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  • #978,261
  • Apr 7, 2015 7:52am Apr 7, 2015 7:52am
Quoting julesocean
{quote} There are hundreds of strategies. And the one you mentioned is quite good strategy if you have enough margin to stay alive long enough. But the key is to know when the point of no recovery has passed and to stop adding losers and minimize losses.
I stay away from any type of martingale. The most I will do is let the trade run a little too long, but never add when I'm in negative on the trade lol.[/quote]

By the time you have entered the trade things change, and when you use this strategy you just open better positions. You can open it because you are not over leveraged with lots.
I use it when I am pretty sure that pair is ranging, and add it when it extends a range a little to skim more cream.
However this is very foolish and very danger strategy when you are going against trend and keep adding even 500 pips away from your beginning price.
Every time has it's own strategy that suits the best.
  • #978,262
  • Apr 7, 2015 7:53am Apr 7, 2015 7:53am
Quoting gatorinla
{quote} i have shorts. i have bear closes.. and i still wouldn't get too cocky about them. because we still could go to near 1.15 .. 0832 is part of it {image}
How did you set the 0.0 1.06125 point please?
  • #978,263
  • Apr 7, 2015 7:53am Apr 7, 2015 7:53am
Quoting Bones
I've chanced a long based on higher tf ,tl line break ,but 14443 proved too much {quote} {image}
Hey Bones,

These were posted, played out and hit to me. See, where they happen? Not unexpected.

Or just do what JPM tells you to do.
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The world you desire can be won. It exists.. it is real.. it is possible..
  • #978,264
  • Apr 7, 2015 7:53am Apr 7, 2015 7:53am
Quoting julesocean
{quote} I read some guy (on another thread) who does "averaging", where if price goes a certain distance against his position, he ADDS to it so to keep the price relatively close. Keeps doing that as often as necessary, until the price (hopefully) finally comes all the way back. I can see that working if you only have to do it once or twice... but more than that it seems to me it can get real dangerous.
This sounds like a rather foolish strategy, lol.[/quote]

Jules you can average up -> add to a winning trade.
You can also average down -> add to a loosing trade.

Adding to a loser and doing it again is known as a Martingale strategy, it almost always ends in tears especially that one time when it doesn't work. If you test the risk reward profile it causes you'll notice that while if you get lucky you get out. If you get it wrong it can take ages to trade back from the size of the losses it causes.

Hence the general trading rule for successful traders.... Never add to a losing trade. Just take the stop and move on.

my 2c trade safe
  • #978,265
  • Apr 7, 2015 7:59am Apr 7, 2015 7:59am
Quoting JimmyC
{quote} This sounds like a rather foolish strategy, lol.
Jules you can average up -> add to a winning trade. You can also average down -> add to a loosing trade. Adding to a loser and doing it again is known as a Martingale strategy, it almost always ends in tears especially that one time when it doesn't work. If you test the risk reward profile it causes you'll notice that while if you get lucky you get out. If you get it wrong it can take ages to trade back from the size of the losses it causes. Hence the general trading rule for successful traders.... Never add to a losing trade. Just take the stop and move on. my 2c trade safe[/quote]

Well the strat we are discussing here is adding more to your losing trade right before you think it's about to rebound back to even money right? If that is correct. I would just never add to a negative position, only positive. But like said, many have their ways. =)
  • #978,266
  • Apr 7, 2015 7:59am Apr 7, 2015 7:59am
Quoting Idkurv
Try small long EJ at 130.150 Tp 130.5 Scalp only Will see.
Tp hit
  • #978,267
  • Apr 7, 2015 8:00am Apr 7, 2015 8:00am
Quoting edyraper
{quote} I hade made shorts on EURUSD , EURJPY , EURGBP now it is time to take profit wasn't hard to guess
Wow you must have banked some nice profit
  • #978,268
  • Apr 7, 2015 8:03am Apr 7, 2015 8:03am
But I'm not sure the euro will keep rebounding or not
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  • #978,269
  • Apr 7, 2015 8:04am Apr 7, 2015 8:04am
Here we go for NY with Dollar struggling in the highs especially until tomorrow minutes.

All back to work after the holiday break with a bag of bad news for the dollar (including an awful NFP) and all the dovish talking heads making a feast of the circumstances (some even calling for hikes on Q2 2016 !!!.).

