It's All About The Pips...

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Gbp/usd

How close is that Wall St...

We are in early and looking for the break. If this goes ship in the USD.

D

Hi Dan - Dow did what we thought!!

I noticed the USD/JPY fall down with a big move. Wondered if the dow would follow which it started to do after the USD/JPY collapsed.
Decided to take a short on cable from the 5 min chart - bit anti strategy, I know, but decided to give it a 10 pip risk - that's all from the 5 min chart as it retraced. I'm actually all out as it approached near the suuport line on the 4 hour chart for 138 pips.

Now the Dow has broken the 4 hour 20 m/a it does need a pullback, reason I came out of cable. Will be looking for a retracement tomorrow morning & ready to short it again!!

Lets look out for that tomorrow.

See you tomorrow

Simon.
 
Great discription of todays markets. ( LOL )
 

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Good morning

Wall St gave its first surge last night below the 4hr 20ma. We are short and remain short from 9060 with a stop above the high at 9120. Remember the silver cross (60min 20ma and 4hr 20ma) hasn’t crossed yet so we might see a bit of stop hunting before the sellers come back into the market over the next few days. Let’s see…

BPs earnings halved from a year ago but still showing a 2nd qtr profit of 1.9 Billion GBP. Keep a close eye on the UK earnings over the next week or so.

USD index has shown life and is now trading at 78.81 above its 60min 20ma and DP. However the WP is boxing the price in. We really need this to break 79.00 for confirmation that the USD is back in business (for the time being anyway)…

We still feel Indices will pullback and USD will strengthen


CABLE
• We have taken the break at 1.6423 and looking for 1st target at 1.6390 which is yesterdays low (at 88) and neckline of H & S.
• Looking for the 4hr 20ma to cross the 4hr 50ma to then put pressure on the DAILY 20ma.
• 1.6390 is key and a break here will form a lower low on the 4hr chart.
• We need to be very careful as there is heavy support down at the neckline.
• We will be using a rolling stop with the 4hr 20ma above previous high at 1.6465.
• The 4hr trigger is retracing slightly but the 21 cci on the 4hr chart (yellow) suggests further weakness should come.

EURUSD
• Again looks weak and with USD strength coming into the market.
• Looking for a break of support at 1.4161 with a rolling stop above the DP.


We need to keep a firm eye on the Indices and USD X for confirmation that USD will strengthen.
 
Morning all

A good day with most short a mixture of GBPUSD, EURUSD, GBPJPY, EURJPY & Wall ST and long USDCAD.

The 2 trades from yesterday in Wall St & USDCAD worked out very well, banking part down at previous low at 8965 & at DR1 in CAD at 1.0890.

The 2 morning trades worked out very well with banking part CABLE ahead of MP and EURUSD ahead of WS1 at 1.4110.

Student of the day (Gary) made 255 pips and quite a lot posting 3 figure results.

Well done guys...Really well traded.

D
 
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Looking for a big afternoon again...

USDJPY and DOW will be key.

94.00 and 8950 are the key levels.

D
 
Weaker session its claimed triggered by weakness in Chinese stocks.Obviously, as we always followed Chinese stocks on the way up! Whateverthe reason I believe it to be a good test. Can the longs keep theirnerve, will the so called buyers on dips emerge? All will be revealedover the next few sessions if this bout of profit taking remains for alittle longer. Spreads 5-10bp wider with the odd account taking P butin all honesty most of the spread move was govy related rather than realselling. Good article by Billy Gross from Pimco on their website today,essentially communicating in a more eloquent and educated manner thesame thing I have been shouting for the last 3 months I.e. we cannotreturn to the way things were, we cannot expect growth to return back to5% per annum and therefore this means higher unemployment and lowerP/E's which in turn probably means lower stock markets and also lowerinterest rates unless of course the central banks leave the taps runningfor too long. I would like to see a few more days of weakness to reallytest the resolve of this market and the green shooters.
 
perfect day

hope people watched the video,123 easy,trades allways retrace,and same again up 720 pips this week,work hard work smart,look at the charts,hold your stops.move your stop up, bank and enter again.these guys will show you the way.sometimes you miss a entry.when it retraces and ma,s cci still intact enter at a better price,no one should have missed today.emotion kills if mm is not right.scorpian eat my shorts:clap:
 
Just a little frustrating at the moment for myself. I have been using this strategy/template for over 12 months now and can see each and every trade which I SHOULD be taking. I dont know what it is but I cannot pull the trigger on any of them. Even if I do I end up pulling out with only a few pips only for the perfect trade to go 60-70 pips leaving me highly frustrated. This seems to be happening at least 3 or 4 times a day at the moment. I have tried demo trading and reducing stake to minimum but I still cannot get out of my trading rut! I dont know what the answer is but when I eventually cross this massive hurdle the system will be a ringing cash machine.

