Inner Circle Trader's Pro Traders Club 2012 - 2013 Series - Page 501
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  1. #5001
    Join Date
    Nov 2011
    Posts
    49
    Anyone got to short fiber today?>

  2. #5002
    Join Date
    Nov 2011
    Posts
    2,487
    Quote Originally Posted by didko View Post
    Anyone got to short fiber today?>
    No, but I exited my long yesterday evening (luckily!), took my 30 pips and ran - reason - US10yr started to rise at 18.00gmt - the usdx was still falling and also Bund - usdx triad div - when I see that with US news next day that's enough for me to get out.

  3. #5003
    Join Date
    Sep 2011
    Posts
    39
    Hi Mostwantedpip.

    I feel your emotional pain and I can relate to it. It sometimes feel like forex really sucks. I also allowed myself to fall in the trap of waiting for the market to turn in my favour and doing some serious damage to the profits I have acquired for the past 3 months. Until last week I had traded my account from 2000 to $3140 by just using ICT's simple and most basic tools(OTE's, Fibs and S/R key levels). I allowed that streak of success to get in my head and started to water down the importance of risk management. I then went against all my rules that I had set for myself: trading against trend by going long with the yen when the trend was just so strong, I adamantly refused to use a stop loss, I traded outside of kill zones and started watching pairs I never planned to trade and some other foolish things I did. That caused me lose over 40% of the total profits made the past three months. Its the most crazy thing that has ever happened to me. In a way I think its a 'good' thing that happened to me because it makes me realise that I have not figured it all yet and that I have got to respect the markets for what it is. Indeed the most difficult thing that in this business is to master ourselves, we make or break ourselves in this business and we can never lose sight of the fact that we can do a lot emotional damage to ourselves if we don't stick to the rules. Its all on us infact its all on me and I have since then taken responsibility for the foolish act that occurred since last week.
    So my friend take heart, and lets pick ourselves up again and move on...for SUCCESS awaits us.hehe

    PS: For those who are interested to see what happened u have it here: Fx-Undiscovered System | Myfxbook

    Feel free to give me a good lashing but please not on this thread. It could be through the msg system of myfxbook. I will be happy to accept any strong criticisms and counsel for it is what I need at this moment.



    Quote Originally Posted by mostwantedpip View Post
    OK been meaning to post this since the day it happened,
    but i was overwhelmed emotionally and didn't really know what to write. Well one thing that life thought me is that time heals everything. So i wanted to take this opportunity and write up by BIG F@@K UP on this Thursday's trading that i did. (pardon my French)

    I have been posting pretty much all my trades so far and it seems like no one post's bad trades or mistakes ect, well i must admit its very hard for me to come out and post this, especially it being so bad, but on Thursday i ended up losing little over 13% of my account due to my stupidity going, counter trended and not analysing the market as well as i should have.

    Plus completely loosing control of my emotions and getting hit by that train every one talks about. Overtrading, revenge trading you name it i don't even know what happened to me, i lost complete control of my self!

    The week started great for me i caught the large move that we had on Monday @ NYO risked 1% made 2%.
    Everything was going fine, i planned the week ahead identified Key S/R levels 1.3120 and 1.3170 and decided that if price reaches them levels most likely it will bounce for 20 pips or so i set double tap orders around them levels risked 2% split in them in to half, first portion TP was set @20 pip profit second was going to be set to Be once price bounced at least 20 pips and let the reminder run.
    The day started great everything was going well, but reflecting on all of this back i gambled that day with them 2 limit orders you may ask why, simply reflecting back on it. MS was bullish on daily so that run up was there to get in sync with HTF i was doing exactly opposite!"!!!. Later i learned that a key speech was being given by ECB Mario Dhragi and even though we are technical traders it's best to avoid key speeches as he could say anything and this could end up adversely affecting the market. 3 Interest rate decision even though i think it's unlikely they would change it's paramount to watch out for for them.
    So the market started to rally as Mario was giving his speech and we run up in to 1.3120 level true to my theory we got a 20 pip bounce as i anticipated! Did i lock the profit in! No i changed first part of the order and extend my TP tp 1.3080!
    Do you think that i moved my stop to BE? NO i did no such thing i extended it and though i will give the market room to breath, oh breath it did! only wiped me out in a process and stopped me out eventually at 1.3150 .Note that if i was to follow my original plan i would be up 1% instead i was minus 3%. It continued to rally did i remove my limit order @1.3170 you might ask? As realistically that's what i should have done straight after that loss, but NO i watched that order get stopped out too again moving my stop even further in hopes that it will reverse! dam dam! so despaired and minus 6% i decided that i will make it ALL BACK oh yah wild west style!!!so i entered sell market for 3 lots Lucky lol put a SL @ 1.3202... after ALL HOW COULD I BE WRONG me NEVER!(sarcasm) and Market took that as well bringing me to my knees.
    Yah i was upset and overwhelmed and maybe cried a little and not ashamed to admit it, not because i lost my money, but because i lost my self that day!
    So its not always rosy cosy!
    I am happy to say that i am battling that emotion, but its like a parasite feeding on fear, greed excitement hope. Always there waiting.
    Sorry for not posting earlier, after all i have been posting when thing's are good, now they are bad.

