FX Trading May 21-25

[Crap Buddist]

Very much agree with your sentiments. It was only when I got my brain around the fact that losses are simply a cost of business (in this case FX business) that I was able to move away from being ecstatic when I was "right" and suicidal when I was "wrong" about a given trade. It helped me emotionally divorce myself from my trades.

hmm yeah. Same thing happened yesterday too, had to reverse a short to long, that result left + 4 pips profit , todays result was -13 for a switch, in that sense again the market has decided, but if i didnt switch, then the draw against me not switching, would of been a lot worse.

It is hard, especially as I am a natural contrarian, hence I just dont like paying top prices when they are holding up. Just need to learn to just let go of that and realise sometimes, that price wont always come back offer "Cheap as Chip's" entries all the time.

 

[jacinto]

Long off 9735 off the 15 min, looking at the INV HS on the 60min for target of 9860ish.
Stops at 9700.

so far this has to be tha call of the day. well done.

j

 

[Phil Mibbutz]

Short terminated: -20 is enough for me today. Now let's see it plunge to 750!

 

[2be]

CP I thought your switches were commendable and IMHO a person who finds it difficult to swich the position (like me) has to learn, experience and further develope to be a more profitable trader. At my stage I accept the losses with a relative peace, simply I think of them as insurance costs, or the cost of the risk. But more experience is required if with the same ease I would reverse the trade. I am sure it will come with time. Anyway cable is on the move to climb over the 9800, and as you have said, if the market gets cable there, the trader can take profits nowhere else.

 

[a_gnome]

Morning all,
Somewhat surprised to read about all these shorts. My methodology would have gone long at 763 though I wasn't at my desk to put on the trade (c'est la vie). I think that we could be heading back to the top of the channel at around 1.9815 odd at least.


EDIT 11:45am: ...that's the top of thc channel reached now.

 

[jacinto]

Morning all,
Somewhat surprised to read about all these shorts.

the answer is simple:

one sees things, one rationalises, and then one ignores what one has thought, because an opinion blurs the mind.

as an example, my wolfie wave from yesterday just hit target 9810...doh.

j

 

[The Pearl Fisher]

I feel there is very little point in me sitting watching the back and forth action which is now evident. Until the reality of the wider fundaments hits home and the downward pressure reasserts itself, I shall be pottering around the garden. Cable should see the 1.9780 levels held and maintained until sanity prevails.

OH bugger.

There goes my new shed… -30 on the day


Holding Short

 

[a_gnome]

the answer is simple:

one sees things, one rationalises, and then one ignores what one has thought, because an opinion blurs the mind.

as an example, my wolfie wave from yesterday just hit target 9810...doh.

j

Lol, I know what you mean. I gave up trying to be clever and fighting the trend after taking one too many beatings. It's great when it works and you feel like some kind of trading genius but you can take a real spanking when you're wrong. I decided in the end that it wasn't worth the grief.

 

[JillyB]

the answer is simple:

one sees things, one rationalises, and then one ignores what one has thought, because an opinion blurs the mind.

as an example, my wolfie wave from yesterday just hit target 9810...doh.

j

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!

 

[Crap Buddist]

Just booked profits at 1.9814 n change.

Interesting to see if new york runs it higher , towards 1.9850/60. I can see it on my charts on a 3 hourly bar.

 

[jacinto]

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!

agree,

anyway, I am off on holiday on Friday (Ah les huitres de Bretagne, et apres une delicieux andouillete, yum yum) , so any takers to start next week's thread?

j

 

[The Pearl Fisher]

Surprised nobody has taken a long position here. Except for Smbtnt, which was an excellent trade entry. As shorts look a bit tricky now, we could see a bounce off any number as it (if it) goes back down.

Enjoy that holiday Jacinto. You have certainly earned enough to pay for it over the past weeks….


Edit: Because I carnt spel.

 

[Offshore Trader]

Stopped my disastrous short at 59 for - 40 but my other breakout level at 63 has taken me long and is obviously looking more promising. Stop now at breakeven. Breakout levels on EUR/JPY are 385 and 332.

 

[jacinto]

Surprised nobody has taken a long position here. Except for Smbtnt, which was an excellent trade entry. As shorts look a bit tricky now, we could see a bounce off any number as it (if it) goes back down.

Enjoy that holiday Jacinto. You have certainly earned enough to pay for it over the past weeks….


Edit: Because I carnt spel.

thanks Pearl. doubt Ive earned enough. thats why I got the missus and send her to work every day
EDIT: and when I earn a lot, I dont tell her :cheesy:


no longs and no shorts for me anymore, probably take the day off altogether. however, you never know, NY open may get some patriotic feeling and start buyin bucks...

any takers for opening next weeks thread.....just make sure to put a good poll and not one as bad as mine

j

 

[smbtnt]

so far this has to be tha call of the day. well done.

j

THANKS JACINTO!
Long Bias when GBP/JPY was showing reluctance to drop below 239 yesterday.
GBP/USD was supported very well yesterday between 9690-9720. I was looking for a pullback to that level today on the early news and any bullishness on the 5/15 or 30 min TF in that 30 pip zone was my prompt to enter long.
I have taken half off here at 9830 and will trail the remainder.

 

[Crap Buddist]

CP I thought your switches were commendable and IMHO a person who finds it difficult to swich the position (like me) has to learn, experience and further develope to be a more profitable trader. At my stage I accept the losses with a relative peace, simply I think of them as insurance costs, or the cost of the risk. But more experience is required if with the same ease I would reverse the trade. I am sure it will come with time. Anyway cable is on the move to climb over the 9800, and as you have said, if the market gets cable there, the trader can take profits nowhere else.

Yes took me a while to get my head around it. Double hard for me because like I said always wanting value, but I find it a lot easier now, I think with me ,its more of a grumble of thinking, bloody hell, have to pay a premium, why aint these goods on discount. Its not coming, its not coming, look at it consolidating, has the market changed? yes. OK position with it. Thats the right thing to do. Hard to do for a thrifty shopper mindset.

Especially with daytrading. If we think about it its very ,very typical for a market to shift trends 1-3 times, especially with Forex, London ,New York sessions multi sessions. We have to learn to read the changes and position with it. Learning to read to the best or our abilities can take time. And whilst we are trying to form a sentence in reading thats when we can get confused as hell. Putting it mildly.

 

[The Pearl Fisher]

I could be in line for a monumental trouncing today. My current highest trouncing was -180 points in a single day. The occasional Monumental trouncing is what trading is about and today is looking promising.

 

[oiltanker]

seems the hardest trade is the do nothing trade. euro still just in my down channel [although creeping sideways] but it has massive support with central banks around the world looking 'to buy on the dips'.

took a cable short at 1.9831 looking for 30pts.

 

[jacinto]

I could be in line for a monumental trouncing today. My current highest trouncing was -180 points in a single day. The occasional Monumental trouncing is what trading is about and today is looking promising.

OUCH!

hope you dont get there.

 

[The Pearl Fisher]

OUCH!

hope you dont get there.

I wish I was long you know, Jacinto...