Comments on: 160.45 break failed

By: jep

jep — Fri, 12 Jun 2009 02:28:40 +0000

it is called a trade which means it can go either way. the most important thing i think is for the wins to out-win the losses. great trade, great wins ahead & more pips to ur account
thanks nick

By: MrEric

MrEric — Thu, 11 Jun 2009 13:31:09 +0000

I also got lost in the said failed break. But i understand that losing is part of trading and trader must learn how to handle his lost.

By: okanemochi

okanemochi — Thu, 11 Jun 2009 10:01:33 +0000

Thanks tarquin,

I think that is done to avoid getting faked out, just as you describe. But what I am wondering is whether Nick, and other experienced traders do that when manually entering a trade, or is it just for pending orders? I`m thinking that perhaps the experiened traders back their judgement based on price momentum and perhaps other factors.

By: jaykay

jaykay — Thu, 11 Jun 2009 05:54:55 +0000

on thuesday i drawed a line on 159,02. and yesterday that line was broken and price after few hours jumped to 161.28. guys think with you head. i’m very suspicious of what is given free, especialy when talking about forex.

By: tarquin

tarquin — Thu, 11 Jun 2009 03:40:36 +0000

Hi okanemochi,
(First to Nick. Hope you don’t mind me replying on your blog. What is the protocol? Apologies in advance if there’s another preferred way)

As I understand it when trading long, the ask (or buy) price is the one to watch. Concerning this trade, if I had used it (rather than the bid [or sell] price), my entry would have been 160.45 + .05 (cushion) + .06 (spread) = 160.56
The price pulled back a long way after triggering my actual entry price of 160.50.(ie: scalp and cushion).
Had I not been triggered I would probably have cancelled my trade as the 160.45 scalp line had been broken.
I think this is right(?) Maybe others can correct me if not

By: okanemochi

okanemochi — Thu, 11 Jun 2009 03:03:15 +0000

Do you guys add in the spread as well as a cushion when making manual long entries? I don’t recall reading about that or seeing it mentioned anywhere in Nick’s material on his method.

By: tarquin

tarquin — Thu, 11 Jun 2009 01:48:12 +0000

btw Nick, Is your date/time stamp on this blog on the blink? I sent the above at about 11.05am on Thurs. 11th June (Aust. CST) which makes it 2.35am in London.
Probably not important.

By: tarquin

tarquin — Thu, 11 Jun 2009 01:37:30 +0000

Lost on this too. Forgot the simple expedient of adding the spread to the cushion. This MIGHT have saved the trade as without the spread my entry was 160.50 which got hit moments after the break, then immediately went down.I won’t do that again! Oh well, there’s more winners out there to be had.

By: Brian

Brian — Thu, 11 Jun 2009 01:36:05 +0000

Nick, that is perfectly ok. With the win/loss ratio as stated, it is all good.

By: Atlas1

Atlas1 — Thu, 11 Jun 2009 01:01:28 +0000

Nick……It looks to me like a scalp forming at 159.77 (looking at a one hour chart)….Do you agree with that?
Thanks,
Atlas1