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Mastering the Art of Trading

  • #1,261
  • Feb 28, 2014 4:18am Feb 28, 2014 4:18am
Hello Pro Traders

This is another situation... BE Trade and then the Price is ready for free fall without me soooo typical.
So i ask myself:
Was this trade nonsene - I gues not, i had a clear signal and 500 pips (USDSEK) space.
I gues i had too big expectation again. I set my TP 860 pips into the Box on the last swing low. But today price say no i got the rigth expectation.
Wrong trade management? Maybe i had some fear of loss. I gues not because i set my SL on TP as price closed under the last outsidebar.

Would some of you did not take this Trade? And how would you manage the SL ? Or what else would you do different?

THX for your response
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  • #1,262
  • Feb 28, 2014 4:33am Feb 28, 2014 4:33am
Quoting MrWeiss
Hello Pro Traders This is another situation... BE Trade and then the Price is ready for free fall without me soooo typical. So i ask myself: Was this trade nonsene - I gues not, i had a clear signal and 500 pips (USDSEK) space. I gues i had too big expectation again. I set my TP 860 pips into the Box on the last swing low. But today price say no i got the rigth expectation. Wrong trade management? Maybe i had some fear of loss. I gues not because i set my SL on TP as price closed under the last outsidebar. Would some of you did not take this...

See post Post 1,252

Neytiri
  • #1,263
  • Feb 28, 2014 4:57am Feb 28, 2014 4:57am
Quoting lenrod
Hi guys, would like to here your thoughts on this 4H e/u fake out. Price was ranging in the magenta box, broke to the downside but returned above closing above LLS, PPZ and 1.37 RN bouncing off the 150 EMA. Green line would be the entry and the red one the SL. TP areas middel or the top of the box depending on what price does. I know that trading inside a box is hard because of the many trouble areas but I like the size of the set up. {image}
  • #1,264
  • Feb 28, 2014 8:40am Feb 28, 2014 8:40am
Quoting MrWeiss
Hello Pro Traders This is another situation... BE Trade and then the Price is ready for free fall without me soooo typical. So i ask myself: Was this trade nonsene - I gues not, i had a clear signal and 500 pips (USDSEK) space. I gues i had too big expectation again. I set my TP 860 pips into the Box on the last swing low. But today price say no i got the rigth expectation. Wrong trade management? Maybe i had some fear of loss. I gues not because i set my SL on TP as price closed under the last outsidebar. Would some of you did not take this...
Wrong trade management? I don't think so.

Its important to understand the context that you're trading in. Here we're basically in a sideways market which can be very tricky to trade. Meaning that not only do we have more trouble areas to account for, price also finds it relatively easy to bounce off those trouble areas as there is really no real bias to one side of the market.

We all like our big runners, but anticipating that to be the case, and worse still, managing the trade aggressively to try and latch on to a runner in a market like this is more like hoping against hope than anything else. Now again this doesn't mean you can't catch a trade in such a market that will eventually lead to the breakout and hence a runner, but its logical to manage your trades tight in a market like this. For me this market is an invitation for quick fire trades where I am mostly looking at the first trouble area.

If I was in this one (I didn't take it though) My full profit target would be pre-set at the trouble area marked on the chart. That said, taking a BE on this one, isn't bad at all either. What would be real bad, is to allow price to bounce off that trouble area go from green to red pips and take a hefty loss. Anything else is totally acceptable. As far as "missing the move" is concerned, you need to get used to that. Happens quite often and doesn't mean a thing.

g.
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I believe . . .
  • #1,265
  • Feb 28, 2014 9:01am Feb 28, 2014 9:01am
Quoting lenrod
Hi guys, would like to here your thoughts on this 4H e/u fake out. Price was ranging in the magenta box, broke to the downside but returned above closing above LLS, PPZ and 1.37 RN bouncing off the 150 EMA. Green line would be the entry and the red one the SL. TP areas middel or the top of the box depending on what price does. I know that trading inside a box is hard because of the many trouble areas but I like the size of the set up. {image}
Price did exactly what I expected
I used a very tight MM, moved SL @ BE after the small 1H BUOB after my order triggered and locked a few pips when price reached the mid point of the box.

PS: sorry, forgot to write the most important point of my story :/ more than 70% of retail traders where short but price still couldn't drop and faked out, so I thought that for price to drop the big guys had to unload their positions taking out retails SL above the top of the box.
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  • #1,266
  • Feb 28, 2014 9:49am Feb 28, 2014 9:49am
Congrats, very well done!
Posting Demo charts, mirroring some of them live.
  • #1,267
  • Feb 28, 2014 4:37pm Feb 28, 2014 4:37pm
Quoting ghous
{quote} Wrong trade management? I don't think so. Its important to understand the context that you're trading in. Here we're basically in a sideways market which can be very tricky to trade. Meaning that not only do we have more trouble areas to account for, price also finds it relatively easy to bounce off those trouble areas as there is really no real bias to one side of the market. We all like our big runners, but anticipating that to be the case, and worse still, managing the trade aggressively to try and latch on to a runner in a market like...

