Gaggs
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No long signal as of yet. The market is still pushing down. Night stall around the "50" level. We will wait to see what happens. i.e. wait for a proper signal to enter again. I do wish I had been able to adjust the target before I hit it. I was going to adjust it to 1.3850 but the market moved too fast for me. Not to worry though a win is a win!
Gaggs
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To give an example of what I am thinking at this point...
What I think could happen with this trade...
The trade does what I want and I win with little to no drama.
The trade simply keeps going down and I am stopped out.
The trade stays around the 1.3850 price level for a while and then heads back up to around the 1.3875-1.3900 price levels. (good chance I believe)
Another good chance is...since the market made a new "longer term" top a little after ten that this could just be a pull back for around 20-25 pips and then move back down about the same range as the first move down. i.e. about 35 pips.
In any case, most of the things that could happen can make me some money. Maybe not all the way to my target, but that's why I watch the trade and try to read price.
As most people know who trade the FX markets, for real any way, price moves a lot in a short time and then tends to stall for a while. It will just tic along not moving much giving you just a little money in the bank, then all of the sudden it takes off.
Think about it...How many times have you picked a target and the market moved just a little in your favor taking its time, then right after you decide to get out with "a little win" it moves all the way and then some to your target?
Watch your self the next time that happens and I think you will see why it happens.
The market moved a lot in a little time. Gave you a "signal" and you got into a trade with a target. Since it just got done moving fast it enters the "taking it time phase".
The price moves a little and you start to second guess your self.
Then you know what happens to make you get out with that "little win" instead of the full target?
Market volatility returns.
The market starts to pick up again but most of the time it doesn't just move in a strait line it goes back and forth some first. That's what make you nervous cause you see it moving against you and the market is moving more than it had been for a while.
Then you get out to save what little you have made and...BOOM. The market makes it's big move in a short time right in the direction you had first thought. Right to the price you had as your target.
Try to expect the calm before the storm. I still have to work on that but thinking this way helps me in my trades. At least some.
What I think could happen with this trade...
The trade does what I want and I win with little to no drama.
The trade simply keeps going down and I am stopped out.
The trade stays around the 1.3850 price level for a while and then heads back up to around the 1.3875-1.3900 price levels. (good chance I believe)
Another good chance is...since the market made a new "longer term" top a little after ten that this could just be a pull back for around 20-25 pips and then move back down about the same range as the first move down. i.e. about 35 pips.
In any case, most of the things that could happen can make me some money. Maybe not all the way to my target, but that's why I watch the trade and try to read price.
As most people know who trade the FX markets, for real any way, price moves a lot in a short time and then tends to stall for a while. It will just tic along not moving much giving you just a little money in the bank, then all of the sudden it takes off.
Think about it...How many times have you picked a target and the market moved just a little in your favor taking its time, then right after you decide to get out with "a little win" it moves all the way and then some to your target?
Watch your self the next time that happens and I think you will see why it happens.
The market moved a lot in a little time. Gave you a "signal" and you got into a trade with a target. Since it just got done moving fast it enters the "taking it time phase".
The price moves a little and you start to second guess your self.
Then you know what happens to make you get out with that "little win" instead of the full target?
Market volatility returns.
The market starts to pick up again but most of the time it doesn't just move in a strait line it goes back and forth some first. That's what make you nervous cause you see it moving against you and the market is moving more than it had been for a while.
Then you get out to save what little you have made and...BOOM. The market makes it's big move in a short time right in the direction you had first thought. Right to the price you had as your target.
Try to expect the calm before the storm. I still have to work on that but thinking this way helps me in my trades. At least some.
Gaggs
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Again with controlling the market!!
The news that came out at one my time knocked me out of the trade by going down to my stop and passing it by only three pips before turning around and hitting my target!!
Things happened a little too fast for me to get back in long so this turned out to be a loss.
Starting to wonder!!
The truth is simple that the "big" money knows where most close stops (orders) are and will move it one way before the other to shake us out so they can save some money.
Sad that I know this and still fell for it!!
Waiting for the next signal...
The news that came out at one my time knocked me out of the trade by going down to my stop and passing it by only three pips before turning around and hitting my target!!
Things happened a little too fast for me to get back in long so this turned out to be a loss.
Starting to wonder!!
The truth is simple that the "big" money knows where most close stops (orders) are and will move it one way before the other to shake us out so they can save some money.
Sad that I know this and still fell for it!!
Waiting for the next signal...
Gaggs
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I guess my brothers three strikes and your out rule would be good to follow.
That basically goes like this...
If the market goes against you and comes back in your favor only to go against you again get out at the third touch of break even. That happened here and I would have been out at break even without a loss.
Lesson Learned.
That basically goes like this...
If the market goes against you and comes back in your favor only to go against you again get out at the third touch of break even. That happened here and I would have been out at break even without a loss.
Lesson Learned.
arabianights
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Are you price making or price taking here?
A cursory glance at this thread suggests you're doomed, no offence.
A cursory glance at this thread suggests you're doomed, no offence.
Gaggs
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We will see!
Gaggs
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Well that was the goal but my targets have been stretched a little past the 5 pip mark.
Not real scalping.
In fact the only reason I use that word is to indicate that fact that I will only be in the trade for s short while.
