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Mike's EURUSD Trading Room

  • #121
  • Jan 20, 2016 10:57am Jan 20, 2016 10:57am
Quoting mjrsaunders
{quote} I ended up closing up that short position for 24.5 pips. Obviously I would've made a bucketload more by holding to 1.090, but a reversal candle popped up right on a key level and my rule was that I'd close if that scenario occurred. Still an excellent trade... Spent a bit of time on some other pairs today, mostly the GBPUSD as volatility was really good during the session. Here's hoping none of us were short the CAD tonight... (it was fun to watch though!). Mike {image}
hey.

do you reverse immediately after closing a position?
or wait for another "signal"

whats your accounts market part. %?
win %?

and how do you deal with consecutive losses?

it is good to be not "greedy"
  • #122
  • Jan 20, 2016 10:59am Jan 20, 2016 10:59am
very difficult market for me today: there happened what I like to call a rythm change when we had that 10M engulfer at the top at the half hour ... were yesterday was very easy turned to bitching hard today ...
well, got more stuff for my trading diary ... hope they won't get me that hard next time ...
  • #123
  • Jan 20, 2016 12:09pm Jan 20, 2016 12:09pm
gratz on that trade mike....

i was a bit too scared to trade today...i traded my dicisions on my demo account and had severe losses ....good job it was the demo only.... i find it is a good backtesting for yourself to trade on the demo if youre not sure.
  • #124
  • Jan 20, 2016 12:22pm Jan 20, 2016 12:22pm
Quoting mjrsaunders
{quote} I ended up closing up that short position for 24.5 pips. Obviously I would've made a bucketload more by holding to 1.090, but a reversal candle popped up right on a key level and my rule was that I'd close if that scenario occurred. Still an excellent trade... Spent a bit of time on some other pairs today, mostly the GBPUSD as volatility was really good during the session. Here's hoping none of us were short the CAD tonight... (it was fun to watch though!). Mike {image}

Hey Mike,

Nice trade there

Uhm, since you are mentioning GU here I am wondering if we can discuss other pair trades besides EU, since the name of the thread is EU trading room ? I usually watch more pairs than just EU, and if you are OK with it, can we discuss those setups here too??
  • #125
  • Edited 7:04pm Jan 20, 2016 2:53pm | Edited 7:04pm
Quoting JustUsePrice
{quote} Hey Mike, Nice trade there Uhm, since you are mentioning GU here I am wondering if we can discuss other pair trades besides EU, since the name of the thread is EU trading room ? I usually watch more pairs than just EU, and if you are OK with it, can we discuss those setups here too??

I am watching USDCAD around 1.4430 to 1.4400 for a Long setup.
  • #126
  • Jan 20, 2016 5:14pm Jan 20, 2016 5:14pm
I shall join in Long at 1.440.... that is if he gets there

seems a prosperous idea though
  • #127
  • Jan 20, 2016 7:03pm Jan 20, 2016 7:03pm
I am liking a short position in AU around the current price
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  • #128
  • Jan 20, 2016 7:11pm Jan 20, 2016 7:11pm
If anyone trades Nasdaq . it is ready to hit upper boundary of a falling channel ... get ready to short this baby
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  • #129
  • Jan 20, 2016 7:57pm Jan 20, 2016 7:57pm
Quoting JustUsePrice
{quote} Hey Mike, Nice trade there Uhm, since you are mentioning GU here I am wondering if we can discuss other pair trades besides EU, since the name of the thread is EU trading room ? I usually watch more pairs than just EU, and if you are OK with it, can we discuss those setups here too??
Hey there,

I started this thread with the intention of getting a kind of roundtable discussion going with regard to trading using a variety of strategies and tactics in order to facilitate a higher quality ideas and trades for all participants. I figured I'd keep things simple and stick with just the EURUSD, but in reality as long as the main purpose of the thread is fulfilled I'm quite content; if you want to post ideas for other instruments be my guest. So long as the thread doesn't get cluttered with useless or indeed too much information then I think we'll be all right.

I had a look at changing the name of the thread but it's been too long since I started it now apparently.

Mike
Understanding yourself is synonymous with understanding the markets.
  • #130
  • Jan 20, 2016 8:03pm Jan 20, 2016 8:03pm
Quoting swatti
gratz on that trade mike.... i was a bit too scared to trade today...i traded my dicisions on my demo account and had severe losses ....good job it was the demo only.... i find it is a good backtesting for yourself to trade on the demo if youre not sure.
Hey Swatti,

That was a pretty crazy session, I won't lie. The EURUSD had a substantial sell-off, JPY went haywire and the CAD interest rate decision all made volatility pretty high. Don't forget the ECB rate decision is tonight. Could be an interesting one.

Demo trading is great for learning the basics, but one thing I've found that helped me a lot was using a small micro lot account (say, $100) and using that for practice. The fact that your trades are with real money adds a whole new level of reality to your trading. Of course it's difficult to simulate higher-risk trading without actually using large position sizes in a real trading environment, but getting as close as you can to the real thing makes the quality of learning all the better in my books. Something to consider

Mike
Understanding yourself is synonymous with understanding the markets.
  • #131
  • Jan 20, 2016 8:10pm Jan 20, 2016 8:10pm
Quoting cvds16
very difficult market for me today: there happened what I like to call a rythm change when we had that 10M engulfer at the top at the half hour ... were yesterday was very easy turned to bitching hard today ... well, got more stuff for my trading diary ... hope they won't get me that hard next time ...
It's good to see you use a trading journal, if you didn't then those losses might've been a complete waste. I think if you can come out of a trading day having learnt a positive lesson of some kind then you have made a gain overall. You may have paid for it, but ultimately through reflection you'll come out on top in the end. I do video journals using a program called Open Broadcaster Software. I have a keybind set up to instantly start recording, recording my views at that time... perhaps my rationale for entering a trade etc. and then stop recording. I do that several times a day, in fact I'll usually force myself to start recording whenever I'm considering action of any kind.

