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  • #3,481
  • May 10, 2017 12:10pm May 10, 2017 12:10pm
Quoting faatkumo
{quote} Nice Seems like you don't necessarily pay mind to relevant red flag news such as this one for USD crude oil inventories?
Crude Inventories will move USDCAD (possibly USDJPY), not GU.
  • #3,482
  • May 10, 2017 12:25pm May 10, 2017 12:25pm
Quoting faatkumo
{quote} Nice Seems like you don't necessarily pay mind to relevant red flag news such as this one for USD crude oil inventories?
I am always aware of red news. Trades I took today were well before that one and I had all ready locked in my profit or had a trailing stop on. If I see red news coming up affecting by potential pair trade I will usually hold off.
  • #3,483
  • May 10, 2017 12:55pm May 10, 2017 12:55pm
Attached Image (click to enlarge)
Click to Enlarge Name: TooSlow1.png Size: 54 KB
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,484
  • May 10, 2017 1:18pm May 10, 2017 1:18pm
Quoting hal7
{quote} I am always aware of red news. Trades I took today were well before that one and I had all ready locked in my profit or had a trailing stop on. If I see red news coming up affecting by potential pair trade I will usually hold off.
thanks makes sense.
  • #3,485
  • May 10, 2017 3:14pm May 10, 2017 3:14pm
7 wins
Did have a 14pip SL on EURCHF. I try to keep SL at next highest/lowest price 100/50 level naturally. I don't know if anyone else does that.
The 1 loser i couldn't stomach anymore USDCHF, even though it technically should still be in play as I had a large 13 pip SL
Please feel free to comment i need guidance.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPAUD.jpg Size: 215 KB
Click to Enlarge Name: EURCAD.jpg Size: 195 KB
Click to Enlarge Name: EURCHF.jpg Size: 134 KB
Click to Enlarge Name: CADJPY.jpg Size: 178 KB
Click to Enlarge Name: NZDCHF.jpg Size: 158 KB
Click to Enlarge Name: usdchf.jpg Size: 147 KB
Click to Enlarge Name: USDCAD.jpg Size: 188 KB
Click to Enlarge Name: audusd.jpg Size: 154 KB
  • #3,486
  • May 10, 2017 4:22pm May 10, 2017 4:22pm
Quoting faatkumo
7 wins Did have a 14pip SL on EURCHF. I try to keep SL at next highest/lowest price 100/50 level naturally. I don't know if anyone else does that. The 1 loser i couldn't stomach anymore USDCHF, even though it technically should still be in play as I had a large 13 pip SL Please feel free to comment i need guidance. {image} {image} {image} {image} {image} {image} {image} {image}
Good stuff. You're for sure on the right track and are well on the way to developing your own style. I'd make one comment and that is to be cautious about pairs with the CHF attached, as the Swiss National Bank manipulates that on a regular basis and with little to no warning.

Using the SweetSpots indicator is also a good call and I also make use of that, I just don't usually show it on posted charts as it can get a bit busy.
  • #3,487
  • May 10, 2017 4:45pm May 10, 2017 4:45pm
Quoting lemercenaire
{quote} Good stuff. You're for sure on the right track and are well on the way to developing your own style. I'd make one comment and that is to be cautious about pairs with the CHF attached, as the Swiss National Bank manipulates that on a regular basis and with little to no warning. Using the SweetSpots indicator is also a good call and I also make use of that, I just don't usually show it on posted charts as it can get a bit busy.

Seriously Lem!
I was watching the USDCHF, and i just couldn't take it anymore.
literally a rollercoaster. I almost lost all all profit off of 2-3 wins!
How does the Swiss National Bank Manipulate this? Like they know trades do a 1-2-3 approach and they'll trap us?
How do you use SL with sweetspots? close to my approach? or different?


SL really makes the different between all winning profit and one loss.
Also i tend not to take trades more than 15 pips from close, although i do see Hal do this. Hal how do you justify a 15+pip SL when 80% target is usually 5 Pip? Even at that it's a 3:1 risk reward, correct me if I'm wrong.
But then again TooSlow mentioned good SLs are at the Highest point or Lowest point of new High or new Low.
  • #3,488
  • May 11, 2017 3:20am May 11, 2017 3:20am
Trying this method out during this hour.
I just got smacked and lost all 3 trades.
audjpy
nzdjpy
eurjpy


Why does it seem this hour was a terrible hour to test this?
4am est
  • #3,489
  • May 11, 2017 3:51am May 11, 2017 3:51am
Quoting faatkumo
Trying this method out during this hour. I just got smacked and lost all 3 trades. audjpy nzdjpy eurjpy Why does it seem this hour was a terrible hour to test this? 4am est
Hi FK,

are you entering too early?
What I mean is, you are waiting for price to move away to retest the previous candle high/low.....before hitting the button?

If you don't wait, then you will possibly be in a trade that will more than likely fail.

And I don't know why you would have got smashed on EURJPY.......it looks like a good trade.....if you could have gotten on it.

