wasp

See we broke 10000 then!

I sat and looked at the opening of the candle and 'nearly' broke my rules and decided that, it would be optimum to trail it there but the risk to high to short... Considering it did just retrace and drop 250 either way, it was too risky but still, a 700 pip Monday would have been a nice start to the week! C'est la vie!

500 pip drop in hour and a half (with no signs of stopping) and I missed it.............. I'm off to find a corner to cry in! Damn discipline and rules telling me not to take the BIGGEST daily move in...?

It does happen, indeed! I am making a right pigs ear of today and flat when should be short from 181.70. Got myself all confused and not quite sure what happened! Ah well, not much can do about it now!

Taken a 2nd shot at a long from the latest candle myself. IF this fails, then I stand aside till opposing move... I know when to quit!

Ahh well, stopped out of that one... wait for the next candle and see time............. This is a tad annoying... The problems with 5 year old S/R really!

I have gone long already as on mine, it has broken the trendline and a S/R level (from about 5 years ago! so dubious!). It's not looking great atm but I don't think we'll break the low anytime soon. My exit was based on a trailing point between S/R as I was half asleep but normally I would have waited for the TL break. Granted not th greatest considering its 150 from the low but 150 here and there is the norm atm whereas 6 weeks ago it would have been 50. That's volatility for you!

Nice one pipmonster. I actually trailed mine and was stopped out pretty much here at 181.80. Looks prime for another shot lower (rejection of TL) but the candles of the last 3 hours aren't so convincing.

Hi, sorry, saw your post last night but was too tired other than to manage my position. I personally will only take the optimum (original entry or first HrL or LrH) to enter, as after that, the risk is too high for my tastes. How come you didn't enter on the 2nd candle circa 185.50?

Last time around when the economy was poor, GBPUSD doubled its current drop so I think we could have a long way to go yet. (I haven't actually looked back at the same period in GJ). I am with you though, its nicer to work from recent S/R rather than that far back but what you gonna do?!

I think that is the case of difference between a lot of traders and just why there is no perfect way. Our own desires, requirements, needs and personalities are personified into our trading and whereas I am only happy exiting if I think it justifies a reversal/entry, others are already out and up the pub. Yet, the original query of Jason's was how to attain the best from any move with minimal risk yet maximum reward. In my view, the best way to not miss a thing, is to get the exits and entries to match like a non-bleached blonde!

shit! thats going back to 2003 levels!

No, a profit isn't a failure but I see no reason not to try and max out every move.

weekend divider!

Fair enough but I really have no idea why, say, GBPJPY, or USDNOK move more than USDNZD, but it really isn't that important either IMO. ''all you need is a chart''. News makes no odds to me at all. On another forum, there were many 'amateurs' not trading because of the 700bn deal and NFP Friday, whom, after the event, posted how they kicked themselves for not trading. Regardless of all that happened, it was just another day, and look at my EOW anaylsis in my blog and you will see, that S and R and TL's did the saem thing and gave the same results as any other day of the week. News has no baring on my trading as S/R and TL's will always prevail.

Been there, done that, got the t-shirt. That's what it takes and I have just been there before is all. You have to go through all these issues, iron out the creases and keep on trucking until they have all gone. It takes time but once you have done it, you'll be glad you did! Patience is a virtue.

Thanks! KISS is the best and whilst I don't recoil from Wyckoff, I have never read any of his work so have no opinion. I like to trade through my own experiences as copying someone else never seems to have the same effects and more importantly, teaches little. I can't emphasis my feelings on this matter enough. NOTHING teaches like EXPERIENCE imho. Pretty much although I do look at 60m S/R too. IMO, the most important thing to consider when trading is what bank traders are viewing (S/R, fibs and trends) and thus to get as close to them as possible. (spoken to a few bank traders about this). Anything more is just overkill as its my opinion, those that move GJ, look at just these factors alone (and not below 60m). 60 minute is the lowest I look at now as I can get tight enough entries so no need to go lower. Also, I stick to 60minute minimum so I spend less time at the screen and make less trades. I have done it all! Stoochastics, MA's, Hull MA's, tape reading, patterns, funnymentals, everything! I started my trading life using patterns and S/R and TL's and gone full swing to S/R and TL's again. Once you realise what an indicator is telling you, and that is more transparent via price, you see little point in an indicator. I pay no mind to tick volume as all it shows (on metatrader) is how many of their clients traded at any time and on the whole, is as useful as a chocolate teapot. I have volume on my chart ONLY for somewhere to jot down notes, phone call messages, to do lists and reminders!

I'm going to answer over here http://www.traderslaboratory.com/forums/103/trade-discussion-and-analysis-3846-83.html#post49315 so as not to take this thread off course.

I have absolutely no idea. Can't say I really care either! Makes no odds to me 'why'. (don't mean to be blunt but can't really see why it matters?)

1506 may present resistance but until the trendline is broken and even 1502, there is no sign of a reversal. Can't really comment on volume interpretations though.

Firewalker... Both your charts are 1minute charts and whilst I appreciate the method stays the same, in order to get the whole range from a day, IMO, you cannot trade of a 1 minute chart. In order to swing the bigger moves, you'd need a larger view so if you are looking to get me to answer how you would (from a 1minute chart), then I can't. From that timescale, I would be looking to take more trades. same style, but not to catch the whole day in one go. Flip to +30min, then its a whole different story..........

I think, as you point out, it is a question of personality and requirements. It also depends on your style and timeframe. I couldn't view firewalkers 1minute chart and see a way to catch the whole of a big swing unless I was trading from a 30minute chart. Trailing is a good way of catching as much as possible without giving too much back but again, its personal preference. My view is posted in my reply to Nine and I trail via S/R and I am all in until I get an opposing signal. I am happy with the win/loss ratio and getting stopped out early if need be but I am an 'all or nothing' type of person. No point fighting that, just merge my personality into my trading. Things are slightly different for me as FX is 24hr so I can ride it back and forth and not worry about opening gaps as you emini traders have too.

Not in my opinion. That is the difference between I and most others as, as shown in the chart, I am not willing to allow the move to continue after I have exited my position, plus, I want to maximise my profits throughout so no scaling out. My original reasoning for the thread was the comment on Jason's journal about watching the market continue without you and IMO, there is no reason you should let this happen.

Jealousy is a terrible attribute! I even started watching InBruges but got bored half way through... :rofl: http://www.belgiumisboring.blogspot.com/

Yep. my original annotation showed that, had it done what you said and it had gone up, then scaling out would have been better. That's where all the hard work and backtesting etc comes into fruition as you should know your market and how likely it is to do one or the other. I'll annotate your chart later but tad busy.