Hopefully the rest of your week goes well .

Mike
Understanding yourself is synonymous with understanding the markets.
  • #132
  • Jan 20, 2016 8:20pm Jan 20, 2016 8:20pm
Quoting JustUsePrice
I am liking a short position in AU around the current price {image}
lol saw this too got in at .6936 risking .05% for 3%
  • #133
  • Jan 20, 2016 8:26pm Jan 20, 2016 8:26pm
Quoting openyoureyes
{quote} hey. do you reverse immediately after closing a position? or wait for another "signal" whats your accounts market part. %? win %? and how do you deal with consecutive losses? it is good to be not "greedy"
Hi openyoureyes,

Welcome to the thread! To answer your questions:

 

  1. Depending on the kind of trade I'm in, I normally will not reverse immediately. You'll notice from some of my charts that I prefer to get short at the top of a higher time frame channel and long at the bottom. This is because I believe that buying/selling momentum is slightly stronger in the direction of that trade. Given this, I would not immediately reverse my position unless I have reason to enter a counter-trend position. Shorter version: I need more than just price action confirmation to make a trade, I'll use anything from fibonnaci, supply/demand zones, channels to arrays (pitchforks) and round levels. I will often close trades with PA confirmation at key levels though (I like to protect my equity, and tend to err on the side of caution).
  2. My win percentage as of right now is exactly 52% for both short and long positions. I'll normally close for 2:1 or better, for example last night's EU trade was 2.5:1 before commission.
  3. As I've developed as a trader I've become a lot more comfortable with taking losses. This week's actually been a tough one for me... on Monday I took 4 hits in a row so I decided to stop trading entirely. In essence I try to keep my eyes on the goals that I've set for myself and to make sure that if I'm in front of my trading desk with the charts open that I have plenty of opportunities to consider. Where I get into trouble is when I take a few losses and subconsciously make it my mission to take back the money... this can be really damaging because if the market isn't giving me good opportunities then I'll actually end up taking trades that I shouldn't be giving a second glance. I was actually planning on writing a post about this exact issue in my other thread, so look out for that.

I hope that answers your questions.

Mike

Understanding yourself is synonymous with understanding the markets.
  • #134
  • Jan 21, 2016 3:02am Jan 21, 2016 3:02am
long the 4H engulfer @ 1.0898
  • #135
  • Jan 21, 2016 3:59am Jan 21, 2016 3:59am
Quoting mjrsaunders
{quote} Hey Swatti,Demo trading is great for learning the basics, but one thing I've found that helped me a lot was using a small micro lot account (say, $100) and using that for practice. The fact that your trades are with real money adds a whole new level of reality to your trading. Of course it's difficult to simulate higher-risk trading without actually using large position sizes in a real trading environment, but getting as close as you can to the real thing makes the quality of learning all the better in my books. Something to consider ...

thats exactly what im doing right now...
i have a live account and just trade micros. and even that brings my heartbeat up pretty high. it has become better.
as im a trading beginner i have to learn to cope with the pressure. build up psychological strengh. Thank you for your answer and your clues. they will come in handy.
  • #136
  • Edited 11:06am Jan 21, 2016 9:36am | Edited 11:06am
Quoting JustUsePrice
{quote} I am watching USDCAD around 1.4430 to 1.4400 for a Long setup.


Now then im in on a long position on this baby..... entered at 1.4375....

lets hope the support at 1.4343 holds up and he turns for a nice long towards the resistance at 1.4690






quicke resume....

Trade went the wrong direction. i started off with a micro lot. and hedged it with three micros.... i went out of the trade with 5 € plus
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  • #137
  • Jan 21, 2016 11:07am Jan 21, 2016 11:07am
Quoting swatti
{quote} Now then im in on a long position on this baby..... entered at 1.4375.... lets hope the support at 1.4343 holds up and he turns for a nice long towards the resistance at 1.4690 {image}
Hmm, that didn't quite work out as planned with the OIL numbers coming out and helping out the oil and thus the CAD. Although I would've thought that the price of oil should go down with those number but oh well .... My overall sentiment for oil is down and thus USDCAD sentiment is up. So now I would be bargain hunting for Long position on the USDCAD .. but this all depends on your level of risk and how much you can stomach
  • #138
  • Jan 21, 2016 11:09am Jan 21, 2016 11:09am
Quoting JustUsePrice
{quote} Hmm, that didn't quite work out as planned with the OIL numbers coming out and helping out the oil and thus the CAD. Oh well, you win some u lose some NEXTTTTT
came out positive as i hedged it....
  • #139
  • Jan 21, 2016 11:19am Jan 21, 2016 11:19am
Quoting swatti
{quote} came out positive as i hedged it....

Good stuff .. how did u hedge?? Using oil ??
  • #140
  • Jan 21, 2016 11:29am Jan 21, 2016 11:29am
Quoting JustUsePrice
{quote} Good stuff .. how did u hedge?? Using oil ??
hedged it with USD/CAD... after it broke the support at 1.4343 i entered short with 3 micros.... im not sure if that is a wise thing to do, as im pretty new to daytrading. but i did it on several occasions and always came out positive ...till now....


mind you, i only trade micros. guess the pressure would be too high for me if i traded higher lots.

so up to now i have a negative balance of 76 cents in my trading journal. my first trades went bad and knocked a lot of my money to the heavens. nearly back to status quo now
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