DislikedDid anyone record last week's free webinar by any chance? Hit me with a PM if you did. I really want to watch this one. Thanks !Ignored
- #5,662
- Jul 20, 2013 8:29am Jul 20, 2013 8:29am
Yes. Sold USD/JPY at 100.81, exit 100.40. There was a massive drop in Nikkei this morning. Bought USD/JPY 100.04 at market (1 hr SFP) and trying to exit at 100.38. Stop at 99.80. {image}
Always more inclined to take the SFP's that form at extremes of ranges than in the middle.
I think the MM of these trades is the main problem people have in making it work. You can pretty much guarantee price will test your entry at least once to grab those BE stops.
If I haven't got an hourly close below the low of the SFP candle I stay in.
Get a method for stop placement that balances what you're willing to lose on a trade with it's technical location. Just at or slightly beyond a swing point is where everybody puts them and where we witness the classic " I don't believe it! price just stopped me out then went in the direction I was trading" yeah, we call it an SFP.
I look for entry level, then look for the FTA, then set a technical stop placement, if the R looks good I'll set my position size according to my accepted total loss for the trade. Once in the trade I try not to let bad discretionary decisions take me out of a good trade. Sometimes you have to sweat it a bit and take some heat, sometimes it's heaven. This part of trading is like poker for me, the market bluffing and double bluffing.
- #5,664
- Jul 20, 2013 10:08pm Jul 20, 2013 10:08pm
- Joined May 2010 | Status: HCR-LCS SFP | 6,026 Posts
great charts quidsey, what you think of eurjpy? {image}
The consolidation box mid level is the swing point on the daily tf.
- #5,665
- Jul 20, 2013 10:17pm Jul 20, 2013 10:17pm
- Joined May 2010 | Status: HCR-LCS SFP | 6,026 Posts
- #5,667
- Jul 21, 2013 5:42am Jul 21, 2013 5:42am
Hi guys, yeah summer is here so things could go sideways for a bit, time to watchout for those SFP's...... or go on holiday like normal people
Quick look at UC, great for SFP's as it's so mean reverting.
Anyone catch this?, textbook stuff.
Pretty quiet next week for news.
Quick look at UC, great for SFP's as it's so mean reverting.
Anyone catch this?, textbook stuff.
Pretty quiet next week for news.
- #5,669
- Jul 21, 2013 9:07am Jul 21, 2013 9:07am
I took the kiwi but I'm still in it. Didn't make it to fta with my broker. Looks a little different on yours. (I done the dreaded moved to BE just before the weekend close which was probably a stupid idea) {image}
Personally I would have closed out and looked to re-enter but this is trading and everyone's just doing the thing that works for them. We're all hero's, we're all zero's
Kiwi interest rate announcement next week, if, as is often the case, the technicals proceed the fundies and the fundies are looking for no change......... you might be sitting on a winner Paul
- #5,671
- Jul 21, 2013 3:55pm Jul 21, 2013 3:55pm
SILVER
Do you remember this massive level in Silver?
I thought it was going to go here and was ready to hit it on the retest...... no... H1 and D1 SFP and back off to the moon. I couldn't have held that for all the tea in China.
Do you remember this massive level in Silver?
I thought it was going to go here and was ready to hit it on the retest...... no... H1 and D1 SFP and back off to the moon. I couldn't have held that for all the tea in China.
