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No Indi, No Cry

  • #21
  • Nov 19, 2013 10:49am Nov 19, 2013 10:49am
Quoting iTrader
{quote} I barely use orders, but if i place them, then not much farther away than 30 pips from the current price. Your approach is interesting, because i too, and i guess everybody has the problem of entering too early sometimes, with an order, you already took the decision and wont change it anymore, its a good approach, maybe i will try it if the right setup occurs for me and i feel inpatient in waiting for the price to come to my desired level. i looked up the levels you mentioned, i particularly like the 1.62 level on GU this is a very important...

What I found every time what I thought market can't "get" there usually got there me in it earlier entry so this way it limits my involvement.
Here is another thing you can do.If you get triggered at 1.62 and price goes lower and sentiment changes then you can add more shorts to winning position hence pyramiding down maximizing profits.Lower orders should be smaller.
regards
In trading, you have to be defensive and aggressive at the same time
  • #22
  • Nov 19, 2013 11:06am Nov 19, 2013 11:06am
Quoting iTrader
but i am currently trading from an 100k (my personal money) account, so 1-5% is a very good monthly reward for me personally
Interesting. What trade leverage do you use if you don't mind me asking?

And are you a Bob Marley fan by any chance?
Nothing worth having is easy.
  • #23
  • Nov 19, 2013 6:01pm Nov 19, 2013 6:01pm
Patience,

It differs a little i have two groups for my entries:

If there is a perfect setup where, sentiment and technicals line up, i enter with an 200k position so leverage would be 1:2 with this entry. If there are two positions to be entered at the same time i split my lots into 2x100k positions.

If there is a beautiful technical setup but the sentiment is not clear enough i take a 120k position, so 1:1.2 leverage, if two positions entered at the same time i split in 2x60k.

as you see i dont like to overleverage alot, its just the way i feel most comfortable, without getting headache after losing trades. Even the best setups can turn out to be losing ones, and the last thing i want is to get a shock which sets me back..

and of course i'm a big fan of Bob Marley, great personality and great music
consistency wins
  • #24
  • Nov 19, 2013 6:07pm Nov 19, 2013 6:07pm
@davit
thanks alot for sharing your input, it gives me a new perspective and a tool for more market scenarios. Gonna definetly try to build this into my trading style, but of course with small lots at the start to get used to it. If you catch the market on a swing high/low, and sentiment changes, there is a great chance for a 200+ pip move (depending on how strong the sentiment change is), so building a larger position into falling/rallying prices is a strong tool one should take advantage of.
consistency wins
  • #25
  • Nov 19, 2013 11:33pm Nov 19, 2013 11:33pm
Quoting iTrader
@davit thanks alot for sharing your input, it gives me a new perspective and a tool for more market scenarios. Gonna definetly try to build this into my trading style, but of course with small lots at the start to get used to it. If you catch the market on a swing high/low, and sentiment changes, there is a great chance for a 200+ pip move (depending on how strong the sentiment change is), so building a larger position into falling/rallying prices is a strong tool one should take advantage of.
ITrader
I understand the impatience of waiting to get triggered in a trade.One way to overcome this impulse is to think not trading is trading strategy as well.
Please read this article and seriously think about it.It teaches lot more about trading then all the books I read on this subject.
You could divide your approach in 2 styles.

1.Trade as you are trading now no changes
2.Place limit orders where you think price most likely to reverse.S/R,Fib etc.

benefit of this approach you are expending your fish net covering wider territory
Regards
In trading, you have to be defensive and aggressive at the same time
  • #26
  • Nov 20, 2013 3:17am Nov 20, 2013 3:17am
@Davit

i read the article, and there is indeed alot in common with crocs and traders. To be consistently profitable you need to be patient, but when you see the opportunity you have to seize it, and you need to have the killer instinct. Thanks for the read davit!

