The Legend of The Gambler - page 36
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Here we go again, the NY Exchange just closed, and I have a few minutes to relax and sip on my soda. I'm sensing slight dollar strength setups.
I'm thinking of selling the GBPUSD and buying the USDJPY.
I'll give it another hour or see if something happens. See you in a few.
GBPUSD
Sell @ 1.6477
SL @ 1.6559
TP @ 1.6350
Current Price @ 1.6477
Current P/L @ 0 (not including spread)
USDJPY
Buy @ 96.64
SL @ 96.06
TP @ 97.97
Current Price @ 96.64
Current P/L @ 0 (not including spread)
Wish me luck.
GBPUSD
Sell @ 1.6477
SL @ 1.6559
TP @ 1.6350
Current Price @ 1.6477
Current P/L @ 0 (not including spread)
USDJPY
Buy @ 96.64
SL @ 96.06
TP @ 97.97
Current Price @ 96.64
Current P/L @ 0 (not including spread)
Wish me luck.GBPUSD
Sell @ 1.6477
SL @ 1.6570 (Modified)
TP @ 1.6375 (Modified)
Current Price @ 1.6459
Current P/L @ 14 pips (not including spread)
USDJPY
Buy @ 96.64
SL @ 96.06
TP @ 97.97
Current Price @ 96.63
Current P/L @ -1 pips (not including spread)
I modified the SL and TP for the GBPUSD, it was slightly off before.
Prices consolidating can be seen on different timeframes at the same time. Just the same as breakouts can be seen moving out of these consolidation zones. Highs and lows are time insensitive.
So with this said, it doesn't matter to me whether I'm on M15, M30, H1, or H4. I won't trade in too short of a timeframe because I don't want to deal with the noise.
And yes, I may adjust my TP and SL as time goes on, it is always being refined as the market presents each bar of more information. That's the whole concept of being dynamic.
It is also fallacy to think the market cares where our projects are, and how price will react once it gets there. I'm merely presenting a good and realistic RR ratio based on trend momentum, and the market will go where it wants to go.
GBPUSD
Sell @ 1.6477
SL @ 1.6570 (Modified)
TP @ 1.6375 (Modified)
Current Price @ 1.6459
Current P/L @ 14 pips (not including spread)
USDJPY
Buy @ 96.64
SL @ 96.06
TP @ 97.97
Current Price @ 96.63
Current P/L @ -1 pips (not including spread)
I modified the SL and TP for the GBPUSD, it was slightly off before.GBPUSD
Sell @ 1.6477
Out @ 1.6403
Final P/L @ $74 (including spread)
USDJPY
Buy @ 96.64
Out @ 96.65
Final P/L @ $1.03 (including spread)
The price actually touched my TP on GBPUSD, but it didn't fill, so I closed it manually...but at a terrible price. It went back and hit my TP after I had exited. I decided to exit the USDJPY as well at the same time, nothing wrong with it, just I wanted a good night sleep...and didn't want any open trades heading into a long weekend in the US.
Good trading all.
Thnx guy -- now i understand how you trade which IS a longer term look, although we end up in the same place eventually.
i do it by trading the ups and downs on the way to what is YOUR final TP (which we both seem to agree on) and you do it as one long term hold.
but appreciate your information and excuse my fun at finding a good analyzer and sticking my 2 cents in --- just that its a joy to find someone who KNOWS what they talk about, even if we get there on different roads.
enjoy and trade well
mp
I'll go ahead and explain my rationale here since you had asked.
That's the funny thing about trading, 2 people can look at the same price action, and come to 2 completely different conclusion. I see a bottom formed on June 23, and the formation of a uptrend. Perhaps your view is shorter term than mine, so you are just zoomed into the past 24 hrs only.
BTW, I just got the new Iphone 3GS, it is a great little phone. I wished MT4 is able to install directly on the iphone, but it doesn't seem like it is possible.
Finally had some time to "modify" my phone, and now I am able to set up the programs to allow me to view my charts and place trades...albeit it does take a little longer to zoom and see the charts. But I can say that I'm completely mobile in my trading.
If there are any programmers out there, what is an easy way to move the comments from the upper left hand corner to the upper right hand corner? I'm tired of using the comment feature, and then have the past prices block out some of it if the past prices are high on the chart.
I have to put out some bait, I'm sensing dollar strength, but this might be a bear trap...but I won't know until I'm in it. I hope to find entry with placing limit order and see if there are any pullbacks to snag my bait. We'll see.
GBPUSD
Sell Limit Pending @ 1.6353
SL @ 1.6422
TP @ Open
Current Price: 1.6300
Current Status: Pending (NOT FILLED)
EURUSD
Sell Limit Pending @ 1.4005
SL @ 1.4063
TP @ Open
Current Price: 1.3959
Current Status: Pending (NOT FILLED)
^ It doesn't look like those pending trades will trigger tonight, it got close though. The pullback was within 10 pips of my limits, but it exploded the other way before it took the bait.
Anyways, I'll leave the pending trades overnight. The 4th of July weekend is over, and it's back to the daily grind come tomorrow.
I spent part of my weekend troubleshooting my wife's car, fixed some minor issues (console lights and cupholder). But her A/C went out, and it's the hot summer, so I got under the car, and used the resources on the internet to find the problem. We've taken her car into the dealership, and they wanted $800 to fix the problem with the fans after charging us $100 for a diagnostic test. I placed an order for some resistors and an aluminum heatsink block (for about $50), hopefully following some advice on the internet, I can get the A/C working and save myself $750. I'm really hoping this will work.