PA, S/R, ZL, EXTREMES & MOMO

[newscalper]

Still in the GBPJPY trade, now only 26 pips up as the sob is coming back to my average. This has always been my problem with averaging in, few huge wins, lots of small losses and b/e and after totting it all up I'd have been better off not averaging in and taking the money that was on offer from the get go.

[FXfreak]

good morning! i'm short eu. i will try to catch the bigger moves. big profit margin down. go baby go!!!

[newscalper]

Price hit my average. Out for b/e. 100 pips down the toilet.

[FXfreak]

newscalper, if you know that your strategy is profitable it doesn't matter! but i know it hurts to see how 100 pips go down the toilet...

[newscalper]

I've no idea whether it's profitable or not. Back testing is for pussies right? So this mouse is completely blind. Fresh meat for the fat cats? Who knows?

[pika]

Still in the GBPJPY trade, now only 26 pips up as the sob is coming back to my average. This has always been my problem with averaging in, few huge wins, lots of small losses and b/e and after totting it all up I'd have been better off not averaging in and taking the money that was on offer from the get go.

It's tempting to average in especially when an earlier trade is in profit and price seems to be going your way, but the decision to average in must be independent of the earlier trade. You should not average in because you feel safe with the profits (which are not realised yet), but ask yourself in the scenario if you have no open position at that point, would you feel comfortable taking that trade. If you are, then go ahead and average in. Otherwise, continue to observe the price action and "feel" what the market is doing.

[newscalper]

Thanks.
Yes.
I know.
Average WAS based on PA.
Trade WAS posted above in the thread. Both were valid entries no??
'Support' had been broken on the 15min hence the average was placed.

I have been trading for quite some time.

I have experimented with adding in the past. Inspired by the Blind Mouse thread I'm trying again.

Results so far have been what I experienced in the past: very mixed. A lot of the time I find it would be more profitable if you liquidate trade 1 then take trade 2 separately etc, rather than placing an average. Then if trade 2 loses you still have profit. repeat. With adding you are constantly getting into the market at a WORSE price and wiping your profits out when the market retraces because the assumption is always that the market will trend, trend and trend and it doesn't always do that. That's why I stopped averaging in years ago because on aggregate, for me, over a few hundred trades it did no better (in fact worse) than straight in/out trading or scaling out. Of course I LIKE the idea of it which is why BMouse has inspired me to take another look but so far, so so.

[FXfreak]

long eu! sl below low. loss

[es/pip]

like mo said ( nice to see you posting again) the short time frames can eat you up, dont let my craziness get you sucked into the shorter time frames

most times i am trading to and from the higher s/r, but other times i am scalping

regardless i take small losses i would never trade the small ones and not just get out right away when the PA isnt going my way.

i get mental sometimes and make a ton of trades, dont let my posts suck you into what i am doing

over slept this morning

caught a few off that eu m5 dbl top and scalped a UCHF off the m5 demand

thats it so far

[es/pip]