With you there. looks like all those hourly pins failed. I was on the wrong side of the cable one.
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With you there. looks like all those hourly pins failed. I was on the wrong side of the cable one.
You just need to be aware that they are forming. As anything else that gives you a hint of what is/may happen.
I used the pin on eur/usd to get out of a short I was lucky enough to have held from around 7 o'clock this morning. Went long, didn't like it and got out again. Should have got short again but didn't.
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trader_dante
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If anyone is in need of some good bedtime reading, I am currently reading Victor Niederhoffer's "The Education of a Speculator" which is fantastic.
trader_dante
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Just a quite note to say: I've always openly recommended E*Trade Spreadbetting (which are a white label of Capital Spreads) and just had a very positive experience, once again, with them.
Over on the CS thread, I had a bit of a rant, called the spread on Wheat "criminal" which at 4 points (16 ticks) it was and the next day, I get a message telling me that the spread has now been slashed to 1 point (4 ticks) which, I have to say, makes it the most competitive out of any other SB company I have come across.
Most people will have a go at an SB firm at some time or other, particularly if they are scalping and get caught in a dubious "delayed fill" or other shenanigans but trading this strategy I have never had a problem and always been treated fairly by E*Trade for one.
Hopefully the mods won't take this as an advertisment. Just pretty impressed by what Simon has done and relating my own positive experience if anyone is looking for a company to trade with.
Over on the CS thread, I had a bit of a rant, called the spread on Wheat "criminal" which at 4 points (16 ticks) it was and the next day, I get a message telling me that the spread has now been slashed to 1 point (4 ticks) which, I have to say, makes it the most competitive out of any other SB company I have come across.
Most people will have a go at an SB firm at some time or other, particularly if they are scalping and get caught in a dubious "delayed fill" or other shenanigans but trading this strategy I have never had a problem and always been treated fairly by E*Trade for one.
Hopefully the mods won't take this as an advertisment. Just pretty impressed by what Simon has done and relating my own positive experience if anyone is looking for a company to trade with.
rawrschach
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grimweasel
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Quite a day all round!
After such a day of swings, gaps etc, what we can well learn from this as traders?
I can start it off with:
1. Respect to super_spurs who sat on the wkly sidelines and did nothing. Very wise!
2. Having read Marber on Markets he said 'Gaps are always filled again' So looking at today's action it may have been much better to ignore the gap totally (as a long) and just look for the return journey short?
3. By sitting out on the higher TFs you don't become a 'victim to volatility' especially if you are not at your screen all day! Let the pro-money scrap it out.
4. Be humble and accept things don't always go to plan. Move on. Trade another day and learn from today...
5. Always worth questioning a trade with your SB etc as they are a fair lot and often play ball if they think you could have been stopped out incorrectly etc.
Grim
(PS Sorry for posting too much.. I'll have a few pages off now!)
lol
After such a day of swings, gaps etc, what we can well learn from this as traders?
I can start it off with:
1. Respect to super_spurs who sat on the wkly sidelines and did nothing. Very wise!
2. Having read Marber on Markets he said 'Gaps are always filled again' So looking at today's action it may have been much better to ignore the gap totally (as a long) and just look for the return journey short?
3. By sitting out on the higher TFs you don't become a 'victim to volatility' especially if you are not at your screen all day! Let the pro-money scrap it out.
4. Be humble and accept things don't always go to plan. Move on. Trade another day and learn from today...
5. Always worth questioning a trade with your SB etc as they are a fair lot and often play ball if they think you could have been stopped out incorrectly etc.
Grim
(PS Sorry for posting too much.. I'll have a few pages off now!)
lol
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superspurs
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thankyou for that grim,i live to fight another day
superspurs
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although one day i hope to be skillful enough to get involved.it was days like this that got me involved in trading but i never made any money on them,they always seem to fake me the wrong way.
trader_dante
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I'm really not sure about this.
rawrschach
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Not usually filled the first time around let alone again.
grimweasel
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TD
I knew that would be controversial!