Cheers
Michael
  • #3,490
  • May 11, 2017 3:55am May 11, 2017 3:55am
Quoting faatkumo
Trying this method out during this hour. I just got smacked and lost all 3 trades. audjpy nzdjpy eurjpy Why does it seem this hour was a terrible hour to test this? 4am est
It could be the trading gods are aligning against you this morning. There is a lot of news on the horizon so would be cautious today. Also some days are just funky and you have to be more selective. As far as the stop loss question you posed. I do try to avoid the larger ones yes. But sometimes I do take them. I don't focus on them primarily but pay more attention to what price is doing. You might ask TooSlow about rules that state never take a trade with more than 15 sl or a specific 3:1 trade ratio. He cautioned me once when I had a large stop trade but don't think there are specific rules.
  • #3,491
  • May 11, 2017 3:55am May 11, 2017 3:55am
Quoting faatkumo
Trying this method out during this hour. I just got smacked and lost all 3 trades. audjpy nzdjpy eurjpy Why does it seem this hour was a terrible hour to test this? 4am est
You're also tripling your exposure by running three trades against the JPY.
  • #3,492
  • May 11, 2017 4:03am May 11, 2017 4:03am
Attached Image (click to enlarge)
Click to Enlarge Name: 51117123 eu.png Size: 18 KB

Took this EU last hour and got in late but managed to secure my +6 profit locked.
  • #3,493
  • May 11, 2017 4:45am May 11, 2017 4:45am
Attached Image (click to enlarge)
Click to Enlarge Name: 51117123cf.png Size: 17 KB

Took the evil CF long this hour and locked +5.
  • #3,494
  • May 11, 2017 6:01am May 11, 2017 6:01am
Attached Image (click to enlarge)
Click to Enlarge Name: 51117123gu.png Size: 17 KB

A riskier trade this morning I was able to secure my +5 lock. Bigger stop and got out just in the nick of time with the news release. Warning do not attempt such trades at home.
  • #3,495
  • May 11, 2017 6:52am May 11, 2017 6:52am
My earlier EU trade is +20 now on a 10 trailer.
  • #3,496
  • May 11, 2017 7:23am May 11, 2017 7:23am
Attached Image (click to enlarge)
Click to Enlarge Name: 51117123eg.png Size: 17 KB

Been kickin' it pretty good today took this EG short got the profit and then some.
  • #3,497
  • May 11, 2017 7:56am May 11, 2017 7:56am
Quoting faatkumo
{quote} Seriously Lem! I was watching the USDCHF, and i just couldn't take it anymore. literally a rollercoaster. I almost lost all all profit off of 2-3 wins! How does the Swiss National Bank Manipulate this? Like they know trades do a 1-2-3 approach and they'll trap us? How do you use SL with sweetspots? close to my approach? or different? SL really makes the different between all winning profit and one loss. Also i tend not to take trades more than 15 pips from close, although i do see Hal do this. Hal how do you justify a 15+pip SL when 80%...
How does the Swiss National Bank Manipulate this?

Some articles that explain it better than I could...

https://en.wikipedia.org/wiki/Currency_intervention
https://www.snb.ch/en/iabout/monpol/id/qas_gp_ums_1
http://www.zerohedge.com/news/2017-0...ipulation-2016
http://sevenpillarsinstitute.org/cas...y-intervention
http://www.economist.com/blogs/econo...st-explains-13
  • #3,498
  • May 11, 2017 7:59am May 11, 2017 7:59am
Quoting faatkumo
{quote} Seriously Lem! I was watching the USDCHF, and i just couldn't take it anymore. literally a rollercoaster. I almost lost all all profit off of 2-3 wins! How does the Swiss National Bank Manipulate this? Like they know trades do a 1-2-3 approach and they'll trap us? How do you use SL with sweetspots? close to my approach? or different? SL really makes the different between all winning profit and one loss. Also i tend not to take trades more than 15 pips from close, although i do see Hal do this. Hal how do you justify a 15+pip SL when 80%...
How do you use SL with sweetspots?

It's simply that SweetSpots on a chart gives a really quick visual guide as to where price is in relation to your entry, as sometimes getting in on a fast-moving trade means that there is no time to initially set up a hard-stop.

Plus it makes it easy to see all those Big Round Numbers etc., which are significant sl and tp levels for many.
  • #3,499
  • May 11, 2017 8:02am May 11, 2017 8:02am
Attached Image (click to enlarge)
Click to Enlarge Name: TooSlow2.png Size: 58 KB
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,500
  • May 11, 2017 10:30am May 11, 2017 10:30am
Quoting MichaelG
{quote} Hi FK, are you entering too early? What I mean is, you are waiting for price to move away to retest the previous candle high/low.....before hitting the button? If you don't wait, then you will possibly be in a trade that will more than likely fail. And I don't know why you would have got smashed on EURJPY.......it looks like a good trade.....if you could have gotten on it. Cheers Michael
Sorry it was just those two and not the eurjpy. It was too early in morning to figure that.


Also do i do wait for price to move then i move my sell/buy stops over to those levels.
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