As if to make up for the pain of my losses I went through all of Oanda’s pairs and took a PSAR trade wherever possible. Talk about desperate. I know better, that I should have accepted losses and learn and move on to another day.
Forexology,
I belive we r all newbie and don’t be foll with me as a senior in this thread it is a new syestem to all of us and we r trying to maintain i know what u r trying to say here but i will not take any postion more than what i have just for now.
And the big surpise now is that the EUR went down again and my loss on it is now little as 20 pips while the CHF is now in profit which was (in my point of view) a kind of being affected by the news and it is back again to it’s direction with the tec. analayis!!!
As for the silver it is still trying to have some kind of being different that the EUR and the CHF it doesn’t want to follow the gravity of our system like both postions but i think it is a matter of time and things will go normal as before this s*tty news .
So what shall i say now i was brave enough to tell Dale pateince is the key when he has some loss and now i will tell my self stay stunt don’t do any thing be patient!!!
Regards,
Akram
Hello,
EUR/RON??? Well - it’s still at a major loss - but - remember - trading on this pair closes at 17H00 Bulgarian time so I’m only going to get ‘f****d’ by this pair tomorrow morning at 10H15 Bulgarian time when trading on this pair opens again (unless the EUR falls overnight of course)!!! NOW I can imagine how someone on ‘death row’ must feel the night before the scheduled execution!!!
NOW - I just noticed something else that HAS to be added to our system - and it concerns MACD!!!
This morning when I went short on Silver I DEFINITELY had a MACD cross and a ‘tiny’ bar of the MACD Oscillator had appeared and that’s why I took the trade. Right now - I don’t see the MACD cross OR that tiny bar anymore - because the price has moved up and - of course - MACD gets updated ‘on the fly’!!! So - the proposed ‘addition’ to the MACD ‘section’ of our system must be this: the candlestick of bar MUST have closed thus CONFIRMING the MACD cross - for it to actually be a ‘valid’ MACD cross!!! Simple thing BUT had I had this ‘rule’ in place this morning I would NOT have taken the trade and I would NOT be sitting with a $1.8K loss on Silver right now!!! See what I mean??? These ‘little’ things are the things that are going to make this system ‘bulletproof’!!!
Hey - don’t feel too bad - I’ve now got a nett loss of nearly $4K - and that’s before EUR/RON ‘catches up’ tomorrow morning!!!
As far as tomorrows NFP data is concerned: for what it’s worth: a few ‘analysts’ interviewed on Bloomberg and CBNC are saying that (basically) August’s numbers were ‘bullsh*t’ and September’s will probably be much better!!! Like I said - for what THAT’S worth!!!
Anyway - I’m just hoping that Gold and Silver get sold off tonight in Asia in VAST quantities (oh and Oil too)!!!
Actually - to make matters EVEN worse - I only realised a little while ago that the reason that I’m getting so ‘f****d’ by EUR/RON is that for some inexplicable reason I’m sitting with 400 000 units i.e. 4 x 100 000 unit lots and I only EVER trade with a lot size of 100 000 so it means that I made a VERY VERY VERY bad mistake yesterday or the day before when placing my order!!! ‘F**k’!!!
Oh well - you know what they say: ‘It never rains - it pours’!!!
Of course - on the other hand (you know me - forever the optimist) - with this number of units - if EUR/USD DOES drop tonight - WHOO BOY - am I going to party tomorrow night!!! As a matter of fact - I’ll be able to book Lacuna Coil to come and play in my back garden next weekend I’ll make so much!!! Be careful if this happens - I’ll be selling a whole lot of USD to buy ZAR and that might drive the USD down again!!! If not - then I guess it’s just beer, my dog, and country (‘cun t ry’) music for the weekend!!! Oh man - even in the face of adversity - I crack myself up!!!
