Hello Chris and Others,
In to the new week. Caught a nice EU long setup.
20 ema held nicely and expecting the long run to continue above 1.34
Already up 30 pips and SL to breakeven
Woh Dany… Thumbs up mate.:50:
We are on the same boat… Let’s wish this boat going in our direction…:51:
Hello Dany and Perry, I guess this is what happens when two guys are reading the same script.
Good work guys,
Grix
Hell Yeah…
Good to see you guys in here.
See you around.
I’m in the same trade, long from 1.3320… but i see the price being squashed into a triangle right now… looks like a sudden breakout move is gonna happen in the next few candles…
yeah, really low volatility today
definitely summer trading and liquidity
EU doesn’t seem to want to do much today
so you might have to hold longer, or just get some small profit, exit and look for re-entry
Hey folks,
Fought tooth and nail, bad habits are hard to break, got my 5% but uggg, what a fun day, lol…
Got juked out a few times, but most important thing today, was closing when danger was insight.
Get them pips, and look both ways,
I would not trade where it is now, looks to be consolidating, a large image/candles are easy to read…
have to agree
on to other things for the day
FYI - while the markets are slow, this does not mean you cannot work on improving your trading, building your skillset, or making money. You just need to make a few adjustments while the volatility and liquidity is down.
I just wrote an article about this on my site which you can check out there. Its called, ‘2 Tips for Summer Forex Trading’.
Hope it helps give you some ideas on what to do with days like this.
Kind Regards,
Chris Capre
Hey Chris,
Thanks for the heads up, the markets are really doing a number on traders today. Guess its time to study more and trade less…
Hello MNS,
Ok so I’ve been holding off on commenting on your goal to do 5% a day, because I think there are some things that need to be discussed.
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do you have an actual trading plan and rule based strategy you execute day in day out? Reason I ask is you just turned yourself over to my method here, and just got rid of scalping, so am thinking it would be hard to have a plan/rule based strategy to get there.
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although you have a goal which is outcome based, I do not see any goals, or actions taken to achieve this goal.
What I mean by this is, have you asked yourself ‘what do I need to become to achieve this goal?’
have you also asked yourself ‘what do I need to do to accomplish this goal?’
Perhaps you need to develop the right attitude, build neural pathways to think successfully, build more skills to get there. whatever it is, do you really know what those things are, and do you have a plan to make those things happen?
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also, what if you do not achieve your goal? what will that do to your psyche?
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have you examined your risk of ruin yet? do you even know what it is, or what your expected payoff ratio is, what your accuracy using the current system is? if you don’t have any of these, it is highly unlikely you will achieve your goal.
these are just some things to think about now
Im definitely not trying to discourage you from your goal - more trying to ping you and see where your thinking is at, and what you have fully unearthed about yourself in this process.
looking forward to your response.
Kind Regards,
Chris Capre
Mr. Capre this response will have them burning you in effigy in Babypips town square…
The Never Burning VIPER
Good afternoon Chris,
Why you jumpin all over me?
LOL, Just kidden!!
I Have nothing writen down, except for the notes i took on the " Understanding Impulsive and Corrective Price action".
Now, with that said, I really wanted to gear from the scalping, I realllly do, but I have to admit, im having a hard time…
I took 34 trades today, lost 3 of them, and finished at 5.9% on daily starting balance.
Ignorant to say I love the action, I love the stress, I love being in the game, but Also, repetition of action to get better.
I have to be honest, trading on Oanda makes you feel, ummmm, hunted, lol… I always feel like i just have to take profit while I can… MT4, Im golden with, but this Java, uggggg… There I go again, making excuses…;/
Just like, I didnt even look at that chart i posted last night, not once today… I just trade… Intuitional, both choatic, and scared, lol…
Im right alot, but I was happy to take some losses today, to be honest…
[B]‘what do I need to become to achieve this goal?’[/B] Better Preparation, Better Patience, Assured that 5% is pretty dang good,
[B]‘what do I need to do to accomplish this goal?’[/B] Preparation, Patience, lock on my office door,
Might sound funny, but Its true… Im addictied, although i have alot to do around my house, I have my 16 week old daughted, that sits right here by my desk with me all day, and cant really do other things…
But also, my balance is weak right now, and I have major goals, like moving… So, I sit and look at this small balance, and then it plays with my head like… But on the other hand, If I can build consisintcy, and just get my 5%, and walk away, the 5% will be the same in 6 months… Thats why I am building a neurologically inclination thru percentages, and not number number as pips…
I dont have a “system”… But targeting on rejection and correctional moves, with, again, BS Trails…
Tonight Im going to write up a plan, based around your channel trading… Or, if you have any input, on a strat that suits my character, Im all ears.
