Yes I am 
My bias for this one specific pair doesnāt change. I actually have the other one that I hold and I just closed it out. My plan next month depending the fundamental/technical will be, I will closed them out so hopefully my equity is back up to 100%. I have a plan donāt worry
Whatās the pair and direction and what is your bias based on?
OH MY!!!
YOU ARE BACK!!!
Welcome back!!!
Well, I also hold on to losing trades, but that is part of the plan for nowā¦ 2%? Well, it is still a positive outlookā¦
Here is mine thus farā¦ (You show me yours, I show you mine)
Francesco Sani System | Myfxbook
PS - It has not uploaded this past weekās data because FXCM trading is not accessible now (weekend maintenance).
It was the AUS/USD the longest one that I so wanted to closed on. I am short since 0.9060 so yes. I will be willing to closed this thing out next month depending upon the RBA rate/policy and the unemployment changes and Of course any changes in China might help my short. Kiwi looks like a good potential short as well. I have been shorting this pair last week and this week. I will see if it breaks down below the 0.8500 support line. Then there is EUR/USD potential short as well.
Any tips for me where is the best place to exit this Aussie out ? But yes, I am willing to take a bullet on this pair.
Though, I am also learning how to look at long term trades like swing trading or position one . Lately, itās been difficult for me to monitor my short term trades in NYO session due to my work scheduled and I have missed so many good opportunities. Oh well, I guess I will figure it out as I go.
Thanks!
Lol what is thisā¦ Show and Tell? Lol Good to see you too!
I am in the point right now were I have to juggle things out (work and trading) and I donāt want this to affect my performance in my trades. Life work and trading balance it is! I like to be busy but common give me more free time on here ā¦ Please lol that is why I am okay whatever percentage Iāve got for the month as long as it is not in the redā¦
Glad to see that your account is slowly progressing. About 16% to go to breakevenā¦ Nice!
Goodluck!
Hello PipNRoll!
I know what you meanā¦ we are not full-time tradersā¦it is a balancing act between full-time jobs and part-time tradingā¦ and āhaving a lifeā (love, friendships, going out, shopping, cooking, andā¦ SLEEPING)!!
Yes, 16% has actually gone down this week, as I have bagged a few more hundreds (of pips), so it is going ok! My equity is moving in tandem with my account, but in the red (my open positions, you see), so I am now trading fewer trades, to let things rebalance themselves. I am getting to know my trading better every dayā¦ It is actually a joy!
Thank you for your support, alwaysā¦
Drop me a line, sometime, if you have a momentā¦
Happy Trading!
Okay, will do!
I am getting a strategy now where I use entry orders (something that I used to use but then left behind for a while, and have returned to of late) based on a combination of the following:
- major trend-lines (support and/or resistance);
- Fibonacci levels (through higher time-frames);
- round-number levels, e.g. in EUR/USD: 1.3800, 1.3700, etc.
For example, if there was no major support trend line (and/or Fibonacci level)
between, say, EUR/USD 1.3800 and 1.3700, i.e. there was a clear run of one
hundred pips, and the Euro was bearish, I could set an entry order a few pips
below 1.3800 and set the limit a few pips above 1.3700 (the stop, accordingly,
could be the same distance, or half, depending on your R/R ratio)ā¦
I am testing this out but it has worked a few timesā¦ Trying to pick the spot
is usually not that difficult under normal conditions: a āfewā pips, say, under
a round-number level tends to be reached once a pair has cleared that level
with some convictionā¦ I am getting to observe that many times a pair will go,
say, in the case of EUR/USD, below a round-number level by a few pips, say
1.3790, and then bounce back up above 1.3800 (even in the absence of other
resistance, purely on the basis of the round-number level being a collective,
psychological barrier); HOWEVER, once you get to, say, 1.3780, it is then more
likely that the 1.3800 level will have been cleared for goodā¦ If you wanted to
be even more sure, you could lose a few more pips of the initial break below
that level and put an entry trigger at 1.3770ā¦ If your limit were at 1.3710,
you would still have bagged sixty (60) pips, if the pair hit your profitā¦
Conversely, if you felt that your profit level was too close to the next round-number
level (1.3700) and the pair would just bounce back before getting there, you could
set your profit slightly above it, say, 1.3715 or even 1.3720ā¦ Even so, you would
have bagged no less than fifty (50) pips, without any sweatā¦ And then you could
replicate this across many pairs, to the upside as well as to the downsideā¦ It does
seem to work, but I am not getting too fixated on it, and it is not always suitable
(think of a high-impact news release situation, for example, where lots of spikes
would potentially trigger your order, miss your profit, and then stop you out)ā¦
Cheers.
Ah yes the Aussie. That shot up from .8700 due to the RBA saying they were not going to cut rates further. At this time, the markets position was extremely short on Aussie, so once the threat of future cuts were lifted, it had plenty of room to go upwards. Classic short squeeze. The RBA also stopped using the term āuncomfortablyā high to describe the Aussie, which helped it appreciate since the RBA wasnāt trying to jawbone it down.
Iām guessing you shorted march 23rd after the Chinese pmi which came in lower. This would typically drop the Aussie, but it didnāt because the market was actually expecting china to announce stimulus soon following the PMI. The Chinese announced the stimulus April 3rd. Another reason it kept rallying past your entry was that the three big data points before your entry came in much higher then expected. GDP came in high, employment came in VERY high and retail sales came in high. This actually caused expectations for a rate hike to have been being brought forward and this added to the short squeeze.
