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Ok, I've regrouped now. Spent the morning updating my trade journal for the week, looking back over the charts. God almighty, what a random bunch of trades I've done.
14 trades.
10 with incorrect setups - 10 losses, -220pips
4 with correct setups - 3 wins, 1 loss, 101pips
The thing was, I was doing incorrect setups with smaller stakes, say 1/2 stakes, but cause they were losing I couldn't (confidence wise) trade some good setups that were right in front of me.
It's a confidence game, and wee 'gamble/fun/bung one on' trades that lose, dent the confidence.
If I had just taken the correct setup trades, I'd be smiling like a bag of chips.
Waited patiently for the DAX to deliver all day. Drew some sweet support lines illustrated below and then waited for a break to the top or bottom. Didn't think there was enough mojo to break on the top side.
Waited for Dow to open, then bang. Broke support line waited for retracement by switching to 1 min chart and got a nice 120 pts.
I've been in the monkey cages for a few sessions now. Nice places. Nice people.
I'd like to offer a suggestion or 2 if you folks don't jump on me for it b/c I've been in and have seen countless chats/threads keel over and this may help the life of these as well as offer better results/learnings for all:
In chat, if you guys (gals ((bunny)) oh btw bunny I cut my teeth on your system at Stratbldr fx a few years back if you're the same gal) could add a quick reason why you're entering your trades along with your stop loss/take profit targets and a reason why, it would be soooo helpful for all. I'm seeing a lot of "i'm in oil at 95", "out for 50,000 pips, thanks pimp", 'bad trade, 3 losses now", just scalped 15 pips" etc. etc. etc. with no reasons for anything, anywhere, anyways, anyhow.
Demo trading is fun as most on this forum are doing right now as I see things but you can't trade this way for a living and it doesn't help anyone improve their skills.
Also, posting charts as the trade begins is probably the best tool for good, solid skill building in this field. In live trading, we can only trade from the right side of the chart. Oh, I just saw a good one a few posts back by Pimp. So helpful.
Just some observations. Nice stuff you all. Fx Pimp - you're a good dude. Like Valeo on another thread whom I've gotten to know over time.
Nevertheless, keep up the good work all you monkeys!
Dear Pip TRip - Thanks for coming by to the thread. Could you please do a little example of what you think us newbies should be putting up. No demo account for me - hard cash! So to help me and the rest of the pipsters in this monkey house could you show us your wares.
Waited patiently for the DAX to deliver all day. Drew some sweet support lines illustrated below and then waited for a break to the top or bottom. Didn't think there was enough mojo to break on the top side.
Waited for Dow to open, then bang. Broke support line waited for retracement by switching to 1 min chart and got a nice 120 pts.
Nickesh,
Great trading mate.
Sorry I didn't get back to you about the other one, but it was noted, and not too far from perfection. I compliment you on your hard work.
You really want out of that job, don't you??
__________________ I'm now sending trading notes out twice a day with videos too. Have a look HERE.
There's one set at 6:30 UK time for London and one at 12:00 for U.S session, plus I will send a summary video after each session
Ok, I've regrouped now. Spent the morning updating my trade journal for the week, looking back over the charts. God almighty, what a random bunch of trades I've done.
14 trades.
10 with incorrect setups - 10 losses, -220pips
4 with correct setups - 3 wins, 1 loss, 101pips
The thing was, I was doing incorrect setups with smaller stakes, say 1/2 stakes, but cause they were losing I couldn't (confidence wise) trade some good setups that were right in front of me.
It's a confidence game, and wee 'gamble/fun/bung one on' trades that lose, dent the confidence.
If I had just taken the correct setup trades, I'd be smiling like a bag of chips.
Away for a few pleasant jars.
Bloom
Hey Bloom
I,ve had a really bad week as well, missing set ups then jumping in at the wrong time ,giving me a few small wins and a lot of large losses.
So I decided to do some demo trades just to take the pressure off and get some confidence. I took 5 trades between 7.15 pm and 8.20 pm all with MA,s and CCI,s in right place and trend line breaks
just proved to my self that if i trade properly and by the rules and that if I dont dither just because money,s involved ,there,s alot of money to be made
every day
Having had a few bad days making silly mistakes, this evening I decided to go back over some of the trades I had taken, but also got onto looking at breakouts that I had missed and wondered if I could get a late entry from the 1min strategy.
Now, I don't know if the 4cci applies to the 1min, but it looked good for getting in (feedback, please).
So, I noticed Dow was heading to the psychological 9000 mark. As you can see from the 5m chart below, for a short my s/l would have to have been -160 above the last green candle. Too far away. chart1.gif
I switched to the 1min, waited for a retrace, then a strong 4cci cross, then break of 9000, bam - enter my first ever Dow trade.
Closed 75% +88 (tried to close for +100 at DS1, but got a little retrace)
Closed 12.5% +200
Closed 12.5% +283 (I let it run with a 45 trailing s/l). Lovely exit and bounce of DS2.
Amazingly, you can see to the right of the chart the 1min strategy could have given a similar re-entry which went +200. But, I was busy typing this!!!!
Now I knew gold would head north, but even the 1m strategy couldn't offer an entry. To be honest I don't think I would have had the b*lls to trade both. I was already on the edge of my seat.
I've attached the orders below too. Note that, GFT prices are lower than actual charts.
Last edited by Honest Bill; 10-09-2008 at 10:11 PM.
I've been in the monkey cages for a few sessions now. Nice places. Nice people.