Hope there are other people who have maybe suffered from this problem to share there thoughts.


The combination of 123`s and silver crosses on 15m/60m/4hr charts all add up to a great system which is highly profitable and very lucrative indeed.
 
hope people watched the video,123 easy,trades allways retrace,and same again up 720 pips this week,work hard work smart,look at the charts,hold your stops.move your stop up, bank and enter again.these guys will show you the way.sometimes you miss a entry.when it retraces and ma,s cci still intact enter at a better price,no one should have missed today.emotion kills if mm is not right.scorpian eat my shorts:clap:
Unfortunately, I did. There's always tomorrow though. Like someone said, the markets will be there long after we're gone.
 
enter the trade

first thing,look at the charts know whats coming,then think ok ive set my stop thats what i can lose,if you miss entry which u will if you do it manualy,wait,if it retracess enter at a better price,you will lose less if it goes wrong.hold the trade,move your stop in or up say 20 pips,bank abit and let the rest run,what ever feels right,if it goes the right way free trade,if you lose move on.the market will be here long after u or me are gone,maybe do more trades on demo when you get a feel for the market it gets easy.everyone wants to get rich quick,it wont happen,take your time,a great trader fran,trained for months on demo now shes one of the best traders in the room.no emotion when she enters a trade.this works for me as above,maybe take a step back,mate you are in the right place its all in the mind.mm is key,u have a map to trade,go find the thing that works for u,anyone can have a lucky week,when it clicks you see trades everyday,dont think about the money,think about thepips.dan james and zak will go out there way to see you make it.it took me a week to load the template,if i can do it im sure you can.hope this helps
 
may be of help...

Just a little frustrating at the moment for myself. I have been using this strategy/template for over 12 months now and can see each and every trade which I SHOULD be taking. I dont know what it is but I cannot pull the trigger on any of them. Even if I do I end up pulling out with only a few pips only for the perfect trade to go 60-70 pips leaving me highly frustrated. This seems to be happening at least 3 or 4 times a day at the moment. I have tried demo trading and reducing stake to minimum but I still cannot get out of my trading rut! I dont know what the answer is but when I eventually cross this massive hurdle the system will be a ringing cash machine.

Hope there are other people who have maybe suffered from this problem to share there thoughts.


The combination of 123`s and silver crosses on 15m/60m/4hr charts all add up to a great system which is highly profitable and very lucrative indeed.


Hi Rosso

I'm sure you will get plenty of helpful suggestions with this from others; pulling the trigger is definately the hardest thing.

One thing I have found very helpful is using orders. Not everyone likes them and they are not always the best way to enter e.g. sometimes CCIs are not right when the price is hit, and they work better for break-outs obviously. However, even if this makes the overall W/L ratio a little lower, it's better to trade a 75% strategy than not trade a 80% strategy (if that makes sense :))

For me it really helps, I place orders when in a very clear state-of-mind, place my Sls and TPs without emotion, and basically walk away (for a little while anyway...) It avoids hesitation in pulling the trigger, fiddling with SLs and TPs mid-position and banking too early. Might be worth a try. Remember also, you don't have to trade every opportunity, just trade the ones you really really fancy the look of and your confidence will grow.

Hope that helps. Also, if you haven't already read it, have a look at Trading in the Zone, it may help with keeping emotions out of the decision-making.

All the best, you're in the right place to kill this demon and once you have, you'll wonder what the problem was... ;)

Julie
 
Bangkokgee you are a good man and thanks for helping out in explaining your thoughts. Be warned my wife loves asia and we might call u for a beer when we are in town!

