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mook
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Postby mook » Wed Nov 03, 2010 4:59 am

Out of trade. Just watchin to see how far this thing can drop.

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mook
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Postby mook » Wed Nov 03, 2010 5:16 am

These retraces bother me, bc I just don't know how to profit from them. The rebounding between the 50-100 fibs could have netted some nice pippage. I'm out around the low 3 sema. Non farm comes out tomorrow morning, and I don't wanna get blasted.

Gotta get some shut eye. Its been a less stressful day because of the BM trade. Expecting snow in Toronto on Thursday !@#$&*!!!

later.
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adaseb
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Postby adaseb » Wed Nov 03, 2010 7:07 am

NFP is usually on the first Friday of the month.

Tomorrow (or later today) in the NY session is the Fed rate though.

mook
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Postby mook » Wed Nov 03, 2010 1:40 pm

Thanks Ad,

1st trade today. Shorted at top fib. Funny thing however, that the blue fib is from a 4hr more than 1/2 mth ago ~ and yet it still seems to be relevent. I've come to realize that fibs give me a general idea of where to enter and exit, but identifying the actual SR levels will have to be part of the game plan. I will experiment with whether or not the more recent 4hr fibs take precedent.

Ad, when you say you trade over 100 times a wee ~ Do you trade in one direction, on multiple pairs, or are you long/short on a single pair? I only trade EU, as I'm comfortable with it.
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mook
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Postby mook » Wed Nov 03, 2010 2:14 pm

Closed position at bottom red line. Between 10-15 pips... Where price returned to support area. Don't want to watch this thing go back up to top fib. Watching to see if it breaks below support line. May go back in...
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adaseb
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Postby adaseb » Wed Nov 03, 2010 5:04 pm

mook wrote:Thanks Ad,

1st trade today. Shorted at top fib. Funny thing however, that the blue fib is from a 4hr more than 1/2 mth ago ~ and yet it still seems to be relevent. I've come to realize that fibs give me a general idea of where to enter and exit, but identifying the actual SR levels will have to be part of the game plan. I will experiment with whether or not the more recent 4hr fibs take precedent.

Ad, when you say you trade over 100 times a wee ~ Do you trade in one direction, on multiple pairs, or are you long/short on a single pair? I only trade EU, as I'm comfortable with it.


They are only scalp trades on the EU. I trade both directions but if I have a good feeling that the overall daily trend is one way I might hold those trades longer.

But typically I always close out 80% of my position once the trade reaches around 15 pips.

My hard stop is around 3.5 pips but I usually always close the trade manually if its not going my way and lose 1-2 pips.

Its not a lot of pips but I use very large position sizes and usually double my account every 40-50 days using very small risks for each trade.

Here is an example of yesterday.

Normally I don't hold trades this long but starting from the far left I got stopped out at 0, -2, -3, and caught the bottom at around 1.4005 and scaled out most of my position after 10-15 pips but held some of it till the break 50 pips later. Then tried catching a long again and due to slippage I got a bad -4 loss on that one.

I only do this on the euro because its takes too much concentration to do it on multiple pairs and euro has the best spread/liquidity and volatility at times. Trading like this is a real pain though and you really gotta work for it that's why I prefer trading long term.

Today I only traded the NY session and im flat pretty much waiting for the Fed Rate in about an hour.

Image

mook
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Postby mook » Wed Nov 03, 2010 5:15 pm

Thanks Ad,

I think i'm done for the day. This is my 4th trade today. Averaging about 10-15 pips/ trade. This last trade I guess I traded on the out come of the FOMC report. Here's what happened:

Made 40 pips in the last few candles. I don't usually trade news, but since pa crossed above my fibs, i decided to trade in that direction. I just let er ride. I got out where the 3 sema was, as it pretty much zipped out all the sellers from last night. I'm out now. Hope you did as well or better Ad.
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Postby adaseb » Wed Nov 03, 2010 5:34 pm

You're doing good keep out the good work

mook
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Postby mook » Wed Nov 03, 2010 6:47 pm

Just noticed that the thread name changed. Luk did you change it? Like I said before, I didn't want to intrude.

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Postby lukx » Wed Nov 03, 2010 7:16 pm

don't worry keep on going. I'm done with this forum.

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