Hello Chris, Apex & Others,
Hope everything going well with you guys,
I had a few good trades this week and still holding a few short trades.
AUD /USD
Short AU with a nice pullback. A Couple of days ago Chris’ provided his thoughts on AU and I was waiting for this opportunity. In the mean time I am testing 20EMA to get better signals. 
Cable
I am not a Cable lover. But caught this short trade and already closed 2/4 of it.
According to higher TF we are near a major support level. So cannot trust the pair at all. In any case stop loss in place.
Hello Apex, Chris, Simon and Bullace n Brazillian
Woke up to a great morning, I placed some short trades in the evening.
Precisely on the euro/dollar and pound.
90 pips on each…feeling like sunday morning…
Great trade mate! AUDUSD is going down as I speak… Hope it works out for you.
Apex.
Hey guys, I’ve been watching how the German trade balance impacts the markets… Well as soon as the data came out, the currencies went for an unsustainable parabolic move down on the intraday timeframes (which is pulling back as I speak).
So yeah, there are definitely algo’s out there which are taking advantage of these moves.
Just my observations.
Apex
hey guys took this long some days ago and have held onto it…it keeps rising but ain’t sure where to get out
EUR/JPY long at 129.64 after a corrective move
We had that classic moment - Claire (my wife) spent three hours picking units, doors, sink etc., then the moment came to pay - she steps back, suddenly I’m centre stage. So Claire gets three hours of retail therapy interaction with the staff, I get 30 seconds which involves settling a bill for several thousand pounds. At least I like the kitchen ‘we’ picked!
Bob, I don’t want to cut across Chris’ answer, but personally I just stay in until my underlying technical argument is nullified, for instance if I am short and Price puts in a higher low I’ll look at getting out. But basically that stuff is factored into my SL placement, so I rarely exit early. Most of my exits come through a trailed SL being hit. Sometimes for a loss (GBP/CHF Short last night springs to mind!) but hopefully for an enormous profit (!).
Nice work! I just took a small kick to the nuts on GBP/CHF instead.
dude you are on fire…envious…
nice trade
Hello Perry,
Nice trades mates. What a way to end the week ?
Are you going to develop a strategy ?
I am also interested to monitor and trade news. But I cannot identify the direction due to the spikes and I burnt my fingers so many times in the past.
If you keep watching and monitoring how news going to affect market maybe you can develop a strategy.
Hey Brendad, I personally consider myself a technical trader, however, understanding how fundamentals can impact the market can be an insight which can help with market bias.
I’ve been reading about algo’s and black boxes… What I can tell you is that there are algos out there which take advantage of these moves… I just think there is going to be massive slippage if you try to trade these moves and compete with the hedge funds executing trades in nano-seconds…
But yeah, keeping up to date with the macro’s is important in my opinion.
Apex.
Well noted Chris,
Thanks for the tips.
Cheers.
You’re on the groove mate… Congrats once again.
GU, I’m on the brink of getting stopped out.
Chart to follow later…
GU trade got stopped out for 50 pips (25 pips x 2 positions).
To those in the positive this week, a big congratulations.
To those in the negative, this week is just one of the 52 weeks in a year.
More weeks to come.
More pips to bag…
Have a nice weekend everyone.
Thanks ST Chris has not been on yet and I am curious to hear his response. At the same time Chris soory to derail you thread. But its always fun to highlight the glory in a setup never fun to talk about those moments that hurt (and they happen on every strat no matter how good it is and this one is good. I trade close to the same.
ST is spot on YOU STICK TO THE PLAN. TRADE WHAT YOU SEE NOT WHAT YOU THINK. In my case I seen my plan failed so I closed the trade. I could have done what so many other have done in my shoes and seen this and thought ok well it cant go down to much more let me try to scale down the loss in a bounce then get out (we all know it goes through your head from time to time). I have seen some do it successfully. I have done it successfully. Most of the time though you just lose more. Look at my trade when my stop was missed and I closed it AU price was at 1.0197. If I tried to average down my loss what would have happened? Price today hit pairty thats 197 pips in the wrong direction. Instead I stuck to my plan my plan said I should not be here so I got out. Because of that I am back in the green. Pay a little now or a lot latter.
When you are in a trade in profit and you see it not going the way you expected STICK TO YOUR PLAN. Nothing wrong with scaling up that stop to lock in profits (I do it all the time) but remember in doing so you have a higher probability of having that stop hit. Again STICK TO YOUR PLAN. After all you had that plan for a reason. Its what you seen and you trade what you see. Sure come here for advise on what to look out for next time but STICK TO THE PLAN.
Sorry Chris for derailing your thread again. I do like to give you friendly love taps from time to time but this was not one of them. I have not seen this covered here yet and it is very valid part of a strategy. IMO its part of a strategy. What do you do when you see your trade falling apart? See its great when all goes well. Its easy for other to tell you what you did not see after the fact. But its that waddyado moment when you are all by yourself at that screen thinking why did I enter this trade that matters. Thats what makes or breaks traders. Thats where the emotional/physiological moments kick in that is talked about all over these forums.
Again you seen for a reason so TRADE IT. You live by the sward you die by the sward. Learn how to use the sward and you might get out alive in the end.
Have a good night
Hey Bob, I have to say, you didnt derail the thread at all… Infact, that contribution you just made is very valid! I agree with everything you said there.
Hope you continue contributing mate! Good stuff!
Apex.
Does help Chris thanks. I’ve been away so not had chance to read the forums here for a while. I’ve only scratched the surface with the price action (currently working through your webinars on fxstreet) Slowly trying to create a strategy. I’m experimenting the PA techniques with company share/stock prices on a select few FTSE100 companies and Apple in demo spread bet account. I’m finding the fundamental analysis for shares more interesting than the Forex fundamental analysis.Do you know anyone who extends PA out to things like share/futures etc. I know you trade commodities ?
If your going to do stocks, then invest instead of trade. In my opinion, the stock market is not for trading, but for investors to INVEST in a company.
So if your going to do stocks, be in for the long term.
Therefore, you want to look at macro and not just technical.
Some will agree, some will disagree, but thats my opinion.
Apex.
well, stock trading is almost another specialty that’s controlled more by the fundamentals.
I do however think that the term “long term trading” should be used for this description instead of “invest”.
From a general perspective, an investment is an undertaking where you commit time or money to analyze an opportunity with expectation of a gain at the same time protecting your capital and profits. This applies to stock as well as forex trading.
Grix
