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Forex Made Millionaire Thread for Blog Swing Trades

  • #841
  • Feb 17, 2016 4:10am Feb 17, 2016 4:10am
Could be unwise shorting the dragon while UJ stays above 114.00
  • #842
  • Feb 17, 2016 4:11am Feb 17, 2016 4:11am
Quoting Pip-Miner
{quote} added position after 150 pip spike at 163..
Pip miner, Just added my short @ 162.85, gutted that it spiked back to the 163.42 as per last night.

Managed to back the 105 pips this morning but anticipated lower, then it bounced and hit my Stop loss, so ended up with around 40 pips total. But lets see what happens from here...

Am new to all this so bare with me, Learner in the forum.
  • #843
  • Feb 17, 2016 4:15am Feb 17, 2016 4:15am
Quoting shiva
Could be unwise shorting the dragon while UJ stays above 114.00
dragon had been shorted since 166, these are add ons
  • #844
  • Feb 17, 2016 4:19am Feb 17, 2016 4:19am
Stops hit at BE.
I'm eyeballing the situation.
Will either sit out or a smaller short.
  • #845
  • Feb 17, 2016 4:23am Feb 17, 2016 4:23am
Quoting shiva
Could be unwise shorting the dragon while UJ stays above 114.00
Agree, would wait till cable and uj get to resistance...s&p also moving
  • #846
  • Feb 17, 2016 4:25am Feb 17, 2016 4:25am
Wiped out - should have taken the 100 pips . put it down to experience.
  • #847
  • Feb 17, 2016 4:33am Feb 17, 2016 4:33am
163.98 should hold
  • #848
  • Feb 17, 2016 4:44am Feb 17, 2016 4:44am
Quoting Pip-Miner
163.98 should hold
Hey Pip-Miner what does 163.98 relate to? I see it bounced of that point 19.01.2016
Don't Leave Money on the Table
  • #849
  • Feb 17, 2016 4:55am Feb 17, 2016 4:55am
Quoting RadboneFX
Wiped out - should have taken the 100 pips . put it down to experience.
sad where was your stop loss this thing has an average daily range of 324 pips ..
  • #850
  • Feb 17, 2016 4:57am Feb 17, 2016 4:57am
Quoting Pip-Miner
{quote} sad where was your stop loss this thing has an average daily range of 324 pips ..
100 pips behind entry. I put a trailing stop of 60 pips on last night. was hit today. 100 pips up to nothing in a morning.
  • #851
  • Feb 17, 2016 5:12am Feb 17, 2016 5:12am
guys if I add a position its averaged in and has no stop loss at all since I been shorting this since 166. if I do add a stop loss its behind major resistance like at a daily, weekly level. addins on dragon are at least 150 pips apart, how I trade this beast, for all its worth
  • #852
  • Feb 17, 2016 5:47am Feb 17, 2016 5:47am
Take care guys, dragons sometimes fly high. This 4H Pinbar is ugly and could provoke a quick move towards 167.30.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPYH4.png Size: 34 KB
consistency wins
  • #853
  • Feb 17, 2016 6:46am Feb 17, 2016 6:46am
Pairs across the board have gone to neutral, many sitting around their ema.20 line. Thinking of closing out & waiting to reenter.
  • #854
  • Feb 17, 2016 7:08am Feb 17, 2016 7:08am
Closed out. Had +160 pips at 03:00 ET (= 08:00 Z =UTC=GMT = Euro pros at their desks). Closed ~even. GJ now looking near term bullish. But, quite possible I made mistake in closing.
  • #855
  • Feb 17, 2016 7:56am Feb 17, 2016 7:56am
Quoting Pip-Miner
guys if I add a position its averaged in and has no stop loss at all since I been shorting this since 166. if I do add a stop loss its behind major resistance like at a daily, weekly level. addins on dragon are at least 150 pips apart, how I trade this beast, for all its worth
I think Pip-Miner is nailing it here without actually explaining it in detail.

Reading back since last night (good morning btw!), I see people adding at 162.50 which wasn't a terrible place to do it. Where it seems people went wrong is they added too much.

Pyramiding works when you start with a medium-sized position. Say you sold 4 mini lots at 165.00. Then maybe you add 2 minis at 164.00 so you have an average of 164.66 now. Then the next place you add is 163.30 with another 2 mini lots. Now you have 8 minis on with an average of 164.32. Then if you added at 162.5 last night, say another 2 minis, you're still ok. Your average would still be well in the money at 163.95 even with the current retrace to 163.50.

Instead, it seems people added too much to their position. There's no other explanation for being stopped out.

I'm actually like this price action. We needed a breather as it didn't feel to me last night like it was ready to drop (although you never know, so you hold!). The CCI on the 1 hour seems over extended now and it feels like this was a healthy correction.

USD/CAD is also looking decent. Slow gong there, but going in our direction.
check out my blog: forexmademillionaire dot com
  • #856
  • Feb 17, 2016 8:01am Feb 17, 2016 8:01am
I'm still in the GJ shorts. I added on 2 more trades. Currently i'm short from 164.52, 163.54, and 163.17. The move up from 161.5 hints that there is interest in buying the pound or selling the yen but i don't think just that alone makes enough of a bull case.

London open can be pretty wild sometimes, couple that with news and you get action.

Attached Image (click to enlarge)
Click to Enlarge Name: gj 2016.02.17.png Size: 191 KB


As for the Ucad trade, still in it. I wanted to add on a position around 1.384 but was busy yesterday, so i'll be looking for a pull back to make an entry.

Attached Image (click to enlarge)
Click to Enlarge Name: Ucad 2016.02.17.png Size: 188 KB
  • #857
  • Feb 17, 2016 8:05am Feb 17, 2016 8:05am
Quoting Geppy
{quote} I think Pip-Miner is nailing it here without actually explaining it in detail. Reading back since last night (good morning btw!), I see people adding at 162.50 which wasn't a terrible place to do it. Where it seems people went wrong is they added too much. Pyramiding works when you start with a medium-sized position. Say you sold 4 mini lots at 165.00. Then maybe you add 2 minis at 164.00 so you have an average of 164.66 now. Then the next place you add is 163.30 with another 2 mini lots. Now you have 8 minis on with an average of 164.32....

My mistake was exactly how you describe it here . I wasnt sure on the stop distance from entry - thats why I was asking last night. so is it a good rule to set the stop 50% of daily movement? so 150 for gbp/jpy?
  • #858
  • Feb 17, 2016 8:34am Feb 17, 2016 8:34am
I let the chart tell me where to place my stop loss. If I am risking 50 pips I look for at least a 150 profit.
  • #859
  • Feb 17, 2016 8:37am Feb 17, 2016 8:37am
I dont understand what just happened? Can anyone give me a clue?
  • #860
  • Feb 17, 2016 8:40am Feb 17, 2016 8:40am
Quoting RadboneFX
I dont understand what just happened? Can anyone give me a clue?
The sudden Down move was because of GBP/USD ��
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