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Forex Made Millionaire Thread for Blog Swing Trades

  • #1,301
  • Feb 22, 2016 7:51pm Feb 22, 2016 7:51pm
Quoting Geppy
As far as trading goes, we're seeing some good action right now. GBP/JPY made new lows (saweeeet!) as USD/JPY is breaking down a bit here. I want to see USD/JPY trade below the most recent lows at 112.30 then retest that level before adding any there. I'm pretty locked and loaded on GBP/JPY for now though. {image}
good call,
where is your TP for G/J?
  • #1,302
  • Feb 22, 2016 7:51pm Feb 22, 2016 7:51pm
Quoting openyoureyes
{quote} good call, where is your TP for G/J?
mmm... probably like 156.50 or thereabouts.
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  • #1,303
  • Feb 22, 2016 7:52pm Feb 22, 2016 7:52pm
Quoting Blackopal
Closed USD/JPY. look to go long 112.34
Ouch!
  • #1,304
  • Feb 22, 2016 7:53pm Feb 22, 2016 7:53pm
Quoting Geppy
{quote} mmm... probably like 156.50 or thereabouts.
Depends on how she reacts to this line:

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  • #1,305
  • Feb 22, 2016 7:54pm Feb 22, 2016 7:54pm
Quoting krismitt
{quote} Ouch!
Nothing like mixing impatience (not holding his shorts) with greed (trying to take the opposite side)
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  • #1,306
  • Feb 22, 2016 8:00pm Feb 22, 2016 8:00pm
Quoting Monteverde
{quote} If you're going to post about closing and reversing a position that most in the thread are following its very important to add detailed rationale and charts. This isn't a gambling thread to post tips, people are here to share insight. Posts like this can cause panic and make people close positions before they should. If you haven't got the time to post more detailed insights it's better not to post anything.

Fair point Monteverde. I thought it had run out of short term steam, and had hit support level where it had reversed previously. I had no intention of causing panic or undermining anyone's confidence, only posted my actions. My apologies to anyone offended. And the net result obviously didn't go well for me. Another of many lessons in the Forex world.
  • #1,307
  • Feb 22, 2016 8:06pm Feb 22, 2016 8:06pm
Well I leave for a couple of hours to work out and eat and I come back to USD/JPY down roughly 90 pips . I am still starter size, not quite sure where to add on this one, I haven't done enough due diligence to be honest to add at this point in time. I will post back with some charts with a more detailed plan. My TP I determined when I entered is 111.79 so I may just take the W and call it a day if/when that hits.
  • #1,308
  • Feb 22, 2016 8:07pm Feb 22, 2016 8:07pm
Quoting Geppy
{quote} Nothing like mixing impatience (not holding his shorts) with greed (trying to take the opposite side)

Geppy I find it hard to define "greed". At what point does an attempt to make profit become "greedy". Is it when the little player tries to make a bit of profit both ways on

movement, or when a big player tries to make 10 or 20 times as much profit by playing a one directional movement?
  • #1,309
  • Feb 22, 2016 8:10pm Feb 22, 2016 8:10pm
Quoting Blackopal
{quote} Geppy I find it hard to define "greed". At what point does an attempt to make profit become "greedy". Is it when the little player tries to make a bit of profit both ways on movement, or when a big player tries to make 10 or 20 times as much profit by playing a one directional movement?
It's both. Greed is what drives us to trade (obviously).

Greed isn't bad, it's the idea that you allowed greed to get mixed up with your impatience. That's why you got burned.
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  • #1,310
  • Feb 22, 2016 8:11pm Feb 22, 2016 8:11pm
Hey Geppy... I notice a bit of frustration from yourself and other active members of this thread because of FF members [newbies and veterans] posting content that doesn't really suit your thread. I notice your first post talks about your intentions, but it doesn't really set out the rules of the thread. I think it would be a great idea to update your first post with the inclusion of rules for your thread [You, and others, can then direct people back to the first post if needed].
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  • #1,311
  • Feb 22, 2016 8:13pm Feb 22, 2016 8:13pm
For me I stopped day trading exactly because of the 'greed' factor. I don't think it's greedy to make more money on a position that you hold for several days, mostly because in order to do that you have to do your homework and set stops and you go into your trade with a reasoned target of what you're aiming for profit wise.
Deviating from your trade to try and milk profit from every up and down turn is where the desire to make even more money can end up losing you money. It's why I stopped scalping, I much prefer doing some homework over the weekend then coming home to some decent profit on a Friday.