Regards,
Dale.
ten years ago one night i played the guitar on a mountain with a guy playing “drums” using two sticks on a wooden table: some time after that somebody told me the guy joined lacuna coil
(i don’t know if it’s true)
Geez!!! I don’t suppose you’ve had occasion to have a drink with Tarja Turunen sometime have you??? (Tarja? Nightwish?)!!!
Edit:
Sorry capt.findus - I’m getting ‘mixed up’ - you’re from Italy. Of course you know Lacuna Coil. Have you ever been to see them live?
Dale.
they played twice here but i didn’t go… sorry
too much melodic for my metal taste
And what might your ‘metal taste’ be if I may ask? C’mon - were all friends here!!!
Regards,
Dale.
Well i think it worth that our account will be on green!! i hope so coz today was really bad the thing that makes me happy now is that the rollover for the 3 postions is in my favour!! i like that at least someone cares about my loss not all the conditions are against me!!!
Regards,
Akram
Dale,
how about the NOK??? is it a commodles? i do have a vailed entry for the USD/NOK on my software well i am waiting for the close but every thing is ok but i a waiting for MACD confirmation .spread is 50 pips!!!
So is it the (NOK) affetcted by the gold?
Also the ZAR against the dollar has a vailed entry as well what do u think as u r an expert with the ZAR!!
Akram
Hello,
The NOK is the Norwegian Krone and no - it has nothing to do with Gold.
As far as the ZAR is concerned - I’d be VERY sure that MACD HAS ACTUALLY CROSSED before I take a position on the ZAR (and same with the NOK). Also - I’d like to be VERY sure that Gold is going to come down BEFORE I go long USD/ZAR because the very last thing you want is to go long USD/ZAR and Gold continues on upward. On the other hand your Parabolic SAR stop should be pretty close to the price at the moment BUT just remember the spread - it’s ‘wide’ and it’s ‘big’ and it’s ‘expensive’!!!
Read my previous message AGAIN regarding MACD and a ‘confirmed’ MACD cross BEFORE you take ANY of these positions (or any other position from now on). Waiting another day MAY cost you some PIP’s but nowhere near as many PIP’s as it will cost you if you’re wrong!!! Just remember my current Silver position!!!
Funny enough - there are no new USD/??? entries for me at Delta - thought they’d be there tonight - but they’re not ‘ready’ yet. Who knows - maybe a good thing??? The nice thing about the NFP release is that the NFP data will keep the pair going in the same direction for quite a while (it’s that major) SO even if you miss a couple of PIP’s by waiting for a day the pair(s) will start trending thereafter in whichever direction so you’ll be able to get in on Sunday night without losing too much on the initial move.
Anyway - it’s time for ‘beddy byes’ now - I’m finished and ‘f****d’ for today.
By the way - I’ve just noticed that my nett loss is getting smaller - very slowly - but smaller nonetheless.
Regards,
Dale.
well i was thinking to take them on sunday but i think i have to make sure i am in profit with my 3 postions coz maintaly i can’t do any thing unless i get some confident to my self.
Good that your loss is getting less i hope that tom. news will really come better than today although i don’t trust what people are saying but let us hope they will disapointed me!!
Regards,
Akram
Hey Dale
Been messing around with Delta. Big question… how the hell do you place stop losses? Can’t seem to figure it out. There are some quirky things with this platform that are starting to annoy me. Especially the deal with PSAR. But I’m gonna keep messing around. Probably does the job just fine once you actually know how to use it.
EDIT: Hey I figured it out! Yaaa! Nevermind Dale! :rolleyes:
Gidday!
My, my. A flurry of activity on the forum yesterday. Good to see so many people getting involved…
Here’s the latest on my positions.
EUR/USD is currently showing a loss of about -50 pips. A couple of positions hit the stop loss on the reduced timeframe giving some decent profit.
