Forex Trading - November 2003

[darktone]

hello O

turning out nice
i know what you mean about talking about your positions
i manage to hex mine more often than not by posting times/prices etc! anyway, the only one i missed was $/CHF (was never gonner trade cable) +planning on letting them run.
(as per above charts)

GL with it.

 

[neil]

hello O

turning out nice
i know what you mean about talking about your positions
i manage to hex mine more often than not by posting times/prices etc! anyway, the only one i missed was $/CHF (was never gonner trade cable) +planning on letting them run.
(as per above charts)

GL with it.

LOL...I know what you mean. However, once again the 7am - ish part of the day delivers another move for the €/$ - sadly it's not going to happen every day but enough to make getting up early ( for me ) worthwhile.

Hope you all do well.

 

[neil]

Maybe I should have mentioned I was looking at 15 min chart and trading off the 5min.

 

[neil]

darktone
Look at the USD.Swissy and note the opposite move compared to €/$...again 15 and 5min chart.

OPTIONS
You are so right about the longer time frame charts - daily and hourly. So a person could use two trading methods, one longer term and one shorter, or even both

 

[options]

With 2 accounts a la Naz.

It's brilliant.

 

[foghorn]

Still putting a system together on paper...

Long Cable at 1.6967 stop was 1.6937 now 1.6951 looking for 1.7030

 

[neil]

Welcome Foggy
Look how things happen around 7am - ish.

What time scale are you using ?

Regards

 

[Newtron Bomb]

Nice trade foghorn

 

[darrenf]

Hi Newtron

I followed your original thread when you posted your trading system/ method (and since).

At the end of sept, you posted your results which were very good due to the strong move up in gbp/usd.

What was your overall result in October? (which I found to be much more rangebound and therefore difficult to trade).

Cheers

Darren

 

[neil]

Closed my short on €/$ for +63...price breaking ma.

Foggy looks like your Long is doing ok

 

[foghorn]

I'm going to have to start getting up earlier for the 7am action

I'm on Oanda's 30 minutes (with MAs set up to emulate common 1 hour MA's therefore double on this chart), trading on the 5 minute.

I've also been stopped out of a USDJPY short for -15 due to stop being too close. Not a very good trade, that one - chalked off to experience.

Cable Long stop now 1.6972

 

[foghorn]

Back in the USDJPY in a better position with a better stop, short at 109.11 stop 109.22 target 108.80 ish. Scalped a quick 5 pips as I'm still not convinced by this trade and don't want to run before I can walk (read walk before I can crawl!)

 

[Newtron Bomb]

Foghorn
Looks a reasonable set up on the 60 min chart
A move below 109 should see you get 108.75 and then who knows maybe down to 108

 

[foghorn]

Thanks, Newtron. I think I was still a little spooked by my poor entry earlier. Still learning to control my urges

Cable has been bouncing off the 50% retracement line of this morning's low for about an hour now.

EDIT - now through.

 

[Newtron Bomb]

JPY follow up

The short looked good earlier but to follow on from this now the trend is broken will it continue higher :?:

If so an entry would be from this pullback on the 60 min chart, a slightly better entry could have been had on the test and subequent break of the trend line.

For now it is looking range bound

NB

 

[foghorn]

Thankfully I scalped that for +5 points.

I also got stopped out of the GBP trade for +5. Should have cut earlier when I was +30

 

[Newtron Bomb]

Nice one foghorn all the +'s add up



NB

 

[darktone]

My exits suck.

i need help LOL

 

[darktone]

As i posted before i was keen to short E/Y and was pleased with my entry which went to plan, But i held it all the way back upto my entry point and was stopped when it breached the top of the downtrending expanding triangle.
emotionally battered and without any profit cushion i couldnt re-enter on the break back into the triangle
This sort of thing happens far to often to me , my exits or midchannel handling are terrible in anything but a heavily trending market.
If i had closed at support (which i was aware of before the event) in anticipation of a bounce even before we actually tested it i would have had a profit cushion to play with. i could have sold again at any price and been better off or i could have looked for a techincally sound entry. Even if i set my self a target of say 40 points higher id have had a locked profit if the stop was run close behind the upper line. I could have set a stop re-establish my position if the price continued through support after a sideways consolidation.

In short pretty much anything id have tried would have been better than what happend.

any ideas fellas?