[08:42:58] Stalion : Helloo everyone
[08:44:35] paulsimon : thanks guys.. i finally got back my initial investment today..
[08:44:45] Stalion : lol...
[08:44:52] paulsimon : and from today on , im gonna be a disciplined trader..
[09:01:06] caprica1 : is 160.72 still the re-entry point on euroyen then?
[09:03:06] Stalion : yes....dats for the one we entered yesterday morning after getting stopped out...we chill out and
watch the market moves
[09:04:31] caprica1 : if i can get the 40 pips back from yesterday stal, i'll go get my hair cut! lol
[09:05:04] caprica1 : any more than 40 pips and I'll get a back wax!
[09:06:53] Stalion : wat r u saying, caprica?seems u didnt breakeven with us yesterday?
[09:07:08] Stalion : where were you wen we hit 1st target?
[09:09:05] caprica1 : naa, i took the first trade you mentioned and got stopped out. I had to go to work then, so missed
out on the next trade. Not in work today though.
[09:11:20] Stalion : ohh,okay
[09:18:40] Stalion : is dere any news out on d euro?
[09:18:49] Stalion : or gbpusd?
[09:19:42] takbal : there were import prices this morning on EUR, came out as expected
[09:20:58] takbal : no news on GBP or USD, durable goods at 12:30 today
[09:21:32] Stalion : cool
[09:23:38] Stalion : for now, we stay out of the market till we know wats really cooking behind d scenes....
[09:25:53] caprica1 : sounds good to me Stal
[09:26:55] takbal : OK
[09:27:10] bros1234 : masif1...watching the charts...hi stal
[09:28:21] Stalion : though i've got a buy bias on gbpusd,waiting for it to climb up to 1.8510....we wait for a good entry
[09:28:28] Stalion : helloo there,bros1234
[09:37:12] bros1234 : gu(gbpusd) might range for a while
[09:54:14] Stalion : so, for d gbpusd, a good buy entry would be 1.8468...target point @ 1.8510...
[09:55:59] caprica1 : OK, I'll keep an eye on that now Stal, and see what happens.
[09:56:32] paulsimon : ok..
[09:58:06] caprica1 : do you think its worth while placing a pending order for the entry, or just watch it?
[09:59:00] paulsimon : watch it.. looks like its gonna hit it soon
[10:01:35] caprica1 : 40 pip stop as well on that one?
[10:03:02] Stalion : whats the reward ?as in the number of pips from entry to target?
[10:03:59] paulsimon : 42
[10:04:43] caprica1 : yeah 42.
[10:04:54] Stalion : so a 40 pip stop loss is in order....we are on a 1;1 risk to reward ratio
[10:05:11] Stalion : if the buy stop gets triggered at 1.8468
[10:06:07] caprica1 : ok. Cheers. So we set our stop at the difference between entry and 1st target?
[10:08:33] Stalion : yes...and no....caprica...we set our stop loss relative to how many pip reward we want to make on the trade...does not necessarily mean it has to be the difference btw entry and target...
[10:09:57] Stalion : its like we are risking 40 pip stop loss to get a 42 pip reward on this cable trade...dat makes it
approximately 1:1
[10:11:14] caprica1 : ok
[10:11:16] Stalion : if our target range is like maybe 80 pips, on a 40 pip stop loss, we are risking 40 pips to make 80
pips...dat is a 1:2 risk to reward ratio
[10:13:03] caprica1 : i understand now.
[10:13:12] Stalion : so dat even if you lose on the first try, you can breakeven on reentry if sure ur on d right side....on the
80 pip, 1:2 risk to reward ratio, if u lose out on the first try, d second reentry would likely bring u 40 pips to cover up on
d first loss
[10:14:11] Stalion : risk mgt is very important when trading d lmarkets...
[10:17:55] Stalion : so we always apply risk mgt BEFORE entering a trade....having the right strategy is not enough for
we only have so much money to commit on a trade
[10:18:05] bros1234 : am still buy biased today though on gu
[10:20:18] Stalion : with a 40 pip stop loss behind
[10:20:31] teressa : HI sTAL
[10:20:40] Stalion : helloo there teressa
[10:20:43] gilly : on what timeframe do you trade?
[10:21:22] Stalion : I look at ALL timeframes wen trading...
[10:21:27] bros1234 : range range range...somethng will soon pop out
[10:21:59] Stalion : but as we are on intraday trading, its simpler to focus on the hourly, 15 min and 5 min timeframe
[11:26:41] masif1 : did we have a second target for cable?
[11:27:16] Stalion : remeber guys, 1.8510 for 1st target...1.8522 for 2nd target
[11:29:09] caprica1 : the eurjpy i getting close to the re-entry point as well Stal.
[11:29:41] Stalion : lets wait n see, mon ami....in this business, anything can happen...d storm is not yet over..
[11:30:37] caprica1 : 160.72 re-entry target paulsimon
[11:34:37] caprica1 : whats the dirty little thing doing to us now? Thats the wrong way. Everyone think up at the same
time, and we can move it with thepower of our minds. lol
[11:35:55] Stalion : do I smell tension in u,cap?
