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-   -   Never Lose Again!! (http://forums.babypips.com/show-me-money-daytrading/16021-never-lose-again.html)

TheRumpledOne 09-04-2008 10:08 AM

BUYING MORE AT 192.39

http://i35.tinypic.com/2i70qyt.gif

TheRumpledOne 09-04-2008 10:13 AM

TRO NB SR SHOWING POSSIBLE SUPPORT

http://i34.tinypic.com/o0cv39.gif

TheRumpledOne 09-04-2008 10:16 AM

A BIG "3" = POSSIBLE REVERSAL

http://i38.tinypic.com/vkoep.gif

TheRumpledOne 09-04-2008 10:29 AM

BIG "3" MOVED!

http://i36.tinypic.com/22zw1y.gif

Yes, the dreaded "repaint".

But, that's what it's supposed to do!!

TheRumpledOne 09-04-2008 10:38 AM

PRICE WENT THROUGH LOWER FIB PROJECTIONS FORMING A DOUBLE BOTTOM

http://i34.tinypic.com/2napffd.gif

TheRumpledOne 09-04-2008 10:53 AM

BIG "3" MOVED AGAIN...

http://i33.tinypic.com/dqqb9c.gif

TheRumpledOne 09-04-2008 10:58 AM

WEEKLY VIEW

http://i33.tinypic.com/2vcxfrs.gif

TheRumpledOne 09-04-2008 11:11 AM

HANGING IN, HOLDING ON...

http://i36.tinypic.com/21ju16f.gif

When will the shorts cover?

edacsac 09-04-2008 11:17 AM

So what do you do when you see everything looking good and jump right in only to realize your chart was on the H1 instead of the M5? Last night I gained quite a bit, but it is all gone in less than 5 minutes this morning. I keep lowering my stop loss hoping it will turn around, but it's getting ridiculous now. I just opened a sell on the EUR/USD not 10 minutes ago. If I lose double digits, I quit. It takes me days to barely make $10 and I manage to lose it all in a few minutes time, over and over again.

***EDIT

Yep, it's all gone. I couldn't even lower my stop fast enough. Took me all week to creep in almost $10, and I lost $14 in less than 15 minutes. I'm going to go poke my eye out with a bamboo chopstick right now, or maybe slice my gums open with a dull dirty knife. I am so angry...

TheRumpledOne 09-04-2008 11:21 AM

REMEMBER, ANYTHING CAN HAPPEN!

http://i37.tinypic.com/23rv9i.gif

pintodave 09-04-2008 11:30 AM

Edacsac,

I share your pains and frustrations. My setups look good in hindsight I dont understand how I lose a few pips here and there.

When the chart is "still" it is clear what to do, but when you have price action making long tails and whipsawing around, it is a whole different story.

pintodave 09-04-2008 11:35 AM

I have a genius idea,

does anyone live in the Central Florida area??

If I place trades with my mini lots, and someone else simultaniously trades full size lots in the opposite direction, we'd be rich in 3 days :rolleyes:

edacsac 09-04-2008 11:38 AM

If I had been paying attention I would have never entered the trade. I'm doing this on my phone at work, half a$$ paying attention, and seen what looked like a great opportunity if it had been on the 5M. It's a lot easier to do things right when you can focus. I pretty much fired up my mobile platform, seen what TRO has been showing us on the EUR/USD chart and jumped. Then noticed I was on the wrong chart. It's kinda scary. You have a good round, then a bad round that goes well past the good round. It turns out to be a slow death with some happy moments here and there.

TheRumpledOne 09-04-2008 11:40 AM

23% FIB RETRACE...

http://i37.tinypic.com/jrplyq.gif

pintodave 09-04-2008 11:48 AM

Live trading is definatly "hairy" so-to-speak.

I just ordered Trading in the Zone, cant wait for it.

"You gotta get your mind right luke!"

TheRumpledOne 09-04-2008 12:11 PM

38% FIB RETRACE


http://i33.tinypic.com/n56m4w.gif

daedalus 09-04-2008 12:16 PM

I'm still confused on how the go long line is calculated... is it the pivot of the candle that makes the low or the previous candle to that?

edacsac 09-04-2008 12:19 PM

So:

190.67 is a 23% fib retrace from the 189.94 support line and
191.02 is a 38% fib retrace from the 189.94 support line.

