Eurusd

Imagine if he's got 10mil (y)

I may not do anything tomorrow. First of all I don't like Fridays and I am satisfied with my weekly return so far, would be annoyed to spoil it with a shot in the dark if we drag lower towards 1.25. From what I see now I would only operate in the 1.2580/1.26 area early on or maybe much higher around 1.2640/60 later if we get massive cover. We'll see.

Just to introduce my style I usually go for 20-25 pips per day (and per trade, I don't scalp), with the occasional 50-60 if momentum is there. I have at most 25pips SL on ALL my trades, and NEVER allow more than 50pips loss daily.

Lots of happiness to all who get involved!
:)

Make sense to me, we all need to find a way that reflect our personality:

"You will not make money long term until you know enough about your personality to find a trading style that is compatible. You need to follow your rules comfortably, allowing you to enter and exit trades with minimal or not uncertainty or anxiety. Once you have mastered a method of trading, if you feel stress while trading, then either you haven't yet found your style or yourself".
 
What's your R:R ratio - cause I'm struggling with the maths here?

Why are you struggling?

My average pip risk is 7 pips and my average target pips is 10 pips, when I take a trade I risk 2% of my capital based on 10 pips loss. So IF I have $300 of capital and I make 10 pips, I have made $6. IF I have a capital of $300000 and lose 10 pips I lost $6000.(less because my losses oscillate from 10 to 4 pips, average 7 pips).

Edit: and with a R:R of 1 to 1 I am still making money, apparently I need to make 2 pips a day to double my money in 12 month (on a 2% risk per trade).
 
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Why are you struggling?

My average pip risk is 7 pips and my average target pips is 10 pips, when I take a trade I risk 2% of my capital based on 10 pips loss. So IF I have $300 of capital and I make 10 pips, I have made $6. IF I have a capital of $300000 and lose 10 pips I lost $6000.(less because my losses oscillate from 10 to 4 pips, average 7 pips)


Very tight stops indeed. I assume you trade off very short time frames.
 
Very tight stops indeed. I assume you trade off very short time frames.

Yes Attila, I trade the 35 tick charts(depending on the data) which is the equivalent of the 30 seconds without the pipettes (makes it more clear to me) and my spread is about 0.7 pips plus slippage, darn...

Have a look at it on a demo account the 30 seconds TF and place a trade with 10 pip SL, it is like trading the 15m with a 50 pip SL.

Of course on the 30s tf your entries are very important and normally if they work they work straight away.
 
Off that one at BE; potential pennant formation and overall I did not expect such strong profit taking earlier so I'd rather stay away.
:)
 

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Only one trade for me today.

I am having issues with my broker, at the entry I had a slippage of nearly 3 pips, without that slippage my target of 10 pips was going to be reached, it did eventually, but I got out at 2.6 pips because I was dealing with them.

I bit frustrating, not just for that, but because I lost focus after that dealing with them and probably two nice setups that developed. Anyway. That is life.

Made 0.52% today.

Done for the week.
 

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Well a W is W, so good job anyways Mike!

I got back in after failed pennant on break of 1.2575 base, just exited at 1.2555 for +20 so that's it for the week for me as well.
May the profits continue to finish the month well next week!

:)
 
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Well a W is W, so good job anyways Mike!

A got back in after failed pennant on break of 1.2575 base, just exited at 1.2555 for +20 so that's it for the week for me as well.
May the profits continue to finish the month well next week!

:)

Good on you mate.

If I may say, I was not very much convinced about your short before, in my view you were fighting the trend.

Now it makes more sense I think, you went with the trend. Also with a fail breakout which is a powerful setup.

Have a great weekend.

