My Live trades

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wirraltraders said:
decided to take just 30 pips for now on fiber earlier this morning when my price alarm went off at ...50. May resume later however..
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Up at three twenty this morning then? Good for you...Noobs! take note, this is the kind of dedication needed...
 
Black Swan said:
Up at three twenty this morning then? Good for you...Noobs! take note, this is the kind of dedication needed...
Click to expand...

Beaky, I wasn't "up", I was woken up by the alarm - (thats what an alarm is for to wake you up). I recently suffered a 50 pips loss overnight on an SL which actually went into profit before taking out the stop. Wasn't going to let that happen again if there was a chance of some pips.. Wait, sorry had to pinch myself for a "first". First time anyone on TW2 has actually discussed "trading" with Black Swan - as you were, it feels wrong somehow... better get back to your usual stuff, this is too damned uncomfortable for me...
 
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wirraltraders said:
Beaky, I wasn't "up", I was woken up by the alarm - (thats what an alarm is for to wake you up). I recently suffered a 50 pips loss overnight on an SL which actually went into profit before taking out the stop. Wasn't going to let that happen again if there was a chance of some pips.. Wait, sorry had to pinch myself for a "first". First time anyone on TW2 has actually discussed "trading" with Black Swan - as you were, it feels wrong somehow... better get back to your usual stuff, this is too damned uncomfortable for me...
Click to expand...

Yes, I can *see* why it's "uncomfortable" for you...
 
I reset to 150 for this mornings volatility earlier, check the posts. Yes for now, Both cable and aud/usd have just rejected upwards initially off the 50.00 fib. In the case of aud/usd this happens to also be the daily pivot and the round figure and a 4 hr neckline. My postion size is 1/3, so currently that equates in monetary terms to approx 60 pips which is ok for now. However if those areas of multiple support do not hold, then of course I will be out. It happens, no point in worrying about one trade unduly..

Cable has also just rejected upwards off the 50.0 fib and the 2 dev boll and has created a higher low with this second bullish 4 hr candle, so holding that also for the mo at this 1/3 postion size. Already taken a small profit on eur/usd
 
wirraltraders said:
I reset to 150 for this mornings volatility earlier, check the posts. Yes for now, Both cable and aud/usd have just rejected upwards initially off the 50.00 fib. In the case of aud/usd this happens to also be the daily pivot and the round figure and a 4 hr neckline. My postion size is 1/3, so currently that equates in monetary terms to approx 60 pips which is ok for now. However if those areas of multiple support do not hold, then of course I will be out. It happens, no point in worrying about one trade unduly..

Cable has also just rejected upwards off the 50.0 fib and the 2 dev boll and has created a higher low with this second bullish 4 hr candle, so holding that also for the mo at this 1/3 postion size. Already taken a small profit on eur/usd
Click to expand...

that ok for you too beaky?
 
wirraltraders said:
I reset to 150 for this mornings volatility earlier, check the posts. Yes for now, Both cable and aud/usd have just rejected upwards initially off the 50.00 fib. In the case of aud/usd this happens to also be the daily pivot and the round figure and a 4 hr neckline. My postion size is 1/3, so currently that equates in monetary terms to approx 60 pips which is ok for now. However if those areas of multiple support do not hold, then of course I will be out. It happens, no point in worrying about one trade unduly..

Cable has also just rejected upwards off the 50.0 fib and the 2 dev boll and has created a higher low with this second bullish 4 hr candle, so holding that also for the mo at this 1/3 postion size. Already taken a small profit on eur/usd
Click to expand...

Chart please...:)
 

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1)in this case as I've explained, the reason why I pretty relaxed about it, is that this is only third postion size.

2nd, when you have a confluence of support as mentioned, it may well be worth testing that at least once or twice -paricularly when you are only on 1/3 postion size

3), check out what other usd pairs are doing. I have a bar, not shown, which shows instant sentiment on 12 pairs at once. (remember each pair has its own character and volatility)

4), I have daily range, daily average and pips from open always visible on each chart (this helps a lot when holding on to a winning position)

5) I have major s&rs daily, fibs etc, neckline etc to hand.

