Great feedback. I spend very little time watching the charts. Most of my time spent in forex is talking about it. During the day I might check on my equity, but I never make a decision until the end of the New York close, regardless of how ugly a trade is looking.
You’re well on your way. As soon as get more comfortable with price action, you can slide in more pairs and handle them easier.
That’s why it’s vital to keep your pip sizes lower. I’d have some heart attacks if I was trading large pip sizes in relation to my account.
Thinking about going long EUR/NZD. Looking historically, there seems to be good room to run up to the 79% Fibs, and the candles look like Monday’s candle with be a swing low. The Tuesday candle has a bigger wick then I’'d like, though some has been eaten this session. Looks like 62% retracement was hit (based on the last swing) and it’s poised to move up.
I’m waiting another day. I agree it’s bullish, but that last daily candle, while bullish, was indecisive on direction and practically an inside candle. If tomorrow it continues to rise I’d be more inclined to hop on board.
I’m half tempted to enter an order 10 or so pips above yesterdays candle, but I guess I need to learn the rules before I make my own. Do you ever do that when you have uncertainty (enter an order x pips from a prior candle) or do you always wait to make price show you what it’s going to do.
I do my best to avoid trying to guess. Of course no matter what I do, it’s always a speculation. However it’s my mindset overall that I’d rather jump on the moving train when it already has some momentum.
So when uncertain, I wait.
They only exception being is if I think price breaks an area it will keep going on that direction, then I put in an order. Sometimes they are filled. Sometimes they aren’t.
Mastergunner let me say this to you:
There is one thing that stands out to me, which you have highlighted within this thread, everyone seems to be over complicating trading. Price is price and the price is dictated by Supply and Demand through the day to day operations of Institutions. Get on the institutions coat tails and ride the pips through to the end. It is refreshing to hear an experienced Trader like yourself provide this advice to people like me. Thank you for contributing to my future success. I owe you a beer:35:.
I have no interest in hedging. It seems more complicated to me than what I care to implement. One account is enough. Don’t want to have to track down trades on two different accounts.
In the major fx markets, is it truly supply and demand? Price at times seems more like it’s directed and manipulated. I can see that S/D traders can make money by using s/d zones, but I wonder if the major fx market prices are not predetermined well ahead of time. That said, I agree that this stuff is pretty cool.
And I appreciate the positive feedback. When I stopped forcing success in the market and just simplified it, I ended up being far more profitable than the days when I tried to automate small change into riches ib a short period of time.
AUDNZD has just broken through strong weekly support quite convincingly. Would you see this as a good opportunity to short and if not what kind of confirmation would you be looking for?
I’m already 200+ pips up on a short for that trade. For me, I would have liked more retracement up before coming back down, so I would have not taken a short now.
But I’m not against a short either. I have a strong bearish bias on this pair as it is. That spike up the other day wasn’t enough to scare me away.
Do what you feel is the right move based on what you see. After a while when you have 20+ open trades you’ll spend less time scrutinizing and more time going with what looks good.
I think that if you draw a fib from that low at the end of Sept or beginning of Oct up to the high at 11/13, price is at the 127% extension 1.2243. 161.8% is around 1.2085, and 200% is around 1.19. Makes me want to short this as well, but I wonder if we’re due for a corrective move first since this fib level could provide temporary support.
Also the move down starting late 2011 to April 2012 is almost the same distance as moving from this past November 2012 to where 161.8% would be, making me think that 1.21 is a real possibility. Just have a little support to get through first.
MG is this more complicated then you want to make things. Would you prefer that discussion about taking profit also kept it to what is price doing?
You are predicting too much by saying it’s due for a correction. I’ve been told the yen has been oversold for weeks, but I ignored that and have added significant gains to my account.
When price hits its resistance it will tell you. It’s not about predicting the move to be in on the top or the bottom of it. It is almost always going to look like I got in too late and pulled out to late. And that’s just fine by me.
So yes, I don’t assume where I take profit. Don’t even hope. I just let price do what price is going to do.
I never add to the position or subtract from it. I do base my pip size off my equity and not my account balance, so in a way I’m benefiting when my open trades are doing well.
