School of Pimpology - page 135
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Morning Pipsters,
After Mrs Rock duly depleted the throbbing wallet of any spare change yesterday I note our efforts did result in a small rise in the value of Sterling. Not sure how long we can keep it up, but we shall do our best!
This morning I was up bright and early - why, well early bird and all that. I was rewarded with a cheeky long on Cable 14669 which went quickly. I closed for +22 pips at 91 as it got rejected at the previous support level at 1.4700. Time stamp about 615am GMT. Cable had another go at the figure and I took a cheeky short at 81 with s/l at 4700. Was looking good for pips and I was moving my s/l down following 4ema. Pretty picture but suddenly bam and a 40 pip spike. That was the end of that trade +16 as the spike went through the stop. At the same time as cable short I took EU also entry 12781 with s/l above 4hr 20 actually I put it at 12790 (so a bit tight!). Managed a meager +7 pips before the reversal which saw gold, cable and EU head north. Not a bad mornings work with 45 pips before 7am.
I noted indices looked weak. I went short FTSE just before the open. Figured there would not be too much of a rise as Dow was falling. Entry 4112 with stop at 20. Limited risk. Came back from school run at 825am to see I had been stopped out it went to 4130 ish and moved south. Alas -8 pips.
Ended the morning at +37 and I am now off for a run around with cleaner (a home traders work is never done!).
Enjoy the weekend pipsters and keep those pips tins tight.
Only 20 days till he arrives. I am very excited.
All the best,
Mop and Bucket Rockie
Nice work as always Rockdrive. I'm as guilty as the rest when it comes to notposting here, have spent a few days getting myself back in order. It has been a challenging few weeks but I think I have my mojo back now. I'll make an effort to post at least one trade a day here for scrutiny. We have to keep this alive!
Keep up the good work!
SF
Nice Friday
Hi all,
Now I too am guilty of not being about a lot. This R word that we're not allowed mention in our little bubble here is taking its toll in other areas for me. Still there is light at the end of the tunnel. I was at the pc this afternoon. Wasn't really trading but with all the bad news with non-farm today, I had to take a look. So, easing myself back into some crude trades, I took this little fella short from 42.70. Just like Rockdrive above, I have being using the 4ema (the black moving average in the pic) to trail my stop loss rather than setting a particular target. For example, I would normally have targetted DS1 here, but it went another 30 pips to 42.00, the previous low.
I debated whether to close or not. At this stage my 4ema was at 42.30. It did turn taking me out for a nice 40 pip profit. I know I gave up 30 pips here, but that was a risk I was willing to take for the potential reward below. As I type it has fallen south again, now 41.62. So, quite often the 4ema would keep you in the trade.
Finally, I know the previous drop on crude was a much better trade, but it was at non-farm time and we don't trade news here. Better to wait for the 123.
Phew. That was a long post. I hope the 4ema thingy will help a few of you.
p
Another strange week for me. They're becoming a bit too common. Missed all the big moves on Monday morning and then took a punt on the FTSE that cost me 57 pips. So the plan was to trade 1/2 stakes on good setups. A bit of slow and steady. Thats was fine, pipped away until Thursday evening. Decided to return to normal stakes and entered a Dax on a good setup. Went 20 in my favour then moved SL to BE to be stopped out straight away. Then it moved my way again so I dived in 25 pips adrift of my original price, only to get stop out for -25. Friday morning I got a long Dax at full stake that went +25, this time I didn't move my SL only for it to hit for -25.
Then I shorted FTSE and followed Rule 1 of Knob Head Trading; It is essential to enter the trade with the worst possible price. This trade could have hurt big time. I had to move my SL way outside my comfort zone but in the end NFP (gamble) pulled me out BE.
Not sure what I'm trying to say, just more to get it out there so I can move on. Good thing for me is all my good trades were in Forex which has been my weak point, all the bad ones were on Indices which is my strong point. Mmmmm. Maybe thats it, getting complacent with indices cause I think I have them under my control.
If you're going to be patient, then be patient the whole week.
Waffle over.
Bloom
Emerald Traders
Well done Bill - a most excellent trade. I was at a choral rendition that would have made cats proud! Shame I could not throw my shoe from the pew!
Bloom - What am I going to do with you....KHT; nuff said!
Enjoy the weekend lads.
Thanks for the company this week.
Rockdrive
Thing is Rockie I'm positive cash every week. It just doesn't feel good. Too many ups and downs. I'd love to be steady pips every day. Not +120, -75, -90, +340, -176 for example. Not good for the nerves.
I think I've gathered up too much crap on my charts. Too many indicators, pivots, MAs, trendlines, support/resistance, fibs, badgers, beer, blah, blah, blah. Spent the morning cleaning up my charts. Not ignoring things, just a spring clean. What about a day of naked chart trading before Christmas?
Anyway, got a lovely piece of fresh cod. So its beer battered cod and chips, washed done with a few lagers.
Bloom - What am I going to do with you....KHT; nuff said!
And you were involved in it on Monday!
Sorry I've been absent this week guys and girls.
What with the start of the New York Session in the live-room it's been a very busy week.
Here's a couple of announcements I have made this week with this new 'alert' format.
monday - looking for short gbpjpy on break of 145.50 and short gbpchf on break of 1.8525
OUTCOME - Both fell 1000 pips
tuesday - usdchf - look for bounce off 1.2020 then a couple of green candles upto .60. look to go short on red thereafter with trigger confirming (15m chart)
OUTCOME - A cheeky 60 to DS1
weds - the only one [jpy pair] that stands out to me if these others decide to halt and come off a bit would be chfjpy. look for a break through that 76.80 level.
OUTCOME - Broke and went 60 to previous low
Weds-IF it breaks the 1.2100 it might well move higher
OUTCOME-Went 80 upto DR1
Thurs-cadjpy-draw support line on 60m chart from 20/11 then to 3/12. very close to breaking.
OUTCOME - Fell 100
gbpchf- hold it if youre in from y'day. no entry until 123 unless you play this break occurring now with a big stop
OUTCOME-FELL 250
Fri-look for potential 123 short on eurjpy off 5m. support on 15m just breaking
OUTCOME-Quick 50 available
usdjpy looks likely to push lower if it breaks 92.20
OUTCOME- Sneaky 20 to the figure
eurchf looks good above 15330.
OUTCOME-Moved 40 to DS1 (then to 1.5530)
Sure, not all were perfect. I had losers too, but the power of good analysis backed up with written confirmation seems to be doing the trick.
Roll-on the non-farm
I'll be back Monday with the old regime. Thanks for keeping up the good work in my absence peeps. Much appreciated
Bloom - What am I going to do with you....KHT; nuff said!
Enjoy the weekend lads.
Thanks for the company this week.
RockdriveAnd you were involved in it on Monday!
Yes he was, Bloom. I know I was too and a certain monkey we know too.
We all thought we were being cute, but got rightly spanked.
Cost me 30 pips. KHT, don't you just love'em!
KHT & Spanking
So I was Bloom, so I was........
Mrs Rock now has a jar on the side of desk. Instead of a swear box I chuck in a penny for each KBT I do.........guess what, jar looking pretty full, and this is only from this month!
Think I prefer a swear jar - it could cost me less.
I ended the week in positive mood. Looking forward to the next; I am learning and slowly I hope to reduce the KHT's to a few pennies per week, until then, Honest Bill, Bloom move over, there is room to share.
All the best,
Festive Rockdrive