Hy G

Did you ever try to go offroad with a F1 Car? But in comparison to the market condition i trade like this. I often fall in my own psychological trap. As soon as i got green pips with PA i will catch so much pips as posible and place my TP beyond my 12" Screen elswhere in the chart. After the 4th BE trade i am a little disapointed about my self. Hope never was a good advisor. I should also know.
As you said, the trade it is absolut acceptable. Thanks for your advise.
  • #1,268
  • Feb 28, 2014 9:13pm Feb 28, 2014 9:13pm
Quoting lenrod
{quote} Price did exactly what I expected I used a very tight MM, moved SL @ BE after the small 1H BUOB after my order triggered and locked a few pips when price reached the mid point of the box. PS: sorry, forgot to write the most important point of my story :/ more than 70% of retail traders where short but price still couldn't drop and faked out, so I thought that for price to drop the big guys had to unload their positions taking out retails SL above the top of the box. {image}
I am glad it worked out for you.

g.
I believe . . .
  • #1,269
  • Feb 28, 2014 9:14pm Feb 28, 2014 9:14pm
Quoting MrWeiss
{quote} Hy G Did you ever try to go offroad with a F1 Car? But in comparison to the market condition i trade like this. I often fall in my own psychological trap. As soon as i got green pips with PA i will catch so much pips as posible and place my TP beyond my 12" Screen elswhere in the chart. After the 4th BE trade i am a little disapointed about my self. Hope never was a good advisor. I should also know. As you said, the trade it is absolut acceptable. Thanks for your advise.
Well, as you might have figured out, there is no point in keeping a TP "anywhere on the chart". Employing logic helps.

g.
I believe . . .
  • #1,270
  • Mar 1, 2014 12:22pm Mar 1, 2014 12:22pm
That Eur/Usd fakeout back into the box was nice.
  • #1,271
  • Mar 2, 2014 8:33am Mar 2, 2014 8:33am
.
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  • #1,272
  • Mar 3, 2014 3:19am Mar 3, 2014 3:19am
.
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  • #1,273
  • Mar 3, 2014 3:53am Mar 3, 2014 3:53am
Quoting Neytiri
. {image}
Now that was a brilliant story! The gap messed it all up.

g.
I believe . . .
  • #1,274
  • Mar 3, 2014 4:00am Mar 3, 2014 4:00am
Quoting ghous
{quote} Now that was a brilliant story! The gap messed it all up. g.
Yes, it was and just when I got it, I said to my self ... so this was what Ghous taking about.

Thanks,

Neytiri
  • #1,275
  • Mar 3, 2014 4:07am Mar 3, 2014 4:07am
The EURAUD trade is not that good -- we have a 8H BEOB trading away from a monthly ppz ... 1.54 is a trouble area. I entered on a 38% retrace of the 8h beob and I plan to move sl to B/E when it hits 1.54. R is slightly above 1.
I am slowly going to wean myself away from these so, so trades.

Neytiri
  • #1,276
  • Mar 3, 2014 4:08am Mar 3, 2014 4:08am
Quoting Neytiri
. {image}
Taking on that up trend is going to always make it very very risky. Not sure why you wanted that straight ahead of the 1.54 RN.

Also notice how the up trend is a result of a HUGE bullish break out story.

g.
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I believe . . .
  • #1,277
  • Mar 3, 2014 4:25am Mar 3, 2014 4:25am
hi ghous
what method that you use for trading?
  • #1,278
  • Mar 3, 2014 7:58am Mar 3, 2014 7:58am
Quoting babarmansha
hi ghous what method that you use for trading?
Hey Babar,

Welcome here.

I trade price action, the fake out phenomena primarily. Read through the first post at least and you'll have a good idea what we're up to here.

g.
I believe . . .
  • #1,279
  • Mar 3, 2014 2:23pm Mar 3, 2014 2:23pm
Hello. Thanks for this awesome Ghous stream and if you do not mind, I'll join you.
First in what I watched today, of course I'm not in this deal, but just watch.
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Ghous I want to ask here at the expense of the false breakout, he certainly did not work, but can I know, you'd get it?
I liked the location and if I saw him before I took him.
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Sorry for my bad English.
It is not my native language.
It's only after we've lost everything that we're free to do anything.
  • #1,280
  • Mar 3, 2014 8:04pm Mar 3, 2014 8:04pm
Quoting ghous
{quote} Taking on that up trend is going to always make it very very risky. Not sure why you wanted that straight ahead of the 1.54 RN. Also notice how the up trend is a result of a HUGE bullish break out story. g. {image}
It worked !! But I agree with you that 1.54 was a problem and I should be more choosy.

Neytiri
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