Offshore Trader
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Covered half long at +100 stop on balance at +50
a_gnome
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Nice one OT! It's days like this this which make breakout systems worth trading!
Atilla
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Gold has stepped into line too. It's now up $3 at $662.
I closed my gold on the strength of cable move up. Looks like a wise move.
I was expecting cable to go up but my sentiments were weaker than yesterday because of gold not rising. However, gold is now in alignment with a weaker dollar now so very good sign for longs.
This strenght and gusto is something else.
I'm thinking 2.02 is near by.
I thought your survey this week was tounge and cheek Jacinto but do suspect we are going to try and demolish the $2 barrier - especially if and when the indeces sink.
Crazy £1/$2 - I don't think so. What is crazy is the level the markets are at imo.
Good luck everyone.
trendie
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That's why I have to have a system and just trade what it tells me. Otherwise I analyse the charts; then rationalise; then change my mind; then listen to what everyone else thinks; then look at the charts again; then get totally confused and give up!
that is so true! I "married" my short from 1.9725 yesterday, and failed to see the gentle move up, even changing timeframes to justify my preconceptions. lost 30.
need to strip away all the extra indicators, since they only confuse.
AND, if you're going to trade multiple timeframes, treat them separately, even a different account. (strictly speaking, a sell on one tf is legitimate for THAT tf, but a long could also be acceptable "at the same time" on another tf, but only for THAT tf.)
I have gone from just about profitable (trading on 4-hrs, and then going to work), to break-even when focussed totally on trading, because I keep playing with the charts, instead of fire-and-forget.
think I will weed the garden.
(hope you caught that move - good day for those on the right side of the market)
JillyB
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This is so true, and I used to dash from one time-frame to another. Sometimes I know, I too, was only doing it in order to find a time-frame that would justify why I was in the trade. However I have now learnt that if you enter on a 5 min chart, you should stay with a 5 min chart and if/when it goes pear-shaped and the chart tells you to get out - then do just that. Don't go looking at a 15 min, 1 hour etc chart to try and justify why you shouldn't take the loss.
Missed today's movement as I don't have access to CMC at work - can't have the programme loaded on works pc - so I have to wait until I get home at night to trade. Hence the over-night trades.
Being out in the garden sounds great, but unfortunately I will be sat at this computer until 5.30pm - and I'm getting grumpy because it's a lovely day outside and I can't enjoy it!
Crap Buddist
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Just gone short 1.9767, stop 1.9786
edits those are 1.98's. getting tired.?
short 1.9867 stop 1.9886, lol mind still stuck in this am's
edits those are 1.98's. getting tired.?
short 1.9867 stop 1.9886, lol mind still stuck in this am's
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The Pearl Fisher
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Yes holding the position. I am as sure as can be, that it will backtrack. I will only be tempted to re-enter short if I was to close now. But for what I’m loosing at present it’s not worth the hassle of booking a loss for. From now on if it falls it will just counter the negative position. I’ve been trading more than 20 years. You come to know what is next after these sharp knee jerk reactions in the market. Occasionally it does'nt work out this way, but that’s what I have decided is the best course of action.
The Pearl Fisher
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Thank you for that feedback Priceman, and Jacinto and others. Most appreciated.
I will return it ASAP.
I will return it ASAP.
stopped out for -30. -51 for the day. I have one more short order filled at 9866 (stop at 9916, target 9766) and if this is a loser I´ll take tomorrow off (in my trading plan, 3 consecutive losers reauires a full day to evaluate and sit on the sidelines)
The Pearl Fisher
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It’s not your trading that’s at fault. it’s the Market conditions, which have developed a false direction after a knee jerk reaction and some follow up buyers (chancers) that have jumped on trying to make a buck. They will soon be jumping off again.
There’s no substantial upward appetite.
So don’t beat yourself up over it Zuke.
Atilla
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I'm with you TPF. With no other news I can't see it going much higher for today. However, fwiw I do think it will hold 1.98.
Phil Mibbutz
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All I can say is that I'm glad I closed my short at 790 and wasn't tempted to knock the stop back a bit further to see if it bounced off 800. Occasionally, making a 20pt loss can somehow feel satisfying!
Crap Buddist
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Yes its like "Self harming" in a way. OK so it can be tough to take the loss, but theres a relief, or the knowing we did the right thing. Which is rewarding, although the result might of been a monetary loss. The action to act is a positive result.
The Pearl Fisher
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back from the head banging. all fine now.
agree phil, -20 feels somewhat OK
Its all good stuff Jacinto. That’s why we do it.
Phil Mibbutz
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Having said that, I feel slightly less satisfied that I'd identified an uptrend but still didn't reverse my short. Oh well.back from the head banging. all fine now.
agree phil, -20 feels somewhat OK
