PaddyMcTaff
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Fugazy why did you change your method of profit taking? I know its what Volman does and is certainly a valid approach, but you hit some ridiculous home runs further back in the thread..
they are more rare than the norm, but you are right, when they work big money follows
PaddyMcTaff
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So what made you change (genuinely interested)?
I know that Beggs always talks about small losses and small wins grinding out an upwards equity curve, and then the occasional outlier that really boosts the account. I have also heard Brooks talk alot about how hanging onto your position can often make way more than a bunch of scalps etc.
Easier said than done obviously, just interested in your thought process to decide to approach it this way. Im still doing 50% TP1 and 50% large TP2 and/or trail at the moment
I know that Beggs always talks about small losses and small wins grinding out an upwards equity curve, and then the occasional outlier that really boosts the account. I have also heard Brooks talk alot about how hanging onto your position can often make way more than a bunch of scalps etc.
Easier said than done obviously, just interested in your thought process to decide to approach it this way. Im still doing 50% TP1 and 50% large TP2 and/or trail at the moment
Hi Paddy
yes, I can tell you being doing your homework and thank you for your question.
My approach is this, when it is clear trend day I cover half on each trade and trail the other half below (for longs) to the recent swing low, but when is not a clear trend day (which is most days) I scalp the all lot for 10 pips unless strong levels are on the way or another patterns forms in the opposite way.
This is my session on AU this morning, if I would have made my second half run, it would just run into my stop at BE...which is not good.
5 trades: =9.8, -5.7, +2.2, +6 and +8.7 = 21 pips.
Every 10 pips is a 1%, that is what we need, 5 trades per session and 2% gain.
We cannot hope the market will run, but when it runs we hold the second half and we add more trades the way up and then maybe we can score 5-10%.
I think Bob and Lance are good but Al is from another planet, his work is the most difficult one.
His first book is a gem, it needs to be studied not read
yes, I can tell you being doing your homework and thank you for your question.
My approach is this, when it is clear trend day I cover half on each trade and trail the other half below (for longs) to the recent swing low, but when is not a clear trend day (which is most days) I scalp the all lot for 10 pips unless strong levels are on the way or another patterns forms in the opposite way.
This is my session on AU this morning, if I would have made my second half run, it would just run into my stop at BE...which is not good.
5 trades: =9.8, -5.7, +2.2, +6 and +8.7 = 21 pips.
Every 10 pips is a 1%, that is what we need, 5 trades per session and 2% gain.
We cannot hope the market will run, but when it runs we hold the second half and we add more trades the way up and then maybe we can score 5-10%.
I think Bob and Lance are good but Al is from another planet, his work is the most difficult one.
His first book is a gem, it needs to be studied not read
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Atilla
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This is where I say I have no idea. Need to check the FA and noise level outside and pick up the meaning. Like reading the runes.
I can't help thinking it will pull back to 1.0940s and test support before attempting to go forwards.
M3 Money Supply y/y stats came in good adn we have the Italian auctions so need to watch the fervour on how they get taken up. USD announcements and FOMC significant too.
Might be better to sit out and watch today.
Yes, in her range she is gently making HL's and HH's, I got some out of her but now it is like getting wine out of a stone
trade 1 and 2 EU, I shorted this 3 push up, I should not, the signal bar was to wide, itdid cover many previous bars.... but I was quick on my feet and I went long a "down up": -5.8, +10 =+4.2
Total 14.7 + 21 this morning, not bad.....considering was not an easy LO session.
Maybe I need to look at more than EU.
ta
Total 14.7 + 21 this morning, not bad.....considering was not an easy LO session.
Maybe I need to look at more than EU.
ta
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Swimology
Author Unknown
Once a young professor was making a sea voyage. He was a highly educated man with a long tail of letters after his name, but he had little experience of life. In the crew of the ship on which he was travelling was an illiterate old sailor. Every evening, the sailor would visit the cabin of the young professor to listen to him lecture on many different subjects. He was very impressed with the learning of the young man.
One evening as the sailor was about to leave the cabin after several hours of conversation, the professor asked, "Old man, have you studied geology?"
"What is that, sir?"
"The science of the earth."
"No, sir, I have never been to any school or college. I have never studied anything."
"Old man, you have wasted a quarter of your life."
With a long face the old sailor went away. "If such a learned person says so, certainly it must be true," he thought. "I have wasted a quarter of my life!"
Next evening again as the sailor was about to leave the cabin, the professor asked him, "Old man, have you studied oceanography?"
"What is that, sir?"
"The science of the sea."
"No, sir, I have never studied anything."
"Old man, you have wasted half your life."
