I really screwed up.Someone needs to talk sense to my head.
Thanks SanM, like i said it does look alot easier to grab. Wish i had that pair on Metatrader so i make sure i really understand how you tick when making your trades but i think its pretty clear. Got a qestion, do you use stoploss and take profit? Or do you simply trail the profit.
Thanks again.
Ade
Hello Headmaster Screwup, LOL
Ok go ahead we will listen to your screw up and try to get you unscrewed up if that’s possible. In the mean time purchase two contracts where the PA is hitting maximum S & R lines and call me in the morning.
Johnny
I’ll try and put up some things I am thinking of before taking the trade next time.
I always always have a stop loss in line with my risk.
I do not set the target profit but I have an idea of where I want to take 50% profit and it is usually the last Daily SR area. If price blows through then great, I don’t take profit and I just trail my stops but if it bounces a little well then it depends…sometimes I take 100%, sometimes I take 50% and see what happens, etc.
SanMiguel,
Thanks for the chart and info. Our methods are not all that different except I’m after every micro pip. I have more Bols lines and move to the lowest time frame to make the trade but I’m a perfectionist to a fault.
Trade well and prosper,
Johnny
Yeah.You are funny indeed.What happened is that i entered trade and left it unattended to,no stop loss,no take profit, nothing.I forgot completely.But by the time i come back to see what is going on,I am -70pips.Too bad
Hello Headmaster,
Sorry for your loss. I had a similar screwup one time and lost $300.:mad: It pissed me off that I had done such a stupid mistake I threw my glasses at the key board and walked away screaming superlatives. I went to the bathroom, got the mail, made lunch and then sat down in front of the computer and took a bite of my sandwich as I looked at the screen. I spit out my mouthful all over the table as I saw I was in a trade. When I threw my glasses they hit my keyboard and initiated a long trade. I made over $1,400 on that trade. It’s nice to be lucky sometimes.
Johnny
Always a good thing to be lucky.But i believe that lucky only occurs when preparation meets opportunity.
In any event,i did not lose in that trade because after i analysed the trend and other things presently in the market, i refused to close the trade and i ended up with +15pips.Not bad for my boneheaded decision.
Headmaster.
Where is Robert Carter? I need advice ASAP
dont let your emotions get in the way, this time you came out +15 other times you could end up even worse. just cut your losses short
As for RC idk, I pmed him a few days ago and he go back to me i think wednesday? havent seen him posting or anything for a while now. maybe hes taking a break or moving still?
Where have you been anyways? Enjoying your retirement :p?
I have done that before more than once too I imagine it happens to everyone sooner or later I found the best thing to do in that situation is don’t panic, take a look at the charts and the trend and see what is going on, one time I left a trade open all night by accident it had run negative 700 pips but I checked the charts and the trend and I had good reason to believe it was close to a reversal point so I left it open, it ran further into the negative to nearly 800 pips then reversed all the way back down I think I took about 20 pips profit then closed it out and wiped the cold sweat of my forehead lol
Wow… What were you trading that moved 800 pips out and back in a day?
That’s an 8 cent move… Rare that anything moves that far in a single day, and almost improbable that it would come all the way back… At least not in the same 24 hours.
Hello Master Tang,
Well that might be true today but in 2007 it happened all the time and it will happen again.
Johnny
Hello FellowTraders,
I don’t remember who asked me but the book that foretold of the last 20 years predictions and all have been remarkably accurate was John Naisbitt’s book Megatrends 2000. He also had a prior book Megatrends in the 1980’s that was just as startling accurate. This guy predicted the fall of the Berlin Wall, the collapse of Communism in the Soviet Union and the rise of China. He is an absolute genius and has a new book out I understand that would be wise to read.
Johnny
As an interesting point to study, what currency should I look at to find that kind of price action? I’ve looked at the majors with no success.
I would like to look at those dates from a fundamental view to see if there are any common themes that relate beside them besides the typical high impact news announcements.
Wow, that’s kind of cool. As a fellow Marketscope user I’m curious to know how you got those connecting grid lines between your MA/Regression lines (and of course what purpose it serves you to have them).
I think those are price bars rather than candles. R.C. do you see an advantage to the bars vs. candles? Or just wanted a change of scenery ?
Of [I]course[/I] they are price bars. dur-duh-durrr, I R stoopid. (sigh)
Anyway, looks cool – and simple. And I like simple (sigh, again).
Robert, you mentioned this strategy earlier. Have you changed from the 4-period LWMAs to the regression lines? I’d be curious to know how your strategy has evolved as I am still looking for a good daily trading strat.