Never Lose Again

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pierre23
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Postby pierre23 » Fri Dec 12, 2008 12:06 am

pierre23 wrote:My Trades today:

[GBP/JPY]
Entered Short: 137.20
SL: NONE YET

Notes:
I did have a healthy pip gain just before (it went down to 136.77), but price has come back up. The spread also has jumped up, it was around 4ish now its 9+.. stupid spread =[ If it seems like price will continue falling I'll stay in the trade. By late afternoon, spread will come down to 3-4 again (as it normally always does in the arvo AEST). But I'm confident it will break previous support (136.77), but as always, this is forex, price may come back to bite me in the ass. Only time will tell.

---------------------------------------------------------

[EUR/USD]
Entered Long: 1.3019
SL: NONE

Notes:
I'm looking for price to break resistance today at 1.3070. I'll just keep an eye out and either close the trade by the time I leave work, or put a trailing SL or TP above current resistance. Have to see how it goes in a few hours.


[GBP/JPY]
Watched price as it went more and more against me.. I closed the trade -100pips. Only a few hours later did it drop like a rock and would have made me 50-100pips. But the drawdown was too large, I didn't see it coming.

----------------------------------------------------------

[EUR/USD]
Well, the Short recommendation found on bp.com (Pick of the Day) was the exact opposite of my trade. They stopped out at -200 pips. I closed my trade about 20mins ago. It looks like price has exhausted and will be headed downwards today. I closed at 1.3341 for 322pip profit.

These trades combined with my other trades (some I havn't posted) equates to more than 600 pips in the last 2-3 days. I'm up +$13,000 in my demo account in that amount of time. I'll post for trades I may put on today. I'm looking to probably Short eur/usd and possibly the guppy but we'll see what happens.

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eudamonia
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Postby eudamonia » Fri Dec 12, 2008 12:06 am

razorboy wrote:trust me, I agree completely - I wouldnt have touched that trade with your account :)

eudamonia wrote:cfabian,

Yes it took me a long time to understand the "course" market flow. Yes the macro direction M60 gives you wave, but the M5 tells you where in the wave you are. Just because a wave sets up doesn't mean you aren't early/late jumping on the wave.

razor,

Yes it did go into the short-zone I believe. But that isn't really my point. The point is that you must be aware of the market environment as well as your setup.

Remember the setup is the golf club, but the market is the golf course. Both must come together successfully by your interaction win the hole.

Edward


Razor,

You crack me up man!

Edward
Eudaimonia (pron.: you-die-moan-e-a) (Greek: εὐδαιμονία) is a classical Greek word commonly translated as 'happiness'. The less subjective "human flourishing" is often preferred as a translation.

pierre23
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Postby pierre23 » Fri Dec 12, 2008 12:42 am

Trades Today:

[GBP/JPY]
Entered Short: 137.10
SL: 138.17 - Current Resistance (107 pips)
TS: 50pips

Notes:
Yesterday I thought this pair would be going down, it did but only after a fair decent drawdown which I was not comfortable with. The D1 closed just above opening price. Even if it doesn't continue and stay ALL the way down, hopefully I'll be able to pull some pips with a 107 SL and 50pip TS.

If you look back, the last time price hit 136.00 it shot up and within 4 hours it was past 138.00. As I find (and read) you may find that price reacts more around 00 25 50 75, mainly 00. I'm expecting for it to hit 137.00 and shoot down enough for a decent profit.

-------------------------------------------------------------------------

[EUR/USD]
Limit Short Order: 1.3300
SL: NONE YET

Notes:
I said before in a post, it looks as if price has exhausted with a massive day yesterday. I think I read on bp.com they expect it to keep going up now. For today, I recon its going down. Again, I hope for it to hit the 00 and continue down.

D1 Range:
Current - 23
Previous - 402
ATR - 169

Yesterday was a massive move for this pair...

pierre23
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Postby pierre23 » Fri Dec 12, 2008 2:51 am

I think the bgp/jpy is out to get me :( price went straight to my SL and then fell right back down. I might make a few more trades with this pair on a shorter time frame then call it a day for this pair. I still think its going to break 137.00 though.

pierre23
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Postby pierre23 » Fri Dec 12, 2008 3:24 am

There it goes =] broke through!! I had a sell order placed at 137.50, to grab some pips on its way down. 40pips ahead on this trade. 107 to break even for the last trades loss.

