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^ Again, it was over $100 in profit, and I wasn't at my trading terminal. So now it is down $100. And I added another pending sell limit trade on the EURJPY at 129.07.
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Life is a Gamble. You win some. You lose some. And life goes on.
Cancelled the GBPUSD pending sell limit trade because the price action has already moved sharply down, and the price never went high enough to trigger my sell limit trade. So I was not able to ride that move down.
__________________
Life is a Gamble. You win some. You lose some. And life goes on.
OK. One of each EURJPY, USDCAD, and EURGBP trades were triggered last night, all of them were in minor profit. So I went ahead and closed them all, and cancelled all remaining unfilled pending trades.
The profit were really small per lot, but you know it adds up after awhile. Singles and bunts, fat pigs get slaughtered.
__________________
Life is a Gamble. You win some. You lose some. And life goes on.
OK, no more pictures, it is way too time consuming. I think I already proved my point that fishing trade can be profitable. I also showed how to scalp lock some profits by repeating to open and set the original trade.
So I put out 2 more Euro pending trades.
Buy limit at 1.2903. Sell limit at 1.3042. Currently at 1.2969.
__________________
Life is a Gamble. You win some. You lose some. And life goes on.
I bet a lot of traders probably think...why do you even set an initial far away TP if you are going to close the trade so fast.
Well, to be honest, I don't stick around the screen looking at every pip and agonize over every little movement. It causes too much stress, and it is actually counterproductive many a times. I check on the trades quite often, but it is better to just leave the room and do something else, and then pop in to see updates. The price will go where it wants to go whether you sit there in front of the monitor or not.
Another reason why I close the trades fast is because the market is always moving up and down, so if you don't close it on the right swing, then the price will come back on you. In my mind, I think well, I can always close this trade and get back in later...maybe at even better price and I can lock in small profit...I don't have any fear. If the trades doesn't come back, I just move onto the next pair or trade. It is just like fishing.
So far, my percentages are not bad.
__________________
Life is a Gamble. You win some. You lose some. And life goes on.
Buy limit at 1.2903. Sell limit at 1.3042. Currently at 1.2969.
Here is the chart. I put my Sell Limit trades at the peak. And I put my Buy Limit trades at the congestion zones. Pretty simple stuff. Then the rest is just trading from the gut. Like I said, if you don't have the stomach for this kind of trading, then it is best you follow your own system. Losses are from when the price action just blows past the peak or congestion zone, I usually try to find the next zones to average down...and wait for the retrace to close in smaller loss. At least that is my game plan.
Many people will tell me that this is kind of crazy trading, which I would tend to agree. It is not for everyone, and you have to have a good sense of trading to pull it off. This system is not for the risk control feaks with a stoploss. There are other systems for that.
BTW, I don't use the Stochastics for much. I like to see which swing up or down at the moment, but it doesn't really affect my entries as you can see. For take profit, I like to look at it. But Stochastics is wrong many times because overbought or oversold is pretty meaningless because that is how the trends get started in those areas. To be profitable, you have to look at indicators from a different perspective. I like to see if the stoch is moving smoothly from one spectrum to the other, and if there are any stalls or reversals in the middle. This tells me more than just seeing it is OB or OS.
Let's say if the price has reached the OB region and starts to head down, I look for quick reversals of the indicator in this region because if it does, the price will explode higher because too many of the dumb money is sitting there for the price to go down. This is a classic bear trap, and this is when the price will shoot up "trapping" all of the shorts and the price will accelerate because the shorts are covering quickly...if it breaks the last high, look out (as an experienced trader, we know where the stops are all gathered at...so does the broker), the speed will increase and this is what we call a short squeeze. As a trader, I'm looking for these to trade and buy into.
__________________
Life is a Gamble. You win some. You lose some. And life goes on.
Last edited by Kenny Rogers; 03-17-2009 at 06:35 PM.
Reason: Giving more tips on how I view stochastics
Linear Mode