  4. #5004
    Join Date
    Nov 2012
    Location
    Dayton Ohio
    Posts
    126

    Default WW watch list NZD/USD 4H

    Here is an example of WW with no apex. I am stalking WW5 to fade long.
    Actual Pattern name, Flag - Continuation
    So far symmetry AB=CD(blue lines) comparing the distance and time are equally matched.
    Red lines are showing price projection from previous impulse wave extended into the future from WW5.
    Notice where 1-4 WW projection converges with price projection.
    1st target objective is WW4 closing 1/2 of position.

    WW 3 to 4 will be used to measure reflection for possible WW5 termination.
    Look for Stochastic Divergence at WW5 for confluence.

    This is 3 price patterns converging into 1.

    Can it really be this simple?

    Name:  nzdusd4hjan15.jpg
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  5. #5005
    Join Date
    Apr 2009
    Posts
    973
    Quote Originally Posted by PipNRoll View Post
    I applaud you for being truth to yourself and accept that you make a mistake(s). Everyone had the same experience as you do. Nobody… I repeat …Nobody is immune to this..Being truth to yourself and realizing your mistakes is a big step that you can take. Some people won’t admit that they have loses or they think they don’t lose in which they are living on denial and will have a hard time fixing what is broken or what is not working.

    Having said that, if you now recognize what went wrong on your trades, what are you now going to do to at least minimize your losses? I said "minimize" because you will have losing streak again but how would you handle this? We can’t win when our mind is so desperate to get back what we lose. We are very very emotional about it. Our ego is hurting (well, maybe not much for a women I guess..lol). I think what you need to do now is just to completely stop for a few days or even weeks before trading again. I think you should give yourself a good amount of time to reflect everything what you did wrong and what you did right.

    Focus more on yourself at this point because if your mind is not clear right now, you will have a hard time focusing on looking a good set up. Don’t worry, the market is not going anywhere. You won’t miss anything. There is always a good “opportunity” around when you can see it clearly.

    Just my 2 cents base on my own experience

    That is the truth and the key to being successful in trading!

  6. #5006
    Join Date
    Nov 2012
    Location
    Dayton Ohio
    Posts
    126

    Default Stalking Cable

    Possible WW5 to fade long at NYO for hit and run.
    Name:  gbpusdjan15_001.jpg
Views: 816
Size:  43.1 KB

  7. #5007
    Join Date
    Apr 2012
    Location
    Germany
    Posts
    551
    Quote Originally Posted by damagecontrol90 View Post
    Possible WW5 to fade long at NYO for hit and run.
    Name:  gbpusdjan15_001.jpg
Views: 816
Size:  43.1 KB
    well, i'm short in the meantime at least on fiber

  8. #5008
    Join Date
    Nov 2011
    Posts
    2,487
    Went short at 3370 - 15pips stop for a 'cheap' entry -ote area from asian high.

    Type 2 bearish div on 15 min / smt div on cable/fibre - fibre reluctant to go back up to Asian high same as cable.

    Do'nt like trading pre-news so am target is 3335 - let's see what happens.
    (the reason for tight stop - if it goes to 3385 then 3400 is in sight and my trade premise is wrong.)

  9. #5009
    Join Date
    Nov 2011
    Posts
    2,487
    I am still in there - glad I took a very small position

  10. #5010
    Join Date
    Nov 2012
    Location
    Dayton Ohio
    Posts
    126

    Default Cable zoomed out 1H adding to my Watch List

    I was anticipating a push down on a smaller WW5 for a possible long at NYO, however, zoomed out, going to skip NYO and wait to see how this WW4 unfolds.
    If WW5 comes into play then I will be looking at riding the continuation short.

    Name:  cable_zoomed_out_1h.jpg
Views: 715
Size:  47.2 KB

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"Life is a succession of lessons whuch must be lived to be understood."
Helen Keller