Trading Psychology | Forex Signals 12th Mar
Market seems to be going against us this week, or I should say our traders are not in sync with the market. Though this week is not over yet, but looking back I did personally performed better. Based on past experiences and lesson learned from them, I was able to avoid several traders this week which would have not worked out in our favor.
Pip count so far this week may not be in green but I mentally feel better, I still have a sense of accomplishment and positive outlook towards upcoming weeks. I also followed my trading plan 100%.
I would love to hear what others are thinking right now, what mental state they are in and what are they doing about it ?
Update at 5 PM EST / 10 PM GMT / 0000 Hour Candle:
Order ID: 10 | Update | $EURUSD Sell 1.3595 or Buy 1.3690 | Waiting to get filled
Order ID: 11 | Update | $EURJPY Sell 122.95 or Buy 124.10 | Waiting to get filled
Order ID: 14 | Update | $CADJPY Sell 87.65 | Closed out at -75
Update at 9 PM EST / 2 AM GMT / 0400 Hour Candle:
Order ID: 10 | Update | $EURUSD Buy 1.3690 | Currently at -15
Order ID: 11 | Update | $EURJPY Buy 124.10 | Currently at -20
Order ID: 15 | Order Cancels Order | $GBPJPY Sell 135.95 or Buy 136.90 | Stop Loss: 95 Pips | Take Profit: 70-140-210 Pips
Update at 1 AM EST / 6 AM GMT / 0800 Hour Candle:
Order ID: 10 | Update | $EURUSD Buy 1.3690 | Currently at +10
Order ID: 11 | Update | $EURJPY Buy 124.10 | Currently at Break Even
Order ID: 15 | Order Cancels Order | $GBPJPY Sell 135.95 or Buy 136.90 | Waiting to get filled
Update at 5 AM EST / 10 AM GMT / 1200 Hour Candle:
Order ID: 10 | Update | $EURUSD Buy 1.3690 | First Profit Target Reached at +40 | Move Stop Loss to 1.3645
Order ID: 11 | Update | $EURJPY Buy 124.10 | Currently at +10
Order ID: 15 | Update | $GBPJPY Buy 136.90 | Currently at -15
Note that we will close all open and pending trades at 9 AM EST / 2 PM GMT
Update at 9 AM EST / 2 PM GMT / 1600 Hour Candle:
Order ID: 10 | Update | $EURUSD Buy 1.3690 | Second Profit Target Reached at +80 | Last Lot closed at 1.3755
Order ID: 11 | Update | $EURJPY Buy 124.10 | Second Profit Target Reached at +100 | Last Lot closed at 125.10
Order ID: 15 | Update | $GBPJPY Buy 136.90 | First Profit Target Reached at +70 | Remaining 2 Lots closed at 137.75
Due to some technical issues I won’t be able to send update via Instant Messenger.
There are still two and half weeks left in the month, plenty of time to make back those losses. It's better to have experienced some losses now rather than later as traders will not be so prone to dive in head first after seeing that 1000+ pip week.
We all fall prey to thinking about the gains first and not the losses. If you worry about how much you can lose first and you're trading with edge, then the profits will take care of themselves. Good to hear you are staying positive.
I put a trailing stop(per tick) for 2nd and 3rd target profit, so loss is at minimum, Yeah! Missed EURUSD though, my high was 1.36893 so close XD
can't win em all…trade with what u can afford to lose
I have a feeling EURUSD is going for down today
A -240 week is a tiny loss in comparison to a month of trading. In January there was a -600 week, in February there was a -1300 week, and both months still came out in the positives. And many traders (and many methods) will have losing months overall in a year.
FirePips, you indicated that you have reflected this week on some previous weeks' trades and that has helped you to stay out of some this week that would have gone bad. If so, then you have taken something out of those bad trades and learned, and that is always a great thing. That right there could be the difference between finishing this week in the red a few hundred and finishing week below -1000 again. Which will mean hundreds more pips of gain at the end of a profitable month.
I for one am glad you have this skill, most traders never master it. Knowing it is one thing. Living it is another. That and discipline make the difference between a very knowledgeable (but not consistently profitable) trader, and real winning trader.
I didn't bother to put the week-to-date updates at the top of the day today, only one more trade had closed and in that case we all could do the math . . .
But I will put the current update in a half hour or so, when the 0800 bar comes out.
I was beginning to wonder if the EU and EJ were EVER gonna hit! But the longer they stay in a range, the stronger the tendency to continue once a breakout has occurred. Granted there are sometimes headfakes, and the true breakout then still goes the other way. But if we are now in the true breakout, there is still enough time left to get good profits on these. London session alone has enough potential to get us to the third targets if we are now seeing the true breakout.