Rosso - Do not worry my friend we are here to help. I cant tell u how many times it happens to traders. Its not easy what we do but look how far you have come and a few more confident trades on a demo (or small %) will surely bring back that confidence.

I will do a session Thurs or Friday on exactly what we look for and how we put it all together. It might be one small piece of the puzzle that u r missing.

Overall i think it was a great day. Still in part DOW, CAD & EUR.

Lets see what tom brings.

D
 
That pesky trigger

Just a little frustrating at the moment for myself. I have been using this strategy/template for over 12 months now and can see each and every trade which I SHOULD be taking. I dont know what it is but I cannot pull the trigger on any of them. Even if I do I end up pulling out with only a few pips only for the perfect trade to go 60-70 pips leaving me highly frustrated. This seems to be happening at least 3 or 4 times a day at the moment. I have tried demo trading and reducing stake to minimum but I still cannot get out of my trading rut! I dont know what the answer is but when I eventually cross this massive hurdle the system will be a ringing cash machine.

Hope there are other people who have maybe suffered from this problem to share there thoughts.

The combination of 123`s and silver crosses on 15m/60m/4hr charts all add up to a great system which is highly profitable and very lucrative indeed.

Hi Rosso

I have every sympathy for you and went through exactly the same emotions as you are now for many many months. It all started to click into place a bit better when I did three things.

First was to concentrate just on three pairs, I only watch gbpusd, eurusd and eurjpy. I found I not only got distracted by more pairs but by concentrating on just the three I became more confident about what to expect from each one.

I consider Cable to be my principle pair and is the one we seem to trade most on the breakouts through the pivots. Also if you study the charts you will see that pretty much everytime you are with the trend between 6.00am and 7.00am UK time you can expect a move and it will generally move at least 25 pips, often squeak 50 and days it will just go. So you can be prepared at the optimum times and more confident that the trade will work.

Second I found, after many many months of study, that I could easily see the silver cross set-ups so wrote myself a tick list for entries just on these trades. They are great trades and if I can tick every box I know from my back testing that there is more than an 80% chance that the trade will win. And by ticking the boxes I became more confident that what I could see was a trade and so had no reason not to pull the trigger.

And third, I wrote a detailed money management plan. Before I enter a trade I know where I will set my stop, I know to put a limit order on for 25 pips and 50 pips and when I will move my stop up to +1 (never breakeven, lol, gotta make at least 1 pip). I then use various other methods to close the final lot, ie Fibonacci expansion if it's a strong 123, 8 ema crossing 5 ema for others. I practiced these methods on demo and then on 10p pip.

When it comes down to it, really you just have to have your own personal mantras to make yourself pull the trigger. Dan and the guys can give us the ammo but at the end of the day only you can do that bit. I wrote on a post it "statistically 100% of trades you never take never win" and stuck it to my pc. You just have to say to yourself that I will only possibly lose X pips and I am prepared to do that, but I could make X pips or more, which would I rather try and do. And it feels so great when you do it right, you just want to try and do it again. And when you do get it right send Dan an email because he sends you a great one back telling you you're fab, which makes it even better! :D

As Julie says you don't have to take every trade called in the room, just start with the set-ups you can see and try and build some confidence from there, stick to low stakes, and above all remember we all learn at a different pace. Perhaps keep a journal saying why you didn't want to take the trade and which aspect put you off, and see how many times you would have been right. Print off the trades you like, learn from the trades that don't work and above all stick to your money management plan.

Good luck and we're all right there with you.

RS
 
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Just a little frustrating at the moment for myself. I have been using this strategy/template for over 12 months now and can see each and every trade which I SHOULD be taking. I dont know what it is but I cannot pull the trigger on any of them. Even if I do I end up pulling out with only a few pips only for the perfect trade to go 60-70 pips leaving me highly frustrated. This seems to be happening at least 3 or 4 times a day at the moment. I have tried demo trading and reducing stake to minimum but I still cannot get out of my trading rut! I dont know what the answer is but when I eventually cross this massive hurdle the system will be a ringing cash machine.

Hope there are other people who have maybe suffered from this problem to share there thoughts.


The combination of 123`s and silver crosses on 15m/60m/4hr charts all add up to a great system which is highly profitable and very lucrative indeed.

Whats holding you back Rossobonks? Is the fear of losing money or just getting it wrong?
 
