The broker has nothing to do with the outcome of your trading strategy - they just provide you access to the market. It is your mistake! Do you really think financial professionals make trading decisions by looking at candles? Your mistake is your approach to the market. The market doesn't operate with participants deriving trading strategies by looking at candles and adding yes\no rules to them. The market is reacting to economic and political driven news that affects investment decisions. So you might not have broken your trading rules but what you need to understand is the rules and strategy you are trying to apply is about as useful to making money as an ashtray on a motorbike.
What else to do to AVOID this?
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The broker has nothing to do with the outcome of your trading strategy - they just provide you access to the market. It is your mistake! Do you really think financial professionals make trading decisions by looking at candles? Your mistake is your approach to the market. The market doesn't operate with participants deriving trading strategies by looking at candles and adding yes\no rules to them. The market is reacting to economic and political driven news that affects investment decisions. So you might not have broken your trading rules but what you need to understand is the rules and strategy you are trying to apply is about as useful to making money as an ashtray on a motorbike.
mpups
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haha you're a winding us up mate. funny though :cheesy:
D
Dowser
YourFriend
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All the rules of trading are NOT saying that. There's always two ways to trade the same market -
buy because price has been going up/down
sell because price has been going up/down
Obviously you would have placed a stop-loss in any situation because no trading strategy gives 100% accurate entry signals.
But if you want to improve your win rate, stop trading trend reversals.
Data affecting the EU fundamentally is not just about the economic calendar. It is about risk sentiment in which correlations affect the AUD. risk on = good for Au$, risk off bad for Au$
News from that period:
30 May (risk on sentiment)
The Australian dollar ripped higher on Wednesday, reversing all of the previous sessions losses as sentiment towards Italy's political stalemate improved.
31st May (risk off sentiment)
The Australian dollar finished marginally lower on Thursday as an easing in political concerns over Italy was overridden by renewed fears over a global trade war.
1st June (risk on sentiment)
European shares jump into June as Italy reaches govt deal
3rd June (economic data)
The Australian Dollar is seen to be an outperformer at the start of a new week thanks to the publication of a set of better-than-forecast economic data.
4th June (economic data)
The Australian dollar rallied by over 1% against the US dollar on Monday, propelled higher by strong economic data and renewed weakness in the greenback
All of your trades are related to AUD which is greatly influenced by both economic data and sentiment around risk on\off. You had more than enough opportunity to see that your trades were wrong if you just bothered to look at the news that is driving sentiment.
NVP
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2 words
take responsibility
in life , in trading ....whatever
if you dont you will forever be a loser
sorry but its true
N
YourFriend
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FXX: As a reply to member Hoggums, I was speaking about USDNOK and not AUD.
Stop trading trend reversals means trading trade continuations. See what happened on EURNOK when i opened Short position according to trend continuation and major support line downward cross. Even worse than trading reversal
Stop trading trend reversals means trading trade continuations. See what happened on EURNOK when i opened Short position according to trend continuation and major support line downward cross. Even worse than trading reversal
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Same applies there. Ecb met on Thursday which was the day by the looks of it where you entered. That event was short lived with inflation data the flowing day reversing sentiment and screwing your trade.FXX: As a reply to member Hoggums, I was speaking about USDNOK and not AUD.
Stop trading trend reversals means trading trade continuations. See what happened on EURNOK when i opened Short position according to trend continuation and major support line downward cross. Even worse than trading reversal
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Do yourself a favour and start charting on tradingview.com where you can overlap economic data releases and events on the chart. The moves you will see will all be pinned off some event. The only thing missing is political events but you will see enough evidence to understand that what you are trying to do is never going to work
Sent from my SM-G950F using Tapatalk
Sent from my SM-G950F using Tapatalk
YourFriend
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FXX On USDNOK I don't see any such EU Flags. I only see USA flag for date 21th June. Four relevant events but major disadvantage is that it doesn't show impact level. FXX I need to thank you very much for your information - this seems like it is (at least partially) the answer I was looking for and where I found the failure(s).
The problem is that when it comes to currency pairs (i am interested for other instruments too), i was checking only economic calendar related to left side of currency pair and related on right side. Example: ABCDEF
ABC = left side
DEF = right side
This is to protect myself that result of event wouldn't go against my opened position. So I wanted to protect myself in advance and refrain myself from opening such position if high impact event (left or right side of symbol) is announced in the near future (e.g. first three business days) of opening position.
Now I partially know what else could i do to AVOID (as title of forum thread says) all the time being in current loss on opened position, wasting weeks and months to come to at least zero plus additional profit to cover negative Swap. The answer, according to your reply, may be to figure out if any high impact event (again: the website you provided doesn't seem to show impact level - big problem!) is related to any other trading asset (symbol) and not only what is on the left side and what is on the right side.
Example (random one): GBPJPY. Asking myself, which other high impact events should be searched along GBP ones and JPY ones. But I already know the following two facts (using said example):
Good news for GBP: uptrend is expected on GBPJPY
Bad news for GBP: downtrend is expected on GBPJPY
Good news for JPY: downtrend is expected on GBPJPY
Bad news for JPY: uptrend is expected on GBPJPY
I had also learnt that same situation could be on other charts containing same part of symbol on same side (either left or right). Example: What is happening on GBPJPY can be assumed to happen on GBPCAD, GBPUSD, GBPMXN, etc too. And what is happening on GBPJPY can be assumed to happen on USDJPY, EURJPY, CADJPY, HRKJPY, etc too.
