Making Money Trading

This is a discussion on Making Money Trading within the First Steps forums, part of the Reception category; Originally Posted by shadowninja Are you sure? EUR/USD gave me 80-100 pips. It retraced off an ascending 4H trendline. (From ...

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Old Jan 4, 2008, 10:47pm   #1217
 
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Originally Posted by shadowninja View Post
Are you sure? EUR/USD gave me 80-100 pips. It retraced off an ascending 4H trendline. (From memory; was out climbing from 2pm.)
Holding a position into important news can work against you and it can, of course, work in your favour.

Disregarding the outcome of any particular trade, I have found that playing pin bars regardless of news is profitable in the long term and therefore this is what I continue to do.

Today unfortunately I had a position go against me. I was long the Dow from a pin bar at a double bottom on the hourly TF and a significant S/R pivot on the daily. I was +41 and put a stop in at breakeven. After non-farms I was out for -10 due to slippage.

C'est la vie! Next please!
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Old Jan 4, 2008, 10:58pm   #1218
 
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Quote:
Originally Posted by trader_dante View Post
Holding a position into important news can work against you and it can, of course, work in your favour.

Disregarding the outcome of any particular trade, I have found that playing pin bars regardless of news is profitable in the long term and therefore this is what I continue to do.

Today unfortunately I had a position go against me. I was long the Dow from a pin bar at a double bottom on the hourly TF and a significant S/R pivot on the daily. I was +41 and put a stop in at breakeven. After non-farms I was out for -10 due to slippage.

C'est la vie! Next please!
That's why I like to scale out. When you were around +40 price consolidate for a reasonable amount of time (although this happened premarket it was a very visible sideways area). At that point I would've scaled out half my position. I would've also moved my stop up as you did.

In the end it will mean more winning trades, but on the winning trades profits will be diminished compared to closing it all out at once. Different persons, different styles,...

Obviously, you can't always take slippage into account, although on an NFP release, one can expect as much and that would've been another reason for me to lock in some profits.

Have a great weekend.
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Old Jan 4, 2008, 11:12pm   #1219
 
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Originally Posted by lurkerlurker View Post
Stopped out. -255 for the 3 parts. Ouch. Short EUR/JPY on the hourly pin, entry at 160.21 and stop at 160.76 for 3U.
Hi Lurker I am new to this thread but not new to trading. I was a Dr. before I made the switch to full time trading. I will always be learning and trying to hone my skills because I know every new trading day I can be the problem or the solution. I spent a lot of years being the problem and everyday I know that I can be 1 trade away from self destruction. One of the things that helped me was patience. As TD said waiting for the perfect trade - I try to stack on as many positives onto the pin bar, or other candle formations I trade as possible. If I cant find a lot more positives than negatives and if there a strong negatives I let the trade go because I know there will be many more to come. The beautiful thing with trading and all of life is I have a choice. The choice to enter a trade, the choice to move my stops, the choice to take profits, the choice to pick my trades, as well as the choice to eat healthy, the choice to exercise, etc and I know that if I follow my trading plan every given day , my exercise plan, my eating plan , etc then everything in my life flows and becomes easy. And if I make the wrong
choice today with my trade entry , I know my plan will allow me to be back tommorrow and I can choose again. I found that my life is exactly where it should be because of the choices I made in the past and if something is not working for me I look to me and know that I am the problem and I am the solution.

My reasons for not taking the trade and they are for me as per my trading plan on eur/jap is I had some challenges with a couple areas being daily support, attitude with euy/jap around round numbers (00), no fib and time of trade being friday near end of session. The positives were the pin and the down trend is strong but as the saying goes "if in doubt stay out"

No trade is right or wrong unless it deviates from the original plan and the beauty of it all is we get to create it by the choices we make.

