Quote:
Originally Posted by stratocaster59
Hey Rocky,
I'm guessing you must be Welsh by saying you had a "TIDY" day - the wife's relatives are all from Maesteg and Bridgend and they were always having a tidy something or other!
My trading platform is down so just cleaning things up.
Somehow reading your post I have a mental image of you in your underwear (like that Tom Cruise early movie) listening to the Stones playing "Under My Thumb".
I'm just curious on your trades you posted so from one Rocky to another Rocker could you explain a few things for my simple mind?
On your first cable trade:
You had a 157 pip SL for a 46 pip profit - somehow that seems upside down risking 157 to get 46.
What trigger did you use to sell at 1.5253? - have you got a magic indicator you're not telling us about because for the life of me, I can't see any sell trigger there?
I'm assuming you monitor M15 for your trades but are you going down to M5 to initiate and close the trades?
On your losing trade, how did you manage to get out so quick with only a 6 pip loss? I wish I could recognise a loser so fast!
Also, any other pearls of wisdom you can share with us so that we too can get more piparoonis?
Cheers and Nos Da!
Robert N
|
Strato,
Thanks for the feedback - always nice to be appreciated, and yes I have migrated from Wales and doing missionary work in England spreading word - af tidy mate! I have started the year in a focused manner. I am off the booze, I am washed and dressed for the day and at my PC by 6am GMT, and have initiated a 15Kg weight loss program. So images of naked trading have been relegated to history (well at least until I don't get up with a raging hangover and can't shower!!) Love the Stones but you can't beat a little Prince or Sterophonics.
On the couple of questions - I the s/l this was the previous cable high and I only have stops as emergencies - generally I trade with a notional 100 s/l, but here I have half an eye on what I think is a top for cable and can only see downside. I have been thinking to myself that cable will retrace back to 14800 level and this like all my recent trades in CABLE is really predicated on the daily and 4 hour set-ups. So I know it looks like I am risking lots of pips but in my minds eye I don't see a retrace above 15400 and so even if the trade leapt up I would have held the position. Not everybodys cup of tea, and not really a trade play for a novice. The trigger, the elusive question, when to enter or not enter..........I have noted a couple of patterns on cable this week. If you use MT4 bring up your 5m or 15 chart, its clearer on 5m, but between 7:15. I have attached both with some arrows. If you look at both 5m and 15m you will see the trigger cross (i.e. blue CCI line through 0/0).
So to summarise entry was based on double top pattern and entry was based on 4cci cross of 0/0 (i.e the trigger). I exited at DP on 5m and then when price action went through DP, I reentered short for further pips.
The losing trade - you wrote in your notes about feeling the market - well I have been trackined eurogbp for 3 months and not traded it. I only started trading at the back end of 2008. It has tended to be swayed more by the euro than sterling. On my screens in front of me I have all the pairs I trade (and on another screen I have my GFT platform and order book), so I follow price action very closely. What I saw Strato was increasing euro activity and sterling weakness. The message 'get of of town', so I dumped trade, without a second thought and took at hit of only 6 pips. The guys I spend time with will tell you I don't always get it right. I saw same situation earlier in the week dumped my eurogbp short for +12 only to watch it go anothe 120.
My learning has come from Le Pimp and Dan. I study set-ups and read extensively. I listen to what other traders have to contribute as I am still only a novice. I just completed my first year as a full time trader and only really began to make decent pips after stumbling across Dan on forex factory. Really since then the strategy has become more transparent, my confidence has grown and although I still lose pips entering KHT's, my propensity to do so seems to have lessened. I still do it much to my annoyance, but you can't win without losing.
Hope this all makes sense and apologies for the verbosity of the reply. Love the post on the power of thought and emotion over logic. Says all what we go through brilliantly - Thanks for sharing.
Tidy Rockie
