Forex rebates on every trade - win or lose!

Many thanks for some of the compliments but I'd rather they be saved for when I'm still around after 12 months or more but I'm hoping to stick around for a lot longer. Don't get me wrong as I don't want to be labelled ungrateful as those that know me will know that's not the nature of my character.

Yes, I'm extremely pleased that I've made a good start but it means absolutely nothing until I'm able to know how to read TA properly. So I've gone back to basics recently by digging out my old TA course manuals and J. Murphy's book. Does anybody recommend any other books?

Forex is a very brutal market with extremely vicious movements. Its very unforgiving and takes no prisoners whatsoever. If I'm going to get this right I'll have to plan each trade with meticulous precision, working out exact entry and exit points together with stop losses at the right places. I dont expect to get all my trades right as long as there are more winners than losers. As with all types of trading but more so with forex, its all about minimising the losses by getting out before they get even bigger. The winners ought to look after themselves.

So for now I'd rather put my 2 winning trades down as more to luck. But then again, if I analysed it a little more, trade 1 was a cable short taken when it was very near the top of its recent resistance. It was only closed out when I couldn't stomach anymore yoyoing. Trade 2 was a cable short again on the following day when it was still on the downtrend and closed out at the end of the afternoon prior to the weekend break. With the benefit of hindsight I should've left the 1st trade to ride the trend.

My strategy is quite simply to try to identify the trend and trade with it. It will mean that I won't be trading everyday. I'd rather wait for the trades to come to me and if that means there won't be a trade for days to weeks then so be it. I'm hoping that when a trade does come along it'll be profitable enough to make up for those dormant days.

I'll be sticking with cable for now and will be scanning the 5min, 30min, 1hr and daily charts to look for the trends. My main indicators will initially be support and resistence. I'd be interested to know what other time horizons and indicators the more experienced traders use.

I'd also welcome any feedback to my post be it good or bad.

Your right Bak. Eventually anyone will hit a winning trade so a couple of winners is nothing to get excited about. When we can do it consistently and profitably perhaps then we can say we have cracked it. Until then, better to keep our feet well and truly on the ground.

Well a dreadfully slow day so I've surrendered and going to get some other things done. Made a small profit but was more useful in trying out the various time frames and box sizes on point and figure charts. I think they may be far more useful than I initially thought.

Another couple of roller coaster days on forex :-)

Hilary,

If you still look in, I would appreciate your thoughts on the current situation with Cable. Thanks in advance.

Well I've been filling my Manolos with cable and fiber yesterday and today, Harlosh.

naturally

I'm sure you have Hilary. By the way I am finding P&F charts far more useful than I originally thought.

In fact they are excellent.

That's good news, Harlosh. I suspected that you would find a way of using them, but I thought that you'd probably need to use a faster timeframe such as the 1 hour real time rather than the dailies. Am I close?

Yes Hilary, 1 and 5 mins too.

It's been turning on a sixpence today though. Not sure I've quite got the hang of that yet. Takes time to recognise the signs on such short time scales which I've never used before.

Having said that, I can often tell to the very pip when it will turn and the targets are often spot on.

Harlosh,

If the market is turning, as I hope it is, then the turn itself can often take a day or two as the bulls and bears fight it out for control. It can be frustrating in the meantime as you watch profits ebb and flow and you invariably think that it would have been better to have been in and out several times while you were waiting for the turn to unfold. Unfortunately it's also Sod's Law that when you try to play it like that you always miss the subsequent big move.

The only conclusion is that there's no such thing as a "right" or "wrong" way to play it.

Thanks Hilary. I wondered whether todays volatility was due to thinner trade approaching the Easter break.

When you say you think the market is turning - which way? :-))

harlosh, i can also tell to the very pip when it will turn ...... it's very often when i go in the opposite direction :) i've been doing that all day today but finally , i got one right. whoopee!!!
it looks so obvious now what i should have been doing. hopefully, i will know better next time.

LOL Bosley, I know what you mean. I think Hilary is trying to tell us not to look too short term. Find the trend and stick with it.

To tell the truth, Harlosh, I've not even bothered with my news plug-in today to know whether trade is thin or not. I bought the cable sell off after the trade balance and fiber as it dipped down towards 1.21 channel support on the 5 minute and then left it at that.

I might plug the news in now and see what they say.

My hourly charts are showing a very nice downtrend for cable over the last several days. The bearish resistance line was only breached this afternoon but seems to be heading back below this. Hopefully, this is just a small hiccup.

OK thanks Hilary. Here is a current state of play chart thought you might like to see.