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AUD/USD

  • #76,861
  • Apr 29, 2014 3:34pm Apr 29, 2014 3:34pm
Quoting Tiggrrr
{quote} I personally never trade with a SL unless there are major news announcements. Surprisingly me trading without a SL is more successful. I would not suggest doing it tho.
I don't even trade with SL on news announcements. If I don't feel like trading on that news, I just exit before the news. If the news is really major, chances are the price will spike so fast by the time your SL is hit, you would've already lost 30 - 50 pips at least. It's better to get out when the price comes back on the other side. You lose far less that way sometimes you are even able to break even. With the market so trendless these days, not even news events will set any trend. I have seen price turns right around even on NFP! Take a look at the UJ chart below. This is after a strong NFP number on March 7, look at how the price reversed immediately. If you had shorted before the NFP and waited to get out after the NFP instead of setting a SL, you could've broken even!
Attached Image (click to enlarge)
Click to Enlarge Name: NFP_Reverse.JPG Size: 285 KB
Make your losses in demo. Earn your profits live.
  • #76,862
  • Apr 29, 2014 3:41pm Apr 29, 2014 3:41pm
Quoting Forexia
{quote} I don't even trade with SL on news announcements. If I don't feel like trading on that news, I just exit before the news. If the news is really major, chances are the price will spike so fast by the time your SL is hit, you would've already lost 30 - 50 pips at least. It's better to get out when the price comes back on the other side. You lose far less that way sometimes you are even able to break even. With the market so trendless these days, not even news events will set any trend. I have seen price turns right around even on NFP! Take...
I prefer don't trade the news at all due to volatility...Looking for price action in line with trend on major time frame.
  • #76,863
  • Apr 29, 2014 3:53pm Apr 29, 2014 3:53pm
Just quick thoughts on today trading day. We can see a nice reversal pin bar marked in yellow on 4 hour TF. There was rejection from 0.9280 area and this is how I use price action. For me it was a signal to add some shorts this SL at 0.93. The market showed his card. Patience, discipline, dedication and MM most all in trading! Happy trading to all of you guys!
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 30 KB
  • #76,864
  • Apr 29, 2014 4:06pm Apr 29, 2014 4:06pm
Quoting Fys
Just quick thoughts on today trading day. We can see a nice reversal pin bar marked in yellow on 4 hour TF. There was rejection from 0.9280 area and this is how I use price action. For me it was a signal to add some shorts this SL at 0.93. The market showed his card. Patience, discipline, dedication and MM most all in trading! Happy trading to all of you guys! {image}
Ok you just make sure PA reaches 0.93xx. Once it reaches 0.93xx and after I tp, you can open your shorts. No shorts from you before that!

Deal? Deal.
Make your losses in demo. Earn your profits live.
  • #76,865
  • Apr 29, 2014 4:46pm Apr 29, 2014 4:46pm
Quoting Tiggrrr
{quote} I personally never trade with a SL unless there are major news announcements. Surprisingly me trading without a SL is more successful. I would not suggest doing it tho.
IMHO - proof of excellence in money management right here.

Is it gambling when you know you'll win?

I started to write about this as part of my system earlier. Stop loss input on a platform is like standing on the side of the interstate at rush hour with a BIG sign that reads, "COME TO THIS GPS COORDINATE RIGHT HERE - I'LL GIVE YOU ALL THE MONEY I'M RISKING ON THIS TRADE!!"

Example sake, I'm in a stinky long right now that I know is going to win but, the trade volume means that I can withstand 2500 pips of drawdown on that position.

In another account, I have a short trade that will win, and it will take 2,320 pips of drawdown.

Now, if you were shorting the AUD/USD right now and it went to 1.1586 so fast that you couldn't do anything about it, don't you think something would've just happened that would cause your attention to be focused more towards things that would keep you alive? Think on this: if that kind of move were to happen, something would've happened so catastrophic that I SERIOUSLY doubt your FX account is going to be much of a concern!!

In both of these positions, I have plans to add to them if the market moves against me which will adjust average entry in my favor.

