2009.09.10 DRAIN THE BANKS - LIKE A RAT

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webmail4tom
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Postby webmail4tom » Wed Jul 14, 2010 11:06 am

MightyOne wrote:
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! :oops:

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 :wink:

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.


Yes, his work is amazing and I am really thinking about buying me one of those Gates machines to load MT4 :roll:

Hmm, if you mean by "it´s only paper and has no value" that I am only papertrading your are right, even though I really try to treat it as real as possible. So being not scared because of the fact that I am papertrading really scares me alot, because I know I will be scared when putting bread on the table. I really want to learn this and I would love to start at the end of the year, of course only if there is any currency market left and Gold doesn´t rule our world by then.

So, that brings me to my other thought when you said "it´s only paper and has no value" thinking that you pointed out that our paper money we daily use and running after has no real value anymore ... :wink:

Your comparison with a poker tournament is a very nice one, thank you. It raises the question how aggressive the attack should be. My best trades regarding profits include the big NoNo of adding to my (losing) position as long as the main idea is intact but the market noise would have stopped me out.

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cosmoe1
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Postby cosmoe1 » Wed Jul 14, 2010 5:12 pm

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

I believe it was a valid entry for green rat. you enter long when price within 20 pips of low, red candle close, green candle closes, limit order at highest point of green candle. I always use limit orders. Thanks.
But lets ask the master Tro.

Tro was this a valid entry?

Cos

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TheRumpledOne
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Postby TheRumpledOne » Wed Jul 14, 2010 9:06 pm

What was the entry? If it was the top red line... the entry was too late.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

Please do NOT PM me with trading or coding questions, post them in a thread.

cosmoe1
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Postby cosmoe1 » Wed Jul 14, 2010 9:15 pm

TheRumpledOne wrote:What was the entry? If it was the top red line... the entry was too late.


entry was a long at 1.03058. inside the blue shaded area. right under the red arrow. at about 9:10 am.

Thanks for taking your valuable time to check it out Tro.

Cos

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Postby cosmoe1 » Wed Jul 14, 2010 10:05 pm



Lets see what happens.

Cos

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trueblueTEX
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WOW!!

Postby trueblueTEX » Wed Jul 14, 2010 10:07 pm

Just finished re-reading the whole thread. (took 2 days at work :-) )

Now back to the application thereof.

Tex

cosmoe1
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Postby cosmoe1 » Wed Jul 14, 2010 10:10 pm



Moved stop to B/E

Cos

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Postby cosmoe1 » Wed Jul 14, 2010 10:13 pm



Stopped out at B/E

Cos

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Postby cosmoe1 » Thu Jul 15, 2010 2:48 am

tommydq wrote: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]


Hi Tommy,

Do you trade using the Oanda platform?
If so what program do you use to take your screen shots.

Cos

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Postby frang0nve » Thu Jul 15, 2010 3:57 am

Hi Cos,
If you are using MS Windows you can use the PrintScreen key from your keyboard to capture the screenshot and then saving it with MS Paint in the graphic format that you like.

Cheers

Francisco

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