Mike
 
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With the strong downtrend in place, fibonacci confluence was a good level for a short this morning. Got 30 pips out of that, done for the day then!
:)
 

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SOCIALISM
You have 2 cows.
You give one to your neighbour.
COMMUNISM
You have 2 cows.
The State takes both and gives you some milk.
FASCISM
You have 2 cows.
The State takes both and sells you some milk.
NAZISM
You have 2 cows.
The State takes both and shoots you.
BUREAUCRATISM
You have 2 cows.
The State takes both, shoots one, milks the other, and then throws the milk away…
TRADITIONAL CAPITALISM
You have two cows.
You sell one and buy a bull.Your herd multiplies, and the economy grows.
You sell them and retire on the income.
SURREALISM
You have two giraffes.
The government requires you to take harmonica lessons.
AN AMERICAN CORPORATION
You have two cows.
You sell one, and force the other to produce the milk of four cows.
Later, you hire a consultant to analyse why the cow has dropped dead.
ENRON VENTURE CAPITALISM
You have two cows.
You sell three of them to your publicly listed company, using letters of credit opened by your brother-in-law at the bank, then execute a debt/equity swap with an associated general offer so that you get all four cows back, with a tax exemption for five cows.
The milk rights of the six cows are transferred via an intermediary to a Cayman Island Company secretly owned by the majority shareholder who sells the rights to all seven cows back to your listed company.
The annual report says the company owns eight cows, with an option on one more.
You sell one cow to buy a new president of the United States, leaving you with nine cows.No balance sheet provided with the release.
The public then buys your bull.
A FRENCH CORPORATION
You have two cows.
You go on strike, organise a riot, and block the roads, because you want three cows.
A JAPANESE CORPORATION
You have two cows.
You redesign them so they are one-tenth the size of an ordinary cow and produce twenty times the milk.
You then create a clever cow cartoon image called ‘Cowkimon’ and market it worldwide.
A GERMAN CORPORATION
You have two cows.
You re-engineer them so they live for 100 years, eat once a month, and milk themselves.
AN ITALIAN CORPORATION
You have two cows, but you don’t know where they are.
You decide to have lunch.
A RUSSIAN CORPORATION
You have two cows.
You count them and learn you have five cows.
You count them again and learn you have 42 cows.
You count them again and learn you have 2 cows.
You stop counting cows and open another bottle of vodka.
A SWISS CORPORATION
You have 5000 cows. None of them belong to you.
You charge the owners for storing them.
A CHINESE CORPORATION
You have two cows.
You have 300 people milking them.
You claim that you have full employment, and high bovine productivity.
You arrest the newsman who reported the real situation.
AN INDIAN CORPORATION
You have two cows.
You worship them.
A BRITISH CORPORATION
You have two cows.
Both are mad.
AN IRAQI CORPORATION
Everyone thinks you have lots of cows.
You tell them that you have none.
No-one believes you, so they bomb the **** out of you and invade your country.
You still have no cows, but at least now you are part of Democracy….
AN AUSTRALIAN CORPORATION
You have two cows.
Business seems pretty good.
You close the office and go for a few beers to celebrate.
 
A Trading Fairy Tale...

"Once upon a time there was an enchanted land called Marketland where a fascinating game called 'The Market was played most days. And the thing about this game was that it would go up or down every day and the players would make bets about the outcome -- very simple game.

But there were complications, which had to do with the fact that all the players in Marketland had opinions about which way the market would go.

And not only opinions: The players had systems, methods, evidence and analysis to back up their opinions. They had Dactyl numbers and Pdontiff waves, Xandom lines and Zigdar harmonics. They had the legacies of the old masters, Oerbot and Caljen. They had inventories and earnings, money-flow studies, astrology charts and the benefits of 4th-order spectrum analysis, all of which was extremely fascinating. Yes indeed, the players had many marvelous things.

The problem, though, was that sometimes the methods called for the markets to go one way and it would go the other way. This never failed to astonish everyone concerned, and there were many long discussions about how or why the market could be so perverse. However, it was usually agreed that this had just been a temporary aberration by the market and that the methods and analyses were as good as ever.

But one afternoon something happened to one of the players, a man named Mr. Beright. And he was never the same again. Mr. Beright had made a detailed study of Azerhof numbers, becoming one of Marketland's recognized experts on the subject. And the Azerhof numbers were now quite plainly stating that the market needed to go up, so Mr. Beright had taken a solid long position.

Unfortunately, quite soon after Mr. Beright had gone massively long, the market started down. This did not worry Mr. Beright excessively, since he realized the market had to go up. But the market (strange creature that it is) wouldn't pay any attention. It kept going down. And down. And down. And Mr. Beright (understandably, since we've all lived through these moments) got quite anxious and depressed. But he knew it would all get better very soon, just as soon as the market turned around and went the way it was supposed to go.