[U]Open Positions[/U]
AUD/JPY Long (SL set on 3H timeframe to lock in profits)
EUR/AUD Short (SL set on 3H timeframe to lock in profits)
EUR/JPY Long (SL set on 3H timeframe to lock in profits)
EUR/GBP Short
EUR/USD Short
USD/CHF Long
All of the above are currently in profit except EUR/USD which is at -50 pips and USD/CHF which is at break-even level. I haven’t had the chance to look for any new entries yet today.
[U]Closed Positions[/U]
GBP/USD. Closed manually for a loss after Fed rate cut. -50 pips
USD/CAD Short. Stop Loss on reduced time frame for +350 pips
XAG/USD Long. Stop Loss on reduced time frame for +5000 pips
AUD/JPY Long. Stop Loss on reduced time frame for +180 pips
AUD/NZD Short. Stop Loss on reduced time frame for +100 pips
NZD/USD Long. Stop Loss on reduced time frame for +190 pips
XAG/USD Long. Stop Loss on daily PSAR. -5000 pips
NZD/USD Long. Stop Loss on reduced time frame for +50 pips
GBP/USD Long. Stop Loss on reduced time frame for +100
EUR/CHF Long. Stop loss on reduced timeframe for +140 pips
GBP/CHF Long. Stop Loss on reduced timeframe for +80
Eur/CHF and GBP/CHF had their stop loss hit locking in profits.
Best Regards
i missed the usd/chf long, do you ppl think re-entering now is ok? its nearly back to the opening psar price
Hello CharlesLioe,
Actually, good morning everyone!!!
TODAY is THE day that we MAKE $$$ my trusted friends!!!
Which of the following bands would you like to see at my house next weekend (I’ll be buying you all airline tickets to come for the concert and throw in a lavish party to boot):
Lacuna Coil
After Forever
Within Temptation
Evanescence
Nightwish (I have to pay them extra because I don’t want Anette here so I have to ‘beg’ Tarja to sing with them one last time) (Actually - this last line is no joke - if I was a ‘Bill Gates’ or something like that - I WOULD DO THIS AT ANY COST)!!!
Rammstein
Lordi
Actually - what the hell - if the NFP figures are good today - I think maybe I’ll get them all and make a weekend of it!!!
Please feel free to throw in any additional requests (you know - for specific foods or drinks etc. etc. etc.)!!!
Back to the land of dreams (sigh):
CharlesLioe, I don’t see any reason for NOT entering. As a matter of fact - if you had entered a couple of hours ago - you would have got it at an even better price AND would have had the added benefit of having a much closer (smaller) stop loss. This ‘action’ is known as a ‘late entry’ in our ‘system’!!!
Uh - by the way - you may all be very pleased to know - that my nett loss is decreasing slightly faster at the moment - so that means that you’re all doing well too - right!!!
Also - it REALLY seems that the NFP figures are going to be better than expected - well - according to EVERY SINGLE ECONOMIST OR ANALYST that has been interviewed on CNBC and Bloomberg in the last couple of hours - SO - ‘hold thumbs’!!! While I don’t have much faith in these people they can’t ALL be wrong!!!
I have absolutely no idea why I’m in such a good and positive mood this morning - BUT I AM - so let’s leave it at that!!! (In case you’re wondering I have not been drinking - not once this week - maybe I’m ‘dilerious’ from lack of sleep - I don’t know - something)!!!
Have a LOVELY day!!!
Regards,
Dale.
By the way - I found a fantastic article on this thread (yes - right here on our very own babypips.com):
The above is a link to the thread and about halfway down the page you’ll find a post by ‘Tess’ (who I see does not even ‘pop in’ here to say hello anymore but anyway) and attached to that post is an Adobe PDF entitled ‘Peaks and Troughs Pring.pdf’. Download it and read it through and hang it on your wall so that you can reference it periodically. It’s very nicely written and illustrated and is something that we ALL should know regardless of what indicator or trading system we follow.
Regards,
Dale.
i would pick rammstein for your wild home party
i went to a show and it was an incredible mess of fire and rockets
capt.findus - consider it done!!!
