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EUR/USD: IntraDay Scalping and Short Term Swing Trading Only

  • #2,681
  • Dec 11, 2015 12:53am Dec 11, 2015 12:53am
If you are looking at a chart to enter....

put stops where you think they might not reach...not because it's 5/10/15/20/25/30 etc
  • #2,682
  • Dec 11, 2015 1:38am Dec 11, 2015 1:38am
Quoting Pipologist
{quote} 1. don't chase it. 2. be patient, before you enter 3. be patient after you enter
Quoting Pipologist
If you are looking at a chart to enter.... put stops where you think they might not reach...not because it's 5/10/15/20/25/30 etc
Thanks.. i'll be careful..
i finally managed to close it at BE+1..
Dont trade like me..
  • #2,683
  • Dec 11, 2015 2:36am Dec 11, 2015 2:36am
Quoting sanvulture
{quote} {quote} Thanks.. i'll be careful.. i finally managed to close it at BE+1..
You have/had BE+50 potentially here, it came back to +1 very quickly, either:

1. you didn't have faith in the trade to begin with, in which case you should not have taken it, or
2. you thought the market dynamics suddenly changed (doubtful you thought this as there is/was no reason, because there is nothing that changed there) or
3. you got scared out of your trade...in which case, you let it go before it hit your stop (what's the stop for then) or
4. you were trading with a mental stop and decided to close it after it came back in which case...#1 or #2.

I say all these things because we all go through these phases from time to time. In your last trade there #1 and #3 were clearly influencing your decisions.
  • #2,684
  • Dec 11, 2015 2:42am Dec 11, 2015 2:42am
Quoting Pipologist
{quote} You have/had BE+50 potentially here, it came back to +1 very quickly, either: 1. you didn't have faith in the trade to begin with, in which case you should not have taken it, or 2. you thought the market dynamics suddenly changed (doubtful you thought this as there is/was no reason, because there is nothing that changed there) or 3. you got scared out of your trade...in which case, you let it go before it hit your stop (what's the stop for then) or 4. you were trading with a mental stop and decided to close it after it came back in which...
ya, i got scared.. i moved my sl 10 more pips down and got my tp down to BE+1.. funny, now the price got above my original tp.. i need more patience..

i'm using 10p sl for the past two days and lose them all in the zigzag..
Dont trade like me..
  • #2,685
  • Dec 11, 2015 2:48am Dec 11, 2015 2:48am
Quoting sanvulture
{quote} ya, i got scared.. i moved my sl 10 more pips down and got my tp down to BE+1.. funny, now the price got above my original tp.. i need more patience.. i'm using 10p sl for the past two days and lose them all in the zigzag..
Your sl is too simplified. If you are going to trade like that and you are getting slammed with 10 and losing them all at 10, then the solution is soooo simple.

When you see something and think "Oh I should buy/sell..." then put in a limit buy/sell +/- 10p away from market and just wait it out, and keep your original TP, this way you put RR in your favor
  • #2,686
  • Dec 11, 2015 3:05am Dec 11, 2015 3:05am
On another fx site a few hours ago, there was news that a Major French Bank thinks that next week the fed with raise 25bp and thinks dollars should be bought. Of course they're not going to temporarily fu their rep like GS did last week by making a huge call to buy, but what they said was just as huge, just more subtle maybe....IN ANY CASE, while they are telling their clients to buy dollars you can bet they have lots to sell to them and are taking the opposite positions from their IB/in house trading, what a scam...anyway EURUSD to at least 10 if not 11 based on that retail hogwash.

PS, I have yet to EVER see an accurate public retail fx announcement, in fact the bigger the firm the bigger the move in the opposite direction. I have seen however, some VERY ASTUTE calls from IBs for private banking clients. These never ever hit the PR newswires but can be found at times online, and these calls are never for the days or week ahead, they are usually for the next few months ahead.
  • #2,687
  • Dec 11, 2015 3:20am Dec 11, 2015 3:20am
Quoting Pipologist
5mn volatility about to turn up at around 47, 1mn is up and half of 5mn is up.... Like yesterday entry at 35 could be a swing trade going all day (hopefully) {image}
5mn V is strongly up now and fifteen is in process of turning up...this is another strong swing up
  • #2,688
  • Edited 3:43am Dec 11, 2015 3:23am | Edited 3:43am
Quoting Pipologist
{quote} Your sl is too simplified. If you are going to trade like that and you are getting slammed with 10 and losing them all at 10, then the solution is soooo simple. When you see something and think "Oh I should buy/sell..." then put in a limit buy/sell +/- 10p away from market and just wait it out, and keep your original TP, this way you put RR in your favor
thanks.. i'll try it out..

