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Diary of a Mad Surfer

  • #81
  • Jan 15, 2008 12:34pm Jan 15, 2008 12:34pm
Quoting Big Wave Rider
Easy just switch to daily or 4hr charts and then watch one screen at a time. Whats EU, EJ, EUCHF, doing? Whats USDCAD, USDCHF, NZDUSD and cable doing?
whats AU, AJ and AUDNZD doing? Whats GBPCHF, CHFJPY doing? It takes about 20 minutes To do a good analysis for all pairs when you look at the daily, and your sure to find at least one thats trending.
In short I only trade USD, EURO, AUS, NZD, CAD, CHF, JPY, GBP
thats not much. I already stated my favorites as EU, AU, AJ, USDCAD, USDNZD but when they are not doing much then the CHF and Yen probly are.

BWR,

What's your view on correlations with the DOW, today or any day or is there?
Today the AU and EU dropped like a rock along with the DOW after news.
Maybe there is another way of explaining this.... was it AUD and EUR
weakness beyond USD weakness making the USD the driver on those pairs.
Still the DOW is down from the news and I would think this would drive the
AU and EU up. Similarly, the USDCHF is up on the day.

Just trying to read the market.

From the FF AUSSIE PAIRS thread:

Originally Posted by youalreadykn http://www.forexfactory.com/images/buttons/viewpost.gif
Don't you love when markets become absolutely irrational?

Citigroup reports a writedown we knew about for a LONG time and it causes panic?

The part that is a mystery to me is the USD and EUR strength when they both reported bad economic data today.

Take a look at EUR/AUD and EUR/NOK and there's no reason for those moves today other than panic.

thanks,

Dr. D.
  • #82
  • Jan 15, 2008 1:01pm Jan 15, 2008 1:01pm
Let's see if I can reason with the irrational.

Carry trade unwinding drops the yen pairs that were rising...
EJ and AJ.
The UJ and GJ were already weakening so the reaction wasn't significant
beyond the news.
The weakness felt by the EUR and AUD produced more reaction in the
EU and AU than seen in the GU or UC.

Just a thought.

Any others would be appreciated.

Dr. D.
  • #83
  • Jan 15, 2008 1:16pm Jan 15, 2008 1:16pm
The Dow is an index of the top 30 companies in America, It could be more I'm not sure. When the Dow drops then that means the average price of all of the top 30 companies drop. Most people feel this is the best indicator of how the economy is doing, and the strength of the economy affects it's currency.
It's a whole spider web of macroeconomics and we are only one sting. Exactly how the dow affects the yen pairs or commodity pairs I really don't know, nor do the smartest economists. It's all theory based.
All I know is there are four things that moves the price. Supply, Demand, Fear and Greed.
Just Trade It
  • #84
  • Jan 15, 2008 3:21pm Jan 15, 2008 3:21pm
In response to a few p.m's here is how you really become successful.
One of the biggest blocks to being successful is not your trading system, money management, or risk management. It's you subconscious. Even if you want it is not enough, you must believe thats its possible to be successful not only in forex but in anything you do. I have developed a mantra that stresses several words that if you repeat this several times a day, everyday, in front of a mirror, it will come true. Trust me. You must repeat this word for word so print it out, memorize it and repeat, repeat and repeat it some more.
Say it in front of a mirror face to face, eye to eye with yourself and BELIEVE what you are telling yourself. Stress the words that are in bold print.


I am a professional trader. My job is to take risk. If I manage my losses and let my profits run I will be successful. Because I am a professional trader, I will forgive myself easily for making mistakes and move on to new opportunity's. I feel great that I have the discipline to control my emotions and the patience required to be a professional trader. I am a professional trader and will make $100,000 by year end. I will achieve this by following my trading plan , setting achievable goals, and controlling my emotions. I am confident and believe in my own ability to be consistently profitable because I AM a professional trader.
Just Trade It
  • #85
  • Jan 15, 2008 3:58pm Jan 15, 2008 3:58pm
Quoting Big Wave Rider
In response to a few p.m's here is how you really become successful.
One of the biggest blocks to being successful is not your trading system, money management, or risk management. It's you subconscious. Even if you want it is not enough, you must believe thats its possible to be successful not only in forex but in anything you do. I have developed a mantra that stresses several words that if you repeat this several times a day, everyday, in front of a mirror, it will come true. Trust me. You must repeat this word for word so print it out, memorize it and repeat, repeat and repeat it some more.
Say it in front of a mirror face to face, eye to eye with yourself and BELIEVE what you are telling yourself. Stress the words that are in bold print.


