School of Pimpology - page 156
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Tuesday Jan 13th trades
Hi All
In the spirit of Rocky & co, heres my trades from yesterday
morning session
GBPCHF +78
short, took 60% off early for +80, then trailled my stop (a little too aggresively) to stop 2nd part out at +75
cable +0
short, moved stop to breakeven far to quickly
EURCHF +0
short, as cable (didn't seem to get going comapred to GBPCHF)
afternoon session
USDCHF +0
long, this was a hedge trade (I realised too late) for the GBPCHF I was no longer in
EURUSD +0
short, we were all waiting for Dan to eat his desk, the support failed, order opened, I was +30 and moved stop to breakeven, switched off and got on with my 'real' job. When I checked this morning, once again stop moved too quickly.
Still, 2nd day of my year, both days ahead of target, so very happy
best of pips to all
Paul
Good Morning
Good Morning all.
Another good day yesterday with GBPCHF hitting all 3 targets, the final one netting a solid 250 pips down at 162.30
Looks like the reversals on the Yens that I thought would come yesterday are starting to take shape so lets have a closer look.
USDJPY-Looks like there is room to the 60m 20ema up at 90.00 IF the 89.50 holds. Will be waiting for 15m chart trigger to come in for this one for a few pips.
GBPJPY-Same with this pair. Just waiting for some 15m green then we can look to play this to the 60m 50sma up at 132.00 for 100pips.
EURJPY-The strongest looking Yen pair, having already crossed the 60m 20&50. Look for trigger on 15m and play to 4hr 20ema at 120.30, again 100 pips possible.
USDCHF-Looking weak through the 4hr 20ema. A break of 1.1125 might well see this lower but some obstacles in the way in the shape of a big fat monthly pivot.
GBPCHF-Nowhere to run with this pair for me today so far. Might be a little room between daily pivot at 1.6335 and weekly pivot at 1.6450. Look for possible 123 on 5m chart with GBPJPY confirming.
EURCHF- I am already in this from 1.4800, having seen the 123 through the 60m 20ema. Targeting 1.4875 area, which is WS1 and 60m 50sma.
To summarize... The Yen pairs are looking more favourite for me if they can hold current levels and turn green on 15m charts. Let the 7CCI trigger guide you in with stops below the last reds.
Have a geat day.
Zak
My best worst day ever!
Dear fellow pipsters,
Here is how to scare yourself out of perfectly valid trades for no good reason.
I took 6 trades today:
FTSE (short) 4340
DAX (short) 4563
AUSUSD (short) .6705
EURUSD (short) 1.3192
USDJPY (short) 89.29
USDCAD (long) 1.2255
Between them, I closed a net positive 20 pips. Some of them were more due to partial closing and all that, but bottom line I can credit myself with no more than 20.
Here is the stinker...
After each of these trades were placed, the most they went into the red combined was 28 pips. I had at most 2 open at a time, so would never ever even have seen even a total of -28 staring at me (a fairly modest stoploss at the best of times, even for a single trade)
Had I kept these 6 trades open, and closed them right now, they would have totaled 826 pips. 826!!!
Some of these were less than ideal entries, and that is why I scared myself out after the slightest whiff of an oposite (5m) candle. Also some of them were around news time and I was too happy to get out near breakeven (notably the CAD and JPY trades - these 2 alone accounted for over 200pips later and was responsible for 18 of the 28pips drawdown)
I am however pleased with 4 things from today:
1) ended the day up
2) only took 6 trades, compared to >10 most days
3) I know I can take trades that can make 100's of pips; the smallest was 69, the largest 227. They will probably go some more yet...
4) live money, not demo (albeit tiny tiny stake)
I simply lack the courage/confidence to hang on to trades. And I'm addicted to 5m charts, at least for entries. I will work towards managing trades on the 15m chart from now on, and keep an eye on 5m just for an ideal entry.
But I would still rank this amongst my best ever days. Going to print out the spreadsheet and put it up above the computer. Along with a certain president elect's slogan.... yes we can!
cautiously optimistic Spitty.
been there, haven't we all
Spitfire, well done indeed.
There are always what ifs, but the important stuff is what did. Well done on your positive, live pips. Well done.
I've been where you are, and to a degree am still there. Finding it tough to hang on in there when the trade starts a jumping around. I got stopped out of ftse short on the futures contract yesterday early morning at 4364. Wanted to hold it for a few days, and now look at it. Less than 4100 as I type. Basically, didn't want to be in a losing trade and moved SL to wrong place. It happens to everyone.
I can whole heartedly recommend the 15min charts. It helped me move on no end. Trendlines on the hourly and monitor the 15min for a break. Works a treat, check it out if you can.
Keep focussed on the what did, not the what ifs, and keep moving forward.
Good man
TonyH
hans contra hans update
Thanks for the support Strato, nice sundaymorning to recap all my trades from this week:
I tryed to follow about 14 currency pairs
I placed about 10 trades a day.
last week I made 845 pips and I lost 1431 pips so not good at all!
but it was one stupid trade what killed me for 670 pips
, so if I not jumped in that last trade of the day I still would have a little profit.
and I traded at the 2e jan. with no volatility at all for minus 102 pips.
.
reflecting all this I set up some rules and if I can stick to them I'm sure it will be a good year to come.
RULE OF ENGAGEMENT HANS CONTRA HANS
MAX 4 CHARTS TO FOLLOW
EUR/USD
CAD/USD OR PICK OF THE DAY
OIL
WSFUTS
MAX 2 POSITIONS OPEN
STANDARD STOPLOSS 50 OR >
WEEKLY TARGET 300 PIPS
STOP TRADING BY > 150 PIPS/DAY
at least I had me statistical draw down for 2009 done and dusted
and start over again coming week, I mail my results next Sunday..
Good weekend to all of you..
Hans..Bonjour fellow piphunters,
Just al little update after last disastrous week.
Working with my strato rules I scored break even on the Monday.
Tuesday was back to shtstreet again - 200 pips. run over by some oil barrels.
After rereading the idiot in the mirror I quieted the live chat totally today
Result +239 pips !! in half the amount of trades.
I only switch on during the London open and afternoon sessions, with seems to work great for me.
Much more relaxed, spotted the perfect pimpsetup for aud/usd very early witch feels good if it turns up in session later on.
So I ad to my rules ;Switch off chat before and after sessions.
Cu all later..
still 2 days to make it a good week..
hans..
Another Great Day, thanks Zak!
A great day in the room. I owe my currency wins to the guys in the room who watched them and called them, thank you! And of course mostly thanks to Zak and Dan!!
Barry is top student for his haul on Gold shorts!
EURUSD short +55 (big thanks to Honest Bill)
EURCHF short +59
GBPUSD short +35 & -48 & -21 so balance -33
GBPJPY short +12 & -42 so balance -30
USDCHF long -34
AUSUSD short +65
OIL short total +98
WTI short total +210
Pips today 390
I am reliably informed that the sterling shorts failed because Rockdrive was out shopping
Nicola
Hello Spitfire
Any day now you are going to be posting 800+ pips because you were in all the right trades!
I often have the opposite problem, I stay in too long and winners become losers
Dear fellow pipsters,
Here is how to scare yourself out of perfectly valid trades for no good reason.