that is pure BSā¦ maybe 10 years ago, nowdays banks fire up algos to trade short term.
Get the info from your mother? :10:
that is pure BSā¦ maybe 10 years ago, nowdays banks fire up algos to trade short term.
Iād be interested to know more too.
What kind of Algos?
maybe the institutions do now use algorithmsā¦
the article was written in 2007ā¦
anyway onwards and upwards.
lets see what today brings.
I donāt think much explanation is needed on why I took the following trade. Price bounced for the second time on 1.5600, the trade was in the direction of the trend, the trend didnāt appear exhausted, etc. At the same time other pairs showed similar behavior, so during the last couple of days I also went long on AUDJPY, AUDUSD, NZDUSD, USDJPY and short on EURAUD. The last 3 were stopped for a small loss (two of them hit the SL at the pip, argggghhhh!), but GBPAUD, AUDJPY and NZDUSD are going fine, giving a total profit of more than 550 pips so far.
Hey anyway, I donāt think anyone should be trading like that (as you already mentioned).
I think profits are not sustainable at all.
BTW, Looking forward to your trades.
wow mimic ā¦i hope you keep riding that wave for a long time ā¦550 pips thats great.
Killer taking on the GA / AJ and NU!
yes ā¦maybe its hard to sustainā¦
but the guy who mentioned itā¦maybe i misinterpreted himā¦
but currently he really knows his stuffā¦he waffles a bit but really knows his stuffā¦just priying info out of him bit by bit.
im practicing someting else he discusses today ā¦
scaling into trades that you like
im playing it by earā¦i may scale in more if i feel good about itā¦
or i may pull the plug with some profit.
i got 2 trades on the same cable running at moment.
if it looks good ill make it 3 ā¦etc.
[I]Sorry for the Out of Topic Post
[/I]
Hey BrinkFX send me a email with these info:
Your mail, your country, your experience etc.
I wanted to send you a mail previously but because of my low post count I couldnāt. I think I could learn a lot from you.
You seem to be feverishly studying Price Action!
Conclusion: We should correspond by email.
Hey Brink, can you post Bigger pictures.
Canāt see your chart clearly.
bigger picture
looks like they tried to break a new high in the asian session but as usual ā¦failed.
now london is bringing the price downā¦
probably gonna send it through the high at some stage ā¦or maybe when new york kicks inā¦
but if it keeps going lower ā¦then im good to go.
but godda monitor this trade close for now.
from what that guy was telling meā¦in order to get liquidity into the market the market makers put out prices that are appealing and in this case the appealing prices were to go long in asian session on the cable.
from there price moved upā¦
now as prices moved upā¦it wiped out all the stopsā¦not hunting stopsā¦that is just where the market took the priceā¦and the cumilative effects of all the participants.
in wiping the stopsā¦this triggered selling of all the long positionsā¦and then london jumps on the band wagonā¦and rides the short downā¦maybe for agesā¦maybe just short term until a fundamental kicks in that states otherwiseā¦or maybe until big orders come in or maybe until some big players see it hitting a price they dont want to go beneath under any circumstanceā¦(commercial levelsā¦) these levels for us are support and resistance.
this trade all boils down to wether we can push through support at 1.56100
UPDATE ā¦RIGHT WE ARE THROUGH FOR NOW.
i put another one onā¦so now pips are really making me some nice dosh.
but trade still needs managing ā¦it could turn at any timeā¦
edit right just got stopped out ā¦i put a stop in at level of first order for all positions while i had some lunch ā¦and got stopped.to the pipā¦
i hope the market doesnt just turn and reverse right nowā¦or i will be furious.
ah well ā¦next time when im on a roll i will take profitsā¦
i was up 60 pips or so on the first position at one point but got greedyā¦from now on i take profits at 59 pips regardless.
he he
psā¦ the last picture has nothing to do with tradesā¦its from a previous post but wont delete for some reason.
Yep, now it looks nice, but with swing trading you have to endure ā¦swings Yesterday was a bad day, 3 stop losses were hit and the total pip profit went from +350 to zero. But I like it better this way, I prefer to suffer some fluctuations and small losses while trying to ride bigger waves. If you look at NZDUSD, it hit 0.7850 5 times before today, and if you had entered exactly at that level you would be seeing your gains going up and down all these days. Even now that Iām 120 pips up in NZDUSD, I still leave my SL in place (0.7830) because it could come down again and I wouldnāt want to be out if it goes up once more. Iāll only move the SL up if I see it breaking convincigly above 0.80.
Hi, sorry to be slow to get back to this one - unexpected domestic issues yesterday made things a little chaotic! Yes, I saw the setup on the Daily, it seemed cleaner on there than the other TFs, the charts I posted earlier in the thread were from the Daily, sorry if i did not make that clear. My original Stop was 0.9965, although I have now moved it up a little, to below the low of yesterdayās hilarity.
Yesterday was always looking like being news crazy, my own trade reversed heavily then moved back with me. A good day for learning the value of sensible Stop placement, I guess! Did you demo yesterday, or live trade it? I wouldnāt personally advocate placing that many live trades using a new technique you learned from a guy on the internetā¦ Not knocking, but it smacks more of overtrading when it is a new concept to you. Glad that you got back a good chunk of the losses. A double-digit loss shouldnāt happen on one day, so glad you dodged it.
