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thalestrader

Reading Charts in Real Time

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Potential EU long...

 

UPDATE: Break-even. I got a decent move and a promising start, but it died and finally reversed. There was definitely an opportunity for taking some profit had I been actively managing my stop.

 

This has been an interesting exercise so far...watching my trades mature on their own. I know the small 0.5R winner I had early this week I would have cut for break-even or even a small loss had I been actively managing. However, here, I would have locked in some profits. I've got to learn when to cut them/move my stop and when to let them run/give them room, which is probably more art than science...and I'll never be perfect. Hopefully this exercise will do some good. It feels so passive, though. I'm watching them mature but I keep telling myself that I need to be actively learning from what I'm seeing, how is it changing how I'll manage my stops in the future, etc. I'm trying but I'm not sure I have the answers yet...I'm just starting, after all. I may end up doing this exercise 5-6 weeks, who knows. It seems to take me longer to get these things than it would someone else.

5aa7108a71760_EURUSD(15Min)7_7_2011.jpg.c833a31e76cb80db9fc6d4fa6863ccf1.jpg

5aa7108a75f50_EURUSD(15Min)7_8_2011.jpg.d654c152ba0d1c0ad25da7c95c6e8473.jpg

Edited by Cory2679

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Potential UJ long...

 

UPDATE: LOL...wow...can't help but laugh a little at that...this downmove occurred in about 5 seconds with the NFP report...

 

I was a little hesistant about going long so far along in an uptrend (thought I might have been a little late to the party), but I thought a long at a breakout might be an indication of higher highs to come.

 

Perhaps the lesson here is to simply not get in a position right ahead of NFP! It can get a bit like flipping a coin...

 

I'm a little concerned that I may be trading a little differently than I would be with a live account...willing to take trades I might not take with a live account...especially the trade the other day where I outright said I probably wouldn't take it if I were live. I need to be careful about that...

5aa7108b457ee_USDJPY(15Min)7_8_2011.jpg.97beccf6ee4b49d32fcfdd6da1933fbb.jpg

5aa7108b4a000_USDJPY(240Min)7_8_2011.jpg.8d719e418a1e73c1d169f15b39ebebf5.jpg

5aa7108b4e24b_USDJPY(15Min)7_8_20112.jpg.a7ea5f72fc5fb6d1f5b7d00379bf8aba.jpg

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Perhaps the lesson here is to simply not get in a position right ahead of NFP! It can get a bit like flipping a coin...

 

Indeed! I got slipped so bad on that exit that I took just short of a 2R loss on that trade!!

 

All right...lesson learned...new rigid rule...don't take trades ahead of NFP (and probably FOMC, too). If I'm already well into a trade that has room, etc., I can leave it on if I choose.

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new rigid rule...don't take trades ahead of NFP (and probably FOMC, too).

 

Why not just extend it to "all significant planned news events"? For currencies I would think NFP is the most volatile, but retail sales, housing numbers, etc., can all make unexpectedly large moves.

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Why not just extend it to "all significant planned news events"? For currencies I would think NFP is the most volatile, but retail sales, housing numbers, etc., can all make unexpectedly large moves.

 

In my experience, avoiding trades ahead of all signficant news events would mean all too often missing out on the main intraday swing.

 

In my limited experience, I've found everyday news not to be a concern...even helpful to keep the market swinging nicely...for the most part, the super crazy volatility occurs only with NFP and FOMC (with exceptions, of course). The other news is manageable, IMHO.

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Why not just extend it to "all significant planned news events"? For currencies I would think NFP is the most volatile, but retail sales, housing numbers, etc., can all make unexpectedly large moves.

 

That's not neccessary. Don't get scared or fear-mongered.

NFP may be an exception.

 

If you taken a bigger timeframe and a larger stop,

you can trade across them.

5m or 15m is not appropriate.

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