But what I know NOTHING about is exactly what you said FXX: figuring out to what other currencies (along left and right side) could be particular symbol OR/AND left side of symbol (high impact news) OR/AND right side of symbol related to. Currently I have zero understanding how can you build relationship between USDNOK symbol and AUD currency. But surely this will be my next lecture to research and get new knowledge.
This surely isn't everything what else to do (yet to learn) to avoid current losses but I appreciate your answer and at least I have some plan what to learn next.Thank you again.
The problem is that when it comes to currency pairs (i am interested for other instruments too), i was checking only economic calendar related to left side of currency pair and related on right side. Example: ABCDEF
ABC = left side
DEF = right side
This is to protect myself that result of event wouldn't go against my opened position. So I wanted to protect myself in advance and refrain myself from opening such position if high impact event (left or right side of symbol) is announced in the near future (e.g. first three business days) of opening position.
Now I partially know what else could i do to AVOID (as title of forum thread says) all the time being in current loss on opened position, wasting weeks and months to come to at least zero plus additional profit to cover negative Swap. The answer, according to your reply, may be to figure out if any high impact event (again: the website you provided doesn't seem to show impact level - big problem!) is related to any other trading asset (symbol) and not only what is on the left side and what is on the right side.
Example (random one): GBPJPY. Asking myself, which other high impact events should be searched along GBP ones and JPY ones. But I already know the following two facts (using said example):
Good news for GBP: uptrend is expected on GBPJPY
Bad news for GBP: downtrend is expected on GBPJPY
Good news for JPY: downtrend is expected on GBPJPY
Bad news for JPY: uptrend is expected on GBPJPY
I had also learnt that same situation could be on other charts containing same part of symbol on same side (either left or right). Example: What is happening on GBPJPY can be assumed to happen on GBPCAD, GBPUSD, GBPMXN, etc too. And what is happening on GBPJPY can be assumed to happen on USDJPY, EURJPY, CADJPY, HRKJPY, etc too.
But what I know NOTHING about is exactly what you said FXX: figuring out to what other currencies (along left and right side) could be particular symbol OR/AND left side of symbol (high impact news) OR/AND right side of symbol related to. Currently I have zero understanding how can you build relationship between USDNOK symbol and AUD currency. But surely this will be my next lecture to research and get new knowledge.
This surely isn't everything what else to do (yet to learn) to avoid current losses but I appreciate your answer and at least I have some plan what to learn next.Thank you again.
YourFriend
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FXX I tried to do a trade with including what you suggested: to look for high impact events that are directly related to currency of both sides of currency pair. Example: lets say I have some random currency ABCDEF (no real pair of course, its example only). So as you said, first task is to find out which, if any, currency (its economic events) is related to ABC and which, if any, is related to DEF. Once I know this, I look up high impact events for this related currency (the one related to ABC currency and/or DEF currency). This is mandatory work along analyzing events for both currencies ABC and DEF. Finding relationship between both currencies (ABC, DEF) to third related currency is what I need to do. At least I understood you so. This is what you were saying.
But not even this works. Proof is in attachment.
Attachments
its not just about looking at each side of a currency pair and correlating that with events. It is about looking at the fundamentals and aligning that with data releases so that you can pair the strongest with the weakest. only after doing this will you know which pair to trade. here is a chart showing how data affects the direction of any currency pair.
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YourFriend
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Are you having some kind of paid subscription plan on TradingView? There are 3 paid plans.
I wonder so, why? Because one or maximum two flags within circle which is always located at the bottom right corner of the chart. But its true that same flag contains multiple events. No matter which symbol i look at and I never have flags anywhere else but only at the right bottom corner. In order to get more quality features as you do, I probably need to pay for most expensive plan which is Premium that cost breath-taking 39.95 usd per month
But on EURAUD in my previous message, the problem has nothing to do with TradingView analysis (e.g. not considering the data there) because retracement should had happened but it didn't, even if next resistance was very near. I believe this could be a scam by broker - they moved the price to the opposite direction comparing to my taken position just to make me loss.
I will need to contact the broker and clearly tell them that trend has to go where I open position. No other job (income for salary) for me and I have no time to waste anymore on waiting for current loss to come to zero plus minimum profit to cover negative swap fees. I need to pay some bills too.
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Are you having some kind of paid subscription plan on TradingView? There are 3 paid plans.
I wonder so, why? Because one or maximum two flags within circle which is always located at the bottom right corner of the chart. But its true that same flag contains multiple events. No matter which symbol i look at and I never have flags anywhere else but only at the right bottom corner. In order to get more quality features as you do, I probably need to pay for most expensive plan which is Premium that cost breath-taking 39.95 usd per month
But on EURAUD in my previous message, the problem has nothing to do with TradingView analysis (e.g. not considering the data there) because retracement should had happened but it didn't, even if next resistance was very near. I believe this could be a scam by broker - they moved the price to the opposite direction comparing to my taken position just to make me loss.
I will need to contact the broker and clearly tell them that trend has to go where I open position. No other job (income for salary) for me and I have no time to waste anymore on waiting for current loss to come to zero plus minimum profit to cover negative swap fees. I need to pay some bills too.
nope using free version - go to settings (chart properties - cog wheel), select events and alerts, then uncheck show only future events
mpups
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From what I read there is no focus at all but the thread is entertaining. Lets be honest some of us have done all his mistakes and more.