MAN - I’ve got the ‘Volkerball’ DVD - so I know what you’re talking about - but there can be NOTHING like seeing these groups live. Anyway - next year - I AM going to see every single one of the aforementioned groups - if it costs me every single last cent that I make here (including my capital)!!!
Anway - ‘Tess’ - while I’ve got you ‘on the line’ or if you see this message - I want to ask you something:
Have you ever had a look at Wilder’s Swing Index System? Put it this way - seeing your post ‘re-kindled’ my ‘interest’ in this system i.e. line charts ‘draw’ pretty much the same ‘pictures’ as Wilders Swing Index (SI) and Accumulative Swing Index (ASI) Indicators and the associated Swing Index System DEFINITELY has merit (again - I can’t find a broker who CORRECTLY calculates the SI and ASI so I’m busy ‘re-writing’ them at the moment so that I can use them). Have you ever had a look at this stuff or ‘put it to the test’ in any way?
Regards,
Dale.
Now DO NOT say that I don’t give you guys (and ‘dolls’) anything!!!
I have attached a WinZip file to this post. In the WinZip archive is a small little application called ‘bopcalc.exe’ that I just wrote to make my life a little easier (I can’t take credit for the ‘system’ itself but I DID write the application).
Download it and extract it to any folder you want - put it on your desktop - and run it.
Basically - the idea is this:
You enter YESTERDAYS - PAY ATTENTION - YESTERDAYS Open, High, Low, and Close prices and the application will calculate the High Break Out Point and the Low Break Out Point for you FOR TODAY - PAY ATTENTION - FOR TODAY!!!
THEN - all you do is this:
EITHER:
Place a Buy Stop Order at the price given by ‘High Break Out Point’ and a Sell Stop Order at the price given by ‘Low Beak Out Point’
OR (if you’re at Delta you can do this)
Set up eMail or SMS alerts to alert you when the price hits the ‘High Break Out Point’ and when the price hits the ‘Low Break Out Point’ (by the way the eMail and SMS alerts DO NOT work on demo accounts so don’t contact me if you have demo account at Delta and ‘whine’ that you did not get an eMail or SMS alert). Once you get an alert you immediately place a Market Order (as opposed to a Stop Order) as detailed above.
How it works:
The basic ‘theory’ is that if the price has reached either of these two points at any time during the day (and DO NOT GO USING THIS ON SMALLER TIMEFRAMES BECAUSE YOU WILL GET ‘F****D’) then the instrument or pair has ‘broken out’ into a trend and we all know that ‘the trend is your friend’ right!!!
Anyway - if your Buy Stop Order is hit and executed - you IMMEDIATELY cancel your Sell Stop Order and place your Stop Loss at the ‘Lowest Low’ of the preceding two candlesticks or bars and if your Sell Stop Order is hit and executed - you IMMEDIATELY cancel your Buy Stop Order and place your Stop Loss at the ‘Highest High’ of the preceding two candlesticks or bars. These stops you update EVERY SINGLE DAY IN THE SAME WAY until stopped out which is almost always a profit!!!
If - at the end of the day - neither of your orders have been executed - you continue repeating the process every day - one day - the price will get hit - be patient. Actually - at Delta - you can place orders that are valid for a day (as opposed to a ‘GTC’ or ‘Good Till Cancel’ order) - and I’m sure that you can do this with a few other (good) brokers as well. Oh - and you’d be well advised to use this system with a brokers that does not ‘slip’ each and every single stop order you place!!! I know of a good one that NEVER ‘slips’ stop orders!!! Guess who???
NOW - this ‘system’ does NOT do many trades AT ALL - BUT - the trades that it gets you into are almost always profitable as already stated above.
Also - it is NOT the type of ‘system’ that you can ‘forget about’ i.e. you have to be able to at least access your trading platform the moment these orders get hit so that you can set your stop losses and cancel the opposing order (I suppose you could use OCO orders but I never have) otherwise you could quite easily land up in a situation where your Buy Stop Order is executed, the price retracts and your Sell Stop Order is executed, and the price then retraces again and you’re now TOTALLY at a loss without any stops in place!!!