One thing i like to shed some light on, is to be dynamic and flexible when it comes to managing an open position. When circumstances change, you have to be dynamic and also change your opinion, there is no time or space for stubbornness, if your stubborn the market will show you the hard way, that it can change faster than you blink. So for me at least, when i take a decision, i never, really never go back to it and question it, because in this particular scenario i saw the need to act like this - if it was the right or wrong decision leaving the position open or closing it, i cant know it in this second all i can do is trying to predict it - but after all, my experience showed me, that actively managing my positions and not "sit & forget" is the way to go - at least for me, but i guess everybody has his own opinion and experience with this topic.
consistency wins
  • #27
  • Nov 20, 2013 3:43am Nov 20, 2013 3:43am
I only took 3 trades last week, two of them occured in a relativley short time window, i would like to illustrate here.

Two times i entered the Aud/Usd with an long position.

On the chart you can see, the first entry was before the Yellen statement last week, i entered this position with my smaller lotsize variant because the sentiment at this point was not 100% clear. I expected Yellen as a well known dove, to have a negative USD impact, and to boost stocks, and so i entered on 0.9295 with an emergency stop below the earlier AUD sell off at 0.9265, expecting the pair not to break this two days earlier well established low - to emphasize how strong this support level is, i attached a second 8h chart, showing that price already respected this important level before. It worked out, i managed to close this position very close to the high, as there was a pivot point and technical resistance.

The second entry - and thats the entry i prefer and the one i entered with higher lot size - was after the yellen statement, the USD dovish sentiment got confirmed, price started to consolidate, and formed a beautiful bullish wedge after the initial bull move. The confluence between this above mentioned strong support zone, bullish wedge/trendline and last but not least the confirmed sentiment led me to enter this position at 0.9310, emergency stop was again at 0.9265 but with a mental stop at 0.9290 if price would have broken this level i would have probably closed this position at breakeven or with a small loss of 5 pips, because the wedge pattern and trendline failed to provide any upward momentum, breaking my prediction. It didnt break my prediction, i was happy to bank in 35 pips in a pretty short time.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Bild 22.png Size: 43 KB
Click to Enlarge Name: Bild 23.png Size: 27 KB
consistency wins
  • #28
  • Nov 20, 2013 4:34am Nov 20, 2013 4:34am
Quoting iTrader
and of course i'm a big fan of Bob Marley, great personality and great music
Thank you for your reply. It's hard to find anyone on here trading a decent amount of money so I'll be watching you and seeing how you go, if you don't mind. Stalking seems to be the in thing on this forum at the moment

Bob was a very wise man. All the good ones are taken too early. If you follow his teachings you should be safe. Not only in trading but also in life.
Nothing worth having is easy.
  • #29
  • Nov 21, 2013 2:27am Nov 21, 2013 2:27am
patience, thanks alot for your kind and motivating words.

today, we are seeing some obvious USD strength all over the charts, and as one can see AudUsd is back in the strong support zone i took my trades off last week, but today i wont take a AudUsd long, even as we are approaching this levels, sentiment atm is too USD bullish for me.
Currently i am monitoring EurUsd and AudUsd and looking for a good spot to jump on a sell position if nothing in the sentiment suddenly changes, this should be the way to go, also UsdJpy is worth watching, Jpy seems generally very weakish and also good for a sell.
Attached Image (click to enlarge)
Click to Enlarge Name: Bild 26.png Size: 26 KB
consistency wins
  • #30
  • Nov 21, 2013 5:40am Nov 21, 2013 5:40am
Sell EurUsd @ 1,3470 Emergency Stop @ 1,3520 Limit @ open for now
mental Stop is for now above 1,3500
consistency wins
  • #31
  • Nov 21, 2013 9:14am Nov 21, 2013 9:14am
Quoting iTrader
Sell EurUsd @ 1,3470 Emergency Stop @ 1,3520 Limit @ open for now mental Stop is for now above 1,3500
online from.my phone closed the position before data with a profit of 25 pips. Patience and killer instinct! Gonna post a chart when im back on my desk.
consistency wins
  • #32
  • Nov 21, 2013 4:23pm Nov 21, 2013 4:23pm
here the eurusd chart from my trade earlier.

a confluence of fibo, pivot and resistance mixed with an euro negative sentiment after yesterdays news, enough for me to jump into an sell position, closed it 10min. before philly fed data, didnt want to risk my profits.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusdsell1223.JPG Size: 68 KB
consistency wins
  • #33
  • Nov 21, 2013 4:38pm Nov 21, 2013 4:38pm
I just placed a GbpUsd Sell order @ 1.6220 with a Stop @ 1.6265.
Just in case i am placing a limit @ 1.6160 at the daily pivot.

