Another practical tips here to minimize the anxiety: be consistent with the tf you choose to take the trade! For example you open a trade using H4 chart. For me, that means I will stay the bloody hell away from that particular chart until at least the next 4 hours. I’ve done whatever I could to plan and win the trade, so que sera sera. Whatever will be, will be.
As much as I’m tempted to have a peek, I’ll fight the temptation because I know I’m not scalping here. That also means, I will not play with my setting, move to BE, change the SL, close my position too early, or whatever I can think of until 4 hours pass after I put the order. Only after 4 hours pass, I am free to take a look at my current position and do anything I want with that particular trade [B]as long as it is consistent with my trade plan[/B]. Believe me, you’ll be surprised on how many stupid mistakes you tend to make when you overly babysit your trade. Just like parenting, we need to show some [B]tough love[/B] for our trade to succeed. :58:
PS: The same tips apply to another tf like[B] Daily chart[/B]. That means [B]no peeking until one day has passed[/B].
Kind of off topic, but just wanted to ask…does anyone have any experience trading indices and/or cfd’s using the pa methods employed here? I just downloaded a demo account with forexbrokerinc.com, and they offer additional investment opportunities. I’ve traded options and equities in the past, and have been researching cfd’s for a few weeks now…pretty intense stuff…
I did some research and the consensus is that this broker isn’t too reputable. That’s unfortunate bc their servers are in NY and they offer a wide array of investment products.
Another practical tips here to minimize the anxiety: be consistent with the tf you choose to take the trade! For example you open a trade using H4 chart. For me, that means I will stay the bloody hell away from that particular chart until at least the next 4 hours. I’ve done whatever I could to plan and win the trade, so que sera sera. Whatever will be, will be.
As much as I’m tempted to have a peek, I’ll fight the temptation because I know I’m not scalping here. That also means, I will not play with my setting, move to BE, change the SL, close my position too early, or whatever I can think of until 4 hours pass after I put the order. Only after 4 hours pass, I am free to take a look at my current position and do anything I want with that particular trade as long as it is consistent with my trade plan. Believe me, you’ll be surprised on how much stupid mistakes you tend to make when you overly babysit your trade. Just like parenting, we need to show some tough love for our trade to succeed. :58:
PS: The same tips apply to another tf like Daily chart. That means no peeking until one day has passed.[/QUOTE]
I’m going to have to politely disagree with you here. Managing your position is just as important as ensuring its a solid setup in the first place. Setting a pending order off a D1 setup then not looking at what happens for a full day doesn’t make sense to me. Clearly you don’t want to check it every 5 minutes because you will drive yourself nuts. But, you do need to ensure that price is generally doing what you expect it to do. Yes, you set your target areas and stop initially, but, price may show a signal which causes you to make an adjustment to your original plan. For example, the most recently discussed pound/yen setup comes to mind. Krugman and I both went long, but moved our stops to B.E. based on what we saw price doing. He got stopped out at break-even, I’m still filled. You may decide to take some profit off the table at a slightly different level than originally sought based on what happens after your order is filled. If you “walk away for a day” after a position is filled, how will you be able to ensure that you’re intelligently protecting your capital?
I get what you’re saying about waiting for a “4hr candle to close”, but I don’t see any harm with monitoring intraday action based on how long you plan to be in the position. Especially if you take a position on the d1 TF…
there is one thing to properly manage your trade, and another thing to overly babysit it. Like for example your argument on D1 setup. Okay, how can we ensure the price is generally doing what we expect to do if you also try to mess with your setup when even one Daily candle is not even mature yet? Of course we ‘walk away for a day’ when it comes to D1 chart, in fact we must ‘walk away for a day’ as the next Daily candle is not there yet!
Even when I “walk away for a day” after a position is filled -assuming this is Daily chart-, I still intelligently protect my capital from the very beginning. No need to risk too much and only choose the best of the best trade setup. If you mean ‘intelligently protecting your capital’ is by taking regular check when the next candle is not mature yet, then I’m also going to have to politely disagree with you here. I cannot say more about my specific trade management as it is beyond what the Godfather allows in this thread and it won’t be fair to the rest of FSO members. But I can tell you one thing for sure. If you mess with your trade setup when the next candle is not even mature yet, you only groom a bad trade habit, and in the long run you will crash and burn.
