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  • #61
  • Aug 8, 2016 1:32pm Aug 8, 2016 1:32pm
I bailed out of my CADJPY long. For a momentum trader like myself, stops are used to protect against spikes , but if a pair I am expecting to go up, starts drifting lower and starts settling down below my entry price i do not hesitate to cut the cord. I am not married to any position, and i have learned the hard way that there is no shame in getting out with a half percent, 1 percent or even 2 % loss.

Never ever add to a losing position, unless you want to spread your entry in two orders to get a better entry price. When you end up losing 5-10 % on a trade, thats when you start making newbie mistakes and thats when you risk ruin.

Remember traders, there is always another day!
Its all in the mind.
  • #62
  • Aug 8, 2016 1:34pm Aug 8, 2016 1:34pm
There are no home runs in trading. There are old traders and there are BOLD traders in forex market. But there are no Old and Bold traders. In forex, or in any market you trade, you build an empire with one percent, 2 percent at a time. If you are a BIG, swinging dick in FX, chances are you won't last long.

Remember, compound interest is the strongest force in the world.
Its all in the mind.
  • #63
  • Aug 8, 2016 1:40pm Aug 8, 2016 1:40pm
Intresting please more example subscribe.

Best regards
  • #64
  • Aug 8, 2016 9:27pm Aug 8, 2016 9:27pm
Seems the retreat on AUD is starting to take fruition. Mastermind had a good Sell level on the AUDUSD. CAD also showing weakness. I've taken a CADCHF Short with a 2/1 Reward to risk ratio:
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“The most valuable commodity I know of is information”
  • #65
  • Aug 8, 2016 10:21pm Aug 8, 2016 10:21pm
Quoting ClipperFX
Seems the retreat on AUD is starting to take fruition. Mastermind had a good Sell level on the AUDUSD. CAD also showing weakness. I've taken a CADCHF Short with a 2/1 Reward to risk ratio: {image}
considering that u r looking at the hourly chat, i suppose u r looking for an intraday trade. On the daily, i have opposite signals where i see AUD strength and CAD strengthening as well !
  • #66
  • Aug 8, 2016 10:36pm Aug 8, 2016 10:36pm
Quoting 1colinfirst
{quote} on a short term of the next 2 weeks or so, i have a preference for eurusd longs. considering that UC is inversely related, i would favor UC short. depends on the time period of your trade though.
Most things in trading are relative including the TF but they are also inter-related too.

Just remember that correlation (inverse, positive, negative) between pairs is NOT fixed over all time .... it actually varies.

USDCAD vs. EURUSD [H1 TF]

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USDCAD vs. EURUSD [D1 TF]

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http://www.myfxbook.com/forex-market.../USDCAD-EURUSD

Post some charts on your EU longs and what you are thinking?

Masterrmind.............
Master your Mind then Master your Trades
  • #67
  • Aug 8, 2016 10:42pm Aug 8, 2016 10:42pm
Quoting Masterrmind
{quote} Most things in trading are relative including the TF but they are also inter-related too. Just remember that correlation (inverse, positive, negative) between pairs is NOT fixed over all time .... it actually varies. USDCAD vs. EURUSD [H1 TF] {image} USDCAD vs. EURUSD [D1 TF] {image} http://www.myfxbook.com/forex-market.../USDCAD-EURUSD Post some charts on your EU longs and what you are thinking? Masterrmind.............
i agree that the amount of correlation varies over time. But i wasnt talking about correlation at all in my post. was i?
  • #68
  • Aug 8, 2016 10:49pm Aug 8, 2016 10:49pm
Quoting 1colinfirst
{quote} i agree that the amount of correlation varies over time. But i wasnt talking about correlation at all in my post. was i?
"on a short term of the next 2 weeks or so, i have a preference for eurusd longs. considering that UC is inversely related, i would favor UC short. depends on the time period of your trade though." by 1colinfirst

I believe you did!

Masterrmind...........
Master your Mind then Master your Trades
  • #69
  • Aug 8, 2016 10:54pm Aug 8, 2016 10:54pm
Quoting Masterrmind
{quote} "on a short term of the next 2 weeks or so, i have a preference for eurusd longs. considering that UC is inversely related, i would favor UC short. depends on the time period of your trade though." by 1colinfirst I believe you did! Masterrmind...........
CAD News just keeps getting worse Mastermind. the Sentiment on the CAD pair is down significantly. What is holding it at its current level and why do you think it will strengthen?
“The most valuable commodity I know of is information”
  • #70
  • Aug 8, 2016 11:03pm Aug 8, 2016 11:03pm
Quoting Masterrmind
{quote} "on a short term of the next 2 weeks or so, i have a preference for eurusd longs. considering that UC is inversely related, i would favor UC short. depends on the time period of your trade though." by 1colinfirst I believe you did! Masterrmind...........
ah ok. my mistake. i thought you had quoted a different post of mine. sorry. Technically, EURUSD is right on the 200 daily SMA which is always a good guide as a support and trend- giver, used by big fund managers. Fundamentally, the Euro will always be well supported especially with the decline in the pound.
  • #71
  • Aug 8, 2016 11:47pm Aug 8, 2016 11:47pm
Quoting ClipperFX
{quote} CAD News just keeps getting worse Mastermind. the Sentiment on the CAD pair is down significantly. What is holding it at its current level and why do you think it will strengthen?
I agree with you.