I'd like to offer a suggestion or 2 if you folks don't jump on me for it b/c I've been in and have seen countless chats/threads keel over and this may help the life of these as well as offer better results/learnings for all:
In chat, if you guys (gals ((bunny)) oh btw bunny I cut my teeth on your system at Stratbldr fx a few years back if you're the same gal) could add a quick reason why you're entering your trades along with your stop loss/take profit targets and a reason why, it would be soooo helpful for all. I'm seeing a lot of "i'm in oil at 95", "out for 50,000 pips, thanks pimp", 'bad trade, 3 losses now", just scalped 15 pips" etc. etc. etc. with no reasons for anything, anywhere, anyways, anyhow.
Demo trading is fun as most on this forum are doing right now as I see things but you can't trade this way for a living and it doesn't help anyone improve their skills.
Also, posting charts as the trade begins is probably the best tool for good, solid skill building in this field. In live trading, we can only trade from the right side of the chart. Oh, I just saw a good one a few posts back by Pimp. So helpful.
Just some observations. Nice stuff you all. Fx Pimp - you're a good dude. Like Valeo on another thread whom I've gotten to know over time.
Nevertheless, keep up the good work all you monkeys!
Hi, Pip Trip,
As Mr. Pimp keeps saying, go back to the beginning of this thread and read it. Then read it again. Then practise and practise.
If I enter a trade and post it in the chat room, it's usually to draw people's attention to that chart. If they have been reading the thread and practising the strategy, they will know the how's and why's. And just in case anybody jumps in, I let people know if I have closed and why. But, in between entry and exit, I usually like to focus on my open position rather than going into detail. There are plenty of examples on this thread such as my post above.
This thread and the chat room is not a signal service. It is about learning.
I'm sure you mean well, but the only way to learn is to have those 'bad trade, 3 losses now' scenarios.
Last edited by Honest Bill; 10-09-2008 at 10:31 PM.
I do hope some of you managed to get on the EURUSD trade(s) mentioned yesterday morning. There was a nice 120 pips on offer there.
Alright, it was not so easy as the Swiss of Wednesday but with the double-edged sword one could have picked up 70 going long on the break of the 1.3710, and then later, a short on the break of that support line we drew on the chart at around the 1.36 level for another 50 or so, which one could still be holding.
Lots of action to report overnight.
Having shorted Oil through the pivot at $83 yesterday and closed for 40, jokingly said “watch it go to $80 now. What did it do? Grrrrrrrr. Hate it when that happens.
Currently trading at $79.20.
Gold had retraced part of it’s big drive of Wednesday, but is now in a very dominant position to take-on $1000 in the forthcoming weeks.
Currently trading at $915 I will be buying any bounces off the 60m 20.
The correlation indicator needs tweaking a bit me thinks. EVERYTHING is going down.
Those who have never read my early works will possibly know the best markets to trade when this is happening.
Those who do will know that when EURUSD and USDCHF are trading in the same direction then EURCHF is a good pair to trade.
When EURUSD and USDJPY move the same way then EURJPY is the horse to be on. GBPUSD and USDJPY moving in similar fashion will see GBPJPY move aggressively and so on.
I won’t list them all but for a full explanation please check the football theory at the bottom of post 2 of the thread.
This morning actually doesn’t look quite as interesting as it has all been smashed into by the eastern massive.
The best set-up for me is the Swiss once again.
Forgetting correlation the Swiss is destined, in my opinion to hit the weekly pivot at around the 1.1150 with people pumping money into Swiss Francs and Gold.
The only issue I have here is an entry. Ideally I am looking for an entry around 1.1260 but since I am once again writing from the car I don’t have any internet connection and can’t see anything other than my 60m chart, but that’s the plan.
Now I have this 40m space each morning I am able to get more done on the thread.
Will be definitely upping the work rate from Monday.
Have a good morning
__________________ I'm now sending trading notes out twice a day with videos too. Have a look HERE.
There's one set at 6:30 UK time for London and one at 12:00 for U.S session, plus I will send a summary video after each session
Forgetting correlation the Swiss is destined, in my opinion to hit the weekly pivot at around the 1.1150 with people pumping money into Swiss Francs and Gold.
The only issue I have here is an entry. Ideally I am looking for an entry around 1.1260...................
Another day another Dollar.
Been working on the targeting and I think I might just have nailed it here, without trying to blow my trumpet too much.
Some pretty good morning reports this week. I am happy with how things are developing and it's nice to have settled in over here.
It's also great to see the interest mounting and the participation of the memebers of the thread is incredible. All the private message and emails I receive are very touching and the posts are just fantastic.
I will be hosting the afternoon Pimp-Show live for everyone this afternoon with Monkey Magic.
For those who don't know about what we do then let me explain.
It's Friday afternoon, we have a couple of beers and open some fast charts for the U.S session, with which we try to get a few cheeky pips and have a bit of a laugh.
It's all light-hearted banter and free to anyone who wants to participate.
Just give me a shout and I will get you in for the fun and frolics.
Look forward to seeing you there.
__________________ I'm now sending trading notes out twice a day with videos too. Have a look HERE.
There's one set at 6:30 UK time for London and one at 12:00 for U.S session, plus I will send a summary video after each session
Just goes to show what a bit of a calmer mind can do for you.
Are you still doing the meditation?
Either way, Sir, some fantasico results. Well done.
__________________ I'm now sending trading notes out twice a day with videos too. Have a look HERE.
There's one set at 6:30 UK time for London and one at 12:00 for U.S session, plus I will send a summary video after each session
Linear Mode
