Concept FX

It dropped down to 10521 and within mins is back up to 10569.

shame we got stopped out as I think it's going to go up on the US market opening in a few minutes, like it did yesterday.

i'm using a paper trading account with Capital Spreads by the way.


jason0181 said:
I am out of the trade as well. It looked inevitable all day, but at least the exit point was a profit, of 130 pips, but could have been 200 if it was closed yesterday.

The benefits of EOD trading is that it take little time to place the trades, and then let them run. The downside, is that you can not react to changes in the market. The downward trend started about 11pm yesterday, after the concept alerts. At least the stop loss was moved up again to get some extra profit, even if it was a small change.

Hopefully there are lessons we can take from this, but from what I have heard from other guys about concept, they are not going to change their system to cater for changes in the market overnight, and do more updates.

Some you win, and some you lose.
Click to expand...
 
The pair that just ended, had a volatile 5 mins. It dropped 25 pips, and then bounced up by 50. It is looking strong again, and will keep watching it to see if it gathers momentum and reaches the concept exit point. (unlikely). It may be that they were unlucky in the stop loss position, and the markets just went wrong for 10 mins.
 
The fundamental data that just wants to get involved with TA.

Sometimes, we just need to put our hands up, and say 'Oh well, **** happens'
 
jason0181 said:
I did have my fingers crossed that it would hold out until 2pm.
Click to expand...

It spiked down on US economic data, then bounced. CMC stopped me out. We got a profit guys. Let's not be greedy! I wonder what Concept-FX made of it? Maybe the trade will still be shown as open tonight. So if it is should we get back in there?

Often happens that the market reacts to news with a knee jerk, then quickly rethinks. That's why it is sometimes best to be out of the market when news is due. However as news is often due one way or the other all the time, there is not much to do except bear it. If you have an open trade hold on, but don't get in to the market just before news is due. It's a GAMBLE!
 
Sandy

True, a profit is a profit, now matter how we look at it.

I thought about getting back into this trade, but the movement was so quick, by the time I thought about it, it had peaked. That would have been a gamble, and just chasing 50 pips or less, which we dont need to do, as good understanding of the markets and proper setups should allow much better profits with less risk. I just want to find out how to do it !!!!
 
As predicted, 2pm and the USD ascending!

SandyW said:
It spiked down on US economic data, then bounced. CMC stopped me out. We got a profit guys. Let's not be greedy! I wonder what Concept-FX made of it? Maybe the trade will still be shown as open tonight. So if it is should we get back in there?

Often happens that the market reacts to news with a knee jerk, then quickly rethinks. That's why it is sometimes best to be out of the market when news is due. However as news is often due one way or the other all the time, there is not much to do except bear it. If you have an open trade hold on, but don't get in to the market just before news is due. It's a GAMBLE!
Click to expand...
 
The worst thing to do would have been to move to stop loss to take into account the down surge expecting it to come back at 2pm. That is one rule that should never be broken, and I do stick to it since I lost out big time on the FTSE.
 
I was calculating according to entry at 1.0410?

ok, we missed out an additional 80 pips.

as a Scotsman recently put it, you win some, you win some more.

SandyW said:
No, 80 pips, surely. Stop was 10540. Limit was 10620.

10620 - 10540 = 80
Click to expand...
 
In hindsight ( a wonderful thing of course) wasnt this a bad trade today

We were looking for a potential profit of 18 pips with a downside of 62
The trade had almost completed its amended profit margin of 10620 last night

This just looked too risky to me

I set a stop loss of 10570 to reduce my risk( or keep some of my profits) and then went back into the trade a couple of times when the market went up as I was 30 pips to the good on the system
I think when the potentail profit on the EOD is amended to such a small amount it isnt really worth the risk or it needs a very tight stop loss
 
Masif1

Do not get carried away with greed. Be happy with 130 pip profit.

If we look at it from a concept point of view, they got it spot on, apart from a small US glitch today. If they had not moved the stop loss, the trade would have been 210 pip profit. This is all speculation based on knowledge that we now have. If we had a crystal ball, we would all be very rich.
 
Hi Guys..i suppose the eurjpy trade will be taken off tonight...if its not i would be very suprised..
but 2 of us were talking 'off air' and we both noticed that several of these eurjpy trades have came up short then shot back down..so we actually got in at 169.15..and im still in the trade ..my first objective is 167.54...im not enouraging this but keep an eye on these trades with this pair in the future..i also had a great afternoon on gbpusd and eurusd..
 
anddy26 said:
Hi Guys..i suppose the eurjpy trade will be taken off tonight...if its not i would be very suprised..
but 2 of us were talking 'off air' and we both noticed that several of these eurjpy trades have came up short then shot back down..so we actually got in at 169.15..and im still in the trade ..my first objective is 167.54...im not enouraging this but keep an eye on these trades with this pair in the future..i also had a great afternoon on gbpusd and eurusd..
Click to expand...

I would also like to add that it wasnt an aimless gamble..there was a great pin bar at the top and pin bars with price action is a relatively safe bet!..i would have taken this trade even if it wasnt a concept trade.
 
possibly, but lets wait with anticipation to what Concept tell us tonight. I think they will go for something around the 19370, which may take a day or so to get to. That is what I thought last night, and I wish I had acted on my setup. Oh well, at least it has been a fun day.
 
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