[11:36:26] caprica1 : you've got an amazing sense of smell from all the way over there! lol
[11:36:43] bros1234 : patience we ar going up
[11:37:47] r2r : usd news in 2 hours might propel the price up
[11:38:04] r2r : core durable goods orders
[12:37:13] paulsimon : ok good she's coming home to me
[12:38:21] r2r : come to papa
[12:40:52] caprica1 : go cable, go cable, go go go go. Go cable, go cable.
[14:05:23] Stalion : Economists expectations on the US news were lower than the previous...but wen the actual reoprts
came in, it was higher dan expectations...dat fueled d dollar rally and brought GBP down
[14:05:33] Stalion : stopped out ...
[14:05:58] Stalion : not yet, masif....we are on standby...for now, only euroyen trade is on...
[14:06:06] caprica1 : we still gonna keep the targets the same for the gbp trade if it happens stalion?
[14:07:23] Stalion : remember, if gbpusd confirms its downtrend, we should also be looking to profit from dat too...no
need being mentally rigid...dats intraday trading for u
[14:07:53] caprica1 : of course.
[14:10:54] Stalion : yes.....we follow trends with calculated risks...not blindly...dats why we need patience to allow d trend unfold
[14:12:23] Stalion : the extreme results from dat is either leaving profits on the table or having unnecesssary losses
[14:14:57] caprica1 : understand. I'm still learning Stal.
[15:04:07] Stalion : time to sell gbpusd
[15:05:04] paulsimon : ok ready..
[15:06:29] eugen3000 : finger crossed ;-)
[15:06:51] paulsimon : did u mean sell at market or shd we wait for ur signal
[15:07:00] caprica1 : sell?
[15:07:44] Stalion : yes....we put a sell stop @1.8395, target point @ 1.8351
[15:14:40] caprica1 : rite.
[15:14:44] tundope : g/u shld fall to as low as 1.8328
[15:14:49] Stalion : if price breaks our sell stop on its downward move, dat means d bearish momentum is confirmed
[15:23:03] paulsimon : sell triggered
[15:24:25] Stalion : cable sell stop triggered
[15:27:45] caprica1 : damn it my compter froze. Didn't get in until 1.8392.
[15:29:00] Stalion : how come,cap?
[15:29:36] Stalion : thought u wud've left a sell stop pending order in place
[15:31:25] r2r : what effect would crude oil inventories have on usd?
[15:32:10] caprica1 : when I place pending orders I must be doing it wrong, because it doesn't trigger the order, it just
closes the pending order.
[15:33:03] Stalion : Change in the number of barrels of crude oil held in inventory by commercial firms during the past
week;
[15:33:09] Stalion : No clear effect, there are both inflationary and growth implications;
[15:36:48] r2r : -0.1% actual
[15:36:48] Stalion : now, d fireworks start again
[15:48:31] Stalion : looks like as euroyen is going up, gbpusd is following
[15:48:46] paulsimon : shall we get out
[15:51:45] Stalion : not yet...
[15:51:47] Stalion : brb
[15:51:58] r2r : if it retraces beyond 18421 my reason to be short is invalidated
[15:51:58] caprica1 : do the longer charts not still show a short trend for GBPUSD Stal?
[16:01:25] tundope : ride on g/u
[16:01:40] Stalion : we need to have d discipline and patience to stick to our trading plan...
[16:03:03] r2r : come on down!!
[16:04:59] tundope : wuts ur 2nd target on d trade stal?
[16:05:41] Stalion : easy, r2r......
[16:06:07] Stalion : no need to scream at d keyboard...
[16:07:37] r2r : lol
[16:08:53] Stalion : i believe d 1st target was 1.8351
[16:09:42] tundope : yep
[16:09:49] tundope : av u got a 2nd target
[16:09:57] caprica1 : is there a 2nd target?
[16:10:08] masif1 : nearly there
[16:10:09] tundope : 328 shld be ideal
[16:11:20] Stalion : 2nd target is 1.8338 on the cable
[16:13:11] tundope : though i still expect it to go lower
[16:14:05] eugen3000 : would you suggest to move sl 20 pips lower to 1.8415, Stal?
[16:16:28] takbal : target hit
[16:16:33] masif1 : first target hit!
[16:16:53] Stalion : how many pips are we at now,eugen?
[16:17:13] eugen3000 : 44
[16:17:21] r2r : yum yum
[16:24:19] caprica1 : still waiting for ej trade to break out of its little level it's in and hit 2nd target.
[16:25:14] Stalion : 1st target hit....2nd target hit on the gbpusd...
[16:28:24] masif1 : yipee!
[16:28:25] Stalion : any doubts now,masif?
[16:28:37] masif1 : made some money today
[16:28:40] caprica1 : cool just hit 2nd target
[16:29:10] eugen3000 : thank you Stalion, made back up my losses from today morning, thank you again!
[16:29:21] masif1 : 1.8324
[16:29:22] eugen3000 : + some extra cash on the 2nd target, hihi
[16:30:48] caprica1 : after this mornings loss I'm 15 pips up on the day.
[16:50:25] caprica1 : on a plus note my eej trade closed out, +50 pips, so thats +65 pips for the day. Muchas Gracias
