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  • #30,341
  • Feb 4, 2014 3:13am Feb 4, 2014 3:13am
Quoting 4Good
hello wway and gareth there is news coming up in 20 mins time how do you scale this its a high impact news would have entered but when I saw the news I held back
I planned on locking breakeven before the data is released, as it so happens price moved enough pips in my direction for me to be able to do that. I am now in a freetrade and data can either push price to my TP or knock me out at breakeven, which won't cost a penny. In other words, it's worth a shot.
  • #30,342
  • Feb 4, 2014 3:16am Feb 4, 2014 3:16am
Quoting WDays
{quote} I planned on locking breakeven before the data is released, as it so happens price moved enough pips in my direction for me to be able to do that. I am now in a freetrade and data can either push price to my TP or knock me out at breakeven, which won't cost a penny. In other words, it's worth a shot.
Thanks for the reply got it now but am in EURJPY now am my target is 137.37 that is around the 23fib line let see if it can pull enough muscle to get there your comment welcome on this pair too wway
  • #30,343
  • Feb 4, 2014 3:30am Feb 4, 2014 3:30am
Quoting 4Good
{quote} Thanks for the reply got it now but am in EURJPY now am my target is 137.37 that is around the 23fib line let see if it can pull enough muscle to get there your comment welcome on this pair too wway

I was following the forex factory calender which showed construction PMI coming out at 1.30pm, wasn't until I checked fxstreets economic calender I saw it actually came out at 9.30 am....

Thanks to Wdays for pointing that out!
  • #30,344
  • Feb 4, 2014 3:34am Feb 4, 2014 3:34am
Still holding at +70
Attached Image
  • #30,345
  • Feb 4, 2014 3:35am Feb 4, 2014 3:35am
Quoting WDays
Still holding at +70 {image}

Got out at +78 pips, GBPJPY scares me too much...
  • #30,346
  • Feb 4, 2014 3:36am Feb 4, 2014 3:36am
Quoting Gareth22
{quote} I was following the forex factory calender which showed construction PMI coming out at 1.30pm, wasn't until I checked fxstreets economic calender I saw it actually came out at 9.30 am.... Thanks to Wdays for pointing that out!
Gareth22
you should set your timezone in the FF profile settings
Attached Image
fxFox (all times in my charts are GMT+1)
  • #30,347
  • Feb 4, 2014 3:37am Feb 4, 2014 3:37am
Quoting fxFox.mb
{quote} Gareth22 you should set your timezone in the FF profile settings {image}

Thanks fxfox, I'm on a different laptop and I forgot to change the settings. Now I understand why the timing was wrong, it was me, not forex factory.

Thanks again...
  • #30,348
  • Feb 4, 2014 3:43am Feb 4, 2014 3:43am
Quoting Phx62
While doing my top down analysis this weekend, ...
Amazing as usual

what is about your emergency stop if you trade that sizes of ADR? Do you stay at 50 pips, even if the daily range is about double the size of "normal"?
fxFox (all times in my charts are GMT+1)
  • #30,349
  • Feb 4, 2014 3:56am Feb 4, 2014 3:56am
Quoting Gareth22
{quote} Got out at +78 pips, GBPJPY scares me too much...
Good job, it missed my 100 pip TP by 1 pip and I couldnt react in time to close it at +90 or more and I am now watching it consolidate 30 pips lower which is a huge facepalm moment for me. God I'm such an idiot.
  • #30,350
  • Feb 4, 2014 4:04am Feb 4, 2014 4:04am
Ah it's not worth it... Exited at the DP. I am sick of waiting.
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Click to Enlarge Name: GJ.png Size: 34 KB
  • #30,351
  • Feb 4, 2014 4:05am Feb 4, 2014 4:05am
Quoting WDays
{quote} Good job, it missed my 100 pip TP by 1 pip and I couldnt react in time to close it at +90 or more and I am now watching it consolidate 30 pips lower which is a huge facepalm moment for me. God I'm such an idiot.
do you set initial TP WD? If so, what's your criteria for moving your TP forward?
Everything you can imagine, is real - Pablo Picasso
  • #30,352
  • Feb 4, 2014 4:07am Feb 4, 2014 4:07am
Quoting Direwolf
{quote} do you set initial TP WD? If so, what's your criteria for moving your TP forward?
I had a 90 pips initial TP, I just moved it 10 pips further up when data came out and price went up. I set a big TP based on ADR.