I reallllyy do cut myself short using the Trail-stops, but I have this thing burnt in my head, that, we dont know whats going to happen, or we would all be very very wealthy already, and this whole thing would be a mute point.
Then, I got the, " have to win everytime" in my head, although very hard to be right all the time, you shouldnt trade if you feel wrong in the first place…
And funny again, it might sound, I need a system, to make more, lol, Like 25% a day… Which, i think I can do…
Oh, need to add this, Had a little mutt dogs barking outside my window for 2 hours, from 8-10 am, est… Neighbors are annoying, the dogs bark all day and night, 1 jack russel, and 1 choc lab, and its constant, Like right freakin now, for instance…
Bro, I know I sound like a crack pot, and this or that, but, I have to make this work, I work hard to make this work, and I just need a tiny bit more, to make this work… My wife is hurtin from work, under paid, and I feel bad for her, but its our only option… No, the market dont give a crap about my problems, but I need to take care of my problems, thru the market…
I crammed over 11,000 hours of chart time in 27 months, Im tryin, and Im almost there… I need to really realize, 5% is great, and get my 10 minutes of work in, and go enjoy life, but looking at $8 account, is, well, discouraging, and it reflects the need for hastency.
Hey Chris, thank_you, throw the bottle at me now, lol…
*HatTip
So in the Future MNS, can you try more bullet points as it takes a lot of time to read all this?
First off, 11k hours in 27 months = 17hrs per day at a perfect 24 days per month. Are you saying every trading day you put in 17hrs per day every trading day of every month? Seems like a lot, especially since you have a 16 month daughter around for 60% of that. this would have allowed you 7hrs per trading day to sleep, eat, shower, and spend time with your daughter. Are you sure this number is correct?
But a few points here;
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do you think anyone really took their trading to the next level by trading ‘chaotic, scared, and intuitional’?
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as to my question about what you need to become to achieve this goal - what you listed are (better preparation, patience, and assured 5% is pretty good). preparation is kinda vague. patience on or about what? and as to being assured, this is not the field for that as it rests on complete uncertainty and being comfortable with that.
But what does this have to do with what you need to become on the inside to hit this goal? Do you really think you are just short some patience, preparation and assurance?
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your answers to my next question about accomplishing it (preparation = repeat, patience = repeat, lock on office door). do you really think this is all you need to do to accomplish this, that a lock on the door is what’s separating you now from hitting this?
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do you think looking at the small balance, which ‘plays with your head’ by focusing on the outcome, and not process, will get you there? do you think a golfer makes a better shot by focusing on the shot and awareness in the moment, or what he may win if he makes the shot?
focusing on %'s and not $'s is the same as being focused on outcome, not process fyi
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do you think you’ll get there without a system? how do you measure if what you are doing is working? how can anyone figure out an accurate risk of ruin without the numbers like payoff ratio and accuracy? you can’t
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do you think making this a game about ‘being right, and having to win every time’ will get you there or build the right mentality to win?
some poignant questions, but if you can, please respond in succinct bullet points.
thanks in advance.
Kind Regards,
Chris Capre
Ha - I guess it depends upon what the Effigy looks like which will make it interesting. But I appreciate the sentiment.
OK, got a plan, This week I will study and train with Ichimoku cloud. Will report back Friday.
Great pips to all!!
Hi had this setup earlier and watching the trade intently. Are you saying that yesterday’s setup might be not valid for today? Does it go against the theory of letting it play out?
Hello Chris,
Despite the low liquidity, got the 60 pips from the trade after the US close.
Not a bad job for a boring day.
DAny
