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There'll be a few burnt fingers after yesterdays trade, thats for sure Bill.
So glad I closed 3/4 of my usdjpy long for +200. I actually chanced a short on it then got nervous and cut it to see it fall a few 100 minutes later. But overall it was a good result.
I lost all my UJ pips. Just not quick enough I learned a hard lesson.
To all those struggling in the room ... It happens to me too. I have a crisis of confidence at least once a week and then I trade really stupidly afterwards. I'm also finding the 15min chart trading really stressful and I'm trying hard to move up timeframes.
It is really helping me to do my own chart analysis, mark my own trendlines and levels and try and apply strategy to higher time frames. Then before the live room starts I decide that if that works that is what I want to trade regardless of what they call or recommend. That way I don't jump into anything called out in the live room that looks fabulous on a 15min chart and get burnt because I am not sure of the targets or the bigger picture. If the setups I like don't happen then I'm going to try not to trade.
Unless the potential reward is double my risk I'm just not interested in the stress . Lately I have found at the end of the day, whether it has been good or bad, I feel like I have just been through the spin cycle in the washing mashine and I'm exhausted.
My goal eventually much less trades a week but all really good setups and ideally ones that look good on the daily or 4hr chart too. I know I have been overtrading ...
Hang in and find what works for you too ...
Nicola
First time using these, I put a 25 pip trail on them I set the EJ, EU, GU shortly after these were posted. All 3 stopped out. What are the chances of all 3? 4% of acct for each trade.
Story of my life.
First time using these, I put a 25 pip trail on them I set the EJ, EU, GU shortly after these were posted. All 3 stopped out. What are the chances of all 3? 4% of acct for each trade.
Story of my life.
25 pip stop loss on a daily time frame? This shows how very inexperienced you are!
The average daily range over the last 2 trading days are:
EURJPY 174 pips
EURUSD 246 pips
GBPUSD 259 pips
25 pips on these will stop you out on a hiccup!
Also, this was not a recommendation to trade.
4% on EACH? That's a total of 12%! Good MM is that your TOTAL trades do not exceed 2% to 3% of your account. Absolute madness!! On that basis, you only have 8 more losing trades to go before you blow your account!
May I suggest you learn the basics of trading before going any further
Last edited by stratocaster59; 02-24-2009 at 03:05 AM.
Thanks for posting Strat. Very interesting. I'll keep an eye on these. At the moment only the USD:JPN trade has triggered right?
Can I ask how large a stop do you use? Do you use the daily ATR to help decide, or use previous s/r levels?
Most of your entries appear to be breaks of the previous days highs or lows, but direction confuses me. I assume you are using fib levels for reversals of trends?
On money management, i generally aim to risk 1% per trade. Recently i've moved to .3% as I am suffering a crisis of confidence. Once i'm back on track i'll move back.
For me, anymore than 1% is just too risky.
On average 2 trades per day, so 10% of account at risk per week.
Anymore than that and I get a twitchy sphincter!!!
Thanks for posting Strat. Very interesting. I'll keep an eye on these. At the moment only the USD:JPN trade has triggered right?
Can I ask how large a stop do you use? Do you use the daily ATR to help decide, or use previous s/r levels?
Most of your entries appear to be breaks of the previous days highs or lows, but direction confuses me. I assume you are using fib levels for reversals of trends?
Thanks again.
Edit: Cable trade in now. Broken yesterday low.
Correct, Stuart, only GBPUSD and USDJPY triggered, the rest are cancelled now. Most markets are moving very irrationally and being tugged in the direction of who and whichever country makes the best speech.
My stops go either at swing highs or lows or major S&R and are never by pip value.
Most of my entries are breaks of highs or lows - I only want to be in a trade when the market is moving in my direction (momentum).
I use a combination of everything I know to forecast direction and only get it right about a third of the time (even less in these turbulent times).
BOJ is buying boat loads of Treasury Bonds again forcing the $ up (and the Yen down) and in sympathy, the other Yen pairs. They and China will continue to do this until they weaken their currencies to the point that their exports are attractive again.
This makes the forecasting part of technical analyis difficult and strengthens the argument for funny mentals.
Correct, Stuart, only GBPUSD and USDJPY triggered, the rest are cancelled now. Most markets are moving very irrationally and being tugged in the direction of who and whichever country makes the best speech.
My stops go either at swing highs or lows or major S&R and are never by pip value.
Most of my entries are breaks of highs or lows - I only want to be in a trade when the market is moving in my direction (momentum).
I use a combination of everything I know to forecast direction and only get it right about a third of the time (even less in these turbulent times).
BOJ is buying boat loads of Treasury Bonds again forcing the $ up (and the Yen down) and in sympathy, the other Yen pairs. They and China will continue to do this until they weaken their currencies to the point that their exports are attractive again.
This makes the forecasting part of technical analyis difficult and strengthens the argument for funny mentals.
At least they can't mess with Rock n Roll!
Cheers,
Strat
Thanks Strat.
Even the pimp strat has been strange over the past few days. On a 1 hour basis, nothing has held. MA's have been stacked in one direction and the price flying the other etc!
I took 1 trade this morning, a EUR:CHF short. Came out of it for a very very small profit when it turned mid morning.
Watching the cable trade now. Will delete the rest.
Think you are right. FX seems to be super tough at the moment.
I learned a hard lesson.
. Lately I have found at the end of the day, whether it has been good or bad, I feel like I have just been through the spin cycle in the washing mashine and I'm exhausted.
Linear Mode
