School of Pimpology - page 175
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thanks strat
one idea for all:
dont set your targets like:
I earn 50pips a day or 250pips per week.
I think the target should be:
I do everything that is in order with my strategy.
Day or week can be bad in giving us the opportunities to trade and if your mind want to do 50pips you will be probably trading wrong trades.
You will have also better feelings from your work. Money come after that.
I wish many good trades to you all.
I agree with you to a point Ladik, certainly in regards to waiting patiently for the most appropriate set up, but i think it's very important to set targets to achieve.
This is the same in any line of business, in any sector in any corner of the workd, and the bottom line is, trading should be treated as a business.
Personally, by trading well, i think 50 pips a day is very achievable. By extension, i consider that if can consistantly make 50 pips a day, then i will consider myself a good trader and past 'rookie' stage.
You are absolutely right in suggesting targets can make you jump into trades for the wrong reason, so perhaps it is better to think of my own targets in terms of 250 a week, rather than 50 day in, day out.
thanks strat
one idea for all:
dont set your targets like:
I earn 50pips a day or 250pips per week.
I think the target should be:
I do everything that is in order with my strategy.
Day or week can be bad in giving us the opportunities to trade and if your mind want to do 50pips you will be probably trading wrong trades.
You will have also better feelings from your work. Money come after that.
I wish many good trades to you all.Grammys
Anyone notice the very strong Buddy Holly influence in the song that Robert Plant and Alison Krauss did. 50 years on and his music still lives.
Daily trades
GBPCHF:Taking partial profits. Not sure it can make next TP at 1.7700 so pulling SL in.
GBPJPY: Taking partial profits. Price already bounced off major resistance, done a re-test and suggests its had enough of the climb so SL pulled in.
GBPUSD: Taking partial profits. Price already at minor resistance and not sure it can make it to next TP at 1.5112 since 1.5000 is a MAJOR PYSCHO level. SL pulled in.
USDCAD: At minor support and bottom line of triangle. Will Rule of 4 work?
USDCHF: At major resistance at swing high in downtrend. Looking tired. Might get to 1.1360 if it can close below 1.1450
EURUSD: Price broke out of Weekly & Daily down trend lines from major support and now at minor resistance. Suggests a stroll uphill to 1.3180
USDJPY: Have Market Movers finished? Price bouncing off major resistance. Or, will they buy again at 91.00? Buy stop in place
Just my analysis and I've been wrong before
Asian market cranking like crazy so no real close after NY therefore ALL BETS ARE OFF
Eurgbp
Adding more shorts as EURGBP breaks next Daily support.
TP at major support at 0.8550
February 10, 2009
Got stopped out and now flat with smaller than expected profits due to adding more shorts in the face of market manipulation.
Not to worry, there's another trade lining up for me somewhere.
Using the strategy to trade the Daily
The following pairs are at or near the 20 (again!)
AUDUSD blown through it
CHFJPY blown through it
EURJPY just below after already closing below it yesterday
EURUSD bounced down from it. Previous touch it held as resistance.
GBPCHF bouncing up from it. Previous touch it held as support.
GBPJPY bouncing up from it. Previous touch it held as support.
GBPUSD bouncing up from it. Previous touch it held as support. Also at 50%Fib
USDCHF bouncing up from it. Previous touch it held as support. Current swing high terminated at 50% Fib
USDJPY bouncing up from it. Previous touch it held as support. At 61.8% Fib
Need a close on the next bar for the market to tell us where to go
Rock on,
Strat
Do you use the 20 a lot Strat?
20
Only for Pimp Method
I'd love to take a straw poll if I can.
What is the very first thing you look at when you open your chart?
There must be something, that takes very little computation that you guys look for that warrants further investigation into the share/ price action etc?
I think i've taken it too far and now cannot trade. I haven't found anything in about a week that I want to trade!
I'm never going to make this a full time job if I can't trade, but i'm stuck at first base at the moment!
Honestly Stuart,
After reading your post, I don't really have much sympathy for you, but more or less feel slightly empathetic for your situation- but you are obviously lost and you need to realize that.
Your question to Strat is riddled with obvious signs of psychological struggles and even if you do place a trade, I highly doubt you'll manage the active trade properly.
Your biggest concern is not how to trade at the moment, I'm afraid. Your biggest problem is for you to settle down. You can't be running off asking such desperate questions expecting to make money. Off a first impression, I'm making the assumption you've barely taught yourself anything about trading aside from maybe reading this thread, and if you object to such an assumption, I'm more than happy to prove that you don't know many other strategies.
Go read a book, or read some forexfactory.com journals. You're not ready to trade- AT ALL
I'd love to take a straw poll if I can.
What is the very first thing you look at when you open your chart?
There must be something, that takes very little computation that you guys look for that warrants further investigation into the share/ price action etc?
I think i've taken it too far and now cannot trade. I haven't found anything in about a week that I want to trade!
I'm never going to make this a full time job if I can't trade, but i'm stuck at first base at the moment!