Man i have completely lost))Just keep things simple and try to focus on the pair trade you are looking to trade,don,t overcomplicate things.And yes i was talking about getting long on CADJPY along with the strong uptrend.
Lots of great discussion happening in this forum just recently. I’m hoping Coach J can return and clarify one or two things for us very soon as it seems like some new traders are beginning to have different ideas than the one conveyed by Coach J himself. I don’t say that’s wrong or cannot work, but it’s not something that we do at FSO.
I understand where you are coming from,but Wm is totally right.
It is essential that you stick to that timeframe when you make decisions.
Here is the reason why;
-price might moved explosively,will you be able to make a sane decision when that happens?
-a H4 intraday pin bar could be nothing but a dailies wick
The reason why Krugman and probably yourself went BE on Gbp/Jpy is more than one, here is what I can think of;
-the entire trade was not going to yield that much in first place,in terms of pips. You were both over half way to TP
(I’m talking here about big swings,there is just about 100pip space to move till resistance and once you are 60-70 pips profit it would be idiotic not to go BE)
-you traded a pullback and it is plausible that you want to take first profits @ resistance,thus you were checking the Price not the charts.
I stayed in the trade (ref GBP JPY long on H4 2BR) price closed a few pips above the 2br break and my first position is still a few pips green (12 pips) so I guess the whole setup is still valid specially that more experienced members here defined it as an A+ setup so I’ll play it to the end
I understand where you are coming from,but Wm is totally right.
It is essential that you stick to that timeframe when you make decisions.
Here is the reason why;
-price might moved explosively,will you be able to make a sane decision when that happens?
-a H4 intraday pin bar could be nothing but a dailies wick
The reason why Krugman and probably yourself went BE on Gbp/Jpy is more than one, here is what I can think of;
-the entire trade was not going to yield that much in first place,in terms of pips. You were both over half way to TP
(I’m talking here about big swings,there is just about 100pip space to move till resistance and once you are 60-70 pips profit it would be idiotic not to go BE)
-you traded a pullback and it is plausible that you want to take first profits @ resistance,thus you were checking the Price not the charts.
I hope that makes sense.
Cheers.[/QUOTE]
Lesson learned…booze and baby pips.com at 1140pm after an exhausting week do not mix. My mind wasn’t right and I woke up this morning thinking…why the hell did I post that? Thanks for keeping me in check guys!
Thanks) The only reason i took that pin bar because first it was not a buried signal and secondly was sticking out a little.The size was also convincing and was a valid pin bar.
Man i have completely lost))Just keep things simple and try to focus on the pair trade you are looking to trade,don,t overcomplicate things.And yes i was talking about getting long on CADJPY along with the strong uptrend.[/QUOTE]
I must politely disagree that there was something complicated about that. Frequently when the market starts forming A+ setups across correlated pairs this forum gets buzzing with “What’s the best pair to take”. So everyone goes to task comparing the candlesticks, traffic, SR lines and trend to decide with pair is the best one to take. Then you have to decide if you want to split your risk between and take all of the pairs, or just take the best looking one.
All I am saying is that CADJPY, USDJPY, EURJPY are all still stick in big ranges, where are GBPJPY is in a strong uptrend, having broken out of its range a couple days ago. So to me the GBPJPY was the better setup vs. the other pairs. Here’s what I said…
[I]"…The CAD is trying to climb out of a long downtrend, where as the GBP continues its strong bullish trend, breaking yearly highs. Wouldn’t you want to rather take a long trade on the pair with the stronger bull trend."[/I]
Sorry for the silly question but how do you calculate the pullback amount ?[/QUOTE]
Don’t worry about calculating anything, I was talking about Fib retracement that’s not used here… Point is if there price is pulling back to a resistance line I like to see the pinbar wick down in it and the body closer to the SR line. Where as on the GBPJPY just the tip of the wick touched SR line.
