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wasp

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Thanks. It's been a wicked day with that Buffet-induced spike mid-day. Stupid brilliant billionaire (I respect his brain, but otherwise think he's an idiot) can't keep his hands off of other companies. Now he's bought a good sum of GE shares - which, combined with the other GE holdings, oddly enough adds up very closely to the amount that GE would need to roll over their debt. I think GE is in trouble like the rest of them and couldn't get enough cash to roll over their debt without selling shares.

 

Anyway, his little stunt today just about threw this trade out the window. I hate those news-induced spikes with a passion.

 

A modern day Gordon Gekko!

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Still short from 188.40..

 

FYI: purple lines are trailing levels and little blue E's are exits from trails. I just re-enter if it pulls back and rejects S/R and the TL.

 

Very nice, Wasp. I've taken two whip-saw losses because my trend-lines were too tight. I've noticed you seem to give price just a wee bit of breathing room on your TL's, lately. If you adjust them real-time, you would have noticed price opening on the other side of them at least once during the last 24 hours. But you held, whereas I stopped and reversed. Hmmm... It's paying off nicely for you.

 

You should be over your 4-digit pip profit level by now, huh? Congrats!

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1185.

 

re-entered short 2 hours ago and then had to SAR and looks like I might have again in a minute so a couple of fast losses today to be........ still +1000 though so no complaints!

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Thanks for the chart Wasp. I've often wondered how you trailed and how often you moved your stop along the way.

 

Another 1000+ pip week! Very Inspiring.

 

I still have not managed to get my sleep patterns together enough to eek out the kind of pips your pulling down. I tend to miss the good entries during the NY session as I'm usually sleeping.

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Wasp, a couple of questions:

 

Presume you trade via 60min charts, do you have to implement wide stop loss.

Also have you tried the CME futures or have focussed entirely on spot forex.

and do you trade via spreadbetting firm or a forex broker.

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Wasp, a couple of questions:

 

Presume you trade via 60min charts, do you have to implement wide stop loss.

 

Depends how you define wide. I use a 45 point stoploss plus the spread at all times.

 

Also have you tried the CME futures or have focussed entirely on spot forex.

 

I did contemplate it for a while but apparently GBPJPY isn't available so I stopped looking into it.

 

and do you trade via spreadbetting firm or a forex broker.

 

I use http://www.capitalforexpro.com/about.php and Alpari. I have SB accounts but not for anything big (ie +£50 per pip).

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Dahhhh... frustrating day. I need to get a 3rd party trade management platform like Ninja for my EFX/MBT feed. Twice in two days I have tried to move stops down to lock in profits (but not exit trades) and yesterday I screwed up an order entry and it exited a trade that cost me 20 pips of profits, and today a AUDUSD short that cost me... wait for it... 71 pips! I felt sick!

 

Don't get me wrong, I love my broker, but their software is archaic and in desperate need of a 3rd party platform to make managing stops sooo much easier.

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I tried EFX, was not impressed at all. That said, not sure who I would suggest for USA. I love my broker now but part of that reason is they are 45 minutes down the road! That way I can go down there and complain if I wanted!

 

I went through a LOT of brokers and there is not many I haven't tried. End of the day, I would take a look at the currenex website and find the best you can get through a white platform connected to them.

 

http://www.currenex.com/about_us_partners.html

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Wasp, I'm taking more than my share of hits trying to figure out the safest way to SAR. I would appreciate your take on how you would handle the following situation.

 

You enter long at the area circled in red (at the open of that circled candle). But instead of running higher, price reverses back inside the trend and knocks your stop.

 

When would you take the reversal short?

 

1. Would you take it when your stop is hit?

 

2. Or would you wait until that candle finishes forming and then short it if it closes below the trend line and long it if it closes above the trend line?

 

3. Or would you go short as soon as price breaks the support level at the base?

 

4. Or finally, would you wait for the candle that breaks the support level at the base to close before shorting?

 

As always, thanks.

oct0208a.gif.0338974aeeed90e7f3881273d858dff5.gif

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Wasp, I'm taking more than my share of hits trying to figure out the safest way to SAR. I would appreciate your take on how you would handle the following situation.

