I agree with this. If the 11:00am EST open (sorry originally wrote close) is above 1.0742, I'll be long as well. However, the trend line ceiling for the 6 hour chart keeps getting lower and lower, so I expect the trade limit to be around 1.083-1.085 ...

Actually, under that argument, it would only be Retail Forex Millionaires that are a myth, trading for a living would still be in question.

Well, if you are all going the same direction I am, then I feel real bad for all the money you guys have been losing. I'm just posting my thoughts like everyone else, wrong as they may be.

Well, it bounced. Wouldn't be surprised to see 98.0 to 98.2 short term, before a rebound again. Didn't like the bounce though, so I'll wait for it to start back down from it's roof again. image

Shorted inside the channel at 97.90 with a target of @97.60 (depending on a channel break or bounce).

Apologies... image

And this is why I probably will never make it as a forex trader...>sigh<

Well, looking at the Daily Chart, it looks to me like we plinked the .618 retrace for a continued drop. However, if this is the turn around that everyone seems to hope that it is, I think it's still going to have to drop at least to 97.440 before ...

I have been trading the H1 chart. Doing this has helped weed out some of the "false positive" openings I was getting with the indicator I am using. However, during a flatter market condition, maybe dropping to the M15 would help to capture a few ...

I have to agree with this. Even the Hourly charts I trade from are starting to show indications that a retrace is in the near future (wouldn't be surprised if it was set off before end of Europe session tomorrow, and I'd like to think by close of ...

Well, I can not account for anyone else trading here, but I think I have a solid answer to the thread's question: In my case, it is because I am my own worst enemy while trading. Case in point: Today (May 23, 2013), the indications I look for to ...

However, in the article you linked, it also states: "In trading, it is actually harder to increase the profit target from 2:1 to 3:1 than it is to increase your accuracy ratio of 5%." So a change from 72% to a more hopeful 77%, would actually be ...

I am a little confused here. At a 1:1 R:R, genie only really needs a 51% win rate to actually show a profit. If they are at 72, isn't there plenty of room for "...mistakes, freak news, etc..." Unless my understanding is wrong, even someone with a ...

I don't wish to hijack your thread, but along those lines, how do you determine what trades to "let your profits run" on? After a several year hiatus from Forex, I recently decided to start working back into it. I have never lived off of my account, ...