What if the action was reversed and where watching for a fib retrace to come down? Would you look to see price action touch the 61.8 line or would you draw your bib lines in reverse?

TheRumpledOne 09-04-2008 12:21 PM

Quote:

Originally Posted by edacsac (Post 66304)
So what do you do when you see everything looking good and jump right in only to realize your chart was on the H1 instead of the M5? Last night I gained quite a bit, but it is all gone in less than 5 minutes this morning. I keep lowering my stop loss hoping it will turn around, but it's getting ridiculous now. I just opened a sell on the EUR/USD not 10 minutes ago. If I lose double digits, I quit. It takes me days to barely make $10 and I manage to lose it all in a few minutes time, over and over again.

***EDIT

Yep, it's all gone. I couldn't even lower my stop fast enough. Took me all week to creep in almost $10, and I lost $14 in less than 15 minutes. I'm going to go poke my eye out with a bamboo chopstick right now, or maybe slice my gums open with a dull dirty knife. I am so angry...

Please post your charts so we can see what you are looking at.

Sounds like you need a PRE-TRADE CHECKLIST.

Remember my earlier posts?

TheRumpledOne 09-04-2008 12:24 PM

Quote:

Originally Posted by pintodave (Post 66314)
Edacsac,

I share your pains and frustrations. My setups look good in hindsight I dont understand how I lose a few pips here and there.

When the chart is "still" it is clear what to do, but when you have price action making long tails and whipsawing around, it is a whole different story.

That's right.

You need to READ THE PRICE ACTION.

BUY LOW, SELL HIGH.

Don't chase the price. WAIT for it to come to you.

Better to miss an entry than to chase price.

TheRumpledOne 09-04-2008 12:25 PM

Quote:

Originally Posted by daedalus (Post 66325)
I'm still confused on how the go long line is calculated... is it the pivot of the candle that makes the low or the previous candle to that?


Yes, it's the pivot of the candle that makes the low.

TheRumpledOne 09-04-2008 12:28 PM

Quote:

Originally Posted by edacsac (Post 66326)
so:

190.67 Is A 23% Fib Retrace From The 189.94 Support Line And
191.02 Is A 38% Fib Retrace From The 189.94 Support Line.

What If The Action Was Reversed And Where Watching For A Fib Retrace To Come Down? Would You Look To See Price Action Touch The 61.8 Line Or Would You Draw Your Bib Lines In Reverse?

I Never Draw/label The Fib Lines From Top To Bottom.

Support Is Always 0%

Resistance Is Always 100%

That's How I Do It. I Don't Care What The Books Say.

It Works For Me :d

Doesn't Matter How You Label Them, The Lines Are Still In The Same Place.

You Expect Price To Make A 23% Retrace Off Sup Or Res And Price Usually Hits That First Line.

edacsac 09-04-2008 12:30 PM

Quote:

Originally Posted by TheRumpledOne (Post 66327)
Please post your charts so we can see what you are looking at.

I'm trading from my phone right now so I can't post any charts, but my short entry was at 15:03 on the EUR/USD chart, hitting my stop loss at 15:17.
Quote:

Sounds like you need a PRE-TRADE CHECKLIST.

Remember my earlier posts?
I do have a mental checklist and do indeed remember your eariler posts, as I go over them repeatedly. Most of the times that I screw up is because I DON'T go through my mental checklist. I thought I saw a perfect example of one of your charts and didn't want to miss any action, so I jumped right in. Emotionally, that is...

Sorry to muck up your thread. I just had an anger/failure moment and had to open my mouth.

edacsac 09-04-2008 12:33 PM

Quote:

Originally Posted by TheRumpledOne (Post 66330)
I Never Draw/label The Fib Lines From Top To Bottom.

Support Is Always 0%

Resistance Is Always 100%

That's How I Do It. I Don't Care What The Books Say.

It Works For Me :d

Doesn't Matter How You Label Them, The Lines Are Still In The Same Place.

You Expect Price To Make A 23% Retrace Off Sup Or Res And Price Usually Hits That First Line.

I'm asking because there isn't a 23% or 38% coming down from resistance, and I'd like to take a crack at re-entering the trade at a retrace.

