Sad i'm not trying to understand PA
- #34,022
- Mar 26, 2014 11:22am Mar 26, 2014 11:22am
- Joined Aug 2012 | Status: Trader | 18,655 Posts
the cautious seldom err....C
- #34,025
- Mar 26, 2014 11:54am Mar 26, 2014 11:54am
- Joined Dec 2013 | Status: Trader | 1,680 Posts
Sad i'm not trying to understand PA
- #34,026
- Mar 26, 2014 12:16pm Mar 26, 2014 12:16pm
Lots of action through the night and good member posting.
Update to my three positions:
AUDJPY: moved target to 95.57 (high from Oct 2013); moved S/L to 93.75; if stopped out profit will be +203 pips; trailing PAC with S/L; way overbought now.
CADJPY: moved target to 92.34 (50% Fib retracement level from previous sell); moved S/L to 91.50; if stopped out profit will be +50 pips; trailing PAC with S/L; overbought as well.
USDCAD: moved target to 1.1084; moved S/L to 1.1181; if stopped out profit will be +65 pips; trailing PAC as well; oversold.
If the market violently goes against these positions, I will still bank 318 pips...I don't think that's to bad for about a weeks worth of trading.
I try to avoid predicting the market (usually wrong!) but with runs like these I would expect profit taking as the trading week winds down and we might expect TDI crosses from these pairs that are in 68/32 territory.
I've been reading a few posts with the word "patience" in them. I would just remind all that if you're trading an H4 chart, your S/Ls should start out in the 50-70 pip range and targets likely twice that for a R/R of 1/2.0. H4 trades take time to play out...they're not in and out positions. (See post 33,729) My current trades have been open for 9, 6, and 5 days respectively. Patience was my biggest enemy back in 2006 when I first began trading the FOREX market. I didn't like waiting 5-10 days at the drive-up window for my order!
Be reminded that if you're taking set-ups with a R/R of 1/2.0, you could lose 1/2 of your trades and still make money. We're doing better than 50% because we have good filters, a good plan and hopefully good discipline to stick to it.
Enjoying all your inputs....
Good luck!
Update to my three positions:
AUDJPY: moved target to 95.57 (high from Oct 2013); moved S/L to 93.75; if stopped out profit will be +203 pips; trailing PAC with S/L; way overbought now.
CADJPY: moved target to 92.34 (50% Fib retracement level from previous sell); moved S/L to 91.50; if stopped out profit will be +50 pips; trailing PAC with S/L; overbought as well.
USDCAD: moved target to 1.1084; moved S/L to 1.1181; if stopped out profit will be +65 pips; trailing PAC as well; oversold.
If the market violently goes against these positions, I will still bank 318 pips...I don't think that's to bad for about a weeks worth of trading.
I try to avoid predicting the market (usually wrong!) but with runs like these I would expect profit taking as the trading week winds down and we might expect TDI crosses from these pairs that are in 68/32 territory.
I've been reading a few posts with the word "patience" in them. I would just remind all that if you're trading an H4 chart, your S/Ls should start out in the 50-70 pip range and targets likely twice that for a R/R of 1/2.0. H4 trades take time to play out...they're not in and out positions. (See post 33,729) My current trades have been open for 9, 6, and 5 days respectively. Patience was my biggest enemy back in 2006 when I first began trading the FOREX market. I didn't like waiting 5-10 days at the drive-up window for my order!
Be reminded that if you're taking set-ups with a R/R of 1/2.0, you could lose 1/2 of your trades and still make money. We're doing better than 50% because we have good filters, a good plan and hopefully good discipline to stick to it.
Enjoying all your inputs....
Good luck!
- #34,027
- Mar 26, 2014 12:39pm Mar 26, 2014 12:39pm
Took this 4 hr long g/cad Any thoughs? {image}
At first glance it looks like PA may be honoring the 61.8% Fib level of the 18 March Buy move. I like the R/R on the trade...will be interesting to see if it can break the downtrend line. Here are my suggestions for parameters:
- #34,030
- Mar 26, 2014 12:58pm Mar 26, 2014 12:58pm
- Joined Dec 2013 | Status: Trader | 1,680 Posts
Sad i'm not trying to understand PA
- #34,033
- Mar 26, 2014 1:04pm Mar 26, 2014 1:04pm
{quote} Not until that candle you got in closes. You sort of jumped the gun there. I hope it pays a brinks truck for you.
Daniel
- #34,034
- Mar 26, 2014 1:18pm Mar 26, 2014 1:18pm
{quote} i know i jump it, cause i saw the price is going under the low range of the entire week. we will see if its a win or a bust
- #34,035
- Mar 26, 2014 1:29pm Mar 26, 2014 1:29pm
EU Qualifies for: POS Of The Day Award!
Look at it! EJ & EU both shot out a short signal at 4am: You short at the open of the 8AM bar.
EJ trade tanks over 60 pips in profit right now. While The POS EU is in the Minus right now.
EU -6 pips
EJ +60 pips
Look at it! EJ & EU both shot out a short signal at 4am: You short at the open of the 8AM bar.
EJ trade tanks over 60 pips in profit right now. While The POS EU is in the Minus right now.
EU -6 pips
EJ +60 pips
MAY THE PIPS BE WITH YOU!
Zoo,
If I am right, according to your rules, you would enter G/A, and A/J, and (if they finally cross) A/U, and E/A along with E/N. With four of these crosses being AUD, would you still enter all of them, or would you select only one of them?
Crosses below the 32 line: G/A
Possibly upcoming below the 32: E/A (getting close), E/N (should cross spot on?)
Crosses above 68 line: A/J
Possibly upcoming above the 68:A/U (getting close)
Or have I missed something of your rules? I am NOT a conservative trader, trying to rein myself into BECOMING a much more conservative trader. Your method of taking a few choice trades intrigues me.
If I am right, according to your rules, you would enter G/A, and A/J, and (if they finally cross) A/U, and E/A along with E/N. With four of these crosses being AUD, would you still enter all of them, or would you select only one of them?
Crosses below the 32 line: G/A
Possibly upcoming below the 32: E/A (getting close), E/N (should cross spot on?)
Crosses above 68 line: A/J
Possibly upcoming above the 68:A/U (getting close)
Or have I missed something of your rules? I am NOT a conservative trader, trying to rein myself into BECOMING a much more conservative trader. Your method of taking a few choice trades intrigues me.
War. Is my profession.