Anyway, any fellow traders holding onto their USD/CAD shorts for the long haul? Current retrace has eaten into my pips but I'm confident it has more room to go down. I'll post some charts later tonight when I'm off my phone and hope it's going south by then.
  • #1,312
  • Feb 22, 2016 8:20pm Feb 22, 2016 8:20pm
Quoting AussieForexM
Hey Geppy... I notice a bit of frustration from yourself and other active members of this thread because of FF members [newbies and veterans] posting content that doesn't really suit your thread. I notice your first post talks about your intentions, but it doesn't really set out the rules of the thread. I think it would be a great idea to update your first post with the inclusion of rules for your thread [You, and others, can then direct people back to the first post if needed].
I'll work on that later. For now, heading home to Mrs. Geppy
check out my blog: forexmademillionaire dot com
  • #1,313
  • Edited 8:33pm Feb 22, 2016 8:22pm | Edited 8:33pm
Quoting AussieForexM
Hey Geppy... I notice a bit of frustration from yourself and other active members of this thread because of FF members [newbies and veterans] posting content that doesn't really suit your thread. I notice your first post talks about your intentions, but it doesn't really set out the rules of the thread. I think it would be a great idea to update your first post with the inclusion of rules for your thread [You, and others, can then direct people back to the first post if needed].

And another good point made by you AussieForex. On most threads members post information about positions they have taken, and it is not assumed that everyone flocks to the one constant position together, or that anyone should be offended that another person might step off the chosen path and take initiative to make his own decision. As I mentioned in an earlier post, I have traded this pair in both directions for several weeks, and overall i am in front on it. And a look at current chart will quickly prove that it is quite possible that price will soon be back up to position I just took, and may exceed it in the near future. That prospect should frighten nor offend anyone, nor attract
accusations of being "greedy" or "burned".

Cheers all, and profitable trades to you
  • #1,314
  • Feb 22, 2016 8:27pm Feb 22, 2016 8:27pm
OK, once again I am still short USD/JPY with starter size, with initial entry price at 112.94. I will add if we break the channel on the 30min chart, or we move back up and test 50/100 move averages (for some reason ToS wont show these when I share screenshots using the built in system. Resistance is at ~112.83). First target is at 110.97. If we can break that prior low, will hold until 110.13 and begin looking at scaling out. I understand Geppy has his a goal at the 38.2% retracement at 106.69, not sure I will hold that long but that will be my next target to plan if we can hit that 110.13 level (which is support on the weekly chart).

Still looking at the other pairs from this weeks outlook, will post in depth on them if I enter them. I had a slow start to my analysis this week .

BTW, I am from Colorado, USA . Good luck to all!
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  • #1,315
  • Feb 22, 2016 8:30pm Feb 22, 2016 8:30pm
Quoting Geppy
{quote} I'll work on that later. For now, heading home to Mrs. Geppy
Happy Wife, Happy Life!
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  • #1,316
  • Feb 22, 2016 8:54pm Feb 22, 2016 8:54pm
Greed is not my problem. Fear of losing is my problem. Bailed out of USD/JPY with a 40 pip gain because of a small retrace, lost out on an additional 70 pips. Lesson learned I hope.
  • #1,317
  • Feb 22, 2016 9:10pm Feb 22, 2016 9:10pm
looks like i was wrong about the reversal yesterday.....knocked out at be....looking for something close to 112.8 to get short
  • #1,318
  • Feb 22, 2016 9:13pm Feb 22, 2016 9:13pm
Quoting Blackopal
{quote} And another good point made by you AussieForex. On most threads members post information about positions they have taken, and it is not assumed that everyone flocks to the one constant position together, or that anyone should be offended that another person might step off the chosen path and take initiative to make his own decision. As I mentioned in an earlier post, I have traded this pair in both directions for several weeks, and overall i am in front on it. And a look at current chart will quickly prove that it is quite possible that...
Dude, your posts are getting super annoying and passive aggressive.

Doubt you care, but one more and you're blocked.
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  • #1,319
  • Feb 22, 2016 9:15pm Feb 22, 2016 9:15pm
regarding G/J:
trading range is always huge, reversals are also huge.
it hurts bad to be on the wrong side if your money management is bad...

trading in the ''dead zone'' hurts the worst, breakout / reversals are easier entry points.

(-we cannot foresee the timing of it- there can be BoJ intervention)
  • #1,320
  • Feb 22, 2016 9:23pm Feb 22, 2016 9:23pm
Quoting LittleDoc
Greed is not my problem. Fear of losing is my problem. Bailed out of USD/JPY with a 40 pip gain because of a small retrace, lost out on an additional 70 pips. Lesson learned I hope.
Well that's exactly how amateurs react when looking at price quotes. My advice for you is to have a pre plan b4 any trade you make. Entry price, Profit target and stop loss. Once you intiate a trade and it goes your way by a substantial amount move your SL to at least break even. Psycology is a very important aspect of trading . You have to learn to put a pre plan and think of all possible scenarios and how to react b4 you enter a trade. Panic when prices goes against you and extra joy when prices goes your way are the real enemies . When you are really confident about your pre existing plan , you will be calm both ways .
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