I don't think the CAD is necessarily on a march towards strength.

+++++++++++++++++++++++++++++++++++++++++++++++++++++

The short I took on UC was a short term opportunistic entry looking for a few pips in profit.

Don't let the lower TP make you think that I am strongly biased towards a sharp drop in the pair... I am not.

The entry was based on an order flow and PA technical approach and based on a possible pullback in price.

How far price decides to drop cannot be accurately gauged.

The best part about this trade is the trade management side and where I exited the trade for a small 3.4 pip gain when I did.

Based on initial SL (above recent structure highs and just above the 1.32 handle) and TP levels if I had of remained in the trade I'd still be in it but DD would be -30 pips or so (stop located above the high or about 60 pips or so from entry).

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Happy to be out of the trade however, I still may look to enter short again for maybe 10-20 pips.

ps. I often follow PA, read the order flow and get out of the trade when it makes sense to do so.

Lets see!

Masterrmind............
Master your Mind then Master your Trades
  • #72
  • Aug 9, 2016 5:10am Aug 9, 2016 5:10am
Quoting 1colinfirst
a long on EURGBP looks interesting as well !
dont want to make it sound like 'i told you so' but indeed 'i told you so' .
  • #73
  • Aug 9, 2016 8:44am Aug 9, 2016 8:44am
Quoting 1colinfirst
{quote} considering that u r looking at the hourly chat, i suppose u r looking for an intraday trade. On the daily, i have opposite signals where i see AUD strength and CAD strengthening as well !
as expected AUD and CAD strengthening. AUDUSD going up and USDCAD going down.
  • #74
  • Aug 9, 2016 11:28am Aug 9, 2016 11:28am
hello...im a beginner on trading so im still on my practice account but i keep placing incorrect trades, even when i use indicators....its like i keep going against the market........please help id like to have accurate trades before i start my live account
  • #75
  • Aug 9, 2016 12:12pm Aug 9, 2016 12:12pm
Quoting 5abi
I aim to make at least as much as I risk, ideally double. My long-term system +ve expectancy is around 70 %. Therefore, 70 % of the times I am right.
Your ratio of risk to reward and your percentage win rate both seem quite high for a trend trading strategy. You're obviously managing your position size very effectively - can you share a little more about your exit methods for individual trades?
  • #76
  • Aug 9, 2016 1:09pm Aug 9, 2016 1:09pm
Price action all day... Caught the move just before GBP fell.....
Currently up +650 pips on GBPNZD....
A bit tentative on whether to let it float through the RBNZ rate announcement tomorrow.. could go either ways..
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Any advice guys?
  • #77
  • Aug 9, 2016 3:13pm Aug 9, 2016 3:13pm
Quoting Masterrmind
{quote} "on a short term of the next 2 weeks or so, i have a preference for eurusd longs. considering that UC is inversely related, i would favor UC short. depends on the time period of your trade though." by 1colinfirst I believe you did! Masterrmind...........
I would long from the trendline only. Not now, to much risk for that. Looks appealing and might go north from here, but rather wait and buy bigger with less risk.

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  • #78
  • Aug 9, 2016 8:15pm Aug 9, 2016 8:15pm
Quoting attilafx
{quote} I would long from the trendline only. Not now, to much risk for that. Looks appealing and might go north from here, but rather wait and buy bigger with less risk. {image}
well, i am already long since yesterday morning and making pips.
  • #79
  • Aug 9, 2016 8:31pm Aug 9, 2016 8:31pm
Quoting attilafx
{quote} I would long from the trendline only. Not now, to much risk for that. Looks appealing and might go north from here, but rather wait and buy bigger with less risk. {image}
Yes I have not taken any EU trades at all .... not the right chart structure for my liking unless you want to apply really wide stops.

I've been taking a few more UCad shorts though only a handful of pips but not in any positions at this time.

Price did eventually break down though after some effort.

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Unfortunately it occurred whilst I slept!

Observation time now.

Masterrmind............
Master your Mind then Master your Trades
  • #80
  • Aug 9, 2016 9:25pm Aug 9, 2016 9:25pm
GU - possible short setup

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Masterrmind...........
Master your Mind then Master your Trades
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