Part of my system gives clear indication to me about when I should get concerned about engaging the mental stop loss.
"Holy Grail" exists - accepting where is the first step.
  • #76,866
  • Apr 29, 2014 4:56pm Apr 29, 2014 4:56pm
Quoting VaBikePacker
{quote} IMHO - proof of excellence in money management right here. Is it gambling when you know you'll win? I started to write about this as part of my system earlier. Stop loss input on a platform is like standing on the side of the interstate at rush hour with a BIG sign that reads, "COME TO THIS GPS COORDINATE RIGHT HERE - I'LL GIVE YOU ALL THE MONEY I'M RISKING ON THIS TRADE!!" Example sake, I'm in a stinky long right now that I know is going to win but, the trade volume means that I can withstand 2500 pips of drawdown on that position. In another...
Just a mental S/L with instinct. If it goes against me I would simply take another look at the trade and decide to close it for not...if it still looks valid I would also just add a position.
Take what the market gives you.
  • #76,867
  • Apr 29, 2014 5:22pm Apr 29, 2014 5:22pm
Quoting Fys
{quote} Sorry, but your trading style is more like gambling...I'm personally treat trading like business. So, it's very important to cut your loss and run your reward. My risk reward 1:2, 1:3 or even 1:4 in some tradings Such approach alow you to have less winning trades, but still be in profit in longer term. Wish you all the best in your trading! Take care!
what an amateur thinking !!! Not every trade use SL ... After take half of ur position then place a SL, so always be in a free trade. If PA against , cover at major S&R.
Trade light win less $ but frequently better than trade huge $ very stress if PA against u
  • #76,868
  • Apr 29, 2014 5:34pm Apr 29, 2014 5:34pm
AUD/USD looks like its going to go bull. Keep an eye on it guys !

Sry...no chart since i am not on my computer at the moment.
Take what the market gives you.
  • #76,869
  • Apr 29, 2014 5:38pm Apr 29, 2014 5:38pm
I think it's time to set some limits and go find something else to do...this is going to be like watching paint dry 'til friday...
"Holy Grail" exists - accepting where is the first step.
  • #76,870
  • Apr 29, 2014 6:19pm Apr 29, 2014 6:19pm
Bullish symmetrical triangle forming.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 18 KB
Take what the market gives you.
  • #76,871
  • Apr 29, 2014 7:01pm Apr 29, 2014 7:01pm
At least we are out of the rut. Not out of the woods, but at least the momentum is starting. Good, good, good! Up, up, up!!!
Make your losses in demo. Earn your profits live.
  • #76,872
  • Apr 29, 2014 7:08pm Apr 29, 2014 7:08pm
Told Ya
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 18 KB
Take what the market gives you.
  • #76,873
  • Apr 29, 2014 7:10pm Apr 29, 2014 7:10pm
I am short, I have a pretty wide SL, just waiting for this to sink on tommorows NFP report
  • #76,874
  • Apr 29, 2014 7:30pm Apr 29, 2014 7:30pm
Quoting wyley187
I am short, I have a pretty wide SL, just waiting for this to sink on tommorows NFP report
Prepare to get killed. Even if US comes out with good numbers tomorrow AUDUSD and NZDUSD highly likely going higher.
All posts are my personal opinion
  • #76,875
  • Apr 29, 2014 7:34pm Apr 29, 2014 7:34pm
well obviously I hope your wrong, haha! reasoning behind north?
  • #76,876
  • Apr 29, 2014 7:41pm Apr 29, 2014 7:41pm
Quoting Zircon
{quote} Good luck DZ
Algerian peoples are everywhere i ' m too happy to meet you
  • #76,877
  • Apr 29, 2014 7:43pm Apr 29, 2014 7:43pm
Quoting wyley187
well obviously I hope your wrong, haha! reasoning behind north?
Interest Rates!
All posts are my personal opinion
  • #76,878
  • Apr 29, 2014 7:52pm Apr 29, 2014 7:52pm
NFP tomorrow? You mean the ADP number? NFP is this Friday just so you know.
Make your losses in demo. Earn your profits live.
  • #76,879
  • Apr 29, 2014 7:55pm Apr 29, 2014 7:55pm
..heading for .9296 and a dump to the 9220s?
"Holy Grail" exists - accepting where is the first step.
  • #76,880
  • Apr 29, 2014 8:01pm Apr 29, 2014 8:01pm
Quoting Forexia
NFP tomorrow? You mean the ADP number? NFP is this Friday just so you know.
Yes this is what i meant, I think between ADP and advance GDP i can get a few pips outta this
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