I am a professional trader. My job is to take risk. If I manage my losses and let my profits run I will be successful. Because I am a professional trader, I will forgive myself easily for making mistakes and move on to new opportunity's. I feel great that I have the discipline to control my emotions and the patience required to be a professional trader. I am a professional trader and will make $100,000 by year end. I will achieve this by following my trading plan , setting achievable goals, and controlling my emotions. I am confident and believe in my own ability to be consistently profitable because I AM a professional trader.

This is on my bathroom mirror as of now. Thanks for posting! I will see it very morning as I brush my tooth
  • #86
  • Jan 15, 2008 4:02pm Jan 15, 2008 4:02pm
Quoting Big Wave Rider

I am a professional trader. My job is to take risk. If I manage my losses and let my profits run I will be successful. Because I am a professional trader, I will forgive myself easily for making mistakes and move on to new opportunity's. I feel great that I have the discipline to control my emotions and the patience required to be a professional trader. I am a professional trader and will make $100,000 by year end. I will achieve this by following my trading plan , setting achievable goals, and controlling my emotions. I am confident and believe in my own ability to be consistently profitable because I AM a professional trader.
Thanks!
Humble Lifetime Member
  • #87
  • Jan 15, 2008 4:03pm Jan 15, 2008 4:03pm
Quoting Big Wave Rider
In response to a few p.m's here is how you really become successful.
One of the biggest blocks to being successful is not your trading system, money management, or risk management. It's you subconscious. Even if you want it is not enough, you must believe thats its possible to be successful not only in forex but in anything you do. I have developed a mantra that stresses several words that if you repeat this several times a day, everyday, in front of a mirror, it will come true. Trust me. You must repeat this word for word so print it out, memorize it and repeat, repeat and repeat it some more.
Say it in front of a mirror face to face, eye to eye with yourself and BELIEVE what you are telling yourself. Stress the words that are in bold print.


I am a professional trader. My job is to take risk. If I manage my losses and let my profits run I will be successful. Because I am a professional trader, I will forgive myself easily for making mistakes and move on to new opportunity's. I feel great that I have the discipline to control my emotions and the patience required to be a professional trader. I am a professional trader and will make $100,000 by year end. I will achieve this by following my trading plan , setting achievable goals, and controlling my emotions. I am confident and believe in my own ability to be consistently profitable because I AM a professional trader.
Best post of the year, bar none. I feel the exact same way about trading and life. If you have a positive mindset towards it, you WILL be successful.
I dream, therefore I become.
  • #88
  • Jan 15, 2008 4:40pm Jan 15, 2008 4:40pm
Umm - I'm afraid I'm going to have to differ.

I believe totally in positive thinking and that it can determine a level of success in life. However, it is far from absolute, and usually needs to be combined with some level of skill and solid work habits.

As a counsellor I have seen countless people who have been told that if they "believe hard enough" and "think positively" that they can become successful and do anything they set their mind to do.

That is a dangerous and deceptive illusion. Talent is not distributed evenly across the population. When a person fails (and many, if not most, will fail at something in their life), they then tend to believe that something is wrong with them.

A positive mindset is important, and may help you pursue success, but it doesn't necessarily help you find it.
  • #89
  • Jan 15, 2008 5:21pm Jan 15, 2008 5:21pm
Quoting hansel
Umm - I'm afraid I'm going to have to differ.

I believe totally in positive thinking and that it can determine a level of success in life. However, it is far from absolute, and usually needs to be combined with some level of skill and solid work habits.

As a counsellor I have seen countless people who have been told that if they "believe hard enough" and "think positively" that they can become successful and do anything they set their mind to do.