Right on…False breakout could happen after a long sideways movement, since more and more people starts to expect an breakout.
So far the market seems to be heading in our favor.
Maybe it would be possible to have a performance button somewhere on this page ,where it is possible to track the weekly performance once the week is over and everything is closed? (besides Diet-pepsi updates)
This week so far (as of 0800 candle):
+420…Order ID: 1 – GBPJPY . . . 1 unit at +70, 1 unit at +140, 1 unit at +210, = +420
-105….Order ID: 2 – CADJPY . . . 3 units at -35 = -105
-120….Order ID: 3 – EURJPY . . . 3 units at -40 = -120
-105….Order ID: 4 – CHFJPY . . . 3 units at -35 = -105
+185…Order ID: 5 – EURJPY . . . 1 unit at +50, 1 unit at +100, 1 unit at +35, = +185
+10…..Order ID: 6 – CADJPY . . . 1 unit at +40, 2 units at -15 (for -30), = +10
+20…..Order ID: 7 – EURUSD . . . 1 unit at +40, 2 units at -10 (for -20), = +20
-10……Order ID: 8 – GBPJPY . . . 1 unit at +70, 2 units at -40 (for -80), = -10
+20…..Order ID: 9 – CADJPY . . . 1 unit at +40, 2 units at -10 (for -20), = +20
……….Order ID: 10 – EURUSD . . . Currently at +10
……….Order ID: 11 – EURJPY . . . Currently at Break Even
-195….Order ID: 12 – GBPJPY . . . 3 units at -65 = -195
-135….Order ID: 13 – CADJPY . . . 3 units at -45 = -135
-225….Order ID: 14 – CADJPY . . . 3 units at -75 = -225
……….Order ID: 15 – GBPJPY . . . Waiting to get filled
-240 TOTAL CLOSED ON THE WEEK
many thanks dietpipsi for this important statement of current week.
do you have a complete history of february to?
Yes, but it is not compact like the listings I put here. It is a spreadsheet that continually grows, and has details of each trade on it bar by bar, then week by week. It is in MS Excel, and the version I use is Excel 2002, included in MS Office XP. As long as you can read Excel files from that version or newer, you could open my sheet and see it all. If you care to post an email I'll be happy to send you a copy back to February.
Mate..if you like I can create a section on the blog and give you "Author" permissions to update it.
I also like ( and highly appreciate ) your detailed answers to comments and perhaps you may wish to post some content of your own. Let me know what you think
Thanks for the appreciation. You've got mail – -
Hi Diet Pipsi, Yes , i would like a copy of your spreadsheet if you don't mind email a copy. My email address is peterwhcheong at gmail dot com. Thanks
Hi Stephan – I've sent a copy to the other responders who asked. I'll gladly send you one also if I have your email.
Diet Pipsi,
Can you kindly send me a copy also ? My email address is: cchebaro@msn.com
Much appreciated,
CC
You've got mail!
feeling e/u will head down todae..too many expected a break upwards. what u reckon ?
Whoo Hoo, first target reached on EURUSD, and +10 on EURJPY. Come on end of week! Pull us out for the winner!
Cheerleading was never my thing . . . lol
This week so far (as of 1200 candle):
+420…Order ID: 1 – GBPJPY . . . 1 unit at +70, 1 unit at +140, 1 unit at +210, = +420
-105….Order ID: 2 – CADJPY . . . 3 units at -35 = -105
-120….Order ID: 3 – EURJPY . . . 3 units at -40 = -120
-105….Order ID: 4 – CHFJPY . . . 3 units at -35 = -105
+185…Order ID: 5 – EURJPY . . . 1 unit at +50, 1 unit at +100, 1 unit at +35, = +185
+10…..Order ID: 6 – CADJPY . . . 1 unit at +40, 2 units at -15 (for -30), = +10
+20…..Order ID: 7 – EURUSD . . . 1 unit at +40, 2 units at -10 (for -20), = +20
-10……Order ID: 8 – GBPJPY . . . 1 unit at +70, 2 units at -40 (for -80), = -10
+20…..Order ID: 9 – CADJPY . . . 1 unit at +40, 2 units at -10 (for -20), = +20
+40…..Order ID: 10 – EURUSD . . . First Target reached at +40
………..Order ID: 11 – EURJPY . . . Currently at +10
-195….Order ID: 12 – GBPJPY . . . 3 units at -65 = -195
-135….Order ID: 13 – CADJPY . . . 3 units at -45 = -135
-225….Order ID: 14 – CADJPY . . . 3 units at -75 = -225
……….Order ID: 15 – GBPJPY . . . Currently at -11
-200 TOTAL CLOSED ON THE WEEK
Here's a tiny tidbit: Price frequently changes direction at NY open. I've watched this over a long time, and if you just bet even money on for or against, you will always come out a winner if you bet on for a price change.