Wishing all a good weekend

Brad
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Old Jan 4, 2008, 11:14pm   #1220
 
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Originally Posted by trader_dante View Post
Disregarding the outcome of any particular trade, I have found that playing pin bars regardless of news is profitable in the long term and therefore this is what I continue to do.
Very well said. If more people had this attitude there would be more successful traders and fewer pointless shouting matches between unsuccessful ones.

jj
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Old Jan 4, 2008, 11:29pm   #1221
 
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Quote:
Originally Posted by drspartacus View Post
Hi Lurker I am new to this thread but not new to trading. I was a Dr. before I made the switch to full time trading. I will always be learning and trying to hone my skills because I know every new trading day I can be the problem or the solution. I spent a lot of years being the problem and everyday I know that I can be 1 trade away from self destruction. One of the things that helped me was patience. As TD said waiting for the perfect trade - I try to stack on as many positives onto the pin bar, or other candle formations I trade as possible. If I cant find a lot more positives than negatives and if there a strong negatives I let the trade go because I know there will be many more to come. The beautiful thing with trading and all of life is I have a choice. The choice to enter a trade, the choice to move my stops, the choice to take profits, the choice to pick my trades, as well as the choice to eat healthy, the choice to exercise, etc and I know that if I follow my trading plan every given day , my exercise plan, my eating plan , etc then everything in my life flows and becomes easy. And if I make the wrong
choice today with my trade entry , I know my plan will allow me to be back tommorrow and I can choose again. I found that my life is exactly where it should be because of the choices I made in the past and if something is not working for me I look to me and know that I am the problem and I am the solution.

My reasons for not taking the trade and they are for me as per my trading plan on eur/jap is I had some challenges with a couple areas being daily support, attitude with euy/jap around round numbers (00), no fib and time of trade being friday near end of session. The positives were the pin and the down trend is strong but as the saying goes "if in doubt stay out"

No trade is right or wrong unless it deviates from the original plan and the beauty of it all is we get to create it by the choices we make.

Wishing all a good weekend

Brad
Hi Brad.

Great post and an excellent chart. I really like the way you have highlighted the positive and negative aspects of the trade. As you say, ultimately the choice whether to trade is down to the trader. The person that wants to treat trading as a business and not a gamble, will be very discerning because they know that preservation of capital is too important to trade when in any shadow of a doubt. They are always aware that the next excellent opportunity is only just around the corner.
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Old Jan 5, 2008, 1:35am   #1222
 
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I can't remember where I read that "the good trades are obvious". So, if it takes ages to figure out a trade, then it probably isn't a good one to make.
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Old Jan 5, 2008, 7:38am   #1223
 
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Originally Posted by trader_dante View Post
Hey rathcoole! How's tricks?

I'm not familiar with Carters work BUT I know that some people play failed pin bars which would more or less coincide with your short entry.

Good luck if it triggers.

And happy New Year!
Cheers mate, didn't get triggered but still hanging in with same order
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Old Jan 5, 2008, 7:51am   #1224
 
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Originally Posted by lurkerlurker View Post
Well, we are a long way from the August lows and this is the only pair (aside from NZD which is a different kettle of fish) which hasn't gone back down through them. I'm not taking the short side of this unless I get a setup, but it is something to keep in mind.
my logic, rightly or wrongly, was as follows:
1) 21-RSI crossed down thru 50 and thru it's 21period average
2) RSI and MACD show negative divergence between the price highs of early Nov and final week of Dec (it's fairly faint divergence, but if you squint hard enough it's there)
3) price has gone through the "Vegas Tunnel" 144 & 169 MAs
4) this would be the 3rd test of 160 since mid-Nov. with the Squeeze forming, it should either crash down or rocket up.
If I'm wrong in the direction, i won't be triggered and plenty of time to catch a portion of the move North if it happens.

Sorry Trader_Dante, I know that I'm going off tangent here on your thread. It's just that I rarely post my own actual trades so felt I should at least try to justify, particularly as I seem to be in opposition to you on this one.
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