In his book his quotes ' everything depends on the gap you're looking at; is it a breakaway, running or exhaustion one?'
His synopsis is that ' when the relevant candles appear, confirming what type of gap it is, the opportunity to to trade has gone; an example of received wisdom: by the time it's received, it's too late'
So I figured, as I have not been schooled otherwise, I would trust his 40 odd years in the market and not try to play gaps.
I'm not saying that they don't work; It's more I don't understand them fully, so I'll be giving them a wide berth.
Unless you have some gap plays of course TD? Did your Prop firms teach you any wisdom regarding them? I'd be very interested to know. If only to try and guess what everyone else may do, not for an entry myself.
Good Trading all,
Grim
I knew that would be controversial!
In his book his quotes ' everything depends on the gap you're looking at; is it a breakaway, running or exhaustion one?'
His synopsis is that ' when the relevant candles appear, confirming what type of gap it is, the opportunity to to trade has gone; an example of received wisdom: by the time it's received, it's too late'
So I figured, as I have not been schooled otherwise, I would trust his 40 odd years in the market and not try to play gaps.
I'm not saying that they don't work; It's more I don't understand them fully, so I'll be giving them a wide berth.
Unless you have some gap plays of course TD? Did your Prop firms teach you any wisdom regarding them? I'd be very interested to know. If only to try and guess what everyone else may do, not for an entry myself.
Good Trading all,
Grim
Hey Guys
Just wondering if ye might have any words of wisdom for me regarding the above two trades.
1)
I entered the USDCAD short trade last Friday as shown above off a 4hour pin. My target was the previous days low.(SL 55 pips, TP 124 pips.)
I checked the trade briefly last night to see i was almost at the target and moved my stop loss to slightly better that BE(my first mistake me thinks!). I think i should have maybe exited when i saw the three bars find resistance but i guess i was hoping it would breakthrough and improve.Also i wasnt awake all night to monitor them! Anyway i was later stopped out for +17 pips of a possible 124- not happy.
2)
I took this short trade on friday also off the H1 pin marked. I know its not the best pin but i liked the over all trend and PA.I took this with a view to letting it run and had no specific target(SL 55pip). In hind sight i should have been wary of the 105.65 level where the previous spike down is. However i felt we were below the main uptrend line so i was happy to run.
Then NFP came out and bang i was up 100pips. Then it dissappeared as quick! I left it run thinking it was a brief rally but alas no and i was out for full SL(-55).
So out of 2 (what i felt were) reasonable trades with a possible 224 pips i ended up negative 38.
I think my big question is where do ye think i got it so wrong. For the USDCAD trade if i had not messed the stop i would be still in the trade.
However If i had cut earlier in the JPY trade i would be up in profit.
Any comments/suggestions :idea: would be most appreciated.
Thanks
Shane
A fair lot?
5. Always worth questioning a trade with your SB etc as they are a fair lot and often play ball if they think you could have been stopped out incorrectly etc.
Hi Grim,
I'm glad to hear you that your SB has reversed their decision in regards to your trade.
I trade with Capital Spreads and I'm afraid to say my stops have been "hunted down" on more than one occasion. I too questioned the price but all they stated was that they checked the price from Bloomberg!
5. Always worth questioning a trade with your SB etc as they are a fair lot and often play ball if they think you could have been stopped out incorrectly etc.
Hi Grim,
I'm glad to hear you that your SB has reversed their decision in regards to your trade.
I trade with Capital Spreads and I'm afraid to say my stops have been "hunted down" on more than one occasion. I too questioned the price but all they stated was that they checked the price from Bloomberg!
grimweasel
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Skelly,
If you have a target then while you learn, come back from the target, say 5%-10% and put a limit order in the market? That way you'd have saved the pips on trade 1. Remember that greed is also an emotion we need to conquer! I think, (TD pls say otherwise if I'm wrong) that while you learn his excellent strategy then set your targets and stick to them. It helps you to become a disciplined trader and believe me it's very hard. I freely admit I still have a long way to go LOL!
