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Trading from an Experienced and Successful FULL TIME Trader

  • #801
  • Mar 25, 2014 11:47pm Mar 25, 2014 11:47pm
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I took this trade yesterday
  • #802
  • Mar 26, 2014 2:56am Mar 26, 2014 2:56am
Quoting justin7
{image} {image} {image} I took this trade yesterday
Nice! You must be making a killing if you are still in that trade...
  • #803
  • Mar 26, 2014 3:26am Mar 26, 2014 3:26am
Quoting justin7
{image} {image} {image} I took this trade yesterday

Wow that's great. I was looking at that as well but was confused about the short red and green area and the 2 arrows. I guess next time I need to take this as a strong signal
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Argue for your limitations, and sure enough, they're yours. Richard Bach
  • #804
  • Mar 26, 2014 3:28am Mar 26, 2014 3:28am
Quoting kagbe
{quote} Nice! You must be making a killing if you are still in that trade...
no kagbe I actually had my risk to reward set for 1:1 so I took like 25 pips lol. this is why I want a trailing stop EA like this but haven't found what I'm looking for

Inserted Video
  • #805
  • Mar 26, 2014 3:43am Mar 26, 2014 3:43am
Quoting pipsel
{quote} Wow that's great. I was looking at that as well but was confused about the short red and green area and the 2 arrows. I guess next time I need to take this as a strong signal {image}
yeah to be honest I didn't look at the colors there though lol. I thought it lined up perfectly for the most part when you compare those 3 time frames together (not really 15h, but that's overruled by the strong looking downtrend with the coral and the perfect coral MA bounce+hidden divergence on the 30m). they seemed pretty well in sync with a downtrend 30m + 1h.
  • #806
  • Mar 26, 2014 3:55am Mar 26, 2014 3:55am
Quoting justin7
{quote} no kagbe I actually had my risk to reward set for 1:1 so I took like 25 pips lol. this is why I want a trailing stop EA like this but haven't found what I'm looking for https://www.youtube.com/watch?v=EHJDSOQeNFo
You can trail manually. What you could do is to have your supports and resistances well in place in your chart. Once price breaks a new one in the direction of your trade, you move your SL above/below the previous SR.

The rationale behind that is in a trendy movement, if price breaks a new SR, it is very likely it won't come back and break the previous one. If it does, it can mean one of 2 things:

1. Trend is reversing. Then you get stopped out but early enough to keep enough hardly earned pips. You then re-evaluate the price action to decide what you want to do next.

2. It's a substantial retracement. Here too you get stopped out but you keep a good chunk of your earned pips. In the case of a retracement, price will generally sit a little bit (M15 or M30) on the next SR before moving again, then you re-enter a trade in the same direction.

Hope this helps. I'll try to post an illustration maybe later today.
  • #807
  • Mar 26, 2014 3:59am Mar 26, 2014 3:59am
Quoting kagbe
{quote} You can trail manually. What you could do is to have your supports and resistances well in place in your chart. Once price breaks a new one in the direction of your trade, you move your SL above/below the previous SR. The rationale behind that is in a trendy movement, if price breaks a new SR, it is very likely it won't come back and break the previous one. If it does, it can mean one of 2 things: 1. Trend is reversing. Then you get stopped out but early enough to keep enough hardly earned pips. You then re-evaluate the price action to decide...
but that's a big problem lol. I'll be tempted to cut the trade once it starts retracing. I'd rather have a trailing stop EA like that one in that video that trails the new levels that are created. I can just set it and leave it and not put my emotion into it with wanting to close it early when I have decent profit and end up missing out on a run that lasts days. Yes if you can post an illustration that would be nice, but like I said, the biggest problem is my emotion will want me to close out when I have atleast 20-30 pips profit lol.
  • #808
  • Edited 4:54am Mar 26, 2014 4:22am | Edited 4:54am
Few ideas for today. Comments very welcome.

EURUSD: I'll look for SHORT opportunities. After the dovish comments of 3 ECB's council members yesterday, it's Linde's turn today and he is probably going to reinforce the idea that a there is an agreement in the board for a QE. HOWEVER, I'll be careful because investors seems not to fall anymore for speeches and they want actions. For instance, price sharply dipped yesterday during Draghi's speech but reversed quite quickly just after.

GBPUSD: I'll look for LONG especially after BOE's Weale's comment this morning that economy is doing well and rates won't stay low indefinitely. I'll look for a support the pair doesn't look to be willing to break and place a LONG there.

If EUR down and GBP up confirmed, I'll closely look @ EURGBP for a SHORT.

USDJPY: Seems to be ranging. Another strategy for ranging pairs. Not relevant for this thread.

AUDUSD: RBA seems to accept the current level of AUD (quite high). RBA's Governor is happy with the economy and expect it to grow. His main fear is a potential housing bubble. Ill look for LONG here when technicals justify it.

NZDUSD: Finance Minister thinks NZD is a bit high but after the recent rate hike, it's rather normal. Will look for a good retracement to enter a LONG.

USDCAD: Last Friday data was good for CAD and it is gaining ground. Will look for opportunity to SHORT. Maybe around 1.11540 which has been breached 30 minutes ago. If price establishes it as a resistance, then a SHORT would make sense.