 

You enter long at the area circled in red (at the open of that circled candle). But instead of running higher, price reverses back inside the trend and knocks your stop.

 

When would you take the reversal short?

 

1. Would you take it when your stop is hit?

 

2. Or would you wait until that candle finishes forming and then short it if it closes below the trend line and long it if it closes above the trend line?

 

3. Or would you go short as soon as price breaks the support level at the base?

 

4. Or finally, would you wait for the candle that breaks the support level at the base to close before shorting?

 

As always, thanks.

 

I would SAR on the first candle below your lowest line. At any point until then a HrL could be printed (even if its smack centre on the line making it a double bottom as it were). Until that has broken, its still plausible to continue up.

 

Once the low and support has broken, then I would SAR.

oct0208a.gif.c3625dab1a071c7b6fb3654bcee3b33c.gif

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I did contemplate it for a while but apparently GBPJPY isn't available so I stopped looking into it.

 

Any particular reason for the focus on GBPJPY, any significant differences say against GBPUS $, or GBPEURO.

 

Believe a pip is $10 on GBP$, is it the same for GBPJPY

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Any particular reason for the focus on GBPJPY, any significant differences say against GBPUS $, or GBPEURO.

 

Believe a pip is $10 on GBP$, is it the same for GBPJPY

 

I find GBPJPY the easiest to read, the smoothest mover and most profitable. The size of the daily ranges also please the bank balance even in the quietest times whereas the other 2 can be in 20 pip ranges for days at times and that's hardly worth getting out of bed for!

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wasnt trading today, so had a chance to have a look things from different perspective.

 

saw yesterdays GY low at 184.70.

then, noticed the low of 184.50-ish on Sep-16th.

 

so, any of you S/R geniuses went long GY at 184.70-ish?

 

EDIT: however........

notice that GU, EU and EJ DID NOT have a previous major low to bounce off, but still they bounced upwards.

explain that while you're at it.

 

why would GJ have a sup/res entry, but not the others? how is this different to trading indicators? :D

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so, any of you S/R geniuses went long GY at 184.70-ish?

 

I'm certainly no genius, but I did go long at 184.78. The NFP reaction convinced me that the daily low warranted a very tight-stop (30-pip) attempt at a long. It's paying off nicely. ;)

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I'm certainly no genius, but I did go long at 184.78. The NFP reaction convinced me that the daily low warranted a very tight-stop (30-pip) attempt at a long. It's paying off nicely. ;)

 

Nice one! I've been too busy to trade today but certainly wouldn't have got that!

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Nice one! I've been too busy to trade today but certainly wouldn't have got that!

 

Once in a blue moon, one of the other tools in my belt occasionally brings home the bacon. A long from 186.15ish would have been a far safer entry from the hourly perspective. Had I missed the low entry, I definitely would have taken the hourly entry.

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I'm certainly no genius, but I did go long at 184.78. The NFP reaction convinced me that the daily low warranted a very tight-stop (30-pip) attempt at a long. It's paying off nicely. ;)

 

am deeply envious of that trade. thats about 400 pips so far.

 

guess you get a 4-fig week?

good stuff.

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am deeply envious of that trade. thats about 400 pips so far.

 

guess you get a 4-fig week?

good stuff.

 

Thanks, myrtleturtle, but I'm no Wasp (yet). ;)

 

I took a few silly losses trying to figure out how to stop and reverse. So unfortunately, I didn't get a 4-digit return like Wasp did, but I am close enough! :)

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Wasp, will you be posting a week ending analysis of your trading on your blog this weekend?

 

I'll try... busy weekend though, should get one up.

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Any particular reason for the focus on GBPJPY, any significant differences say against GBPUS $, or GBPEURO.

 

He'll tell you something else, but mainly because Wasp thinks Asians are more kinky ;)

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