Forex rebates on every trade - win or lose!

Flogging yourself in public mg. Kinky :-)

mg....your shorts are looking very healthy now.

Flaggelation seems to have worked - maybe I am the MoTU :)

The 10 minute may not be a bad indicator after all !

Did well after all - still think it was a bum decision - seat of the pants really.

Anyway closed for +40 and +30.

Now - discipline regained - no more trading until Friday - otherwise it's a severe reprimand from my imaginary friend - Capt. Sensible.

mg (Opus Dei flaggelant)

blimey!! what did bernanke say?

I know it's not Friday but I'm short - based on the 60 minuteMACD - from 500 and 496.

Let's see what tomorrow brings

PS - I didn't stick to my discipline and got burnt on shorts just before the big rise yesterday - went off to a meeting and found both positions stopped out for -50 each - so -100. It was a MoTU moment. Useful reminder that I'm not the MoTU :(

OK mg what's a MoTU?

I'm short too by the way.

Harlosh, MoTU - Master of The Universe!

Masters of the Universe -- wasn't that orginally the Salomon Brothers traders in NYC?

Harlosh
Sorry - yes - it's a term we used to use in another place to warn each other of the risks of getting too carried away with/believing your own hype. Sometimes it just seems as if you've cracked it - only to discover that it's the market that rules - not you - and that it is ready to stick one on you when you think it's starting not to go as "predicted".

There are some out there who will sell/tell you that they are the market gurus - follow my system and you will be the world's greatest trader etc. etc. - they actually believe they are professional MoTUs.

I think we know differently - and we know to DOYR - don't we ??????

Anyway.

MoTU-like I've added to my shorts @ 505 ..... Gulp !!

Klal, mg thanks for the explanation. Don't think I was ever going to figure that one out but I can see the reasoning behind it.

Oooops
Not a good start to Friday - stopped out of all of them for -54, -50 and -45 so -149 :( and the sun isn't shining either so I'll have to think of something else to do - Golf sounds less punishing........

Yes not a good trade mg :-)

Nope - using the same indicators (sort of) that had served me well - this time they didn't. Just shows that it don't always go to "the plan". Good learning for me AND I was getting out of my hard learned discipline, patience approach - this time trading when I had told myself to wait - greed/confidence etc etc.

Aspiring MoTU (retired)

My gut feeling was that the market wanted to go higher yet my indicators suggested a correction was due. I listened to the indicators and not my gut.

Now if I could measure my gut feeling on a scale 0 - 100 oscillating around a centre line of 50. Hmmm!

Been trying to get rid of my gut - and my gut feeling - neither are much use to me. It's got to be the indicators every time - even though my interpretation of them - on many occasions - is suspect. I can end up willing them to be right rather than looking for confirmation.

On the face of it, the main indicator I use (MACD) is suggesting a turn back up which I'll try and show below. Looking at the MACD you can see the logic of a short around 18:00 last night - but now the likelihood of a long emerging:

mg,

Fwiw I think that you were right to go short yesterday pm based on the 1 hour MACD.

May I make a suggestion though please? The high before the MACD turned yesterday was 1.8518, so why not use a figure just above that as your stop loss on the short? The reason being that if you think it's coming down, it's not going to make a fresh high. And if it does make a fresh high, then it's going up and is a long. Therefore it can also be sensible to have a buy order in at around the same level as the stop.

Just a thought.

Hils
Thanks for that - given my time again I would still have gone short - the indicator I use was giving me the signal that has served me well. Obviously, on this occasion it didn't give the result - just one of those things. If it were that easy we'de all be millyunairs !!

Good point about stops and buy orders - I must admit that I'm a bit too generous with my stops - I think it goes back to my "hit and hope it'll come back" days - rather than my new, shiny, disciplined trader approach. Clash of cultures with my alter-ego.

BTW - the MACD60 is being a right tease at the moment - bit of will it won't it.

The sun's coming out so I think I might drag myself away from the screen.

Good luck to all you disciplined traders.

mg,

err, that wont be me then!

Btw, you have mail.

pth

Still here - Golf later.

There she goes - MACD60 finally crosses to confirm long.

No position - still sulking !!

pth - thanks - August possibilities noted - but I'm getting a bit tight with diary dates - bloody day-job stuff.