XAUUSD: Testing resistance @ 1315.290 after a nice inverted H&S. Maybe a good retracement underway. If price breaks that level and establishes it as a support, a LONG would be in order but TP 1 will be close and tight SL. HOWEVER, we have been in a very strong downtrend so I will proceed with care. Alternatively, Il'll wait until the next resistance seems to hold an enter a SHORT (in the direction of the trend). Really depends on how price behaves.

Note: I will only take the one or two trades where fundamentals and technicals are perfectly in sync.
  • #809
  • Mar 26, 2014 4:27am Mar 26, 2014 4:27am
Quoting justin7
{quote} but that's a big problem lol. I'll be tempted to cut the trade once it starts retracing. I'd rather have a trailing stop EA like that one in that video that trails the new levels that are created. I can just set it and leave it and not put my emotion into it with wanting to close it early when I have decent profit and end up missing out on a run that lasts days. Yes if you can post an illustration that would be nice, but like I said, the biggest problem is my emotion will want me to close out when I have atleast 20-30 pips profit lol.

I see I am sure someone has a nice MT4 trailing EA. I believe MT5 terminal comes with standard trailing EAs. MT4 might also. Maybe you can look on MT4 forum...
  • #810
  • Mar 26, 2014 4:31am Mar 26, 2014 4:31am
Kagbe or anyone, how many pairs do you follow?

I opened up all pages that Doirot suggested but I find myself scanning 3 or 4 time frames on all pages all the time.
Argue for your limitations, and sure enough, they're yours. Richard Bach
  • #811
  • Mar 26, 2014 4:34am Mar 26, 2014 4:34am
Quoting kagbe
{quote} You can trail manually. What you could do is to have your supports and resistances well in place in your chart. Once price breaks a new one in the direction of your trade, you move your SL above/below the previous SR. The rationale behind that is in a trendy movement, if price breaks a new SR, it is very likely it won't come back and break the previous one. If it does, it can mean one of 2 things: 1. Trend is reversing. Then you get stopped out but early enough to keep enough hardly earned pips. You then re-evaluate the price action to decide...
I keep trailing manually as well. If it came out that I could have taken more pips well than I got what I got, it could have turned against me as easily as well. I was really impressed by the automated EA though.
Argue for your limitations, and sure enough, they're yours. Richard Bach
  • #812
  • Mar 26, 2014 4:44am Mar 26, 2014 4:44am
Quoting pipsel
Kagbe or anyone, how many pairs do you follow? I opened up all pages that Doirot suggested but I find myself scanning 3 or 4 time frames on all pages all the time.
I only have the majors and the 2 metals opened. All in M30 initially. Then when any of them shows a pattern I think I recognize, I go to lower TF to see what is happening.

Any cross pair I trade is opportunistic.
  • #813
  • Mar 26, 2014 5:29am Mar 26, 2014 5:29am
Quoting kagbe
... GBPUSD: I'll look for LONG especially after BOE's Weale's comment this morning that economy is doing well and rates won't stay low indefinitely. I'll look for a support the pair doesn't look to be willing to break and place a LONG there. ...
Moving SL to BE
  • #814
  • Mar 26, 2014 5:33am Mar 26, 2014 5:33am
Quoting kagbe
... USDCAD: Last Friday data was good for CAD and it is gaining ground. Will look for opportunity to SHORT. Maybe around 1.11540 which has been breached 30 minutes ago. If price establishes it as a resistance, then a SHORT would make sense. ...
Just took a SHORT
  • #815
  • Mar 26, 2014 5:56am Mar 26, 2014 5:56am
Why short USDCAD?

I'm long GBPUSD
Argue for your limitations, and sure enough, they're yours. Richard Bach
  • #816
  • Mar 26, 2014 6:10am Mar 26, 2014 6:10am
Quoting pipsel
Why short USDCAD? I'm long GBPUSD
LONG GBPUSD as well. Looking good. Already have SL @ BE.

SHORT USDCAD: Good Canadian Retail Trade and CPI from Friday + Technicals (Bearish trend + 1.11540 support breached + Price comes back to it but does not seem to break it upwards + Coral red). Basically, it's the continuation of the movement Justin7 caught.

But in the end, the market will do what it wants to do so if you decide to take that SHORT, have a SL around 1.11700 and move it to BE if price gets ts to 1.11270.
  • #817
  • Mar 26, 2014 6:14am Mar 26, 2014 6:14am
US Durable Goods in a little more than 1 hour. In 30 - 45 minutes, if any position well in the money, I would move SL to BE if not yet done and/or take some profit. Just my 2 cents.
  • #818
  • Mar 26, 2014 6:24am Mar 26, 2014 6:24am
I'm out USDCAD.

I didn't see the short to be honest
Argue for your limitations, and sure enough, they're yours. Richard Bach
  • #819
  • Mar 26, 2014 6:34am Mar 26, 2014 6:34am
On unrelated note: how do you get rid of the text block on the bottom left 'analyze this' and THV etc without coloring them black?
Argue for your limitations, and sure enough, they're yours. Richard Bach
  • #820
  • Mar 26, 2014 6:40am Mar 26, 2014 6:40am
Quoting pipsel
I'm out USDCAD. I didn't see the short to be honest
Sure.

on the GBPUSD LONG, don't forget to trail your SL when price advances a little bit. Also, protect yourself from adverse movement in case US durable good comes in good (50 minutes to go)
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