And just to add to this: I put in a buy limit at 61.8% hoping for the retrace. The retrace did happen, but it didn't quite hit the 61.8, so now I must wait again.

Sweet Pip 09-04-2008 12:34 PM

Quote:

Originally Posted by TheRumpledOne (Post 66329)
Yes, it's the pivot of the candle that makes the low.

Hi TRO,
Regarding the low candle, is it the pivot of candle on the current timeframe, or the H1? or ....

Still trying to see since one of your prior posts said you looked up while posting and took the trade off the H1 when you normally watch the M5...

Thanks :)

pintodave 09-04-2008 01:01 PM

Oh boy, questions questions....


So back to the fib stuff...

you use 23.6 below and above the 0/100% retracements only?

My "unmodified" settings are 23.6 and 78.6 (which is only 21.4 from 100), should I change the 78.6 to 76.4?

Also, I asked earlier about the time frame used... do you use current day, 2 day, etc? There have been alot of posts today so they go by fast, plus you have been trading :)

Thanks

metalorn 09-04-2008 01:35 PM

Sweet Pip,

TRO explained what he did in another post. Basically there was a series of red candles and two green candles on 5m chart, and the 15m and 1h charts where green too. He saw everything lined up and went for the buy.

Quote:

Originally Posted by Sweet Pip (Post 66334)
Hi TRO,
Regarding the low candle, is it the pivot of candle on the current timeframe, or the H1? or ....

Still trying to see since one of your prior posts said you looked up while posting and took the trade off the H1 when you normally watch the M5...

Thanks :)


pintodave 09-04-2008 01:52 PM

I just removed every stinkin indicator from mym chart except the fib retracement lines o, 23.6, 78.6, 100.

Kinda like swimming nakked!! Lol.

The "other" way sure as hell isnt working so I will stare at price action this way.

edacsac 09-04-2008 02:12 PM

Quote:

Originally Posted by pintodave (Post 66346)
I just removed every stinkin indicator from mym chart except the fib retracement lines o, 23.6, 78.6, 100.

Kinda like swimming nakked!! Lol.

The "other" way sure as hell isnt working so I will stare at price action this way.

I'm still not doing the best I could be, but since observing price action and paying attention to what TRO and others here are teaching about price action, I'm doing a hell of a lot better. You've made a good move! The only indicator I really like aside from SR lines is some form of stochastics, and I'm not sure I really even need that.

pintodave 09-04-2008 02:31 PM

1 Attachment(s)
I'll post a picture of my confusion. Here is my chart. I have fib lines only. Retraces to 78.6 level, then drops back towards 100 line. Where the hell is it going?! Looks down, but retraces up. So I guess the answer is "wait" for next candle?

BarryPips 09-04-2008 02:45 PM

Oooops, I'm Confused
 
Hi TRO:

I am really enjoying this thread. I do like your price action, but sometimes have trouble seeing what you do.

But I am confused:

In the series of trades that you posted, starting with post 359 of this thread, you bought, and held on, adding more in posts 360 and 361. You seemed to be adding to a losing position, and since you didn't mention stops, it seems that you were using what Jacko (House of Pain & Pleasure Thread) calls the "Anti Hedging" strategy. (Jack's AH strategy is done once per trade only if the trade gets stopped out for a loss.)

This strategy relies on the overall up trend being strong, and the short-term movement will eventually follow it.

It seems that when your buy limit was hit in post 359, when that bar closed, and turned out to be red, wouldn't it have been better to close for a small loss?

Somewhere, in some forum, someone said that if a trade does not prove you RIGHT (as opposed to proving you wrong), then get out of that trade?

I'm just a newbie trying to end my confusion.

Barry
:confused:

TheRumpledOne 09-04-2008 03:00 PM

ANYTHING CAN HAPPEN!

http://i36.tinypic.com/180n4l.gif

The market is always right!!

TheRumpledOne 09-04-2008 03:02 PM

Quote:

Originally Posted by edacsac (Post 66332)
I'm trading from my phone right now so I can't post any charts, but my short entry was at 15:03 on the EUR/USD chart, hitting my stop loss at 15:17.


I do have a mental checklist and do indeed remember your eariler posts, as I go over them repeatedly. Most of the times that I screw up is because I DON'T go through my mental checklist. I thought I saw a perfect example of one of your charts and didn't want to miss any action, so I jumped right in. Emotionally, that is...

