Finally giving it (another) go

[Edinburgh Trader]

Short taken on gbpusd.
Close under 10 sma (trigger candle, we need to confirm by going below that) , cci negative, macd turning negative and trend down

 

[Edinburgh Trader]

At 1:1

 

[Edinburgh Trader]

At 1:1

Chart shows initial entry and stop

 

[Edinburgh Trader]

My primary reason for coming on here was to try and learn from others.
The likes of sonic, Darktone, mike and F pointed out my exit strategy was flaky.
I changed it slightly, and now try and use the sma as a guide for stops.
The chart below shows how I am still in this trade, whereas I would have I quit earlier before.
Stop now at 1:1
Thanks chaps

 

[Sonicscooter]

No probs, things seem to be improving well, ignore the static on this forum and the clowns trying to take over your thread, they will get bord and wander off to nurse their losses.

How do you feel now since you started, does your job seem a distant memory ..........you will miss this if you go back.

 

[Edinburgh Trader]

Looks like my contract will start early, which is a shame. I think though I can run my method on the 5 minutes from 7-9am, and from 6pm. I'm starting to run a demo using hourly charts for during the day.
Found it all very stressful, but when I let the charts do the work its all working well so far!

 

[Edinburgh Trader]

New stop method working a treat on this one!

 

[neil]

Material for long winter evenings

New stop method working a treat on this one!

Some small time frame traders for you to look at which might interest you.

Look at the attachments paperclip:
www.forexfactory.com/ryanmcd

And a similar approach inspired by Ryanmcd;
www.forexfactory.com/showthread.php?t=163972

Lastly-a huge thread based on price analysis trading. Albeit aimed at larger time frames you may be able to extract enough to compile your own approach.
www.forexfactory.com/showthread.php?t=163972

Happy reading

 

[Edinburgh Trader]

Thanks Neal, will take a look

Trade closed at nearly 6 times risk.

First candle to close above the sma.

 

[Edinburgh Trader]

Thanks Neal, will take a look

Trade closed at nearly 6 times risk.

First candle to close above the sma.

Chart attached. Super start to the day!

 

[darktone]

Chart attached. Super start to the day!

Nice trade.
Just a quick heads up, atm the market is being very accommodating to your method. It wont always be this way. The stress you feel right now whilst things are favorable, will likely increase 10 fold as the market turns to chop. Thats when youre likely to experience some 'right but wrong' type results as your stops draw you down.

Have you done any work on the psychological side yet? I did ask before but unless i missed it, you didnt reply.

GL
D

 

[Edinburgh Trader]

I read "trading in the zone", which was a real eye opener.
I am comfortable with the fact that I don't know what will happen to any trade. I'm also comfortable with the fact that losses are inevitable.
For the time being I am counting sucess as good execution. If I enter for the right reasons, that's a good trade.

 

[Edinburgh Trader]

Also, I complete accept that my method does well in these markets. I guess in way that's why I'm using it!
Markets won't stay like this forever, so I do need something in the kit bag for rangebound markets.
If anyone has any suggestions of where to start, I'd appreciate It!

 

[neil]

Keep going

Also, I complete accept that my method does well in these markets. I guess in way that's why I'm using it!
Markets won't stay like this forever, so I do need something in the kit bag for rangebound markets.
If anyone has any suggestions of where to start, I'd appreciate It!

Maybe get rid of the cci ?
Yes -psychology has an huge part to play. Keep up the good work and maybe keep a trading diary.

 

[Edinburgh Trader]

Just out another great gbpusd trade. 2 trades and 12 times risk gained today.

:clap::clap::clap:

 

[Forexmospherian]

Just out another great gbpusd trade. 2 trades and 12 times risk gained today.

:clap::clap::clap:

Excellent stuff - well done - Are you sure you are not already an expert

 

[Edinburgh Trader]

Excellent stuff - well done - Are you sure you are not already an expert

I'd rather be lucky than be an expert any day of the week!

 

[trade2winz]

Wish you the best.

I don't think your going to do well.

 

[Edinburgh Trader]

I don't think your going to do well.

What a strange 1st post.
But thanks for your considered opinion!

 

[itspossible]

trade2winz

1 Posts
>>>>>>>>>>>>>>Joined<<<<<<<<<<<<<<<<<<<<<<<<<, Dec 2010