6) check your oscillators for signs of reversal. An oscillator is always trying to get back to the mean avergage like a spring (to 20 MA like the price itself.)

7) on the hour chart the price plunged through serious support of the 3 deviation bollinger. Stats show the price will only ever be below the 3 rd dev boll about 1.5% of the time.

I could go on and on but you get the drift - short version, its worth a shot and I can afford 60 pip equivalent loss - that ok with you too beaky?
 
Sorry, forgot the most important one which should be number one. I only trade with the daily/weekly trend. That always gives me a nice warm feeling inside. If you try to go that far out against the trend as well, then in my opinion you would be crazy. I do not use Sunday data, so my weekly chart is neatly divided into 5 trading day weeks. That also happens to co-incide with a definition of a trend. 5 days in the same direction (up higher highs, down lower lows) I have sold the pound twice only in the last three months for example, but bought it so many times Ive lost count.

wirraltraders said:
1)in this case as I've explained, the reason why I pretty relaxed about it, is that this is only third postion size.

2nd, when you have a confluence of support as mentioned, it may well be worth testing that at least once or twice -paricularly when you are only on 1/3 postion size

3), check out what other usd pairs are doing. I have a bar, not shown, which shows instant sentiment on 12 pairs at once. (remember each pair has its own character and volatility)

4), I have daily range, daily average and pips from open always visible on each chart (this helps a lot when holding on to a winning position)

5) I have major s&rs daily, fibs etc, neckline etc to hand.

6) check your oscillators for signs of reversal. An oscillator is always trying to get back to the mean avergage like a spring (to 20 MA like the price itself.)

7) on the hour chart the price plunged through serious support of the 3 deviation bollinger. Stats show the price will only ever be below the 3 rd dev boll about 1.5% of the time.

I could go on and on but you get the drift - short version, its worth a shot and I can afford 60 pip equivalent loss - that ok with you too beaky?
Click to expand...
 
To make this mornings dicussion complete, we really could do with calling the bandit back from his hols with his commanchero friends so that he can hit reply to all of this with

*bullsh*t penc*l d*ck*


wirraltraders said:
Sorry, forgot the most important one which should be number one. I only trade with the daily/weekly trend. That always gives me a nice warm feeling inside. If you try to go that far out against the trend as well, then in my opinion you would be crazy. I do not use Sunday data, so my weekly chart is neatly divided into 5 trading day weeks. That also happens to co-incide with a definition of a trend. 5 days in the same direction (up higher highs, down lower lows) I have sold the pound twice only in the last three months for example, but bought it so many times Ive lost count.
Click to expand...
 
More narrative - its my thread :)

NFP

Here's my take on NFP. Best avoided if you can, if you can't or you actually want to try trading it, then here's my two pennyworth.

Firstly there are much more important indicators out there than NFP (PPI for instance) but "traditionally" NFP is the time of the month when we are all supposed to get really excited and have a really good time making the price fly all over the place for a little while until of course, eventually it settles down and the market ends up continuing as though it never even happened leaving everyone scratching their heads wondering what that was all about. As I have said repeatedly, very fast moving price action through strong areas or touching S&R is not sustainable and will not be sustained.

So what do you do if you want to trade (I have done so about a dozen times willingly in the past) and more unwillingly..

Firstly you have to understand one thing, there is not a broker out there who will fill your orders at the price you want during the initial stages after the announcement. You will lose if you try to do that. The price will continue to fluctuate however for up to 30 mins or even an hour after the announcement, so there are usually plenty more opportunites if you wait, when you will get filled.

So either, set a PL which is reasonably attainable ( not the outer 3 sec 150 edges) and wait for it to be filled or wait to do the same. In the end things will settle down anyway to much the same as they were. There is no SL you can set that will take care of instantaneous massive swings in either direction and it is unlikely that your chart is even fast enough to show where the price really went, so don't even try to guess one. Take it off and you will be able to re-instate it again shortly or are already out with some kind of profit or at worst break even. NFP is very similar the when the Oil reserves news is listed - and I've been there too.
 
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