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  • #4,881
  • Feb 29, 2008 7:52am Feb 29, 2008 7:52am
I'm looking now at usd-jpy, have you noticed what a good opportunity is that? *_*
  • #4,882
  • Feb 29, 2008 7:59am Feb 29, 2008 7:59am
Quoting acidguy
4:30am CHF SVME PMI

4:55am EUR German Manufacturing PMI

this ones can be bad...

probably this could skyrocket the pair donwside as much of the usd pressure coming from swissy also.

and now, cross fingers then hope we close below 1.5150 today.
I don't see that news in my calendar... why?
  • #4,883
  • Feb 29, 2008 8:04am Feb 29, 2008 8:04am
Quoting tunera
I don't see that news in my calendar... why?
It's for next Monday, March 3rd
  • #4,884
  • Feb 29, 2008 8:05am Feb 29, 2008 8:05am
Quoting Fx_Genius
It's for next Monday, March 3rd
Ohhhhhhh, i seee... sorry i was just thinking about today Monday we'll think about monday
  • #4,885
  • Feb 29, 2008 8:08am Feb 29, 2008 8:08am
Quoting tunera
I'm looking now at usd-jpy, have you noticed what a good opportunity is that? *_*
Just read DailyFX - they think it's starting a MAJOR downtrend, so I'd think twice about that...
On the path to Enrichment.
  • #4,886
  • Feb 29, 2008 8:11am Feb 29, 2008 8:11am
Don't believe everything you read at FXCM
  • #4,887
  • Feb 29, 2008 8:11am Feb 29, 2008 8:11am
oh man, euro bulls are not happy with the rally they ve had and still want more blood. this usd is dropping at accelerated pace.

probably hey obsessed with the 1.60 number.
who are the big euro bulls, countries like china, iran and russia?
  • #4,888
  • Feb 29, 2008 8:12am Feb 29, 2008 8:12am
MMMmm, maybe they are right, anyway i look for intraday positions, i know we are in a downtrend started from 124.5, now we'r at 104 area.. just 2400 of downtrend, i don't know when it will finish, but i look to take 50-100 pips, anyway still not entered long, but if price give signals of buy i'm ready for buy, looking for 50-100 pips

---- talking aboud usd-jpy, answering to "Just read DailyFX - they think it's starting a MAJOR downtrend, so I'd think twice about that..." ----
  • #4,889
  • Feb 29, 2008 8:17am Feb 29, 2008 8:17am
Quoting tunera
MMMmm, maybe they are right, anyway i look for intraday positions, i know we are in a downtrend started from 124.5, now we'r at 104 area.. just 2400 of downtrend, i don't know when it will finish, but i look to take 50-100 pips, anyway still not entered long, but if price give signals of buy i'm ready for buy, looking for 50-100 pips
That's cool I think People looking for 108-110 again.. not so cool..
On the path to Enrichment.
  • #4,890
  • Feb 29, 2008 8:19am Feb 29, 2008 8:19am
I thought this was an EU thread
  • #4,891
  • Edited 8:41am Feb 29, 2008 8:25am | Edited 8:41am
Quoting Jurrasic
That's cool I think People looking for 108-110 again.. not so cool..
You know i usually never look for over-day positions, i mean, if i buy (in this case), i will look to where the day-high can be, i guess if price start to go up it will reach 104.90-105.00 area, or maybe not, this is speculation, nothing is sure, we just have to take what the market have to offer, and be as much realistics as possible, because every error is payed with real money, every error cost!! I sold eur-usd and closed at 1.5155 because i was guessing it can be the today low, well it continued down for other 10-15 pips (leaved in the table ), ok, but if i was looking for a 1.5100 now i would be with a -10 floating position.. be realistic

P.s. I entered long u/j

FxStarShip: You are right, sorry for my posts.. i'll stop posting about usd-jpy from now, tnx
  • #4,892
  • Feb 29, 2008 9:01am Feb 29, 2008 9:01am
hmm, so the 5150 still is intact! somebody here previously mentioned a contrary statment to going short and i agree with him/her. a short entry at the moment might be a more then required agressive move, although the pair is certain to go down, it's always nice to add a bit of visualization to your anticiaption....hold your horses guys!!!

as for me....i'll place a pending order below the main supprt level of 5150...it's almost bedtime for me here....Zzzzz....
I believe . . .
  • #4,893
  • Feb 29, 2008 9:11am Feb 29, 2008 9:11am
Nah.. forget it, this larger drop may happen and may not at all, it's pure specualtion in my opinion.. only thing is certain I think is it will eventually go higher than it is now even if there's a drop a bit below 1.5.. I'm hedged 2:1 long with small positions, if there's a drop I win and wait a bit for the uptrend to resume, if it goes up I win too.
On the path to Enrichment.
  • #4,894
  • Feb 29, 2008 9:14am Feb 29, 2008 9:14am
Longs duck diving through the face only to sucked "over the falls"... it's a rough place to be. Hold your breath!

