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Price Action and Trading Discussion

  • #4,421
  • Feb 21, 2014 3:15am Feb 21, 2014 3:15am
Quoting jen101
{quote} Just jump in
I got in long on a small pullback on gbpjpy @ 170.71 once that last 4hr candle closed at 10am, dat bullish engulfing yo

Quoting DarkWolF
{quote} Bit of volatility on the news release, would have been a nice quick one for you if it had of spiked you in.
Next time I'll adjust the order by a few pips to compensate for the increased spread during the releases
  • #4,422
  • Feb 21, 2014 4:10am Feb 21, 2014 4:10am
Quoting GDR3k
{quote} I got in long on a small pullback on gbpjpy @ 170.71 once that last 4hr candle closed at 10am, dat bullish engulfing yo {quote} Next time I'll adjust the order by a few pips to compensate for the increased spread during the releases
Ya' it is bloody crazy how much the spread can fluctuate at the times of news releases. Frustrating as hell when it gives you a losing trade due to the higher spreads also.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #4,423
  • Feb 21, 2014 4:24am Feb 21, 2014 4:24am
Quoting DarkWolF
{quote} Ya' it is bloody crazy how much the spread can fluctuate at the times of news releases. Frustrating as hell when it gives you a losing trade due to the higher spreads also.
That's happened once or twice, very frustrating! Looking at the daily chart on gbpjpy, something is telling me it'll make a pretty large bullish breakout today...
  • #4,424
  • Feb 21, 2014 4:30am Feb 21, 2014 4:30am
Quoting GDR3k
{quote} That's happened once or twice, very frustrating! Looking at the daily chart on gbpjpy, something is telling me it'll make a pretty large bullish breakout today...
Gbp has already broken out against cad, but I'm too much of a chicken (here we go again ) to trade that, having suffered from too many fake outs on those sort of setups.
Attached Image (click to enlarge)
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  • #4,425
  • Feb 21, 2014 4:30am Feb 21, 2014 4:30am
Quoting GDR3k
{quote} That's happened once or twice, very frustrating! Looking at the daily chart on gbpjpy, something is telling me it'll make a pretty large bullish breakout today...
There certainly is some potential for that.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #4,426
  • Feb 21, 2014 4:32am Feb 21, 2014 4:32am
Quoting jen101
{quote} Gbp has already broken out against cad, but I'm too much of a chicken (here we go again ) to trade that, having suffered from too many fake outs on those sort of setups. {image}
Indeed at times those breakout trades can burn you no doubt about that.

Personally I do prefer break, continuation, but will have a crack every now and then at the break out.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #4,427
  • Feb 21, 2014 4:37am Feb 21, 2014 4:37am
Quoting jen101
{quote} Gbp has already broken out against cad, but I'm too much of a chicken (here we go again ) to trade that, having suffered from too many fake outs on those sort of setups. {image}
That's why I rarely ever trade breakouts, there is often a big sell level just above or a big buy level just below, look at GBPAUD yesterday for a good example, the market broke out higher than 1.86 but hit a big sell level around 8650 and sent it crashing back down.
  • #4,428
  • Feb 21, 2014 6:16am Feb 21, 2014 6:16am
Quoting GDR3k
{quote} I got in long on a small pullback on gbpjpy @ 170.71
Closed for +51 at 171.224
  • #4,429
  • Feb 21, 2014 6:36am Feb 21, 2014 6:36am
Quoting jen101
{quote} I'm looking for jpy to strengthen too today. Short on audjpy just entered on H4. This is my rationale: {image} {image}
Closed at +15 pips. It reversed where I thought it might. I should have dropped down to H1 and did sl/tp at 25
  • #4,430
  • Edited 9:42am Feb 21, 2014 9:29am | Edited 9:42am
That's me done for the week, I hope you all came out at a profit.

Got quite a few orders waiting for next week and if they come in, they'll blow this weeks performance out of the water.
  • #4,431
  • Feb 21, 2014 11:10am Feb 21, 2014 11:10am
Quoting GDR3k
That's me done for the week, I hope you all came out at a profit. Got quite a few orders waiting for next week and if they come in, they'll blow this weeks performance out of the water.
Yes, it's been a good week; lots of pips, but then it's not about pips; it's about percentage, isn't it GDR3K?!? Congrats . Watching with interest how far you can go! I had a couple of stupid, preventable losses this week - I'll get better .
  • #4,432
  • Feb 21, 2014 11:41am Feb 21, 2014 11:41am
Quoting jen101
{quote} Yes, it's been a good week; lots of pips, but then it's not about pips; it's about percentage, isn't it GDR3K?!? Congrats . Watching with interest how far you can go! I had a couple of stupid, preventable losses this week - I'll get better .
That's good.

Once the account grows, the % of account risked per position will be lower while the actual amount in GBP will be a lot higher. A target I've set myself is 25000% increase from the starting balance and if when that's reached, who knows.


