I closed out at 1.594 with 40 pips which im happy with, i didn’t really wanna hang in for the news release as im just not keen of being in a trade with news happening - bad experiences lol (even though it shot up another 40 pips)…
Everything is a little sketchy to me to be honest, sitting on my hands till probably closer to NY to see if anything presents itself… I was certainly swayed to see price claw up a little bit before the drop though, so when EU dropped back down, and GU went through the roof, that puts me on the sidelines for now lol
Over the last few days I’ve started to think the NY open just mirrors the London open. So without the benefit of having decent charts to look at, or being able to gleen anything from the equities direction right now, I’m thinking if EU stays lower during London, NY may well just push it lower. Still looking for 3050. Thought we were making a run at it but ran out of steam a little
I closed it for a few pips gain. EZ equities are starting to look a bit ugly. US futures are in the red now too. Doesn’t look like an environment for a long E/U trade right now and I’ve missed the short entry so not going to push it. Already hit my weekly target so no point giving it back with an iffy trade.
On same days the build up to the NYO - or sometimes even going into NYO, price retraces back up into the 62-79 fib drawn from the high/low of the day set by LO… Gives you a chance to get in line with the days bias… Again, this is only sometimes lol…
If nothing else i’ll happily take my +40 for the day and be done… Been a rough week or so for me so trying not to force any trades now… Think this is one of the hardest things for me - learning when not to trade…
Yeah but over all I think that is a fair point you make Sanj. It would be interesting to see some sort of stats that compares the days that NY continued the up or down move of London as opposed to the days where they went in opposite directions.
Another one for the analysis “To Do” list I think.
I look at the nice eu drop off and think yay my gu short probably panned out. Well instead it misses the 50 pip tp1 by spread and launches up to my s/l. Sometimes I just roll my eyes.
Checked out some of your older stuff RC, and I have seen you have been turned off in the past and have explained earlier strategies alot, but clearly things have changed. Alot of different ma mentioned and even that donchian thing. I only post this here because you have private messaging disabled I think. I am strictly turning into a higher timeframe guy so thats why I have all the questions about your stuff, because you have been attacked by the 5/15m mob for heretical higher timeframe suggestions. I wont be requesting a mentorship or anything just some things to look at like the fractal suggestion, still seeing how to best use this info.
Zig Zag with no candles looks hilarious on my screen, like some neon light show of the fx mkts. When you say to demo it, which I will do just for the sake of understanding the fractals simply switch gears from buy to sell on zigzag change?
HoG.
Settle for 1.3060? My overnight 1.3086 short got trigger and I manually closed at 1.3063. Let’s see, had a 50 pip stop and a 23 pip profit giving me a risk reward ratio of “a pile of crap”. :17:
Wonder if there is a big option being defended at the 1.3050?
I had to watch my short go from +40 pips, to turn around and stop me out at BE+1… That was painful… Took off a 1/4 at +30 but still kicking myself… Closing up my charts now as i feel anything i do now will just be revenge trading…
… But wow i wish i held my long GU from this morning LOL
SanJ, one of the things I look at in price action is the drop vs the climb. Look how strung out the drops are, and how quickly the bounce back happens, so your scenario has merit there.
Like anything else, it doesn’t always work, but it does more often than not.
Honest answer is d-pip that I didn’t see the drop to 1-3057 because I was busy at work. By the time I turned the charts on NY was open and we were back up around 1-31. Frustrating for sure, but when you are ding this part time, I’m afraid it’s just something you have to put up with.
Just a wee quick question for you all. I have just “discovered” MyFXbook, mainly due to reading through the lambasting eremarket (Jay) is getting right now. Whether that is warranted or not I have no opinion as I know nothing about the whole situation, AND I DON’T WANT TO, so please, no replies telling me why.
Anyway, question is about MyFXbook. Is it worth using to keep an eye on your own stats?? Can you keep it private or does it have to be public??? I know that’s two questions, so simple one is, is it worthwhile using it?
Won’t be posting again tonight, sloping off to bed like a big girl with a sore head. Still in my EU short as I missed the drop today, or at least missed the chance to close the drop. Nevermind eh ? It’s only money.:17:
I don’t have a view on the eremarket stuff, either, and I have never looked at MyFXbook (so all in all this is a pretty unencouraging, ignorant-of-the-facts opening lol) but one thing I would say: I have kept an Excel spreadsheet of all my trades, good and bad, since I started trading, I still refer to it constantly and learn a lot from it. I have never seen any reason to use anything more sophisticated to map my results - seems, to me, better to keep it simple.
I found where RC is hiding On the topic of Myfxbook. An account does not have to be public and it is easy to set up if you use mt4. There are 2 ways to set it up the way that does not use a publisher EA is better. I use myfxbook I think its great. Also there are many other sites that will do about the same thing. I think Babypips may even run one. Now that I have looked this thread over a little I see that its worth following. I am not on BP or any forum much any more but every now and then I find something worth reading and the guys posting here are making sense.
