2009.09.10 DRAIN THE BANKS - LIKE A RAT
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- trueblueTEX
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cosmoe1 wrote:
Not all trades are winners.
in the blue shaded area is a trade I took this morning before going to work.
Funny thing is I decided to increase my lot size today.
Oh well, if you can not stand to lose you should not be trading.
Cosmoe1
Did you take the next setup after being stopped out?
btw: great posts.
Reading this thread and returning to the writings of The Rumpled One (I passed his way in 2008 and decided it was bogus! Thank god I've learned since then!!!) I am now confident that I will be able to call myself a Trader.
trueblueTEX wrote:cosmoe1 wrote:
Not all trades are winners.
in the blue shaded area is a trade I took this morning before going to work.
Funny thing is I decided to increase my lot size today.
Oh well, if you can not stand to lose you should not be trading.
Cosmoe1
Did you take the next setup after being stopped out?
btw: great posts.
Reading this thread and returning to the writings of The Rumpled One (I passed his way in 2008 and decided it was bogus! Thank god I've learned since then!!!) I am now confident that I will be able to call myself a Trader.
Nope, I left for work before this one got stopped out. I put a 10 pip sl and a 10 pip tp on it. But the next setup sure was a nice one.
Cos
Have a look for DayBorders_TRO_Modified. Look in the motherloads from May 09 backwards.
However I don't know that you need to be that precise. If it's the low/high extreme of the past 24 hours, that would do.
To show the D1 low/high (without the sessions) I would use TRO-PLOT.
However I don't know that you need to be that precise. If it's the low/high extreme of the past 24 hours, that would do.
To show the D1 low/high (without the sessions) I would use TRO-PLOT.
Is price closing higher or lower than something? Simple yet powerful question. ..MO
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cosmoe1 wrote:
Not all trades are winners.
in the blue shaded area is a trade I took this morning before going to work.
Cosmoe1
Hi Cosmoe,
Two things come to my mind looking at your entry on this one:
1.) Would have been the correct (by the rules) entry at 1.03015, 5 minutes before you decided to go long?
The High of the previous green candle was at 1.03015, the High of the following candle was at 1.03015 as well, so placing a limit order would have been most likely triggered.
2.) Your trade was entered around lunch time. Generally I am suspicious about any signals around this time.
Thanks for posting your trades and thoughts!
Cheers
Tom
webmail4tom wrote:cosmoe1 wrote:
Not all trades are winners.
in the blue shaded area is a trade I took this morning before going to work.
Cosmoe1
Hi Cosmoe,
Two things come to my mind looking at your entry on this one:
1.) Would have been the correct (by the rules) entry at 1.03015, 5 minutes before you decided to go long?
The High of the previous green candle was at 1.03015, the High of the following candle was at 1.03015 as well, so placing a limit order would have been most likely triggered.
2.) Your trade was entered around lunch time. Generally I am suspicious about any signals around this time.
Thanks for posting your trades and thoughts!
Cheers
Tom
The sad thing is that a wick took him out...
you can see that price is closing higher and not closing lower and then a candle closes with a MOMO bar that is larger than any MOMO in the recent price history (exit).
It is one of those should have been a win trades
The only other thing that I can say is use limit orders.
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MightyOne wrote:webmail4tom wrote:cosmoe1 wrote:
Not all trades are winners.
in the blue shaded area is a trade I took this morning before going to work.
Cosmoe1
Hi Cosmoe,
Two things come to my mind looking at your entry on this one:
1.) Would have been the correct (by the rules) entry at 1.03015, 5 minutes before you decided to go long?
The High of the previous green candle was at 1.03015, the High of the following candle was at 1.03015 as well, so placing a limit order would have been most likely triggered.
2.) Your trade was entered around lunch time. Generally I am suspicious about any signals around this time.
Thanks for posting your trades and thoughts!
Cheers
Tom
The sad thing is that a wick took him out...
you can see that price is closing higher and not closing lower and then a candle closes with a MOMO bar that is larger than any MOMO in the recent price history (exit).
It is one of those should have been a win trades
The only other thing that I can say is use limit orders.
Hi Mighty,
Of course you are absolutely right! I am running into those "should have been trades" too many times myself, mostly because I am a scared chicken!
But what I tried to point out is, at least for this example, that the trade would have stayed intact turning out to be a great one, if the entry would have been taken by the rules 5 minutes before.
Whenever I see a possible setup (I have to do this manually since I am running OS.X and can´t use TRO´s amazing indicators) I open the limit order window to put the limit order as quick as possible at the high of the last green candle.
webmail4tom wrote:MightyOne wrote:webmail4tom wrote:cosmoe1 wrote:
Not all trades are winners.
in the blue shaded area is a trade I took this morning before going to work.
Cosmoe1
Hi Cosmoe,
Two things come to my mind looking at your entry on this one:
1.) Would have been the correct (by the rules) entry at 1.03015, 5 minutes before you decided to go long?
The High of the previous green candle was at 1.03015, the High of the following candle was at 1.03015 as well, so placing a limit order would have been most likely triggered.
2.) Your trade was entered around lunch time. Generally I am suspicious about any signals around this time.
Thanks for posting your trades and thoughts!
Cheers
Tom
The sad thing is that a wick took him out...
you can see that price is closing higher and not closing lower and then a candle closes with a MOMO bar that is larger than any MOMO in the recent price history (exit).
It is one of those should have been a win trades
The only other thing that I can say is use limit orders.
Hi Mighty,
Of course you are absolutely right! I am running into those "should have been trades" too many times myself, mostly because I am a scared chicken!
But what I tried to point out is, at least for this example, that the trade would have stayed intact turning out to be a great one, if the entry would have been taken by the rules 5 minutes before.
Whenever I see a possible setup (I have to do this manually since I am running OS.X and can´t use TRO´s amazing indicators) I open the limit order window to put the limit order as quick as possible at the high of the last green candle.
TRO's indicators are amazing and highly addicting I might add
There is no reason to be scared WebMail4Tom, It is only paper and we all know that paper has no value.
In the poker book Kill Phil, there is excellent advise on how one should think of a buy in to a poker tournament. The book says that professionals view their buy in as having already been lost and that they must claw their way to the final table if they are to get it back.
Your account is sort of like that...
you paid the broker to get into the tournament and now all you have are chips and a chair. If you ever want to see your money again then you had better focus an aggressively attacking the competition and forget that you have something to lose; your opponents wont and that gives you an edge.
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I woke up late today and the charts just looked sloppy to me and lots of news to trade around. The charts had lots of long wicks and overlapping candles. Only picked up 7 pips on 2 trades but I'm done for the day. The EURUSD is a nice example of when sometimes it better to take a 1 pip gain over a 10 pip loss.
[left]http://i756.photobucket.com/albums/xx202/tommydq/Forex%20Trading%20-%20Two%20Percent%20Per%20Day/2010-07-14-eurusd.png[/left]
[left]http://i756.photobucket.com/albums/xx202/tommydq/Forex%20Trading%20-%20Two%20Percent%20Per%20Day/2010-07-14-usdchf.png[/left]
[left]http://i756.photobucket.com/albums/xx202/tommydq/Forex%20Trading%20-%20Two%20Percent%20Per%20Day/2010-07-14-eurusd.png[/left]
[left]http://i756.photobucket.com/albums/xx202/tommydq/Forex%20Trading%20-%20Two%20Percent%20Per%20Day/2010-07-14-usdchf.png[/left]
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