wow fantastic micmic…thats some serious pips .
how do you choose your trades ?
and remember tommorrow is american independence day …so possibly game over for week.
bank and compound !
I just wait for retracements and then go with the trend. There must appear some relatively clear levels of recent support/resistance so that I can have a small stop loss (it doesn’t get any more clear than what it was in AUDJPY at 79.50). And I take a look at all the pairs of the relevant currencies in order to judge overall strength/weakness. If I can’t find good trades on the daily I’ll go down to 4H.
Actually the correct thing to do would have been to buy AUD and NZD and sell USD, EUR, GBP, JPY. All the combinations, all 8 pairs. Sure, all 8 could have gone wrong but the stop losses were very small and the rewards would be great.
I just closed the GBPAUD trade for 501 pips, I may re-enter if it retraces enough. AUDJPY is still open with current profit 280 pips and locked profit 143 pips.
ha haha…nice stuff…
i didnt post today as i have been nimble…
first buying nzd usd…then shorting at the top…then going long again…im still long with a couple of trades nzd usd.
gonna pull the plug soon as i dont wanna leave my troops in the field …with all the news coming tomorrow…godda look after the troops…
but well done with the 501 pips thing…
i tend to stay away from the crosses these days…due to me now finding trades on the 1 hour 4 hour and daily…and i enter on the 5 minutes and monitor on 5 minute chart
its just so many pips handed to the broker on the crosses plus the fact that you got 3 countries to worry about with the crosses…2 is enough for me at the moment…
but i will take A+ trades on the crosses but that is about it.
i wouldnt normally take nzd usd…in hindsight i should have gone aud usd…just to give the broker less…
the kiwi and aussi were in good corrolation you see .
just curiosity sake …what made you enter the GA trade. which timeframe ?
cheers.
edt
right just pulled 1 of 2 troopers left in on nzd usd.
right just got one trooper left in… a small one.
may take him out later or leave overnight with stop loss…
at break even.
right last trade is squared…with a nice profit…small trade…small profit.
see you tomorrow
ps micmic…
are you trading live or demo ?
very careful today…dollar seems like it should be strong…but currently showing weakness.
i wonder if its a trap.
right tried to grab some pips…
i use a base of 1 unit…in which i enter trades and then everything else is based on this.
below is the order i took trades.
todays trading so far.
-----------------------------------------close price------------------pippage
sell x 1----- fiber-------1.2375--------1.2365----------------------10 pips
sell x 2----- fiber-------1.2377--------1.2377----------------------0 pips (price action looks unpredictable so pulled)
sell x 5----- fiber-------1.2381--------1.2377----------------------5 x 4 pips = + 20 pips (to reduce exposure)
sell x10----- fiber------1.2389---------1.2381---------------------10 x 8 pips = + 80 pips
sell x 2------fiber-------1.2378-------1.2374-----------------------2 x 4 = +8 pips
sell x 1------fiber-------1.2382-------1.2360----------------------- 22 pips
trade [B]ALL SQUARED…TOTAL + 140 PIPS[/B]
WOULD HAVE GOT MORE PIPS BUT KEPT GETTING REQUOTE AS PRICE WAS MOVING SO FAST.
time is coming up to 1:30…either i win or better get out FAST.
not breaking sweat yet…still feel ok
got to keep treading carefully.
note after putting orders on …price initially moved against me to 1.2400…
had to have faith in bias and that price would turn and go my way.
if using stop loss i probably would have been stopped out…and if stop loss was much further away than that…then what is the point. unless you are away from screen…(just thoughts)
just thought i’d throw a small one on just to ride out either way…with my winnings.
sell x 1 fiber------------1.2349-----------1.2331 ----------------- + 18 pips
right that is enough for today i think
[B]grand total 158 pips[/B]
later.
next trade
BOT x 1 --------fiber-------1.2308----------1.2269----------------------- -39 pips
BOT x 1 --------fiber-------1.2304----------1.2289 --------------------- -15 pips (too much exposure over weekend)
BOT x 10-------fiber-------1.2266----------1.2270----------------------- 10x 4 pips = 40 pips (quick rescue of situation)
[B]all square… total number of pips for trade = -14 pips.[/B]
i have jumped the gun on this trade.
Good managers and doctors , allow the symptoms to surface before administering the cure.
i expect the market to GAP…possibly in my favour…but still trade was based on anticipation rather than seen price action…and this is not how i trade…so even if it GAPs in my favour…it is bad practice…from my point of view ( PURIST ON PRICE ACTION trading)…and will lead to overall losses in the long run.
now i wait for london open…and get back my 14 pips…
the price to pay for jumping the gun.
This is a trade technique that I’m basing my current system after. I follow news events and trade them after they break through S&R levels, in the direction of the trend.
Image 1341467696-clip-346kb.jpg
I added the horizontal lines for illustration. Blue is entry, Red is SL, Green is TP. The shaded areas are trade sessions. Blue is Asia, Green is London, and Red is NY.