Nice. Why be so unpleasantly immature about it?
Lol I hear that! Had I looked in at some points yesterday afternoon my AUD/USD Long would have looked like a goner, but today itās well back in the green. Keeping the faith and not cutting trades too early is one of the key elements of successful swing trading, imho. Nice work!
ST
replyā¦st.
hi ā¦stā¦yes it was with real moneyā¦
sometimes i go a bit crazy in the learning processā¦i got a high risk toleranceā¦
plus i always try to manage a losing trade back to profit by playing with corrolated pairs and stuff.
in fact it was a good exercise in trade managementā¦
i went to 12 percent on my total equity down at one stage and pulled it back to 4 percentā¦then bailed on the project.
i cant tolerate losing tradesā¦and this is making my management trade management sharp.
if the trade is losing then i battle the flanks with trades that balance out the lossā¦and if the trade comes back then the flanking trades start to lose ā¦its hedging reallyā¦kind of.
and i cut the appropriate trades as and when to lock in the profit and make my money back.
if it was domo it would not mean much to me.
i need to feel my pulseā¦and adrenaline sharpens the witts.
you seeā¦in the past few months i have blow out 2 accounts real moneyā¦and this devastating experience has made me nimble in pulling back losing dealsā¦
i actually have faith in that areaā¦
now i just need more faith to ride the winners into the sunset.
Yep, and while such days may evaporate your gains or even hit your stoplosses, they are also your chance for entries. Yesterday lots of pairs hit already clearly visible levels and then reversed. You just have to wait a little in order to see that they donāt break forcibly through those levels, and also look at other pairs so that you can judge the overall behavior of a currency. Eg, yesterday JPY had a hit-and-reverse pattern in almost all of its pairs. In some of them it took a little longer to reverse, but overall it became apparent a couple of hours before NY close that it was losing strength all around.
I get that, I really do - when I first started trading I went live for the same reason, I never bothered with demo. However I have one massive caveat - in my opinion, exposing anything like 12% of your account to the market at one time, particularly when learning, is way too much. The market turned out to be very choppy yesterday, you could have lost the whole 12%. If anything, yesterday was bad because you lost 4%, but worse because it has taught your subconscious that you can trade your way out of a bad situation, that you can get away with being 12% down and turn it around. Sometimes you can, but sometimes you just wonāt. If you get to the point where you are trading with a meaningful account size, a big loss like that takes a lot of getting back on many levels. So I would strongly urge you to put in place some proper money and risk management strategy. Have a limit to your losses each day and walk away if you hit that limit. Have a limit to the amount of risk you have on the table at any given moment. Had the Japanese earthquake hit during your 12% down moment yesterday, or a bank intervened, or Greece left the Euro, or any number of other things, you would have lost 12% in one hit. To have that possibility there is not, in my opinion, a stable way to trade or a method that you want to be learning if you are serious about trading as a career long term.
Iām not knocking you, Iām not falling out with you, and others will disagree with me, but I am just giving you my advice, my one opinion. Obviously if you disagree just ignore me!!
ST
Absolutely, there was money to be made yesterday. Just money to be lost, too, so it took some understanding to spot the difference.
hey simon templerā¦like i said beforeā¦your the saintā¦and your opinion is always validā¦
you give good adviceā¦and actually you can say anything you like to meā¦
i got a thick skin.
i value honesty and integrityā¦and that is clearly what you are about.
cheers.
100% agree with you STā¦ maybe 99.9999999%ā¦ haha
Most lesson learnt from pros or books: i think minimum must have stop loss placement no matter how wonderful your strategy isā¦ proper risk management and/or money management very importantā¦
The market is so dynamic and volatile like today!!! nuts the euro summitā¦hehe
Brinfx, maybe u are trying to hedge losing positions or trading using hedge methods by finding co-related pairs and target on their movements at varying speedā¦ then make profit or recover losses against losing positionā¦
Quite smart strategy however need lots of skillā¦ (have you tested)
Even smart traders also cannot hedge properly man. But i believe you can if you learn it properly and if you want to.
For me i got few cases i try hedging when my positions are in profit, i.e. i sold EUR/JPY @99.80 then the trade went my way before todayā¦ got 1:1 profit however never close my position and let it ride on gainsā¦
Then i saw big green bar on AUD/USD and seem to me Bullish bar(BEEB) then i open with a buy @1.0050( actually i afraid of losing my EUR/JPY) so consider āirrational hedgingā ā¦
What happen?? Both were in profitsā¦cool how could that beā¦ 1)AUD/USD was in profit of 1:1 while 2) EUR/JPY was in profit of 0.5:1ā¦ so what should i do?
In the end market play me out ā¦ we will never out smart the market so dynamicā¦slow and steady win the raceā¦
Stop both of my position at break evenā¦ stupid riteā¦ lucky already manā¦hehe
Lesson learnt: 1)best donāt manage more than 2 positions almost confusing man maybe for meā¦
2) if you want to trade using hedging must really learn from the pros, seem to me they donāt use or may not have stop-loss placement for hedgingā¦
who knows, u may make lots of $$$ even with hedging ā¦ Seems to me u are hedging irrationally ā¦
There a chinese saying: Regardless of what size is the cat(fat or thin), as long as it catches the rat is a good catā¦hahahahaha
Sorry for the long winded post ā¦