Currently, the big bearish factors for the aussie is its government budget (announced last week) that will trim growth from the Australian economy and iron ore prices dropping. The US dollar is also too weak right now and will begin appreciating for the rest of the year which should add downwards pressure on this pair. Chinese PMI came in higher then expected which could support the pair above .92 in the near term, but I think this will be temporary and it will fall under .92 maybe after a test of .9280 or .9300 again. The big support line that it will probably have a hard time breaking through on the first attempt is 0.9140, if it were me thatās where I would be looking to exit.
The next Aussie employment numbers will probably be on the weaker side.
Sounds like a good plan. I wonāt be able to use the Fibonacci level since I use my iPhone to trade ( as far as I know, iPhone donāt have this features available).The funny thing is, I did tried to upload my MT4 into my work laptop computer but for some reason, I got virus on it lol and it slows my computer down not sure if that what causes it. I have no clue. I took it into our IT department to fixed my laptop then when they return it to me, they deleted my MT4 lol. Opps. I was waiting for them to question me about that one but they didnāt . Well, I didnāt upload it again. I am thinking right now if I should lol.
I could probably set something like thatā¦ I just really need to figure this out. Iāll find away. I always will
Thank you!
Oh my, yep you are right. You are absolutely right! Thank you for explaining that in such a way that I still remember when I was reading those and how stupid I was going in there in the first place lol. Yep, I am actually planning on exit out and take a lost at about 100 pip or so. Your proposed exit of 0.9140 is just about rightā¦
I think you just confirm what my plan isā¦ I really appreciate your help. Thank you!
Got a few more pips! 5.72% for the month plus my equity growth increase to 93% :). I will get it all back up to 100% next month.
I think I am good for now for the month.
Get those Consistency working guys. Keep whatever you haveā¦
I thought I should post my response here as well from Libertysilverās thread. Its part of my Trading journey
Trusting our own instinct and have a better judgement for every trade takes time and experience. We cannot learn those just by reading a book , articles, etc. It all comes from experience. The more we trade and analyze everything, the more we will get comfortable as to when to take on a trade , to hold or when to closed on a trade.
I still have a lot to learn. 2 1/2 years is not enough experience (I think) to justify that but as long I am making progress I am okay with it. I too I do not like losing but I know when I lose and I feel like I have to or wanted to get my money back is the time when I needed to stop and think because I know I will just do a ārevengeā trade and I will lose more than I winā¦ When I have a good amount of loses, I sit back , take a break, and I do not look on my chart or look for any trade to take. There is always the next day or next opportunity to come.
An example is when I had a lost of 8% last month. Do I want to win those back this month? Absolutely! I do. But if my only reasoning is to take on a trade just because I want to get it all back rather than take on a trade with a higher probability set up then , more than likely, I will lose more. Instead, I just focus on this month and try my best to not to lose anymore. I know there is always opportunity, I just need to learn how to wait and act on those when the time is right.
Hope my experience help in some ways.
Read more: 301 Moved Permanently
Itās really impressive that not only are you profitable, but youāre trading off just an iphone!
Well done!
Our Lady, PipNRoll!
How wonderful to hear about your latest successes! The road to your future is indeed paved with goldā¦ (whether you
actively trade it or not)
How did you get on with your AUD trade(s)?
Remember my new thinking, which I was explaining a page or two ago on this thread? Today it worked really well,
with an entry order SHORT for EUR/AUD, which was triggered at 1.4673 and closed at 1.4620, bagging me 53.9 pips!
Also, various resistance levels were broken in other pairs, meaning that similar set-ups to the one described above
have put me in the money (thus far) for AUD/NZD LONG and GBP/JPY SHORTā¦ My NZD/JPY ātrade of the yearā short
is also in the moneyā¦ The theme today seems to be: STRONG AUD, WEAK NZD, and WEAK GBPā¦
I should share my FXBook data from yesterday, which seems to suggest that by the close of May I will have matched my
April gains, almost to the last digit, which is very good news.
More and more, I rely less on other peopleās tips and more on a two-unit team: my smart-'phone, and Iā¦
Cheers.
Hi PipMeHappy,
Nope. I still have my Aussie. I already treat it as a lost but my plan out exit is not been reach yet. Though, this is my very first time holding into a losing trade this long. I just wanted to know how it feels likeā¦ And you know what ā¦I didnāt feel a thing LOL I thought I will be so scared, cry and afraid, panicky, BUT nope non of that. I am probably immune to itā¦Oh well, thats to bad lol. Iāll exit out when the time is right for me. Iāll be okay
Great! Good to hear about your trades turn out well. Your account clearly shows that you are making progress and steadily making gains every month. What a big difference doesnāt it when you just try to focus on the process and survival and not rushing into make a big chunk of money right away. I have observed around here that some just wanted to rush into everything! You CAN make money doing this no matter how much percentage it is but some just donāt know how to keep them. It is better to have " something" than nothing at all.
Keep doing it! You are doing a great job
Hello green as grass,
It is great to see you! It seems itās been a long time. It is nice to see those familiar names again. Thanks for stopping by. I am really glad to see some of the folks that I talk to before when starting out. I hope you are doing well as wellā¦
Yea, I donāt really have much of a choice but to trade via phone. I just have to deal with it. Doing this for quite sometime now, I kinda like it. My laptop computer seems so big for me to look at lol I know itās weird but hey, whatever works right? Lol I was thinking maybe I should get more smartphones , maybe 5 smartphones, then put them all together and make my trading station out of it lolā¦just kiddingā¦
Thank you!
I have been looking for photos on Google, as evidence that this may not be a far-flung theory, but it seems that āseveral mobile 'phones stuck togetherā does not yield any meaningful results!
Perhaps, PipNRoll, you could be the first to carry out experiments in this area and become the Jedi of Smartphone Trading!
Send photos for evidence to BabyPips, of course ā¦
Cheers.