That does not mean I would necessarily close these positions right after NY Open, but I always watch for any erratic movement, and if any indication does show up of a reversal I will sometimes close.
Which I will be doing here in about a half hour -
You are right… For some reason it seems to reverse…not always though…don't know if you can make a trading strategy out of it. But perhaps we can look into last two 4hr bars of every week before close to see if there is a patten there.
You are right FirePips… what a ride!! really appreciate all you do and enjoy reading the comments and knowledge of Diet Pipsi… keep this up and will be changing my name to Dr. Pipper in respect… lol
Really brings home the point of sticking with the plan…
Learning more… thanks again…
I can't remember where I got it from, but I have a timetable pinned up by my PC entitled Forex Times To Trade. It lists 0700 EST (1200GMT) as the time that Wall Street futures traders open their books and usually reverse the London direction, a reversal that can hold until the 0830 news releases. Annoyingly, it's in the middle of the 4 hr candle.
If it helps,
Robin
Hi Diet,
I had to work out a few bugs in my alteration of your EA. I figured out a few things, and now have it working on my 5 digit broker. I would like to have you test it on your broker, if you are willing, because it should work on all brokers now. Can you contact me?
Thanks for your great work on this EA! It works like a champ!
burn0050
I am happy to, and in fact very eager to see your refinements if you will share them. If you put your email I will happily contact you. Do at least write it as "yourname at domain dot com" or "yourname at domain" rather than yourname@domain.com to help avoid spam crawlers!
Hi Diet,
my email is bill dot burns at gmail dot com
Thanks!
there is a temptation between lost and stick on plan…
Great work .. Nice Blog … Lovely People
Hi Firepips, firstly thank you for providing the service that you do.
I have some comments and questions on psychology if you don’t mind and I also have a suggestion to improve the pip count.
You say you’ve managed to avoid some losing trades by using your own judgment this week, so well done for that but you have also missed some good winners.
If you had posted the buy signal for CAD/JPY @ 88.30 yesterday (16.00 bar) which has now hit 8950 3rd target you would be 240 pips in profit. Did you not post it because the pair has lost 405 pips so far this week and caused a psychological block on trading it?
I know you gave up trading GBP/USD because it gave some losses one week but it has given up 300 pips on the first sell signal of the week hitting all 3 targets and also hit 1st target on the 2nd signal of the week and has hit the first target from the 8am signal this morning so total gain this week on Cable alone is 400 pips. It also gave similar pips last week.
I see there have been no signals for CHF/JPY after the first loss this week and the pair have given up 120 on the sell order 16.00 bar on the 8th and 120 on the buy signal from the 16.00 on the 10th. So this week total for missed the pair 240 pips. Again, did this cause a psychological block on trading it?
So total of missed pips this week because you didn’t post the signals is around 880.
Please don’t think I’m having a go or criticizing but I’m trying to help & I think you should stick to the plan 100% so the followers of this great site have a good chance to make some serious pips.
Trading all the signals last week ended up at 730 pips in profit this was because all the big moves happened on Friday after you had given up emailing the signals. Well done for getting back in the saddle.
Please let me know your thoughts.
Hi Dave You have made some valid points.
Regarding CADJPY there was no trade at the end of the week, I wish we had one to go long.
Regarding GBPUSD we need to watch it further, in the first 8 weeks it didn't perform well and hence we put it in Sandbox. For it come back in our trading list we need to see a significant improvement.
CHF/JPY last long trade was the one that I chose not to take. Though it end up being profitable in the end. You could say this trade I could have taken, and since I didn't, it makes me take back my statement above, about following my trading plan 100%. I guess there is more room for me to learn and do better.
Hi Firepips, thanx for the reply and I agree we are all still learning.
I do have a modification to the system that would have triggered a long order for the CAD/JPY pair on Friday. Using the modification I am also now short in GBP/USD from 15150 (Monday morning) from the signal candle which has now hit 1st and 2nd targets for a profit on the pair today so far of 150 pips. Using the mod I am also short in GBP/JPY from the signal candle which has hit target 1 already for a profit of 70 pips.
