you can drive faster and"make up" for the delay that's been caused ... and so on.

In the trading world the right thing to do is "DO NOTHING" .You just have to stay still, finish watching the "mistake" as it takes place and just go on as nothing happened. It's CRAZY but that is the right thing to do here. That's why it's so hard to do it. Because if you do this in the real world you'll only get ridiculed, punished or fired.

I'm sure it's not new to many of you, and i'm sure there are many other types of "disciplines" that are exactly the opposite for trading than what we are all taught (and use) in the real world but this is a big one for me, and i thought it might be helpful to others as well.
Have a great weekend.


Rdsl
"Always be yourself " Batman
Quoting Seneca pilot
{quote} About 35 here. Kids first birthday party is tomorrow and the weather is perfect for the pool. It was a great week for levels. Sideways markets are very kind to highs, lows, and closes.
When saying "yesterday's close" or "yesterday's open", are you referring to the close/open of a certain session or to a 24 hour cycle (defined by your broker)?

Thanks
Demo only
Quoting bg_sunny
{quote} When saying "yesterday's close" or "yesterday's open", are you referring to the close/open of a certain session or to a 24 hour cycle (defined by your broker)? Thanks
Focus on London and NY closes. I look at session closes.
Quoting Seneca pilot
{quote} Focus on London and NY closes. I look at session closes.
Many thanks. I appreaciate.
Demo only
how are you guys doing, I hope it is all good. I hope your young ones had a good birthday SP. my girl is 10 very shortly. be good and roll on NFP lol
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
I don't know if someone has answered this before, but I wanted to know what is the significance of the session open and close times?

I can understand the high low of the previous day and week lines, that's where orders were that drove price in its direction.

I am guessing since market orders move price, the open session and close session times are decision points as well and orders are can be heavly placed their, that's where traders get in and out?

I am just assuming. if this question was answered before,can someone post a link to the post page?
Huge move on last night's manufacturing pmi news. Anyone else catch it? I took just 1.2%. Should have held it much longer!
Busy night, going to bed. Kids' birthday party was a great time. The weather was perfect.
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Quoting dappa
I don't know if someone has answered this before, but I wanted to know what is the significance of the session open and close times? I can understand the high low of the previous day and week lines, that's where orders were that drove price in its direction. I am guessing since market orders move price, the open session and close session times are decision points as well and orders are can be heavly placed their, that's where traders get in and out? I am just assuming. if this question was answered before,can someone post a link to the post page?...
The session close prices create order flow. The London close often becomes an important price later in the day or the next day. Same is true for NY close. In fact since the NY close is also the rollover price for London and the US it becomes a very important price for future business.
Quoting billytt
how are you guys doing, I hope it is all good. I hope your young ones had a good birthday SP. my girl is 10 very shortly. be good and roll on NFP lol
Birthday party was great and I can't wait for NFP. It is always fun to trade.
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Illegitimi non carborundum - Noli pati a scelestis opprimi.
Quoting Seneca pilot
{quote} The session close prices create order flow. The London close often becomes an important price later in the day or the next day. Same is true for NY close. In fact since the NY close is also the rollover price for London and the US it becomes a very important price for future business.
Hey SP, I noticed that both closes are often respected on pairs.

Here is a questions for you:
Would you say that if price is above the previous days close, the market is generally more upbeat? Maybe in a buying mood? And vice-versa if it was below a previous close?

The more I study, the more I get the sense the market often has 'moods' and there are price levels it keeps it eyes on.
morning guys. have a good day trading
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
Quoting dappa
I don't know if someone has answered this before, but I wanted to know what is the significance of the session open and close times? I can understand the high low of the previous day and week lines, that's where orders were that drove price in its direction. I am guessing since market orders move price, the open session and close session times are decision points as well and orders are can be heavly placed their, that's where traders get in and out? I am just assuming. if this question was answered before,can someone post a link to the post page?...

Opening session is very important. If anything has happened since the close of the last session it will be reflected in the new opening session and quite often that will be the norm for the day. Also a lot of pending orders get activated. I personnaly do not bother about closing times but that is me. be good
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
Riding the elevator.
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