On trade 1 I don't see any support/resistance or Fib confluence. Your resistance at 10709 is not marked on my charts as I just don't see the S&R there? Also the bar you entered on is not really a pin bar more of a doji which rather than an entry trigger, is more of a warning that a trend is about to change? (ie the small rally from your target)
Trade 2 - again not really a pin bar, or at a significant swing high/low. You say you were unsure of targets? Go out a TF to say daily etc and plot the fibs. You'll be amazed at what you see. The price often bounces off the fib levels! Use them as a tgt if nothing else?
Trade 3 - Watch out for news announcements. I'd have the stops really tight or exit prior to NFPs if I was unsure of the direction. I have been there. Trying to trade too many strategies at once. If you are planning on using the Pins Strategy then only stick to that until you can nail it. Take advice from TD, re-read his thread and look to the guys that are doing well here such as Omni and Superspurs (plus many others). Soak up their wisdom. The pros know the amatuers flock to news trading and see it as a licence to print money! My advice is to stay clear of news trading as the opposite to what you expected can often evolve over a couple of minutes.
It's a long journey. To get a head start you must master your emotions and discipline. If you can't honestly and faithfully do that then you really should save your money and buy an Exchange Traded Fund on a regular basis and let the miracles of pound cost avareging and compound interest work to your advantage!
Grim
If you have a target then while you learn, come back from the target, say 5%-10% and put a limit order in the market? That way you'd have saved the pips on trade 1. Remember that greed is also an emotion we need to conquer! I think, (TD pls say otherwise if I'm wrong) that while you learn his excellent strategy then set your targets and stick to them. It helps you to become a disciplined trader and believe me it's very hard. I freely admit I still have a long way to go LOL!
On trade 1 I don't see any support/resistance or Fib confluence. Your resistance at 10709 is not marked on my charts as I just don't see the S&R there? Also the bar you entered on is not really a pin bar more of a doji which rather than an entry trigger, is more of a warning that a trend is about to change? (ie the small rally from your target)
Trade 2 - again not really a pin bar, or at a significant swing high/low. You say you were unsure of targets? Go out a TF to say daily etc and plot the fibs. You'll be amazed at what you see. The price often bounces off the fib levels! Use them as a tgt if nothing else?
Trade 3 - Watch out for news announcements. I'd have the stops really tight or exit prior to NFPs if I was unsure of the direction. I have been there. Trying to trade too many strategies at once. If you are planning on using the Pins Strategy then only stick to that until you can nail it. Take advice from TD, re-read his thread and look to the guys that are doing well here such as Omni and Superspurs (plus many others). Soak up their wisdom. The pros know the amatuers flock to news trading and see it as a licence to print money! My advice is to stay clear of news trading as the opposite to what you expected can often evolve over a couple of minutes.
It's a long journey. To get a head start you must master your emotions and discipline. If you can't honestly and faithfully do that then you really should save your money and buy an Exchange Traded Fund on a regular basis and let the miracles of pound cost avareging and compound interest work to your advantage!
Grim
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grimweasel
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Oh, and BTW,
If you struggle with the discipline then have a picture of the reason(s) you are trading above your screen. I have a picture of my house and a Maserati Quattroporte. Every time I feel my emotions getting the better of me, I look at the pictures and remind myself that I must trade my plan to achieve my goals!!
Grim
If you struggle with the discipline then have a picture of the reason(s) you are trading above your screen. I have a picture of my house and a Maserati Quattroporte. Every time I feel my emotions getting the better of me, I look at the pictures and remind myself that I must trade my plan to achieve my goals!!
Grim
trader_dante
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Good call on the IB and unlucky. I took the one on Eur/Jpy three hours back.
