Thats correct, follow your plan. For every person that says get out now there will be another one saying stay in. You have to decide based on whatever system you are using.
Thats correct, follow your plan. For every person that says get out now there will be another one saying stay in. You have to decide based on whatever system you are using.
B
Black Swan
what's he using pb, price action? havn't bothered to look properly at the charts he's posted up...
Really? Never knew it was as high as that, you any proof, a survey...or stats to back that up? In relation to the other half of your post if he didn't want help with his decisions he wouldn't be asking for help/advice on a forum....
I dont think that figure is too far off, that would mean we have 200 or so profitable traders out of the 200,000 odd registered here.
belize
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Thanks for your advice Black Swan I agree its much harder to take profits, my original target was not 100pips but 355pips I was aiming for 1.2580. Considered taking the 100 odd pips last night and maybe I should have its so hard to know. But if I'm using 100pip stoplosses surley I have to try and let my profits run a bit more. What do you think?
Neither I think, he said he is just using his feeling of where it will go next.
Really? Never knew it was as high as that, you any proof, a survey...or stats to back that up? In relation to the other half of your post if he didn't want help with his decisions he wouldn't be asking for help/advice on a forum....
A research company in the US estimated that there were only 800 private profitable traders in America, who had survived through years of changing governments, political and social unrest, economic crises and such like.
So for the 99.9% statistic being non-winners on forums, that would make 200 members of T2W consistenly profitable, which in my view is perfectly feasible.
If your system calls for you to hold for that level then its good that you are following your plan, if you are just hoping it gets there so that it pays for your previous losses and gives you some profit then its not so good.
Technically, reaching that level would require you to break through the weekly pivot point, that could happen but it looks like you could get a bounce down at around 1.2450 or 1.2460 (you might try to calculate that yourself as different platforms have different prices)
There may also be a head and shoulders forming on a 4 hour chart if we get to just below the WPP.
http://www.mypivots.com/calculators/pivot-point-calculator.aspx
Technically, reaching that level would require you to break through the weekly pivot point, that could happen but it looks like you could get a bounce down at around 1.2450 or 1.2460 (you might try to calculate that yourself as different platforms have different prices)
There may also be a head and shoulders forming on a 4 hour chart if we get to just below the WPP.
http://www.mypivots.com/calculators/pivot-point-calculator.aspx
belize
Junior member
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I am a scientist by training so I don't just use intuition, although your brain is a great supercomputer.Having tested loads of indicators in the past I have never found them to be much use in the long run. I mainly base my decisions on what the price is doing in reaction to news and market sentiment, also look at support and resistance. Ocasionally use fibo to get some targets but don't really trust it that much. I am coming to the conclusion that most of the people who make it as traders spend hours and hours watching the market and develop a proficiency for it a bit like learning to play a musical instrument.
B
Black Swan
I don't *get* that bit? They are not mutually exclusive...I dunno we're all different, I protect certain levels of profit in each swing, I never regret 'locking in' 99 pips if the trade is in, for example, 150 pip profit...That's a fookin good trade in my book and you had/have one there. We've had quite big ranges over the past few weeks..not always like this. On my suggestion of 5 pairs if you had 100 pip locked in on each of five pairs would you be happy..WOULD YOU BE HAPPY!!!
B
Black Swan
How do you read the resistance at 1.2443 and the weekly pivot just above that? Are you considering that as an exit point with perhaps a re-entry long after a bounce lower?
meanreversion
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It's fine to want to let your profits run (looks like you're aiming for a 3:1 ratio there) but you need to be prepared for the high percentage of losing trades you will encounter (even if 70 pct of your trades lose money, you will still end up ahead if you stick to 3:1). The system I run is trend seeking and has that kind of hit rate.
However, with a low win rate, you could easily get 10 losing trades in a row.. I'm not sure you want to encounter that just yet, so maybe scale back to something like 20 pip risk to make 30 pips, until you become more comfortable.
However, with a low win rate, you could easily get 10 losing trades in a row.. I'm not sure you want to encounter that just yet, so maybe scale back to something like 20 pip risk to make 30 pips, until you become more comfortable.
belize
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One of the reasons I am buying euro, its not very covert:
In news this morning
ECB Noyer said that price stability in the Eurozone is not in doubt --- and that the markets can expect resoulte action from central banks when turbulence theatens
Then later Merkel said that Germany will do all it can for a strong EUR
meanreversion
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I'm short EUR/USD, irrespective of what I think they may or may not be doing (I can't know if they are buying).
This goes back to what someone said earlier, just stick to YOUR plan and don't let hearsay cloud your judgement.
meanreversion
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Ignore hearsay, just keep it pure and simple.
Stick to your guns mate. I think GBPUSD is going up medium term and that will drag the EUR up. There no way anyone will make 400 points in 400 point move in EURUSD, unless they just hold it for 400 points. Trying to selling into and buy it back lower will just end up carving your profits up.
Ifyou listen to everybody you will be so confused you won't know what to do, as I said earlier for every expert that says buy there's another one that says sell. I was watching bloomberg yesterday and it was exactly the same thing, in the end I turned it off and traded my own system.
wackypete2
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he's a real ****. he has been on everyone' threads just to tell them how sh**ty they are.
Peter
Seems its OK to post nonsense here but when anyone posts on his thread its called disturbing the flow
http://www.trade2win.com/boards/trading-journals/72822-pssonices-blog-273.html
http://www.trade2win.com/boards/trading-journals/72822-pssonices-blog-273.html