To be perfectly honest, I missed the M5 entry and I entered late.... I could have been in like 10 pips earlier, and my TP would have been 100 instead of 90 at the DP. Greed is bad
  • #30,353
  • Edited 2:28pm Feb 4, 2014 4:12am | Edited 2:28pm
2 trades I took today.
I took both the GBPJPY and the EURJPY for the same reasons. In both cases we had divergence between price and the TDI, we had the TDI coming out of the over sold region, we had a green crossing red and yellow (more a bounce off yellow for EJ) and red turning up. Also for both I saw a 3 bar PRCP.

In the case of GJ the entry was above the High of the 3rd bar in the PRCP, which was not the case with the EJ, there I entered before price moved passed the high of the 3rd bar in the PRCP. On the EJ I bailed out when the trade went 25 pips against me, which could have been premature, but with my history I now tend to be strict on risk control.

I would appreciate it if Phx62 or somebody could comment if I interpreted the PRCP's correctly and especially if my entry on the EJ was early as I entered before the high of the 3rd bar was passed. Just, for interest sake, if I had waited for it to pass the high, the trade would at least have gone far enough so I could move my SL to BE.

Edit: (PRCP's) I did what I should have done 1st and that is to go and look for the answer in previous posts. Found it in posts 20,348 and 29,453

Thank you

GBPJPY
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Click to Enlarge Name: GJ20140204final.jpg Size: 205 KB


EURJPY
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Click to Enlarge Name: EJ20140204.jpg Size: 165 KB
  • #30,354
  • Feb 4, 2014 4:14am Feb 4, 2014 4:14am
Quoting WDays
{quote} I had a 90 pips initial TP, I just moved it 10 pips further up when data came out and price went up. I set a big TP based on ADR. To be perfectly honest, I missed the M5 entry and I entered late.... I could have been in like 10 pips earlier, and my TP would have been 100 instead of 90 at the DP. Greed is bad
Wow 90 pips is a lot. Do you set it based in daily range? What gives you the confidence to let the trade run?
Everything you can imagine, is real - Pablo Picasso
  • #30,355
  • Feb 4, 2014 4:21am Feb 4, 2014 4:21am
Quoting Direwolf
{quote} Wow 90 pips is a lot. Do you set it based in daily range? What gives you the confidence to let the trade run?
GJ has an ADR over 200 pips. I'm merely targetting half.

I get my confidence from practicing. I use trendline breakouts to enter my trades. In this particular trade, an hourly bear TL was broken to the upside, TDI crossed at the open of the candle (that also happened to open above the TL), a huge bullish divergence is present. When I entered price made a higher high, and on the lower TFs, albeit my entry was late there, a m15 and m5 candles had made new highs. I just entered hoping for the best... I won't lie to you, I'm not too used to GJ and there was some nailbiting at first....
  • #30,356
  • Feb 4, 2014 4:26am Feb 4, 2014 4:26am
Thank you WD. I'm quitting my job next week, looking forward to train on Demo and be half as good as you one day

LO is 15:00 my time. Not much I can do while at work.

@mor707 if I may. Your stoploss was too tight imo. Now my stoploss is based on another pure price action method, but it would be all the way at the bottom of the housing candle.
Attached Image
Everything you can imagine, is real - Pablo Picasso
  • #30,357
  • Feb 4, 2014 4:29am Feb 4, 2014 4:29am
Quoting Direwolf
Thank you WD. I'm quitting my job next week, looking forward to train on Demo and be half as good as you one day LO is 15:00 my time. Not much I can do while at work. @mor707 if I may. Your entry wasn't wrong but you didn't give your trade enough room to breathe. Now my stoploss is based on another pure price action method, but it would be all the way at the bottom of the housing candle. {image}
Oh you'll be way better, I'm far from being good... Just really stubborn
  • #30,358
  • Feb 4, 2014 4:38am Feb 4, 2014 4:38am
Shorting EJ M15 breaking out of a box. Targeting the trend line drawn on H1. TDI crossed down, HA turned red.
Attached Image
Everything you can imagine, is real - Pablo Picasso
  • #30,359
  • Feb 4, 2014 4:44am Feb 4, 2014 4:44am
Quoting Direwolf
Shorting EJ M15 breaking out of a box. Targeting the trend line drawn on H1. TDI crossed down, HA turned red. {image}

I had another trendline, lets see what happens!!

All the best
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy trendline.png Size: 35 KB
  • #30,360
  • Feb 4, 2014 4:52am Feb 4, 2014 4:52am
oo you may be on the right side Gareth. Candle closed as bullish pin.
Everything you can imagine, is real - Pablo Picasso
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