With a still longer face the sailor went away: "I have wasted half my life; this learned man says so."
Next evening once again the young professor questioned the old sailor: "Old man, have you studied meteorology?’
"What is that, sir? I have never even heard of it."
"Why, the science of the wind, the rain, the weather."
"No, sir. As I told you, I have never been to any school. I have never studied anything."
"You have not studied the science of the oath on which you live; you have not studied the science of the sea on which you earn your livelihood; you have not studied the science of the weather which you encounter every day? Old man, you have wasted three quarters of your life."
The old sailor was very unhappy: "This learned man says that I have wasted three quarters of my life! Certainly I must have wasted three quarters of my life."
The next day it was the turn of the old sailor. He came running to the cabin of the young man and cried, "Professor sir, have you studied swimology""
"Swimology? What do you mean?"
"Can you swim, sir?"
"No, I don’t know how to swim."
"Professor sir, you have wasted all your life! The ship has struck a rock and is sinking. Those who can swim may reach the nearby shore, but those who cannot swim will drown. I am so sorry, professor sir, you have surely lost your life."
You may study all the "-ologies" of the world, but if you do not learn swimology, all your studies are useless. You may read and write books on swimming, you may debate on its subtle theoretical aspects, but how will that help you if you refuse to enter the water yourself? You must learn how to swim.
Author Unknown
Once a young professor was making a sea voyage. He was a highly educated man with a long tail of letters after his name, but he had little experience of life. In the crew of the ship on which he was travelling was an illiterate old sailor. Every evening, the sailor would visit the cabin of the young professor to listen to him lecture on many different subjects. He was very impressed with the learning of the young man.
One evening as the sailor was about to leave the cabin after several hours of conversation, the professor asked, "Old man, have you studied geology?"
"What is that, sir?"
"The science of the earth."
"No, sir, I have never been to any school or college. I have never studied anything."
"Old man, you have wasted a quarter of your life."
With a long face the old sailor went away. "If such a learned person says so, certainly it must be true," he thought. "I have wasted a quarter of my life!"
Next evening again as the sailor was about to leave the cabin, the professor asked him, "Old man, have you studied oceanography?"
"What is that, sir?"
"The science of the sea."
"No, sir, I have never studied anything."
"Old man, you have wasted half your life."
With a still longer face the sailor went away: "I have wasted half my life; this learned man says so."
Next evening once again the young professor questioned the old sailor: "Old man, have you studied meteorology?’
"What is that, sir? I have never even heard of it."
"Why, the science of the wind, the rain, the weather."
"No, sir. As I told you, I have never been to any school. I have never studied anything."
"You have not studied the science of the oath on which you live; you have not studied the science of the sea on which you earn your livelihood; you have not studied the science of the weather which you encounter every day? Old man, you have wasted three quarters of your life."
The old sailor was very unhappy: "This learned man says that I have wasted three quarters of my life! Certainly I must have wasted three quarters of my life."
The next day it was the turn of the old sailor. He came running to the cabin of the young man and cried, "Professor sir, have you studied swimology""
"Swimology? What do you mean?"
"Can you swim, sir?"
"No, I don’t know how to swim."
"Professor sir, you have wasted all your life! The ship has struck a rock and is sinking. Those who can swim may reach the nearby shore, but those who cannot swim will drown. I am so sorry, professor sir, you have surely lost your life."
You may study all the "-ologies" of the world, but if you do not learn swimology, all your studies are useless. You may read and write books on swimming, you may debate on its subtle theoretical aspects, but how will that help you if you refuse to enter the water yourself? You must learn how to swim.
Atilla
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Thanks but I really didn't know what was going to happen after 1.10 with any certainty at all. After post GDP number shock from US upward bias and dollar weakness was better probability.
fwiw Best to stay out prior to big news days but that's just my opinion.
I had the perception this was going to happen, when in my previous post I mentioned the gently making HL's and HH's into the range, often it happens, seems market movers do not want to be noticed.....
fundy do not care about technicality, maybe now 1.10 something could be resistance turned support.....
is this the end of the bears?....
Atilla
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Well I'd say Fed's not happy about such a strong dollar and for that matter good many other countries including Chinese builders who hold dollar nominated debt. If dollar rises everyone suffers.
Moreover, US economy perhaps not as strong recovery as expected. No matter what people say we've had approx 7 years growth and volumes falling so everyone (including the financial sector) will be suffering. Some pull back has to happen sooner or later otherwise business/volume will surely dry up or will not sustain earnings for next season.
As predicted based on QE from ECB money will flow out of US-D and into EU equities. So yes the EU should strengthen and dollar ease off a little.