That is a dangerous and deceptive illusion. Talent is not distributed evenly across the population. When a person fails (and many, if not most, will fail at something in their life), they then tend to believe that something is wrong with them.

A positive mindset is important, and may help you pursue success, but it doesn't necessarily help you find it.
Your point is well received with me. However, the statement we are discussing mentions "acheivable goal setting", "discipline", "patience" and
"planning". All of these require action on the part of the person who tells himself that he can achieve. The statement above is a call to action in my mind. A motivational tool.

Kind regards-

KissFan
  • #90
  • Jan 15, 2008 5:37pm Jan 15, 2008 5:37pm
Quoting KissFan
Your point is well received with me. However, the statement we are discussing mentions "acheivable goal setting", "discipline", "patience" and
"planning". All of these require action on the part of the person who tells himself that he can achieve. The statement above is a call to action in my mind. A motivational tool.

Kind regards-

KissFan
Humble Lifetime Member
  • #91
  • Jan 15, 2008 9:40pm Jan 15, 2008 9:40pm
Quoting hansel
Umm - I'm afraid I'm going to have to differ.

I believe totally in positive thinking and that it can determine a level of success in life. However, it is far from absolute, and usually needs to be combined with some level of skill and solid work habits.

As a counsellor I have seen countless people who have been told that if they "believe hard enough" and "think positively" that they can become successful and do anything they set their mind to do.

That is a dangerous and deceptive illusion. Talent is not distributed evenly across the population. When a person fails (and many, if not most, will fail at something in their life), they then tend to believe that something is wrong with them.

A positive mindset is important, and may help you pursue success, but it doesn't necessarily help you find it.

Wayne Dyer says it this way..... "You'll see it when you believe it!"
Therein lies the challenge... we all have the seed or gift of faith to
believe, it simply needs to be awakened. We then need to train the
conscious mind to the degree that the subconsious mind acts in kind.
All of this doesn't necessarily need an external counsellor... especially
one who sees the glass half full.

We need to draw from that magnificient omnipotent power and
counsellor within us all.

WBR, I'm all for this simple exercise. It is so simple most will discard it
as unnecessary or useless.

I think it would be good to use your words as a pattern and guide and what
will happen is in time if we are in earnest our own words will come to mind
replacing yours to deepen the process.

Thanks again for a great reminder.

Dr. D.
  • #92
  • Jan 15, 2008 10:09pm Jan 15, 2008 10:09pm
Ash~

I was reading thru the thread. Not sure if you found your cross alert but this one works well and is easy to set up. hope it helps


Quoting Ash
I was doing a search on other forum's looking for a crossover indicator. Found one and did some testing and seems to work fine. I am putting it up over for everyone to download. Hopefully, It will cut down on pulling the trigger a little too early.

You just have to change the preprogrammed values. I tried doing it but I am not a programmer (more of a researcher / investigator / analyst due to my background ). If someone can change the predefined parameters and post it, that would be great, otherwise, we'll just have to take the additional step of changing the values.
Attached File(s)
File Type: mq4 EMA Crossover Signal.mq4   4 KB | 221 downloads
  • #93
  • Edited 4:14am Jan 16, 2008 2:36am | Edited 4:14am
Quoting FXStarShip
Ash~

I was reading thru the thread. Not sure if you found your cross alert but this one works well and is easy to set up. hope it helps
Thanks. I have seen that one. For some reason, the arrows do not line up at the crossover sections. I am currently working on one that should also send out email/txt alerts to an individuals phone when the crossover occurs since we trade on higher TF's and do not need to be constantly in front of our PC's. Another benefit would be that we (if you choose to) would be able to monitor multiple currencies at any given time.

BWR's 8/13 strategy has been working fantastically. In the past I was utilizing the Simple 5/8 crossover but what I have found is that the 8/13 eliminates fake breakouts/crossovers. For example, an individual pointed out that the 5/8 is about to occur on GU and looking at the 4 hour chart, the crossover occurred. Seemed like a nice setup, had it not been for the 8/13, I would have been on the wrong side of the trade.
Humble Lifetime Member
  • #94
  • Jan 16, 2008 3:49am Jan 16, 2008 3:49am
Quoting KissFan
Your point is well received with me. However, the statement we are discussing mentions "acheivable goal setting", "discipline", "patience" and
"planning". All of these require action on the part of the person who tells himself that he can achieve. The statement above is a call to action in my mind. A motivational tool.

