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I lost 150 pips yesterday on the GBPCHF trade. It is ALL my own fault. I should have followed Zak to the letter ""if it breaks the trendline" and I did not wait for it to. That or placed an order the other side but I was worried I would miss it, stuck a small one on the night before and same as Paul I missed Zak"s warning in the morning. I was taking a nap when my stop was hit at +150!
I got some pips back on oil but still not a good day.
Today I decided to practice pip preservation after my first oil trade netted me +56 but only after going 70pips against me.
I decided to call it quits and hold on to my fantastic 1500+pip haul. Might be a long while before I have another week like this and I don't want to blow it. If I sit in front of those charts without a plan I get tempted into dumb trades.
Hope you all have a great weekend, I enjoy the friendship and support in the live room and here so much, I can't wait until Monday.
If OIL breaks this trendline and the 4hr ma's it is a lovely drop to the lows. WTI crude will do the same, although it doesn't look the same on the charts because it closes different times.
Will see if the Dow drops and sends oil down too.
Nicola
Boys ... that is so tempting ... It is -18 here and was -29 last night.
Might make a nice drink and get in the hot tub in a bit. Have to go out in it and walk my dogs first
Thanks for your words of encouragement (nice to know the supergirl took exactly the same trade - thanks for the honest sharing Nicola). Bill, I used to be a big fan of positive thinking & visualisation too - I really like your last post, thank you so much.
Great retracements on the yens this morning, after the usdcad (first part +14, second +3). I took all three of the yens (eur, gbp, usd) part closed eur +30, stop to be, then it all changed got out of usd scratch, but gbp cost me 30. Looks flat then, unfortunately the loss was full stake and the winner only part, so pips scratch, cash minus.
This afternoon the cable short was brilliant (almost 150 I think), but I totally missed it as I thought it was about time to pay attention to James & try to learn about indices!
So, as Rockie started last week (and Nicola has taken up too) the total for this week for me is 250 pips, however because of part exiting winners, but losers going at full stake, this is really only equivalent to +3 pips. In money terms my start balance is the same as my finish
Which makes me wonder, does any-one 'part exit' losing trades in the same way we might part exit a winning trade at say, 40 pips, 60 pips, let the rest run?
I hope you all have great weekends and I will see you in a week’s time in the live room (no internet access for me next week during the day, but I will check this thread at night, so am hoping Nicola will keep me up to date).
Well OIL broke the pivot and the trendline and I am still in +74. I did not mean to be but I had to go out and leave it.
Here is the 15min chart - red line shows where I entered as the ma's crossed. Not the perfect trigger but I liked the cross.
I would not have needed such an ugly stop if I had waitied for the 1-2-3 (shown nicely here) but I was not able to wait.
As long as no one declares war on anyone this weekend should be OK!
I have been following with some interest the recent posts, in particular on the Black Beast. It is one of my favourites to trade and my focus is WTI and not Brent. My comment / advice to all pipsters is beware and tread with caution. It may seem like its an easy play with fellow pipsters seemingly making barrels of pips, but its volatile, moves rapidly often counter to the trend and generall if you want to play you need a relatively large stop. If you think 30 is too many to risk then don't trade the Black One. I tend to trade with a 100 pip s/l and my last trade which I posted was over 150 pips s/l.
The upside is that the rewards are excellent and you can make serious pips each and every day. But have your rules and stick to them.
My personal trading approach is based on 60m and 15m direction and having the MA's close together. It happens so you have to be patient and wait for the set up. Next entry I use 5m chart and a very specific criteria.
1. Good price action i.e. you can see bid and offer moving
2. MA's in the right order with 5,20 and 34 lined up for upside or downside
3. 63 CCI this needs to be between +50 and +100 for a long or for a short the reverse at -50 to -100.
4. I have both 10 and 4 cci on my 5m chart. The ideal is that the triggers cross together i.e. 4 and 10 cross the 0/0 simultaneously. I find the 4CCI can be a bit willow the wisp and move before the move is ready to fire off, and can get you in to the trade too early. My 4/10 combo helps reduce this.
5. Stop loss - get it out of the way. Remember not just the last candle if you use this approach, but your spread too and add it on. You'll be surprised how often the price action closes in on stops within 50 pips. Be warned!
6. Entry and exit - Measured risk and only trade what you can afford to lose. Too much leverage and your heart will stop! Put on a small stake and sit back and relax and either use limit to collect pips or be controlled and do it yourself at a specific target. Be controlled and don't get greedy. What goes up comes down with surprising speed.
Apart from that a great product to trade and something I think other pipsters will also enjoy trading.
Not commenting specifically but Nicola was kind enough to post her trade. As she says she jumped in. Brave. The reality be patient and wait for the right set-up. The 1-2-3 came and was a safe play for 50 pips. But please study the charts and look for the set-up I mentioned above. It works but you have to be patient. Dive in at your peril.
Thanks so much Rockie!!!
I know you are Master of the Black Beast and I am copying and saving your points and I am putting in your extra ma's on my charts now too.
I did not enter this trade at a smart time and I would have been much happier to enter on the 1-2-3 and then banked right after.
Wondering whether we will have an Obama inauguration rally early next week.
Lucky Monday is a US Holiday and I will get out of this trade when the market opens first thing.
Nx
Quote:
Originally Posted by Rockdrive
Morning Pipsters,
I have been following with some interest the recent posts, in particular on the Black Beast. It is one of my favourites to trade and my focus is WTI and not Brent. My comment / advice to all pipsters is beware and tread with caution. It may seem like its an easy play with fellow pipsters seemingly making barrels of pips, but its volatile, moves rapidly often counter to the trend and generall if you want to play you need a relatively large stop. If you think 30 is too many to risk then don't trade the Black One. I tend to trade with a 100 pip s/l and my last trade which I posted was over 150 pips s/l.
The upside is that the rewards are excellent and you can make serious pips each and every day. But have your rules and stick to them.
My personal trading approach is based on 60m and 15m direction and having the MA's close together. It happens so you have to be patient and wait for the set up. Next entry I use 5m chart and a very specific criteria.
1. Good price action i.e. you can see bid and offer moving
2. MA's in the right order with 5,20 and 34 lined up for upside or downside
3. 63 CCI this needs to be between +50 and +100 for a long or for a short the reverse at -50 to -100.
4. I have both 10 and 4 cci on my 5m chart. The ideal is that the triggers cross together i.e. 4 and 10 cross the 0/0 simultaneously. I find the 4CCI can be a bit willow the wisp and move before the move is ready to fire off, and can get you in to the trade too early. My 4/10 combo helps reduce this.
5. Stop loss - get it out of the way. Remember not just the last candle if you use this approach, but your spread too and add it on. You'll be surprised how often the price action closes in on stops within 50 pips. Be warned!
6. Entry and exit - Measured risk and only trade what you can afford to lose. Too much leverage and your heart will stop! Put on a small stake and sit back and relax and either use limit to collect pips or be controlled and do it yourself at a specific target. Be controlled and don't get greedy. What goes up comes down with surprising speed.
Apart from that a great product to trade and something I think other pipsters will also enjoy trading.
Not commenting specifically but Nicola was kind enough to post her trade. As she says she jumped in. Brave. The reality be patient and wait for the right set-up. The 1-2-3 came and was a safe play for 50 pips. But please study the charts and look for the set-up I mentioned above. It works but you have to be patient. Dive in at your peril.
hans vs hans
to become positive we will see next week, I keep you posted..
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