Sorry to muck up your thread. I just had an anger/failure moment and had to open my mouth.

Feel free to post.

Vent your anger and frustration.

Others can learn from it.

TheRumpledOne 09-04-2008 03:18 PM

Quote:

Originally Posted by Sweet Pip (Post 66334)
Hi TRO,
Regarding the low candle, is it the pivot of candle on the current timeframe, or the H1? or ....

Still trying to see since one of your prior posts said you looked up while posting and took the trade off the H1 when you normally watch the M5...

Thanks :)

TRO SR RR uses the chart's time frame.

TheRumpledOne 09-04-2008 03:21 PM

Quote:

Originally Posted by pintodave (Post 66340)
Oh boy, questions questions....


So back to the fib stuff...

you use 23.6 below and above the 0/100% retracements only?

My "unmodified" settings are 23.6 and 78.6 (which is only 21.4 from 100), should I change the 78.6 to 76.4?

Also, I asked earlier about the time frame used... do you use current day, 2 day, etc? There have been alot of posts today so they go by fast, plus you have been trading :)

Thanks


The fib lines are plotted BETWEEN Support (0%) and Resistance(100%) at 23%, 38%, 50%, 62% and 77%. Those levels are INPUTS so you can change them.

TheRumpledOne 09-04-2008 03:24 PM

Quote:

Originally Posted by pintodave (Post 66354)
I'll post a picture of my confusion. Here is my chart. I have fib lines only. Retraces to 78.6 level, then drops back towards 100 line. Where the hell is it going?! Looks down, but retraces up. So I guess the answer is "wait" for next candle?

What (indicator) plotted those lines?

pintodave 09-04-2008 03:25 PM

That is where my question is, how far back on the chart do you go to use the "high" point for the Fib lines, 1 day? 1 week?

It is subjective so I am trying not to make things fit the chart "to look good" to me.

TheRumpledOne 09-04-2008 03:32 PM

Quote:

Originally Posted by BarryPips (Post 66355)
Hi TRO:

I am really enjoying this thread. I do like your price action, but sometimes have trouble seeing what you do.

But I am confused:

In the series of trades that you posted, starting with post 359 of this thread, you bought, and held on, adding more in posts 360 and 361. You seemed to be adding to a losing position, and since you didn't mention stops, it seems that you were using what Jacko (House of Pain & Pleasure Thread) calls the "Anti Hedging" strategy. (Jack's AH strategy is done once per trade only if the trade gets stopped out for a loss.)

This strategy relies on the overall up trend being strong, and the short-term movement will eventually follow it.

It seems that when your buy limit was hit in post 359, when that bar closed, and turned out to be red, wouldn't it have been better to close for a small loss?

Somewhere, in some forum, someone said that if a trade does not prove you RIGHT (as opposed to proving you wrong), then get out of that trade?

I'm just a newbie trying to end my confusion.

Barry
:confused:

There are MANY ways to trade.

You are correct. You can STOP OUT and wait for the price to return to your stop position and then reenter in the same direction... this time the trend should be going your way.

There is no RIGHT/WRONG. There is PROFITABLE and UNPROFITABLE.

pintodave 09-05-2008 10:40 AM

Tro,

Well my first week was a dismal one, mostly of my own doing, kind of like a kid a Christmas who cant leave a new toy alone. So that makes one think, "Self, what can we do to make this better?"

That aside, I started doing a little snooping on my bid/ask spread w/ my current broker. I have a little level II experience - I understand the basics of its functionality and seeing the "true" price action - so I decided to d/l the EFX demo and compair the two quote windows side by side. BIG difference when you see the two quote boards in action (not that I doubted you). Lots of trades going off with less than a pip spread.

I guess I cant ever trade like a professional if I am not set up like a professional.

So that is step #1.

I need to use what the other top traders are using. There is a reason they use it.

Thanks

johnnykanoo 09-05-2008 11:53 AM

hi guys i missed all the action since wednsday :( i had eye surgery. I hope all is doing well.

TRO i just wanted to support you and let you know even it is like sharp needles in my eyes to read the computer screen the only thing im reading is your thread :)
I look foward to next weeks trading. have a good weekend all.


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