90 pips on EUR/JPY monday
nice session indicator…and what platform is that …that you use for charting.
looks like you made some nice pips…all in one go.
personally i keep major new issues at hand on the forex factory calendar…
i trade 2 techniques…
long term trades…A+ price action setups.
shorter term…with possibility of catching trends…
pure price action trading directly off the chart…no indicators…only the occasional horizontal line.
please keep me informed ddrankin about your trades…and how you trade the news…
have a nice weekend
I use FXCMs TradeStationII for charting. Another broker for placing orders. I’ll keep posting results when I use this technique.
Forgot to mention this was not a profitable trade. I was right on direction but got stopped out. Will be back next week.
thing is bob…
you got the direction right…that is the most important thing…
now it seems that you have some stop loss issues…and i can understand you need to use them because you are working…so i sympathise…and hope you find a way to either monitor the trade until the fat lady sings…or maybe you could trust yourself a little more…and use an extended stop loss.and let the trade roll.
or there is nothing wrong with taking a bit less profit…you dont have to let it run to completion if price action says things may be changing…there is no hard fast rule…you can be flexible.
anyway…keep em coming…it was a nice setup.
You are spot on I will always have a stop. I have seen things such as a drunk drive taking out a powerpole and lost internet for a few days due to it. Stuff happens but I think my issue a I have started to get over confident and greed has taken over. Thats why I place such small stops and I have gotten away with it for a while. If you would have read my posts lately I have been questioning the sustainability and one thing I preach is the market will humble you 100% of the time. No one is immune and as much as I deny it I am not immune either. Its cool I am not afraid to take a loss as I have plenty of times in my career however short it may be.
On a side note I went long the Aussie. I know I dont go long (might be a little revenge trading). Reasons are price gaped and took out the 1.02 figure. Which also took out last weeks low. I have also been studying petefader’s thread along with other sources on VSA. I dont really use the volume indicator but I am using open interest off the COT report. Thhe report does not come out till tomorrow but from what I have learned we had extreme high open interestas price has pushed up a couple weeks ago. Now I see a drop in open interest and price push lower. Based on my studies this signals a healthy up trend. I even though I expect to see lower prices based off my analysis. Where I am looking to short is significantly higher right now and base my VSA idea is correct I may not get an entry this week as price may keep going up. We have some news coming from my island across the pond this week that could help to push price higher. So I am looking for about 50 pips I kept risk low real low time. As soon as price entered the gap I set a stop to BE. Currently sitting on 22 pips as this has taken a while to type. Here is a chart.
nice one bob…its currently up quite a bit.
hey my mentor would give you a good telling off…he says you cant be rigid in this game…or the market will take your money…
there is nothing wrong with going long…if the market is screaming out for long…then go long…after all its the money we want…and its good to be will ing to go wherever the market takes us.
if we are in an uptrend…and we are insistent on shorting…its game over .
anyway…hope you take some profit…i know you like the 3 digit pips per trade…and its great…but sometimes if you had a drawdown …may be good to start patching the hole.
IF we are in an uptrend and we short its not game over but it is not for the faint at heart. You also had better not think to trade everyday or yep its game over. I cashed it at 1.0213 as price stalled so I got out. Not what I was looking for but this trade was to learn something new to add to my tool box. I figured might as well get something and go home. I will look to short at the 1.0250 mid fig. We will see if price gets there. Untill then I got a quick scalp and I am done for now. Happy trading hope you make a million
sell 1 x EU----------1.2293-----------1.2292----------------- + 1 pip
sell 1 x EU----------1,2275-----------1.2294----------------- -19 pips
sell 2 x EU----------1.2282-----------1.2298---------------- 2x 16 pips = - 32 pips
sell 10 x eu --------1.2280-----------1.2293---------------- 10 x 13 pips = -130 pips
sell 10 x eu --------1.2297-----------1.2297----------------- 0 pips
sell 10 x eu --------1.2302-----------1.2298----------------- 10 x 4 pips = + 40 pips
sell 10 x eu --------1.2288-----------1.2280----------------- 10 x 8 pips = + 80 pips
sell 50 x eu --------1.2310 ----------1.2303----------------- 50 x 7 pipa = + 350 pips
[B]ALL SQUARE[/B]
trade complete [B] + 290 pips…[/B].currently just over[B] 3% up on total equity[/B]
It’s live.
AUDJPY hit the stop loss so the profit on that remained at +143 pips.
Today or tomorrow may be good days for entries, we’ll see. Maybe I’ll go long in CADJPY.
always live…micmic
nice with the 143 pips.
currently +16 pips for the day testing the water.on usd chf.
but i closed deal
as im waiting for something i feel a bit more comfortable with …as i closed the deal and it jumped my way even more about another 20 pips…so im not gonna chase it.