Ahhh..the trigger freeze problem....

Just a little frustrating at the moment for myself. I have been using this strategy/template for over 12 months now and can see each and every trade which I SHOULD be taking. I dont know what it is but I cannot pull the trigger on any of them. Even if I do I end up pulling out with only a few pips only for the perfect trade to go 60-70 pips leaving me highly frustrated. This seems to be happening at least 3 or 4 times a day at the moment. I have tried demo trading and reducing stake to minimum but I still cannot get out of my trading rut! I dont know what the answer is but when I eventually cross this massive hurdle the system will be a ringing cash machine.

Hope there are other people who have maybe suffered from this problem to share there thoughts.


The combination of 123`s and silver crosses on 15m/60m/4hr charts all add up to a great system which is highly profitable and very lucrative indeed.


It was the worst at it's peak for me. I would watch winning trade after winning trade go by as I froze at my entry point. I'm a S/R trader and many times I would question my analysis and freeze as really strong price moves would crash into my levels; only to have price reverse and the trade produce a nice profit (had I got in).

Oh man to do that over and over is just the worst. Then I'd get in on one and it would be a loser. :!:

I can't really tell you how it got better except to say I blew up good a few times and consistently lost money and missed a ton of good trades and had excellent analysis and suffered and agonized and just stuck it out.

I still hesitate and miss trades but I get in more often than not. I just get in and define my risk. Why I can I do that now as opposed to before I just don't know. I've blown up enough to know that if I don't make the money or my ego too important, I make a bunch... +63% last quarter and +12% this month (so far). It's the fear of losing that causes me to lose. So I don't trade with money I can't afford to lose. I can't seem to trade well when it's all just too important and I have to keep that in check trade by trade ('cause with my ego, I can make penny pips important.) A little weight in the sack helps too - if you know what I mean.

If you have a good method, just keep trading, defining your risk, trying, and suffering. Read the psychology books : Trading in the Zone, Trade to Win, Oliver Velez's stuff. If you can last, I bet it will happen for you.

Trade a good method with little ego and with money you can afford to lose, and you will get stinking rich.

Hang in,
YL
 
It was the worst at it's peak for me. I would watch winning trade after winning trade go by as I froze at my entry point. I'm a S/R trader and many times I would question my analysis and freeze as really strong price moves would crash into my levels; only to have price reverse and the trade produce a nice profit (had I got in).

Oh man to do that over and over is just the worst. Then I'd get in on one and it would be a loser. :!:

I can't really tell you how it got better except to say I blew up good a few times and consistently lost money and missed a ton of good trades and had excellent analysis and suffered and agonized and just stuck it out.

I still hesitate and miss trades but I get in more often than not. I just get in and define my risk. Why I can I do that now as opposed to before I just don't know. I've blown up enough to know that if I don't make the money or my ego too important, I make a bunch... +63% last quarter and +12% this month (so far). It's the fear of losing that causes me to lose. So I don't trade with money I can't afford to lose. I can't seem to trade well when it's all just too important and I have to keep that in check trade by trade ('cause with my ego, I can make penny pips important.) A little weight in the sack helps too - if you know what I mean.

If you have a good method, just keep trading, defining your risk, trying, and suffering. Read the psychology books : Trading in the Zone, Trade to Win, Oliver Velez's stuff. If you can last, I bet it will happen for you.

Trade a good method with little ego and with money you can afford to lose, and you will get stinking rich.

Hang in,
YL

(y) good post
 
Trading its simple, but it is NOT easy!

...can see each and every trade which I SHOULD be taking.... but I cannot pull the trigger on any of them. ... leaving me highly frustrated.

Hi rossobonks

It sounds to me as if you have the technicals sussed, but are struggling a little with the psychology? I have read on many threads that some 90% of trading success in psyschological, so if this is the case, its is really quite secondary what your system or edge is.

I found this short (3 pages) thread really helpful, it is a lot of reading and no charts which may put many people off, but I think it is worth reading & re reading & truly thinking about. I could certainly relate to it, I hope you find it of interest to

http://www.trade2win.com/boards/psychology/45686-trading-psychology-2.html#post701936

best of luck anyway
Paul

Julie & Fran- I hope you both did well with the cable BO north this morning?
 
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