Kind regards-

KissFan

That is exactly what it is. Its not enough to think positive. You cant just say "I want to be rich". Well how are you going to get rich? By trading forex? How are you going to trade forex? Do you believe you can be successful in forex despite the fact that 95% of all people loose? How do you get to be in the 5% club?
Think about it........
It all lies in between your eyes. Your subconscious IS the most powerful force that will either make you successful or it wont. No matter how bad you want it, if your subconscious doesn't believe it can happen then it won't. "Whether you think you can or think you can't, either way your right"

My mantra is a tool I designed to mix positive thinking with the actions required to make all that positive and wishful thinking come true. If you say it over and over again you will start to believe that You ARE a professional trader, you will start to believe that you HAVE the discipline to control your emotions and that you HAVE the patience required to be a professional trader. You will then start to follow your trading plan with no emotions, you will then start to set achievable goals. Soon you will achieve your goals and set new ones. And finally you WILL be consistently profitable. All because you programmed your subconscious to not only believe you can become wealthy but you also gave it the tools and actions that it needs to perform in order to become wealthy.

Welcome to the 5% club. Please have a seat, would you like to look at our rare wine list?
Just Trade It
  • #95
  • Jan 16, 2008 4:14am Jan 16, 2008 4:14am
Hey big wave,

I just started reading the strategy with attention and the damn thread is already 7 pages wide.

I'm a lazy pig, cīmon, just tell me: Was there any important changes / improvements in the strategy as it is stated in the first post?

Thanks
  • #96
  • Jan 16, 2008 4:37am Jan 16, 2008 4:37am
Quoting cesarnc
Hey big wave,

I just started reading the strategy with attention and the damn thread is already 7 pages wide.

I'm a lazy pig, cīmon, just tell me: Was there any important changes / improvements in the strategy as it is stated in the first post?

Thanks
Not really, If I do find any then I will update in on the first post like I did with the stop losses. The 100 and 200 ema's are stronger supports then I first realized especially on the daily and weekly time frames, Once price is on the other side off the 200 then you could officially call it a trend reversal. (weekly) When that trader from credit suisse told me about the 100 and 200ema I was like "yeah I heard of them" but I didn't realize how important they are until he mentioned they are on almost every major banks trading software. All it takes is one look and you can see why.
Just Trade It
  • #97
  • Jan 16, 2008 4:41am Jan 16, 2008 4:41am
Quoting Big Wave Rider
Not really, If I do find any then I will update in on the first post like I did with the stop losses. The 100 and 200 ema's are stronger supports then I first realized especially on the daily and weekly time frames, Once price is on the other side off the 200 then you could officially call it a trend reversal. (weekly) When that trader from credit suisse told me about the 100 and 200ema I was like "yeah I heard of them" but I didn't realize how important they are until he mentioned they are on almost every major banks trading software. All it takes is one look and you can see why.
Thanks...
Sitting at the 100 weeks these days
  • #98
  • Jan 16, 2008 6:58am Jan 16, 2008 6:58am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting MPP
were only 5 pages in, i bet we soon see others turning up with the same old - i can't be Ar**** to read the thread so how do i trade this - questions
Like I said, but i didn't expect it to be you Cesarnc
  • #99
  • Jan 16, 2008 9:55pm Jan 16, 2008 9:55pm
Morning BWR....
"IT'S GOING TO BE LIKE COMING INTO THE JUNGLE" - K G
  • #100
  • Jan 16, 2008 9:59pm Jan 16, 2008 9:59pm
It seems Dec 24 low 1.9754 cable can't break. any opinion? Euro already made new low yesterday, Cable will break weekly ema 100?

ps: i'm sorry if my grammar not correct, english is my second language
"IT'S GOING TO BE LIKE COMING INTO THE JUNGLE" - K G
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