My Live trades

This is a discussion on My Live trades within the Trading Journals forums, part of the Reception category; Sorry, forgot the most important one which should be number one. I only trade with the daily/weekly trend. That always ...

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Old Oct 8, 2010, 12:41pm   #616
Joined May 2010
Re: My Live trades

wirraltraders started this thread 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.

Quote:
Originally Posted by wirraltraders View Post
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?
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Old Oct 8, 2010, 12:48pm   #617
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Re: My Live trades

wirraltraders started this thread 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*


Quote:
Originally Posted by wirraltraders View Post
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.
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Old Oct 8, 2010, 12:53pm   #618
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Re: My Live trades

Quote:
Originally Posted by wirraltraders View Post
To make this mornings dicussion complete
Discussion, or narrative?
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Old Oct 8, 2010, 12:59pm   #619
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Re: My Live trades

wirraltraders started this thread
Quote:
Originally Posted by Black Swan View Post
Discussion, or narrative?
Are you referring to my atrocious spelling again? I am slighlty dyslexik you know, so you'll have to bear with me..
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Old Oct 8, 2010, 1:23pm   #620
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Re: My Live trades

wirraltraders started this thread 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.

Last edited by wirraltraders; Oct 8, 2010 at 1:49pm.
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Old Oct 8, 2010, 1:39pm   #621
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Re: My Live trades

wirraltraders started this thread SLs to 100
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Old Oct 8, 2010, 1:39pm   #622
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Re: My Live trades

wirraltraders started this thread PLs have not changed
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Old Oct 8, 2010, 1:54pm   #623
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Re: My Live trades

wirraltraders started this thread sl back to 125 on aud/usd
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Old Oct 8, 2010, 1:55pm   #624
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Re: My Live trades

wirraltraders started this thread 150
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Old Oct 8, 2010, 2:12pm   #625
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Re: My Live trades

wirraltraders started this thread sl back to 125 on aud/usd
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Old Oct 8, 2010, 2:19pm   #626
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Re: My Live trades

wirraltraders started this thread just taken out extra positon on cable long at 15892 1/3 postiton size
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Old Oct 8, 2010, 2:19pm   #627
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Re: My Live trades

wirraltraders started this thread Sl 100 pl 100
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Old Oct 8, 2010, 2:30pm   #628
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Re: My Live trades

wirraltraders started this thread
Quote:
Originally Posted by scose-no-doubt View Post
Wirral, how you measure volatility and how you decide how far out you need to pull your stop?
There was one thing I forgot to mention in my long boring list though and that was that today was a little bit special in that the NFP figures have already been touted about. Early hours this morning, two analysts were even discussing them on CBNC Squawk box and they got the actual figures uncannily close and also told us the market direction.. That may have also influence my earlier take on SL's...
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Old Oct 8, 2010, 2:32pm   #629
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Re: My Live trades

wirraltraders started this thread 70 SL on aud/usd and cable
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Old Oct 8, 2010, 2:34pm   #630
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Re: My Live trades

wirraltraders started this thread current daily stats on cable pips to open 55
Hi to Low 108
Daily Average 164

current daily stats on aud/usd pips to open -5
Hi to Low 137
Daily Average 127
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