Keep up the good work.
Good one Dave…You can always email me your modification.
I've emailed it to you Firepips.
Kind regards
Dear Firepips, I have only just discovered your site via a colleague of mine. I think it is a revelation. Re the comments from Dave, he obviously knows the background to your "Price Action" strategy. As a novice, can you provide me with some insight as to what the basics of the strategy are or where I can find the info.
Regards Bill
OK, I was a walking zombie at 1600, just barely awake enough to close the trades, and then back to bed. 2000 is 10am my time, and this is the first morning I've slept past 10am in several weeks!
Without any further ado:
END OF WEEK (as of 1600 candle):
+420…Order ID: 1 – GBPJPY . . . 1 unit at +70, 1 unit at +140, 1 unit at +210, = +420
-105….Order ID: 2 – CADJPY . . . 3 units at -35 = -105
-120….Order ID: 3 – EURJPY . . . 3 units at -40 = -120
-105….Order ID: 4 – CHFJPY . . . 3 units at -35 = -105
+185…Order ID: 5 – EURJPY . . . 1 unit at +50, 1 unit at +100, 1 unit at +35, = +185
+10…..Order ID: 6 – CADJPY . . . 1 unit at +40, 2 units at -15 (for -30), = +10
+20…..Order ID: 7 – EURUSD . . . 1 unit at +40, 2 units at -10 (for -20), = +20
-10……Order ID: 8 – GBPJPY . . . 1 unit at +70, 2 units at -40 (for -80), = -10
+20…..Order ID: 9 – CADJPY . . . 1 unit at +40, 2 units at -10 (for -20), = +20
+185…Order ID: 10 – EURUSD . . .1 unit at +40, 1 unit at +100, 1 unit at +100, = +185
+250…Order ID: 11 – EURJPY . . . 1 unit at +50, 1 unit at +100, 1 unit at +100, = +250
-195….Order ID: 12 – GBPJPY . . . 3 units at -65 = -195
-135….Order ID: 13 – CADJPY . . . 3 units at -45 = -135
-225….Order ID: 14 – CADJPY . . . 3 units at -75 = -225
+240…Order ID: 15 – GBPJPY . . . 1 unit at +70, 2 units at +85 (for +170), = +240
+435 TOTAL CLOSED ON THE WEEK
Thanks for the tally mate.
Oh yeah!
Anyone know if there is a way to share email addresses without just typing them into the blog?
In forums, users who choose to not block their email addresses, they are visible to anyone who clicks for them. I just don't know if there is any way to do that in this blog.
I never mask my email address in any forums. I just avoid typing it directly on forum or blog posts, because spam crawlers see those, and . . . .
You can always create secondary email and then forward all email to your main email account. Later if the spam grows you can always just abandon it.
I'd like to be able to get a verifiable track record on a live account with six months of history. Now that being said it can not be on a tiny micro account. I am looking for a solid trader who has traded an account with at least 50k in it. Email me at lpfarkas@osirisfx.com and we can discuss. Regards, Leslie
Leslie:
These results are by far the best i have seen. I have been trading FOREX for about a year and do MUCH better when I can "follow" someone who calls the shots and I adhere strictly to the calls and do not try to second guess. Like I said these posted results are by far the best. BUT if you want to look at another trader Todd Gordon from Gain Capital (FOREX.com) is a good one to follow as well.
He is the senior trader and trades the company's account – WELL over 50K.
Hi Leslie, If you are looking for someone to manage your personal account, then I am not the guy for you. At this stage I am only looking to collaborate with firms that run their own hedge fund.
Hello firepipers, my broker "informally"(saying that they have heard from some of their clients that they are using tit suggested "" signals. It costs $197 and they make a lot of promises including 100% money back guarantee if not satisfied.
========Ex===========
Produces returns in excess of +160% monthly, +2,000% annually!
Every Trade Closes In Profit, No Losing Trades!
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I am not putting an ad here but want to know if anyone tried their service. For me, it is too good to be true. It looked like a scam at first, want to know what you think of it. thanks for your advice. thanks in advance.
I've removed the EA name that you were referring to. Many times spammers post similar comments.
the next signal clock on the blog isn't working…….btw when is the next signal???? 1pm AEDST??
Thanks for reminding me…I've fixed the clock now. Next signals is at 5PM AEST
I got PC nightmares on my end. I'll have a look as soon as everything is back to normal.
Ya gotta hate that. My wife's PC bit the dust this morning. I had it back up this afternoon, but I still hate it. Good luck with it -