  • #4,433
  • Feb 21, 2014 12:03pm Feb 21, 2014 12:03pm
Quoting GDR3k
{quote} That's good. Once the account grows, the % of account risked per position will be lower while the actual amount in GBP will be a lot higher. A target I've set myself is 25000% increase from the starting balance and if when that's reached, who knows.
Very nice trading from you GDR3k It seems like you have a sound strategy despite taking too much risk at this point. I hope to see a continuation of your success.
"To hold, you must first open your hand. Let go." - Lao Tzu
  • #4,434
  • Feb 21, 2014 12:18pm Feb 21, 2014 12:18pm
Quoting vox dei
{quote} Very nice trading from you GDR3k It seems like you have a sound strategy despite taking too much risk at this point. I hope to see a continuation of your success.
Thanks. If I stick fully 100% to my system, it gives me what I believe to be the very best-highest probability entries so I feel I can risk more than usual or what the majority say you should risk (hence the name, Unconventional Trading), the hardest part of trading for me is keeping my patience and discipline under complete control, predicting the market is the easy part.
  • #4,435
  • Feb 22, 2014 11:32am Feb 22, 2014 11:32am
Quoting GDR3k
{quote} Thanks. If I stick fully 100% to my system, it gives me what I believe to be the very best-highest probability entries so I feel I can risk more than usual or what the majority say you should risk (hence the name, Unconventional Trading), the hardest part of trading for me is keeping my patience and discipline under complete control, predicting the market is the easy part.
Why listen to what others say you should risk? If I were to risk 1% of a 10k account or 10% of a 1k account, what's the difference, so long as I have enough leverage? I would rather keep my money in a bank than with a broker. It doesn't matter if you are profitable. Most people are like sheep, they believe everything they are told and challenge nothing. To get ahead, you need to think differently. Just keep away from the trolls and you'll be fine .
  • #4,436
  • Feb 22, 2014 11:48am Feb 22, 2014 11:48am
Quoting jen101
{quote} Why listen to what others say you should risk? If I were to risk 1% of a 10k account or 10% of a 1k account, what's the difference, so long as I have enough leverage? I would rather keep my money in a bank than with a broker. It doesn't matter if you are profitable. Most people are like sheep, they believe everything they are told and challenge nothing. To get ahead, you need to think differently. Just keep away from the trolls and you'll be fine .
I don't

Unfortunately this place is full of trolls, I guess it's to be expected considering how many people lose and in turn get angry or frustrated, then look to troll/vent off steam by bashing the keyboard.

Saturday night in tonight, there's nothing good on TV, feasting on salt & pepper chicken from the chinese.
  • #4,437
  • Feb 22, 2014 1:30pm Feb 22, 2014 1:30pm
Quoting jen101
{quote} Why listen to what others say you should risk? If I were to risk 1% of a 10k account or 10% of a 1k account, what's the difference, so long as I have enough leverage? I would rather keep my money in a bank than with a broker. It doesn't matter if you are profitable. Most people are like sheep, they believe everything they are told and challenge nothing. To get ahead, you need to think differently. Just keep away from the trolls and you'll be fine .
Why are you quoting GDR3k's answer to my post? Have something to say to someone say it directly.

Am I telling him how to conduct his business? Nope, just stopped by to congratulate him because I genuinely liked what I saw on his TE.

Isn't the remark I made about risk objective? I'm sure GDR3k himself would agree as the previous post implies:

Quoting GDR3k
{quote} That's good. Once the account grows, the % of account risked per position will be lower while the actual amount in GBP will be a lot higher. A target I've set myself is 25000% increase from the starting balance and if when that's reached, who knows.
Reading skills are clearly underrated.
"To hold, you must first open your hand. Let go." - Lao Tzu
  • #4,438
  • Feb 23, 2014 2:18am Feb 23, 2014 2:18am
G/L with the trades this week ladies and gents. Let's get in to it... See you soon
Howlin' at the Moon on the Roof
  • #4,439
  • Feb 23, 2014 2:31am Feb 23, 2014 2:31am
Quoting Wolf_Wicked
G/L with the trades this week ladies and gents. Let's get in to it... See you soon
Lets hope we all pick up some green pips
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #4,440
  • Feb 23, 2014 2:34am Feb 23, 2014 2:34am
Quoting GDR3k
{quote} I don't Unfortunately this place is full of trolls, I guess it's to be expected considering how many people lose and in turn get angry or frustrated, then look to troll/vent off steam by bashing the keyboard. Saturday night in tonight, there's nothing good on TV, feasting on salt & pepper chicken from the chinese.
Yes indeed penty of c%#p around the site sometimes, which is part of the reason why I ended up starting my own thread

Cant go wrong with a bit of chinese take away, one of my favs that is for sure
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
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