Now all good fairy tales have children in them and this one is no exception. Mr. Beright, it turns out, had a beautiful five year-old-daughter named Herenow, and just as he was contemplating his sad fate, Herenow walked into the room. Sensing that something was wrong, she asked, "what is the matter daddy?"

"Oh nothing, darling, you wouldn't understand. It's just that the market is supposed to go up and it hasn't yet."

"Is this the market daddy? This line on the screen here?"

"Yes." Little Herenow went over and peered intently at the jagged line on the screen. And the she said:

"Well daddy, I don't know anything about the market. But it certainly seems to be going down."

Well dear, that's why you don't understand. You see, the Azerhof numbers say that absolutely, positively the market has to go up here."

"I know, daddy, but right now it seems to be going down."

"Not only that Herenow, but the Melinxar frequencies state unequivocally that the market has got to go up here."

"I know, daddy, but right now it seems to be going down."

"You don't understand, darling. When the Azerhof numbers and the Melinxar frequencies agree, the market has got to go in that direction."

Little Herenow looked puzzled. She went over and peered at the screen once more.

"I don't understand all those things you're talking about, daddy, and I don't understand the market, but right now it seems to be going down. Doesn't it?

Mr. Beright paused and looked carefully at his five year-old daughter. "Would you say that again, Herenow?"

"Just that right now, daddy, the market seems to be going down. That's all. Did I say something wrong?"

"No dear...not at all."

And at that precise moment something snapped in Mr. Beright. All those years of studying Azerhof numbers and Melinxar frequencies and everything else swam in front of his eyes. Then he looked at his little daughter again, picked up the phone and sold out his long position. And what's more, he went very, very short.

Now Mr. Beright is a changed man. Because all that time that he used to spend studying Azerhof numbers and so on he now spends playing golf and enjoying his family. And his friends think he has become very strange, because he has no interest in all those fascinating systems and methods and indicators and statistics about the markets anymore.

But Mr. Beright doesn't care because he's making money. Lots and lots of it."

--From the book "The Adam theory of markets?What matters is profit", by J. Wells Wilder, Chapter one.
 
My first trade of the day, being on the screen for two hours.

The bears pushed it down to the round number 2450, the bulls countertrends reached above the 2460 and my averages, just below my subjective resistance, this is were she stalled and got my attention, a bit of tag of wars between the parts, I got in once the bulls let go of the rope, +10.3 pips, pocketed my 2%. :whistling

Edit: I have not been trading for the last 2 days, I had an issue with my broker and is all sorted out now.
 

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Prices are hovering around the 50 level, I am not getting involved, but I am very much engaged monitoring.
 

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Well, she has been in a very defined range for quite a while.

Then broke to the down side (small box), which is one of my set ups, but did not take for the reasons that it did not feel right (instinct) and also because very close to my trading close hours for the day. ( I only had one winning trade today, I probably would have taken it if I had 2 winning trades in the pocket).

Done for the day.
 

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Well done yesterday, and that ecownomics bit made me laugh too (y)

I had calculated a bottom at 1.2395 yesterday afternoon which did not work out so I lost 25pips but I did pick out the EUR/JPY bottom overnight so I'm done for the day.

Will update tomorrow then. Hopefully we'll have lots of vol today and a clearer set up for friday's job report.

:)
 
Well done yesterday, and that ecownomics bit made me laugh too (y)

I had calculated a bottom at 1.2395 yesterday afternoon which did not work out so I lost 25pips but I did pick out the EUR/JPY bottom overnight so I'm done for the day.

Will update tomorrow then. Hopefully we'll have lots of vol today and a clearer set up for friday's job report.

:)

Art

I am glad that you enjoyed it.

My first trade today:

Bulls in a bit of the mood pushing prices above 1.24, pulled back to the 1.24 and formed one of my pattern, in with a 6 pips SL and a 10 TP.

I am not sure if my target got reached, I think I chicken out and made 2 pips before the eventual target, made 0.4%.

I need to work more on this issue, if the technicality tells me to stay in, I must learn to stay in and not let anxiety have the better over me.

I feel like today is going to be a tough day, we see.
 

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