It looks like eur/usd is on its way down now too.. hopefully hit my order at the 00 mark and continue going

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Postby razorboy » Fri Dec 12, 2008 3:28 am

Ed - I agree with you on the need to see the big picture. I think that a lot of people read TRO's stuff and think that it is the be all and end all of everything else (to his credit, TRO even says they are guidelines). You then have all these neophyte traders (myself included initially) going out and hitting on anything that movies like drunk frat boys and wondering why sometimes it works and sometimes it doesn't - like the horizontal line trade trick.

If you can't you can't articulate the reasons why you entered a trade beyond "I just saw it", I would be less than confident. Over the past two months or so I have become skeptical of any indicator other than price and the patterns it maps out and understanding what is going through peoples heads at that point - I am starting to care less and less about hourly range and pretty much any other statistic.

I've actually done what most "experts" recommend not doing - I have traded (or watched) endlessly for the last 2 months - making sure I get a chance to see every sort of market condition I can, rather than random glimpses at points during the day - a crash course if you will - the goal being to find one or two repetitive patterns that I can play over and over again. Based on my experience with other skill acquisitions, I think the only way you can really learn is through intensity.

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Postby pierre23 » Fri Dec 12, 2008 4:26 am

No triggering of my EUR/USD orders so just cancelled them.

GBP/JPY is going ridiculously well. 220pips into profit so far. Blew my previous loss out of the water. I've left a 50pip TS so I'll leave it at that and take a look later this arvo/tonight.

Just a tip: don't get caught up on losing trades... I used to, but not anymore. Of course I'm dissapointed a trade doesn't go my way, only for about 5mins though, because all you have to do is SEE THE DIRECTION price is going and trade with it, and make your pips back. Cut your losses so when you trade IN the right direction your PROFIT will outweigh any losses you've sustained in previous trades.

I went SHORT today and I lost, I put another SHORT order a decent amount away, below the new resistance price was making. Price was slowing down at the top it made.

It was bound to turn around and come back down, as I suspected, but it just went UP first (triggering my 1st short order's SL), but now I've recovered losses and back into profit.

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Postby khalid » Fri Dec 12, 2008 5:00 am

razorboy,

I am a lifelong discretionary trader but I have also tested -- and I do not mean backtested -- dozens of systems and found TURTLE to be truly outstanding.

Lot of people will say TURTLE is a trendfollowing system which will generate profits only when there is a trend.

True.

However, trend is relative; and by adjusting my timeframe I am able to find a tradable trend more often than not!

Khalid

pierre23
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Postby pierre23 » Fri Dec 12, 2008 7:01 am

pierre23 wrote:No triggering of my EUR/USD orders so just cancelled them.

GBP/JPY is going ridiculously well. 220pips into profit so far. Blew my previous loss out of the water. I've left a 50pip TS so I'll leave it at that and take a look later this arvo/tonight.


Hit TS @ 134.00
+350 pips.

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Postby TheRumpledOne » Fri Dec 12, 2008 11:26 am

razorboy wrote:Price the same..........the trend isnt though
Im trying to get to the point where I can play two different and opposing trends on the same currency and come out a winner on both sides.

TheRumpledOne wrote:Image

Image

Remember my TRO TREND MAP?

I made it to show you trend in a new way.

Talking about H1 and M5 is NOT reality.

Only a 1 Tick chart is reality. All the rest are CONCEPTUAL.

Remember geometry? A line is defined by 2 points.

Draw a line from price to the open 5 minutes ago.

Draw a line from price to the open 60 minutes ago.

Which way it price moving - UP or DOWN?

Isn't UP or DOWN RELATIVE to some previous point?

How many times have I said PRICE is the SAME on ALL CHARTS?



You missed my point:

Draw a line from price to the open 5 minutes ago.

Draw a line from price to the open 60 minutes ago.

Think about it... PRICE and TIME.

If TIME is plotted on the X-Axis and PRICE is plotted on the Y-Axis, then a line drawn between X(0) and X(1) will ALWAYS slope in the SAME DIRECTION!!
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.

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