School of Pimpology - page 163
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Structure and workings of Forex
For anyone needing information on the workings and structure of the Forex market, this is a very good link:
The Structure of Forex Brokers
Rock on
Strat
hans vs hans
Thanks to all who shared there pip score last week it keeps me keeping confident in achieving my goals..
reflections on my weekly pips score,
Monday -58 pips in 6 trades
Tuesday -97 pips in 13 trades
Wednesday -90 pips in 9 trades
Thursday -189 pips in 11 trades
Friday + 112 in 2 trades
Overall pips score for 2009
week 1 : 845 pips + and 1431 pips - in 62 trades result - 586
week 2 : 872 pips + and 892 pips - in 58 trades result - 20
week 3 : 336 pips + and 658 pips - in 41 trades result -322
As you all can see its still not really working for me, When i fire up my comp in the morning the only thing on my mind is MAKE PIPS, MAKE PIPS, MAKE PIPS TODAY!! its not my usual mindset to get quickly stressed but after a few weeks like this ,
The problem is that I tend to take a to short stop on my trades,because I losing over all already!
Combined with a to early entry because I don't want to miss a trade gives this losing mix..
After Thursday I really wanted to quit for a while throwing away my money like this., and see what happened next day I made only two trades both winning!
So I traded quit relaxed Friday, only one oil contract and Zak's usd/chf trade with I kept a live.
For next week only following oil and one currency that must help, I must be able to keep myself in control.. ( and a copy of the idiot staring in the mirror at hand )
Cu all next week in the live room.
hans.
280 PIP SPREAD ?? on the Zak's GBP/JPY @ 9.30 H
You cant see them but they stop you out anyway, widening spreads during the news is well known but I had no idea that it could be that much!!
compare the one minute chart with the list below in the last 30 seconds the spread widens up to 280 !!! pips..
I was still short at the Zak trade and at 9.30h my stop was more than 100 pips away, and when I tried to cash when the spike was down there was no position left, taken by the spread.
Are this enormous spread normal ?? in forex or depends it on your broker??
anybody have similar experiences ??
Here
Showing Price history for GBPCHF on 23/01/09 starting at 09:29:00
Time Market Bid Ask Change High Low Status FeedBid FeedAsk UserAdj
09:29:04 GBPCHF 1.5849 1.5865 -0.0708 1.6036 1.5857 Active 1.5850 1.5864
09:29:05 GBPCHF 1.5848 1.5864 -0.0710 1.6036 1.5857 Active 1.5849 1.5863
09:29:06 GBPCHF 1.5846 1.5862 -0.0712 1.6036 1.5857 Active 1.5847 1.5861
09:29:09 GBPCHF 1.5847 1.5863 -0.0710 1.6036 1.5857 Active 1.5848 1.5862
09:29:11 GBPCHF 1.5845 1.5861 -0.0712 1.6036 1.5857 Active 1.5846 1.5860
09:29:12 GBPCHF 1.5846 1.5862 -0.0712 1.6036 1.5857 Active 1.5847 1.5861
09:29:13 GBPCHF 1.5847 1.5863 -0.0710 1.6036 1.5857 Active 1.5848 1.5862
09:29:17 GBPCHF 1.5848 1.5864 -0.0710 1.6036 1.5857 Active 1.5849 1.5863
09:29:23 GBPCHF 1.5847 1.5863 -0.0710 1.6036 1.5857 Active 1.5848 1.5862
09:29:26 GBPCHF 1.5845 1.5861 -0.0712 1.6036 1.5857 Active 1.5846 1.5860
09:29:27 GBPCHF 1.5823 1.5879 -0.0714 1.6036 1.5857 Active 1.5824 1.5878
09:29:28 GBPCHF 1.5825 1.5881 -0.0712 1.6036 1.5857 Active 1.5826 1.5880
09:29:29 GBPCHF 1.5824 1.5880 -0.0714 1.6036 1.5857 Active 1.5825 1.5879
09:29:33 GBPCHF 1.5825 1.5881 -0.0712 1.6036 1.5857 Active 1.5826 1.5880
09:29:34 GBPCHF 1.5824 1.5880 -0.0714 1.6036 1.5857 Active 1.5825 1.5879
09:29:36 GBPCHF 1.5825 1.5881 -0.0712 1.6036 1.5857 Active 1.5826 1.5880
09:29:37 GBPCHF 1.5710 1.5997 -0.0712 1.6036 1.5857 Active 1.5711 1.5996
09:29:38 GBPCHF 1.5707 1.5994 -0.0715 1.6036 1.5857 Indicative 1.5708 1.5993
09:29:40 GBPCHF 1.5706 1.5993 -0.0716 1.6036 1.5857 Indicative 1.5707 1.5992
09:29:43 GBPCHF 1.5707 1.5994 -0.0715 1.6036 1.5857 Indicative 1.5708 1.5993
My trade was set back later so I could still make a little profit
regards hans..