In the euro, intraday bears also starting to cough at the pre NFP levels. Priority to the combo swing in play 1.087x to 1.128x with strong intermediate stops at 1.112x and softer one at 1.108x ...to the other side bears with a slight upper hand for the micro intraday play until London goes home today for 1.079x and max extension 1.076x until the minutes.

Choose you poison time in the next couple of session for those planning to swing it ...

sisse
Pending conversations? PM for a chat...I am mainly in OTM now
  • #978,270
  • Apr 7, 2015 8:04am Apr 7, 2015 8:04am
Will seek reload long EJ in smaller tf, will see.
Small lot, scalp only
  • #978,271
  • Apr 7, 2015 8:06am Apr 7, 2015 8:06am
Quoting sisse
Here we go for NY with Dollar struggling in the highs especially until tomorrow minutes. All back to work after the holiday break with a bag of bad news for the dollar (including an awful NFP) and all the dovish talking heads making a feast of the circumstances (some even calling for hikes on Q2 2016 !!!.). In the euro, intraday bears also starting to cough at the pre NFP levels. Priority to the combo swing in play 1.087x to 1.128x with strong intermediate stops at 1.112x and softer one at 1.108x to the other side bears with a slight upper hand...
Thanks Sisse, I love swing trade..
  • #978,272
  • Apr 7, 2015 8:06am Apr 7, 2015 8:06am
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  • #978,273
  • Apr 7, 2015 8:16am Apr 7, 2015 8:16am
Quoting Bones
eur is a bit worring ,but also consolatory {image}
Hi bones, I do not find EURLFX on thinkforex ...
Fix up, trade sharp ...
  • #978,274
  • Apr 7, 2015 8:20am Apr 7, 2015 8:20am
Quoting Bones
eur is a bit worring ,but also consolatory {image}
Structure is consolidated and wants test of 06 or lower, but uper side is also open with 1.2 or higher. I certainly wouldnt play shorts on daily without some strong leaning of lower tfs with lower risk.
  • #978,275
  • Apr 7, 2015 8:23am Apr 7, 2015 8:23am
So we wait on JOLTS, so we wait on FOMC
forex forex forex
  • #978,276
  • Apr 7, 2015 8:36am Apr 7, 2015 8:36am
Quoting Ken A
Just personal opinion - don't go against it now - wait ........ USD bulls are overcrowded got nowhere to go ......... Good night all .....
closed jpy long. that was a helluva ride
  • #978,277
  • Apr 7, 2015 8:45am Apr 7, 2015 8:45am
Quoting julesocean
{quote} I read some guy (on another thread) who does "averaging", where if price goes a certain distance against his position, he ADDS to it so to keep the price relatively close. Keeps doing that as often as necessary, until the price (hopefully) finally comes all the way back. I can see that working if you only have to do it once or twice... but more than that it seems to me it can get real dangerous.
This sounds like a rather foolish strategy, lol.[/quote]


In stocks, that form of trading seems much more rational, then in currency. Only because in stocks you don't have the breakouts or the ranges we have in forex. In forex you see many "stock" expressions used, which doesn't apply to forex. Many people say "Pump and dump" and the reality is trading in that form (expecting a massive drop because prior to news you see a price increase) will end up having you hold a massive floating loss, which is counter productive to gaining profits in the long term.
Everything in life has a "counter". Especially in forex.
  • #978,278
  • Apr 7, 2015 8:45am Apr 7, 2015 8:45am
Quoting Idkurv
Will seek reload long EJ in smaller tf, will see. Small lot, scalp only
Just had dinner with family, missed the train, entered late long at 130.600
Tp 130.950
Not ideal entry.
Will see.
  • #978,279
  • Apr 7, 2015 8:47am Apr 7, 2015 8:47am
Quoting Pharm0r
{quote} closed jpy long. that was a helluva ride

Nice position... I too way long, and close it rather early because of that mini accumulation I saw. What price were you long on EJ?
Everything in life has a "counter". Especially in forex.
  • #978,280
  • Apr 7, 2015 8:50am Apr 7, 2015 8:50am
Quoting Pharm0r
{quote} closed jpy long. that was a helluva ride
Yes. It was. I wasn't on it. But good trade for you I'm sure.
The coincidental success is more dangerous than the expected failure
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