Grim many thanks for your feedback.
I think i really need to work on this instead of jumping in a bit too much. I started trading with real money just a couple months back. Had be playing about with demo for few months before that. I found that with the demo i was too willing to just take a gamble. However I'm trading with very small stakes (was on finspreads trading academy stakes until a yesterday). Must give Alpari a go now to continue on small stakes. I find that even trading minimum stakes helps me put much more thought in to trades than in the demo. At the same time i'm not going to kill myself with significant losses. After 8 weeks actual trading starting with €150 (I know-big time or what! )i went up to €180 and finished down to €130. Did good at the start but seemed to loose my way along the path!I'm trying to learn to trade with a certain % of my account(4-5) per trade and find the small stakes help me do this even with the tiny account.
Thanks for your comments Grim. I need to programme them in to my brain!
Shane
Skelly,
If you have a target then while you learn, come back from the target, say 5%-10% and put a limit order in the market? That way you'd have saved the pips on trade 1. Remember that greed is also an emotion we need to conquer! I think, (TD pls say otherwise if I'm wrong) that while you learn his excellent strategy then set your targets and stick to them. It helps you to become a disciplined trader and believe me it's very hard. I freely admit I still have a long way to go LOL!
On trade 1 I don't see any support/resistance or Fib confluence. Your resistance at 10709 is not marked on my charts as I just don't see the S&R there? Also the bar you entered on is not really a pin bar more of a doji which rather than an entry trigger, is more of a warning that a trend is about to change? (ie the small rally from your target)
In trade 1 my resistance was the zone along the yellow line shown in this chart below
I felt that it was a key zone worth taking a trade! I see your point now about the dojo...trigger happy...
Trade 2 - again not really a pin bar, or at a significant swing high/low. You say you were unsure of targets? Go out a TF to say daily etc and plot the fibs. You'll be amazed at what you see. The price often bounces off the fib levels! Use them as a tgt if nothing else?
Il try this, would you take a fib from an overall swing on the dailys and use the percentages along this as the targets ya? ie use the various % levels as the targets?
Trade 3 - Watch out for news announcements. I'd have the stops really tight or exit prior to NFPs if I was unsure of the direction. I have been there. Trying to trade too many strategies at once. If you are planning on using the Pins Strategy then only stick to that until you can nail it. Take advice from TD, re-read his thread and look to the guys that are doing well here such as Omni and Superspurs (plus many others). Soak up their wisdom. The pros know the amatuers flock to news trading and see it as a licence to print money! My advice is to stay clear of news trading as the opposite to what you expected can often evolve over a couple of minutes.
I wasn't trying to trade the news even though i was aware it might effect my trade. I think i TD said a while back that he finds the pin trades are often helped by the news. I was trying to ignore it and just trade the chart. I guess finding a sensible target and checking the RR for this trade would have been smart.
It's a long journey. To get a head start you must master your emotions and discipline. If you can't honestly and faithfully do that then you really should save your money and buy an Exchange Traded Fund on a regular basis and let the miracles of pound cost avareging and compound interest work to your advantage!
Grim
I think i really need to work on this instead of jumping in a bit too much. I started trading with real money just a couple months back. Had be playing about with demo for few months before that. I found that with the demo i was too willing to just take a gamble. However I'm trading with very small stakes (was on finspreads trading academy stakes until a yesterday). Must give Alpari a go now to continue on small stakes. I find that even trading minimum stakes helps me put much more thought in to trades than in the demo. At the same time i'm not going to kill myself with significant losses. After 8 weeks actual trading starting with €150 (I know-big time or what!
)i went up to €180 and finished down to €130. Did good at the start but seemed to loose my way along the path!I'm trying to learn to trade with a certain % of my account(4-5) per trade and find the small stakes help me do this even with the tiny account.Thanks for your comments Grim. I need to programme them in to my brain!
Shane
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