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Auslanco - GBP/JPY and GBP/USD (newstrade)

  • #63,021
  • Feb 21, 2008 12:47pm Feb 21, 2008 12:47pm
This is support from yesterday .. .210.2 was a hard area to breach. Next stop 209.67 if it breaks down.

Note DJ-30 right on strong support 12286 right now. If it breaks this she is going down. Been short DJ-30 since 12460 .. like making 174 pips in a day as I trade DJ-30 index at same 1% margin.

Break down of 210.2 is also a confirmation break down of the 50 sma on the 30 min also.
Blogging daily now at www.volume.zone
  • #63,022
  • Feb 21, 2008 12:48pm Feb 21, 2008 12:48pm
Quoting malcolmb14
This is support from yesterday .. .210.2 was a hard area to breach. Next stop 209.67 if it breaks down.

Note DJ-30 right on strong support 12286 right now. If it breaks this she is going down. Been short DJ-30 since 12460 .. like making 174 pips in a day as I trade DJ-30 index at same 1% margin.

Break down of 210.2 is also a confirmation break down of the 50 sma on the 30 min also.
  • #63,023
  • Feb 21, 2008 12:49pm Feb 21, 2008 12:49pm
Quoting quecee5


Simply put - we put ourseleves at risk when we are on the wrong side of the trade. . .

The difference between Traders and Gamblers is;

Traders focus on managing losses!

Gamblers focus on managing profits!

Get an edge in the market, makes trading so much easier!

If everyone knew the secrets then there would be no MARKET =

Cheers and happy trading!
it's just that sometimes i get confused whether i'm a trader or a gambler.
anyway, well put.
  • #63,024
  • Feb 21, 2008 12:51pm Feb 21, 2008 12:51pm
Quoting forexnovice
Volume indicator: http://www.forexfactory.com/showthread.php?t=66078
Thanks for the link. Have you tried out the indicator they put together over there ? Seems interesting, but who doesn't say that when trying out a new indicator
Measure twice, cut once
  • #63,025
  • Feb 21, 2008 12:56pm Feb 21, 2008 12:56pm
hohoho looking cute eh? it's on my chart now mate and make me smile..but that data only from your broker, not from all over the world.still..cute

Quoting aediaz1
Thanks for the link. Have you tried out the indicator they put together over there ? Seems interesting, but who doesn't say that when trying out a new indicator
  • #63,026
  • Feb 21, 2008 12:57pm Feb 21, 2008 12:57pm
it may drop more?

see you guys later. i'm out for today. i think i gained enough for one day.

watch closely with laguerrre-ACS, MACD, RSI, and QQE15 turning up. if these match, it's time to load up to the long side.
  • #63,027
  • Feb 21, 2008 12:58pm Feb 21, 2008 12:58pm
RE Scalping .... / daytrading.

I had this same conversation I see in the message board with my Partner the other day. He hates the way I go and scalp / day trade in our forex fund as he considers it to high risk. I on the other hand think position trading in this market is to high risk due to the large draw down you can have before a trade works for you.

My arguement was : why wait for that 2000 pip move over 2 months when day trading or scalping the markets gets you anything from 50 - 200 pips per day.

he has seen my returns over the last 2 months and now believes that there are various ways to trade this market.

He uses hedging . I think that is a waste of time , unless you are hedging a long term winning position that is deep in profit.

Each trader should use the time period and method that works for them. I used to trade 4 hour and 2 hour charts, now I trade 5 , 10 and 15 min charts , confirmed by trend direction on 30 min and 60 min. The change only due to the current volatile market conditions.

The real out come we all want in our indivdual trading style is to make $$$$$.
Blogging daily now at www.volume.zone
  • #63,028
  • Feb 21, 2008 12:59pm Feb 21, 2008 12:59pm
IMO in this kind of non trending market and market with huge whipsaws even if you make 50 pips or less a day you are an excellent trader
  • #63,029
  • Feb 21, 2008 1:06pm Feb 21, 2008 1:06pm
In regards to gambling / trading comment , .a few pointers for the newer traders.

Never think about making money.

Think about the risk and manage the risk.