Hans vs Hans - daily timeframe
Thanks to all who shared there pip score last week it keeps me keeping confident in achieving my goals..
reflections on my weekly pips score,
After Thursday I really wanted to quit for a while throwing away my money like this., and see what happened next day I made only two trades both winning!
So I traded quit relaxed Friday, only one oil contract and Zak's usd/chf trade with I kept a live.
hans.Hey Hans
Many thanks for your update
With out wishing to point out the obvious, your trendline has bounced. I see considerably less trades and considerably more +ve pips on Friday. I wonder if there could be a correlation there
looking forward to Monday (start of week 2 for me back in the live room, having been unable to access it this past week)
I hope everyone has watched Dan & Zaks videos that James e-mailed yesterday?
have great weekends all
Paul
thnx
thanks alot strato, gosh i knew this( follow the trend from 1hr tf downward) how come i forgot... thanks alot, i m little awaken from my slumber now... i will post more as it comes. thanks once again.
280 pip spread?
Thanks Strat, A must to read for everybody!!
explains the origin of the spread as well, I still don't see the 280 pip as normal because you should close all your positions several times a day to avoid to get stopped out!
For anyone needing information on the workings and structure of the Forex market, this is a very good link:
The Structure of Forex Brokers
Rock on
StratA+ Hans...
Hey Hansnl,
I went through a tough patch recently as well.
Here're a couple of things which helped me recover
1) trading a smaller position size, like 50% or 25% of your normal position size.
2) sitting down and telling myself that i will focus only on taking good setups today, pips will follow. this means proper analysis, waiting for triggers, reasonable stoplosses and profit taking stops.
every morning i also read a list i prepared myself.
it contains nuggets of information i picked up along the way.
entry requirements, "tips" and "don'ts"
eg, did price break any significant levels of supports or resistance?
tips like, don't get too attached to your trades, recognise reversal signs and react accordingly.
don'ts like, if i can't immediately identify a reasonable stoploss level, don't take the trade or if i'm in, get out immediately.
i hope u break your streak soon man =)
Time for a break
In pharmacology, all drugs have two names, a trade name and generic name. Example, the trade name is Tylenol and it's generic name is Acetaminophen. Aleve is also called Naproxen. Amoxil is also called Amoxicillin and Advil is also called Ibuprofen.
The FDA has been looking for a generic name for Viagra. After careful consideration by a team of government experts, it recently announced that it has settled on the generic name of Mycoxafloppin. Also considered were Mycoxafailin, Mydixadrupin, Mydixarizin, Dixafix, and of course, Ibepokin.
Pfizer Corp. announced today that Viagra will soon be available in liquid form, and will be marketed by Pepsi Cola as a power beverage suitable for use as a mixer. It will now be possible for a man to literally pour himself a stiff one. Obviously we can no longer call this a soft drink, and it gives new meaning to the names of 'cocktails', 'highballs' and just a good old-fashioned 'stiff drink'. Pepsi will market the new concoction by the name of: MOUNT & DO.
Thought for the day: There is more money being spent on breast implants and Viagra today than on Alzheimer's research. This means that by 2040, there should be a large elderly population with perky boobs and huge erections and absolutely no recollection of what to do with them.
That is so Funny
In pharmacology, all drugs have two names, a trade name and generic name. Example, the trade name is Tylenol and it's generic name is Acetaminophen. Aleve is also called Naproxen. Amoxil is also called Amoxicillin and Advil is also called Ibuprofen.
The FDA has been looking for a generic name for Viagra. After careful consideration by a team of government experts, it recently announced that it has settled on the generic name of Mycoxafloppin. Also considered were Mycoxafailin, Mydixadrupin, Mydixarizin, Dixafix, and of course, Ibepokin.
Pfizer Corp. announced today that Viagra will soon be available in liquid form, and will be marketed by Pepsi Cola as a power beverage suitable for use as a mixer. It will now be possible for a man to literally pour himself a stiff one. Obviously we can no longer call this a soft drink, and it gives new meaning to the names of 'cocktails', 'highballs' and just a good old-fashioned 'stiff drink'. Pepsi will market the new concoction by the name of: MOUNT & DO.
Thought for the day: There is more money being spent on breast implants and Viagra today than on Alzheimer's research. This means that by 2040, there should be a large elderly population with perky boobs and huge erections and absolutely no recollection of what to do with them.Strato,
Great sense of humour. Having once been in the world of drugs, this really made me chuckle. Thanks for sharing.
Ibepokin Rockie
Yo
Ooh Hello Rockie and Strat
Rock, you are a legend over on Dan's threads (apparently) - (for your norti posts I mean), and now I see you have corrupted Strat, or is it the other way round?
I didn't know you used to be a drug baron Rockie, the things you find out about people hey! Cuh.
And... the things you get up to when there are no ladies around to sort you out. Tut tut.
Hope you are all well.
RS