i had a crazy idea.. open a micro lot position and immediately trade against it in mini lot.. tricking the market(as if its alive) with my first order.. haha..
Dont trade like me..
  • #2,689
  • Dec 11, 2015 3:31am Dec 11, 2015 3:31am
Quoting sanvulture
{quote} thanks.. i'll try it out.. i had a crazy idea.. open a mini lot position and immediately trade against it in micro lot.. tricking the market(as if its alive) with my first order.. haha..
Come on man. You sound like a sharp kid. This is one of most difficult and challenging games on the planet, you gotta take it seriously. You're competing with the brightest minds everywhere.
  • #2,690
  • Dec 11, 2015 3:39am Dec 11, 2015 3:39am
Quoting Pipologist
{quote} Come on man. You sound like a sharp kid. This is one of most difficult and challenging games on the planet, you gotta take it seriously. You're competing with the brightest minds everywhere.
Thank you.. i'll try harder.. i'm reading on some books and guides..
i dont want to compete, but just co-exist.. it seems thats not even an option..
sorry for all these, i'll stick to trading..

so, is 0950 resistance turned support now?
Edit: spoke too soon, it went down again..
Dont trade like me..
  • #2,691
  • Dec 11, 2015 3:43am Dec 11, 2015 3:43am
Quoting sanvulture
{quote} Thank you.. i'll try harder.. i'm reading on some books and guides.. i dont want to compete, but just co-exist.. it seems thats not even an option.. sorry for all these, i'll stick to trading.. so, is 0950 resistance turned support now?
suggestion: find yourself used copes of
1. Trading Wizards by Jack Schwager
2. Trading Wizards 2 by same

They will give you insight, ideas, and inspiration, and show you what you are involved with...Do not trade until you've fully read both of these books.
  • #2,692
  • Dec 11, 2015 3:50am Dec 11, 2015 3:50am
Quoting Pipologist
{quote} suggestion: find yourself used copes of 1. Trading Wizards by Jack Schwager 2. Trading Wizards 2 by same They will give you insight, ideas, and inspiration, and show you what you are involved with...Do not trade until you've fully read both of these books.
Thanks.. i'll get to them this weekend itself..

BTW, it is Trading Wizards or Market Wizards? there's 2 books, Market Wizards and New Market Wizards.. By Jack Schwager.. are these the books u referring to?
Dont trade like me..
  • #2,693
  • Dec 11, 2015 4:00am Dec 11, 2015 4:00am
Quoting sanvulture
{quote} Thanks.. i'll get to them this weekend itself.. BTW, it is Trading Wizards or Market Wizards? there's 2 books, Market Wizards and New Market Wizards.. By Jack Schwager.. are these the books u referring to?
Right. Sorry. MARKET WIZARDS. You can get the first one in PB not sure about the 2nd one.
  • #2,694
  • Dec 11, 2015 4:02am Dec 11, 2015 4:02am
Some of the stuff in the books is outdated like the CME/CBOT floor trading stuff. Many/most of those pits have gone almost 100% electronic. However, the principles and mindset APPLY 100%. IN fact, the traders who were pit traders then are off floor on screen traders, many transitioned years ago.
  • #2,695
  • Dec 11, 2015 4:05am Dec 11, 2015 4:05am
Gotta love this volatility today. A surprise move over back 50 and watch the short covering begin....if it stays above 25 here....

1.1075 by this evening...

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  • #2,696
  • Dec 11, 2015 4:12am Dec 11, 2015 4:12am
Quoting Pipologist
{quote} Right. Sorry. MARKET WIZARDS. You can get the first one in PB not sure about the 2nd one.
Quoting Pipologist
Some of the stuff in the books is outdated like the CME/CBOT floor trading stuff. Many/most of those pits have gone almost 100% electronic. However, the principles and mindset APPLY 100%. IN fact, the traders who were pit traders then are off floor on screen traders, many transitioned years ago.
i'm kinda broke, so i'll try to download them free from internet, i hope u dont mind..

placing a sell limit at 9650, lets see if it can get there again..
Dont trade like me..
  • #2,697
  • Dec 11, 2015 4:13am Dec 11, 2015 4:13am
I would sell below 64, not 50 But for now still looking for opp to buy at 68-70, sl at 63.

Bought 72, sl 63, tp 1.10. Risky.
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  • #2,698
  • Dec 11, 2015 4:19am Dec 11, 2015 4:19am
Algos are hitting 970 and 940, next time up 1.10 and run up after, it's not what anyone expects right now.
  • #2,699
  • Dec 11, 2015 4:22am Dec 11, 2015 4:22am
Quoting sakisf
I would sell below 64, not 50 But for now still looking for opp to buy at 68-70, sl at 63. Bought 72, sl 63, tp 1.10. Risky. {image}
this is confusing.. by 50, i thought u and him meant 0950.. now when the price is below 50, u bought at 72? u mean 09472, right? sorry if i'm wrong..
Dont trade like me..
  • #2,700
  • Dec 11, 2015 4:26am Dec 11, 2015 4:26am
be+1 now. Yeah meant 0950. Actually it's futures so there is some diff in price but same structure. My mt4 is stuck - can't run - so I can't check the spot price to tell you where I bought there.
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