Plan the trade and know why you got in the trade and have a target price.(I keep a log and when I mess up because I got into a trade that did not fit my trading parameters I have to explain it to myself in the trading log. Then I close the log and hit myself over the head 10 times with it for being a dumb dumb)

Have a good risk / reward ratio.

and my favourite one of all time:

TRADE TO TRADE WELL , NOT TO MAKE MONEY.

If the trade is planned and executed well watch the profits roll in without you even thinking about them.
Blogging daily now at www.volume.zone
  • #63,030
  • Feb 21, 2008 1:13pm Feb 21, 2008 1:13pm
Quoting malcolmb14
In regards to gambling / trading comment , .a few pointers for the newer traders.

Never think about making money.

Think about the risk and manage the risk.

Plan the trade and know why you got in the trade and have a target price.(I keep a log and when I mess up because I got into a trade that did not fit my trading parameters I have to explain it to myself in the trading log. Then I close the log and hit myself over the head 10 times with it for being a dumb dumb)

Have a good risk / reward ratio.

and my favourite one of all time:

TRADE TO TRADE WELL , NOT TO MAKE MONEY.

If the trade is planned and executed well watch the profits roll in without you even thinking about them.
What great advice this is.
  • #63,031
  • Feb 21, 2008 1:18pm Feb 21, 2008 1:18pm
Quoting parlenk
hohoho looking cute eh? it's on my chart now mate and make me smile..but that data only from your broker, not from all over the world.still..cute
Aye aye, it certainly do, especially after removing that margin line
Measure twice, cut once
  • #63,032
  • Feb 21, 2008 1:25pm Feb 21, 2008 1:25pm
This thread gets funnier by the day. . .

Cheers!
  • #63,033
  • Edited Feb 22, 2008 2:28am Feb 21, 2008 1:25pm | Edited Feb 22, 2008 2:28am
Quoting quecee5
No, you are there my friend! =
U should have done well on those shorts and longs this week!
Keep posting them great charts my friend!
I dont like to disagree with you my Friend but I have still miles to go before I get THERE.

All my longs fared miserably this week!

Still holding one short from last week-213.35 targeting 193.35 (yes you read that right ). Moved protective stop to 212.35 if price has other plans...

Have added 2 shorts @ 211.7 with first TP1 208.7. SL 100 pips on both trades, will lower stops as price moves further south.

Will add more shorts as PA dictates..

GLT !
Attached Image (click to enlarge)
Click to Enlarge Name: 4hr gj.gif Size: 20 KB
  • #63,034
  • Feb 21, 2008 1:38pm Feb 21, 2008 1:38pm
Sorry for the stupid question but cant see the chart I uploaded just now. Newline's chart is also not visible whereas charts on the other pages are. Does anyone else have this problem ?
  • #63,035
  • Feb 21, 2008 1:43pm Feb 21, 2008 1:43pm
Quoting forexnovice
Sorry for the stupid question but cant see the chart I uploaded just now. Newline's chart is also not visible whereas charts on the other pages are. Does anyone else have this problem ?
Forex factory melt down.
Indicators show the past. Price Action "Indicates" the future.
  • #63,036
  • Feb 21, 2008 1:44pm Feb 21, 2008 1:44pm
Quoting forexnovice
Sorry for the stupid question but cant see the chart I uploaded just now. Newline's chart is also not visible whereas charts on the other pages are. Does anyone else have this problem ?
nouch..i haven't this problem.
refresh your page
  • #63,037
  • Feb 21, 2008 1:45pm Feb 21, 2008 1:45pm
Conspiracy theory more likely
  • #63,038
  • Feb 21, 2008 1:49pm Feb 21, 2008 1:49pm
Quoting shahroodi
nouch..i haven't this problem.
refresh your page
Thanx Bud. I tried that & also logging out but the problem persists. Guess I will hit the sack for now.

Good Night all
  • #63,039
  • Feb 21, 2008 1:59pm Feb 21, 2008 1:59pm
There's a nice 4 hour pin coming up on my charts that close at 3 PM here. It's off of support and the retracement, so it's looking good to add more longs to me. Best of luck to everybody, I'm out till tomorrow.
I dream, therefore I become.
  • #63,040
  • Feb 21, 2008 1:59pm Feb 21, 2008 1:59pm
Gbpjpy is hogging the action here, however these are some gu charts.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: daily.PNG Size: 20 KB
Click to Enlarge Name: 4hr.PNG Size: 21 KB
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