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my system of 20 pips

  • #1,081
  • Nov 1, 2014 9:51am Nov 1, 2014 9:51am
FXAction, could you tell me what time zone you trade! You posted a picture of your trades on OCT29th and I want to go over your entries and study them
  • #1,082
  • Nov 1, 2014 3:07pm Nov 1, 2014 3:07pm
GMT +1 Alpari UK
  • #1,083
  • Nov 2, 2014 4:51am Nov 2, 2014 4:51am
Thanks
  • #1,084
  • Nov 2, 2014 9:43pm Nov 2, 2014 9:43pm
Quoting AdelPC
{quote} Whilst waiting for a reply, I did asked FxAction whether he'd keep the position even if drop to 0.8750. Yes, he would hold the position.
Wow... Aussie Building Approvals m/m surprised to the downside. I had expected building/loan related news to lift AUD.

Hi FXAction,
I'd like to think about exit options. What's you view on current AUDUSD positions, now that it has firmly broken below previous low of 0.8655? Perhaps you had actually closed?
I have seen traders successfully hold their losers until price recover, but later a few more such attempts against strong trends made them lose their pants.
If there are reasons to believe AUDUSD can recover this time round, then perhaps the one thing to do is to simply bear the DD pain and try to trade out the loses?
When in doubt, HEDGE
  • #1,085
  • Nov 2, 2014 9:47pm Nov 2, 2014 9:47pm
yeh FxAction's entry was very good...I have been following him for a while...he is a very astute trader...I feel that he must have exited as the price after going up more than 50 pips came back to its entry region...we just have to work on how we can bank that 50 pips move...

Regards
  • #1,086
  • Nov 2, 2014 10:59pm Nov 2, 2014 10:59pm
i was exceedingly worried by the behavior of AU. I started reviewing the entire set up. Fortunately my son, who also is a great trader, came in on a weekend from the university where he studies and together we detected obvious flaws in the set up which if noticed ab initio I would not have taken the trade . Again when it refused to move in my direction as most of my set ups usually do, I failed to observe some developments which if noticed would have informed a hasty closure.Eg in the 1h tf, there occurred a classical hidden bearish divergence, which was enough warning for exit.After observing these, I exited AU immediately the market opened with a loss. I however take solace in all the other pairs I traded and posted, which did well. As I am writing, of all the USD pairs which gapped during the weekend, only AU has not developed a bullish divergence in the 1h tf to signal a possible bullish move.
  • #1,087
  • Nov 2, 2014 11:18pm Nov 2, 2014 11:18pm
Quoting dennis4u15
yeh FxAction's entry was very good...I have been following him for a while...he is a very astute trader...I feel that he must have exited as the price after going up more than 50 pips came back to its entry region...we just have to work on how we can bank that 50 pips move... Regards
Curbing grreed I feel, is a a virtue for a good trader. I want to start working on my TP. Eg, if I see a set up with a possible 100 pips move, I intend to start banking 50 pips and leaving 50 for others.With this before the market start thinking otherwise, I would have smiled to the bank.
  • #1,088
  • Nov 2, 2014 11:20pm Nov 2, 2014 11:20pm
Quoting FXAction
{quote} The first thing you should always bear in mind is that our mentor teaches that the best s/r level is the untested. The more it is tested the weaker it becomes. This does not mean that I personally do not take trades from such a level. What I do is to resort to chart pattern reading and analysis to see if I will go long. Observe again that price came to this s/r level with tremendous force and yet there was no bounce. Reactions, bounces and formation of yikes are very important factors to consider when studying s/r levels.
Hi FXAction
if we can say "formation of yikes" is a entry signal,if you can show us some case.
thx.
  • #1,089
  • Nov 2, 2014 11:37pm Nov 2, 2014 11:37pm
Quoting FXAction
i was exceedingly worried by the behavior of AU. I started reviewing the entire set up. Fortunately my son, who also is a great trader, came in on a weekend from the university where he studies and together we detected obvious flaws in the set up which if noticed ab initio I would not have taken the trade . Again when it refused to move in my direction as most of my set ups usually do, I failed to observe some developments which if noticed would have informed a hasty closure.Eg in the 1h tf, there occurred a classical hidden bearish divergence,...
Thank you for sounding out your observation. There are people/traders of diverse characters, and out of those I do sense humility among some good traders. They have all experienced failures and are humbled by realization they cannot tell tomorrow. Cheers.
When in doubt, HEDGE
  • #1,090
  • Nov 2, 2014 11:44pm Nov 2, 2014 11:44pm
Quoting dennis4u15
yeh FxAction's entry was very good...I have been following him for a while...he is a very astute trader...I feel that he must have exited as the price after going up more than 50 pips came back to its entry region...we just have to work on how we can bank that 50 pips move... Regards
Good observation/thinking
When in doubt, HEDGE
  • #1,091
  • Nov 3, 2014 12:59am Nov 3, 2014 12:59am
Good thread....Good thinking
  • #1,092
  • Nov 3, 2014 1:26am Nov 3, 2014 1:26am
Hi FxAction,

Is this the divergence u were referring to??

Regards
Attached Image (click to enlarge)
Click to Enlarge Name: AudUsd.png Size: 85 KB
  • #1,093
  • Nov 3, 2014 3:48am Nov 3, 2014 3:48am
How about this?

Place two orders.. or... slightly increase your entry.

Exit 50% at 50 pips.

At that point add a stop loss of 50 pips FROM THE ORIGINAL ENTRY POINT for the other 50%.

This way you can no use the 50 pips profit, to make yourself at breakeven on the position, using the 50% you gained to give you 100 pips room to breathe..
  • #1,094
  • Nov 4, 2014 12:23am Nov 4, 2014 12:23am
Quoting blueface
{quote} Hi FXAction if we can say "formation of yikes" is a entry signal,if you can show us some case. thx.
Yikes on trendline
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 10 KB
  • #1,095
  • Nov 4, 2014 12:25am Nov 4, 2014 12:25am
Quoting dennis4u15
Hi FxAction, Is this the divergence u were referring to?? Regards {image}
Yes. Spot on.
  • #1,096
  • Nov 4, 2014 12:27am Nov 4, 2014 12:27am
Quoting leeshindig
How about this? Place two orders.. or... slightly increase your entry. Exit 50% at 50 pips. At that point add a stop loss of 50 pips FROM THE ORIGINAL ENTRY POINT for the other 50%. This way you can no use the 50 pips profit, to make yourself at breakeven on the position, using the 50% you gained to give you 100 pips room to breathe..
Excellent. I appreciate.
  • #1,097
  • Nov 4, 2014 12:34am Nov 4, 2014 12:34am
Quoting AdelPC
{quote} Thank you for sounding out your observation. There are people/traders of diverse characters, and out of those I do sense humility among some good traders. They have all experienced failures and are humbled by realization they cannot tell tomorrow. Cheers.
Good traders can tell the future accurately. AU had moved impressively. The problem is in over telling the fuure.
  • #1,098
  • Nov 4, 2014 2:41am Nov 4, 2014 2:41am
I foresee GU bulling during news time by 10.30 am Nigerian time. Construction PMI, let us see if fundamental may follow technical.
Attached Image (click to enlarge)
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  • #1,099
  • Nov 4, 2014 4:43am Nov 4, 2014 4:43am
Quoting FXAction
I foresee GU bulling during news time by 10.30 am Nigerian time. Construction PMI, let us see if fundamental may follow technical. {image}
A classical hidden bearish divergence on GU.
Attached Image
  • #1,100
  • Nov 4, 2014 9:51am Nov 4, 2014 9:51am
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 29 KB
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