Forex trading live calls and set ups

[bedsit]

Been away from the charts a couple of hours but hope you're still hanging on to that EUR short Bedsit? Looks like the retracement could be a go-er after all?!?

Lucky this time - I'll try not to repeat this complete disregard for discipline.

Although it started as a 'stupidity' trade, no need to continue like that - 1/2 out and moved the stop to b/e (I would go for the local lower high, but don't want to give anything back) and waiting to see if it hits 50% fibonacci level or further down.

 

[LiamH]

Lucky this time - I'll try not to repeat this complete disregard for discipline.

Although it started as a 'stupidity' trade, no need to continue like that - 1/2 out and moved the stop to b/e (I would go for the local lower high, but don't want to give anything back) and waiting to see if it hits 50% fibonacci level or further down.

I don't use fibs but my inexperienced opinion is that price will get to somewhere inbetween the 50 & 61.8 as marked on your chart before bouncing back and taking off.

I'm still quite new to talking sense (Lack of?) about the markets but that's my take on it

 

[LiamH]

Also, why are you classing this as a bad trade? Personally I was ready for either a continuation of the trend or a retracement but had a bias toward retracement. I had 3 lines on my chart - A trend line on the hourly, support at 1.3950 and resistance at 1.4000. A break of 1.3950 saw me short and a break of 1.4000 would have been a long.

What in your analysis do you think was incorrect? (Not that I think I'm right and you're wrong... just curious as it might show some flaws in my own analysis)

 

[Lord Flasheart]

have set target at 1.3914 for my trade as ive got shoot out for about 30 mins

stop is now b/e

 

[bedsit]

What in your analysis do you think was incorrect? (Not that I think I'm right and you're wrong... just curious as it might show some flaws in my own analysis)

Well - I entered the trade before the lower high was formed on 15 minute chart - so there was no confirmation of down trend. I've drawn some forks, but that gives only a rough idea.

IMO The main mistake was money management. I've never planned to risk 2% of equity on this trade and disregarded the fact that price made my risk more than 1%. Then I was hoping (no good so far as trading is concerned), so it turned into gambling. One can be lucky few times, but if they disregard the rules eventually they will get hit badly (from my experience).

 

[redart]

Damn.
anyone on smartlive?
I tried to buy cable there and it would have been good for another 18 pips so far, but the order just sat there, and now it says 'no connection'

edit: working again now.
Should be up nearly 40 pips for the day, but still just the 17 pips so far from the aud trade.

 

[Lord Flasheart]

short eur/usd 1.3964 s/l 26

Happy days +50 :clap::clap:

8 trades
5 winners
+135 pips

A hit rate 0f 40% gives me an income
50% gives me a huge income

Heres hoping

 

[Lord Flasheart]

have set target at 1.3914 for my trade as ive got shoot out for about 30 mins

stop is now b/e

went down exactly to my target,giving me 2:1. In testing it did this a lot. If id been here i might have let it run a little,which doesnt look to good now

 

[Lord Flasheart]

As I dont take trades after 1 pm,i can now concentrate on my two free competitions.Intertrader and jp morgan. Intertrader is down at mo,im short eur/chf for £50 pp.lol

 

[bedsit]

Lucky this time - I'll try not to repeat this complete disregard for discipline.

Although it started as a 'stupidity' trade, no need to continue like that - 1/2 out and moved the stop to b/e (I would go for the local lower high, but don't want to give anything back) and waiting to see if it hits 50% fibonacci level or further down.

.

 

[bedsit]

.

Stop for the rest to 13907

... to 13897

 

[redart]

long 1.6036
20 pip stop

 

[bedsit]

Stop for the rest to 13907

... to 13897

Stopped.

 

[redart]

long 1.6036
20 pip stop

stop at BE now

stopped for 0

 

[bedsit]

I had enough of trading for today.

I wouldn't go for a short now, but still think it may hit 38.2%.

 

[redart]

long 1.6020
20 pip stop

 

[redart]

long 1.6020
20 pip stop

out +12

 

[LiamH]

Long EUR 1.3886
Stop 1.3856
1st Tgt 1.4000

 

[redart]

shorted that down move there for another small winner (+8, too quick to post that one)
Done for the day now.

(as per my journal, I try and take all of my real trades on my ninja demo account aswell

 

[bedsit]

They've been talking a lot about expected 'competitive devaluation' from US - $ may go south all of a sudden. I've drawn some lines and possible 'fork scenarios'.