We have a very strong resistance zone around 1.6255/60 and i am not seeing a weak Usd Sentiment at the moment that is going to lead us to an imminent break of this top. Gbp tough is in a good mood, look at the GbpJpy rally today which is supporting GbpUsd, but still i think a sell in this area is a good setup if the price gets there.

Well, lets see what will happen till tomorrow morning..
Attached Image (click to enlarge)
Click to Enlarge Name: gusellorder1442.JPG Size: 80 KB
consistency wins
  • #34
  • Nov 22, 2013 12:57am Nov 22, 2013 12:57am
I am also watching the 1.3510 level on the EurUsd chart. I see a nice confluence between chart resistance, fibo, pivot, and a shortterm trendline, but there is the IFO data release later on and shortly afterwards there is a draghi speech on the program. So being cautios and lightfeeted is the way to go for me.

I am still monitoring GbpUsd - there are no Gbp data releases today, and i also think any good AudUsd correction can be a good selling point, but not defined one yet.
consistency wins
  • #35
  • Nov 22, 2013 2:13am Nov 22, 2013 2:13am
Sell GbpUsd @ 1.6210 emergency Stop @ 1.6265 Limit @ around 1.6160 for now.

mental Stop @ if price looks too bullish im going to close before it hits my emergency stop, but i cant say now where this will be.

Didnt take it full size leaving the chance to take one more sell at 6220/30.
consistency wins
  • #36
  • Edited 4:02pm Nov 22, 2013 3:30am | Edited 4:02pm
And thats the reason i dont like to enter trades before data releases, suddenly sentiment changes and there is no recession, no record high unemployment and no negative rates. So i am glad that i stayed on the sideline in case of the EurUsd today.

even the strongest resistance spots, can crack that easy.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusdnotrade.JPG Size: 75 KB
consistency wins
  • #37
  • Nov 22, 2013 3:55am Nov 22, 2013 3:55am
Quoting iTrader
I am also watching the 1.3510 level on the EurUsd chart. I see a nice confluence between chart resistance, fibo, pivot, and a shortterm trendline, but there is the IFO data release later on and shortly afterwards there is a draghi speech on the program. So being cautios and lightfeeted is the way to go for me. I am still monitoring GbpUsd - there are no Gbp data releases today, and i also think any good AudUsd correction can be a good selling point, but not defined one yet.
ok, i just closed this position with a profit of 18 pips, im not seeing any signs of a big bear move towards 6160 and we have two shortterm trendlines on 6190 which are reason enough for me to exit now and wait for a move towards 6230 to jump back in.


Also Gbp is very reluctant at the moment and in a strong uptrend so taking profits is the way to go for me right now.

There is of course also the option of moving the stop.to BE but i prefer taking profits in this scenario.
consistency wins
  • #38
  • Nov 22, 2013 4:22am Nov 22, 2013 4:22am
here the chart with the shortterm TL illustrated. and entry, exit points marked with an arrow.
Attached Image
consistency wins
  • #39
  • Nov 22, 2013 6:41am Nov 22, 2013 6:41am
im back again in a GbpUsd sell @ 1.6210 with a emergency stop at 1.6265 and an open limit for now.

Lot size is leaving me a option to take another position at 1.6230 if we get there.
consistency wins
  • #40
  • Nov 22, 2013 7:24am Nov 22, 2013 7:24am
Quoting iTrader
im back again in a GbpUsd sell @ 1.6210 with a emergency stop at 1.6265 and an open limit for now. Lot size is leaving me a option to take another position at 1.6230 if we get there.
currently +13 moving stop to BE on NY open.
consistency wins
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