At RC just to let you know I have all but forgot what a 5min chart is. I will admit I do use a 15 min chart but that is usually zoomed way out so I can see a day or 3.
You have been reading back sum! LOL. The ma’s and boll thread was sparked by a private chat between San and I predominantly using 5m & 15m. At the time and I expect even these days most newbs were using these tf’s. Think we trashed it to death eventually. San and I went back to trading the 4h and daily.
Yes the zigzag and fractals on thier own do look a bit out there! LOL… the point in masking out the candles is a) to not get you looking for candle patterns and second guessing and b) it will quickly reveal if works right?
Be careful of using the zigzag in isolation! Use it in conjuction with the fractal confirm print. You’ll notice that some fractals will not have a corresponding zigzag… they’d be the ones to avoid.
Yes I got quite a kicking for suggesting 5&15 were not the ‘holy grail’ on several occasions to the point of leaving twice. But frankly missed the company of the great traders on this site.
I had noticed the thing you posted RC about the zig zag settings (5;1;1 etc) and looked at the indicator. Have to admit that I don’t understand the settings. You said 4h 12;1;1 and 3;1;1 and Daily 5;1;1 and 3;1;1.
So my zig zag indicator only allows one set of settings. Does this then mean you have 1 chart ( say a 4 Hour ) with two separate zig zags on it, and 1 daily chart with 2 separate zig zags.
I hasten to add that the only reason I don’t understand this is because there are times when I can be as thick as two planks of wood nailed together
ST, if it is not too intrusive a question, what details do you keep on your spreadsheet ? I tried keeping a journal but stopped for two reasons. First reason was probably pure and utter laziness, second reason was I found myself writing a novel for every entry and I knew I would never go back and read all that ( again, pure laziness )
Anyway, as far as the trading goes I’ve been trapped in the same bloody trade for most of the week. Shouldn’t complain realy as I suppose I’m still in rather than being stopped out. Had the chance to get out yesterday as d-pip mentioned but missed it. But if it runs all week and THEN i get stopped out, the toys may well get thrown out of the pram this weekend !!
One final thing, my live trading account has it’s first birthday on May 7th. Now I don’t want you crazy kids running out and buying balloons and cake and stuff, but I did have an idea I thought I would throw out.
I thought about starting another thread - a report card of sorts. I would write one article only in that thread and probably not even get involved in a discussion on it. The one article would probably be fairly long ( you don’t say HoG !! ) and it would be about the one, or two, things I have found most difficult about trading FX live, or the things I have struggled with the most.
But it wouldn’t be just a simple - I always forget to place a stop loss - end of. My article would be about what I believe my weaknesses are in trading, WHY I think I have those weaknesses and what I have done, or am doing, to improve on those weaknesses.
As I say, I don’t think I would get involved in a discussion on that thread, just post the article for others to read and maybe recognise a bit of themselves in there. I wondered if any other traders ( might be a bit presumptuous calling myself a trader ) experienced or newbie, would also be interested in posting a one off article in it detailing what they have struggled with the most and how they are combating that.
Anyway, better go, work is beckoning. But REMEMBER, no cake, I don’t like cake. But if you do feel the urge then it’s only fair to let you know I don’t like raisins, just sponge, strawberry jam sponge, with marzipan…better stop now before I reveal too much about my cake fetish !!
In any walk of life, most of the true greats have made at least one great comeback.
Oddly, I was discussing with Mrs Templar just last night the romantic nobility of someone walking away from something at the height of their powers, then coming back wiser and showing that they still have it.
Slightly different take on that romantic nobility thing ST. Dunno if you remember a film from a few years back called City Slickers. Billy Crystal starred in it as one of 3 city workers who go on a cattle drive across the west, you know, one of those “find yourself” adventures.
Jack Palance also starred as the hard as nails old cowboy, Curly Washburn, who led the drive.
Anyway, cut a long story short, along the way Billy Crystals character asks old Curly if he@d ever been in love.
“was once.” replied Curly. “What happened?” asks Billy Crystal.
(This is not the exact transcript, but words to this effect.) “I was out riding one day and as I rode over a hill I came across a farm house. And there she stood. The sun shining down on her, the most beautiful woman I’d ever seen. Made me stop dead, I fell in love right there and then.”
“Wow,” replies Billy, “So what happened?”
“Well, after a moment or two I turned my horse around and rode on, never saw her again.”
“What?” Billy screams. “You’ve just saw the most beautiful woman in the world and you rode away! Why?”
The old cowboy shrugs his shoulders, smiles and says, “Figured it would never ever get any better than that one perfect moment.”
On the topic of Myfxbook. An account does not have to be public and it is easy to set up if you use mt4. There are 2 ways to set it up the way that does not use a publisher EA is better. I use myfxbook I think its great. Also there are many other sites that will do about the same thing. I think Babypips may even run one. Now that I have looked this thread over a little I see that its worth following. I am not on BP or any forum much any more but every now and then I find something worth reading and the guys posting here are making sense.