This ‘system’ IS time consuming as it has to be maintained DAILY the moment your daily chart ‘ticks’ over at whatever time and at whichever broker you use.
Also - do not use this ‘system’ on a pair that is ALREADY trending or that has good directional movement - and a good way to ‘check’ for this is to have a look at your ADX and / or ADXR values (remember those??? We’re SUPPOSED to be using them you know!!!) - they should BOTH be below 20 (but you could ‘stretch it’ up to 25 is you’re getting desperate for a trade.
Do not ask me for the formula - copyright and all that you know - suffice to say that I did not come up with it (but I’ll give you three guesses as to who did)!!!
Now that I have finished this little ‘Break Out Point Calculator’ I’m going to place these orders on all 44 pairs every day (night) and see what happens (I tried to do this manually with a calculator or spreadsheet every day but it would pretty much result in me NEVER sleeping beacuse of the time taken to do the calculations)!!!
Have fun - and if Parabolic SAR lets you down today - this will get you your capital back - albeit after some time!!!
This is a price based ‘system’ - kind of like ‘where the rubber meets the road’ - that’s why when it give you a trade - it’s normally a very good trade.
Again - like everything else - it requires patience - probably EVEN MORE than our Parabolic SAR ‘system’.
Regards,
Dale.
Oh - by the way - did I mention that I accept no responsibility for any losses incurred by you should you decide to use this ‘system’ (sorry - had to state this)!!!
Break Out Point Calculator.zip (563 KB)
Thanks ‘Tess’.
By the way - nice to see you have a sort of ‘family’ trading business - I can’t even TALK about what I do in my house!!!
Actually (and this is addressed to everyone):
I was watching something on ETV (E! Entertainment Television) (actually cannot STAND this channel - Paris Hilton and all that you know - but someone else called me to have a look) about the lifestyles of the ‘rich and famous’ Wall Street ‘elite’ or something like that i.e. the ‘top’ or MOST highly paid Wall Street Hedge Fund Managers. Man - I don’t know if anyone else saw this programme but I’ll tell you that it’s encouraging!!! It amazed me that one of them (I don’t remember or know their names) was actually a New York cab driver and then started trading etc. etc. and is now worth BILLIONS of USD!!! (Don’t get me wrong - I’ve got nothing against cab drivers - but I’m just trying to make a point here). The other one was a school teacher - also worth BILLIONS now.
What I was left wondering after seeing the program was if these people went through the same emotions that we are going through RIGHT now and how and where did they ‘find the answers’. I mean - I know that NOW - because they are Hedge Fund Managers - their HUMUNGOUS earnings are made up of commissions BUT they ALL started out as traders.
OK - admittedly - it was an old program - I think that ALL of these chaps are going to be ‘crying a little bit’ this year because I believe that this is quite a ‘big thing’ at the moment on Wall Street i.e. some of the Hedge Fund Managers have to forgo their commissions this year because of ‘sub-prime woes’ BUT - HEY - so what if you lose a couple of 'mil this year - it’s a ‘drop in the ocean’ if you’re already worth BILLIONS and have a couple of your own private jets and fifty million acre properties all over the place (although I suppose the upkeep of all of this NEEDS an income - I’ll let you all know one day)!!!
Actually - that just reminded me of Billy Connolly (and I quote):
‘Now people will say to you - money brings it’s own worries. F*****g rubbish!!! I’m loaded!!!’
Hey Morgan Stanley - I’m here - I need a REAL job!!!
Regards,
Dale.
Edit:
Actually just had another thought:
Can you imagine what a transcript of THIS thread would be worth if I (or any one of us) landed up as a ‘Hedge Fund Manager Elite’ on Wall Street!!!
I suppose it’s very clear that I have nothing better to do today until the NFP data comes out!!!