Originally posted by alazarus
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Originally posted by Vondon15 View PostBeen through too many jokers to be seeing this sort of trading style turn into a mess AGAIN!
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His max DD on risk 1 is 30% - major resistance is at 1.10. Stop loss on trades are around 1.1160.
Strong bearish momentum on 1hr chart - might have to brace for impact - I notice from his trading history this is the first time he is trading AUD/NZD. I don't think his strategy is applicable to the strong swings typically seen in AUD/NZD.Last edited by alazarus; 07-20-2015, 06:07 AM.
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I'm about to jump on a call with him.
He's got stop levels in place on each trade, so you can see what the worst case scenario is. The reason for this spike on NZD is the Prime Minister made a comment about the speed of the recent drop being higher than expected.
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Hey guys,
I just wrapped up a call with Jay where we discussed the current situation.
He's frustrated and feels bad to have put us in this position, however he's still confident of a turn around in this basket of trades based on some strong fundamental indicators.
Over the next two days there are a couple of news announcements on the AUD and NZD that may dictate the fate of the entire basket. He's made it clear that he's got no interest in holding onto it indefinitely, so if news goes a against us heavily he'd rather close out.
While frustrated, he's composure is completely level. I'm not concerned about his ability to handle the drawdown, he has a plan in place and is watching the market like a hawk.
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To those currently following:
Unless you rarely check your account you are likely feeling very concerned about the AUD/NZD open position. It has my full attention and concern as well. I haven't been in a trade quite like this for some time but I'm recognizing similarities to behavior I've noticed in previous months around holidays when volumes are lower, enabling it to stretch out against a lot of favorable factors. It's possible that significant numbers of market participants have chosen to vacation after 'Grexit' was off the table because I'm noticing things that I've only seen in lower volume holidays.
If I am forced to protect capital there will be no scaling out, it will be a one time decision with all positions being closed. Everything I'm looking at is telling me to buy here and hold for a significant rally, however there is now pending Australia news coming up in the next few days which has the potential to force my hand.
I hate allowing drawdown that is beyond what I feel is reasonable to recover within 3 months or less but this one is becoming a real test. I assure you there are many favorable factors in play for NZD weakness to resolve itself and I'll put myself in position to capture it if at all possible. What I will not do is ride this thing to hell and back - I have limits.
I apologize for the current DD but remain confident and committed to the long term protection and growth of client capital as I have been for the last 4 years.
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Thanks for the update Nick. I have bailed. There is too many big news events over the next few days.
With being AUD account with risk 1x I have taken a 12.5% loss. I am really going have to reassess my future.
More than likely everyone will be fine but even with a so called plan, forex is a risky business. Look at day fox. He hedged and got into a position he couldn't make a move either way. Now I minimise my risk.
If it was not for big news events I may of held longer.
Good luck all.
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Originally posted by dazz1975 View PostThanks for the update Nick. I have bailed. There is too many big news events over the next few days.
With being AUD account with risk 1x I have taken a 12.5% loss. I am really going have to reassess my future.
More than likely everyone will be fine but even with a so called plan, forex is a risky business. Look at day fox. He hedged and got into a position he couldn't make a move either way. Now I minimise my risk.
If it was not for big news events I may of held longer.
Good luck all.
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I think it's unfair to compare this to dayfox. Jay has put a line in the sand, if we cross it then all positions will be closed, if things improve then we'll get out without a major loss.
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Fair call Nick. I worded that badly. I mean sometimes even plans don't work. If you bail out of a losing position completely like Jay is doing it is fine.
Before he posted I thought your post meant that he my add different positions. That is what day fox done and it destroyed him.
I did not read your post correctly. I skimmed across it. It is fair you called me out on this. Sorry
Sent from my SM-G900I using TapatalkLast edited by dazz1975; 07-20-2015, 07:21 AM.
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Hi Nick,
My MT4 terminal or myfxbook doesn't show any stop levels shown for any of his trades. Should I be concerned. I can see the stop levels on your SC account in your myfxbook link.
Thanks,
Kevin
Originally posted by Nick View PostI'm about to jump on a call with him.
He's got stop levels in place on each trade, so you can see what the worst case scenario is. The reason for this spike on NZD is the Prime Minister made a comment about the speed of the recent drop being higher than expected.
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