  • #4,895
  • Feb 29, 2008 9:17am Feb 29, 2008 9:17am
Quoting TIckerShuffl
Longs duck diving through the face only to sucked "over the falls"... it's a rough place to be. Hold your breath!

lol true! although Eu was'nt all that hot for me today, i still think it's not really worth the risk for now, the week is at the close and we can't expect much to have a comfortable weekend, i rather prefer to stay out...again look at my sig...
I believe . . .
  • #4,896
  • Edited 10:02am Feb 29, 2008 9:35am | Edited 10:02am
In previous post, I had discussed with you that wave 5 of 3 has completed in the hourly chart and we are due for a correction in wave 4.

The price drop from 1.5240 to 1.5145 could have completed wave 4 within five waves up.

Another possibility is that wave 4 is not complete and we will see a lower low below 1.5145 BUT!

Be careful here, EURUSD next week is due for another last impulsive wave to complete wave 5. So I really see going long with some type of adding to position down to 1.5050 area is going to pay out.

Regardless of eave 4 completion targets are above 1.5240 to be more specific 1.53/1.54 next week.

(My chart is in a previous post)
  • #4,897
  • Feb 29, 2008 9:51am Feb 29, 2008 9:51am
Quoting TIckerShuffl
man this pair is torture

It keep probing new lows, but these bounces are frustrating.

When I close my positions the trade keeps moving in my favor. When I am in the money and I try to ride it out, it back against me. It never fails

well, we all experienced the same thing. feels like someone out there knows when you bought and sold and make the market go against you.
you must grow out of it.

my advice from my 15 year trading experience is this:

1. set up a simple and high probable trading strategy.

2. people say don't let your emotion take over your trade, but uless you're a robot, it's almost impossible. (at least for me) so the best thing to avoid from many losing trade is DO NOT TRADE MORE THAN TWO OR THREE TIMES A DAY. SET UP THE TIME FRAME (2-4HOURS) AND WAIT FOR YOUR TRADING STRATEGY SET UP. THINK OF A PATIENT LION WHEN IT HUNTS.

3. go for a small pips. imagine that you make 5pips each day with just $2000 compounding. your life will be set in about 6months. will you ever lose? yes, when you lose, you have to manage not to lose too much. the loss has to be off set within a couple of days of trading.

this is what i do and consistantly make good money on the forex market.
l live in southern california, so my trading time is PST 10pm-12pm and 8AM-10:30AM. i have two little kids, so i had to figure out when was the best time to trade and these time frames gave me the best results. which means i play before the wave moves and after wave came and about to be gone away. one play at night and one play at morning. aiming for 5-20pips.

yesterday i'm not sure people paid attention to my post about divergence.
after making a short 12pips, i realized that E/U was diverging, so i kinda took a risky trade. i shorted befor going to bed and set up the s/l and p/t.
i gained 28pips. this moring another 10pips from USD/JPY shorting when it reached 21ema line.

if you like, i will share my trading style and discuss. thank you.
  • #4,898
  • Feb 29, 2008 9:57am Feb 29, 2008 9:57am
I'm up approximately 12.2% on the week for EU (the only pair i trade), using a simple scalping method watching p/a. I use full leverage on my account for every trade (100% of account value), which most may not agree with. The way I see it, why would you only use 10% of your account value, while that other 90% is just sitting there doing nothing? Why not take that 90% and put it in a high-yield savings account or other investment vehicle? I can't help but wonder why the individuals who claim they made 300 pips profit only equates to 6% of their account? That would be 300% profit for me, which seems much more lucrative (at least on paper). I am by no means trying to devalue anyones trading methods (I ain't mad at ya). Rather, I am trying to gain some insight into the thought process that goes along with trading on reduced leverage, especially if T/Ps and S/Ls are used? How is this decision made, and what information/data is it based on?

Happy Trading!
  • #4,899
  • Feb 29, 2008 10:03am Feb 29, 2008 10:03am
Quoting PhorPhunn
I'm up approximately 12.2% on the week for EU (the only pair i trade), using a simple scalping method watching p/a. I use full leverage on my account for every trade (100% of account value), which most may not agree with. The way I see it, why would you only use 10% of your account value, while that other 90% is just sitting there doing nothing? Why not take that 90% and put it in a high-yield savings account or other investment vehicle? I can't help but wonder why the individuals who claim they made 300 pips profit only equates to 6% of their account? That would be 300% profit for me, which seems much more lucrative (at least on paper). I am by no means trying to devalue anyones trading methods (I ain't mad at ya). Rather, I am trying to gain some insight into the thought process that goes along with trading on reduced leverage, especially if T/Ps and S/Ls are used? How is this decision made, and what information/data is it based on?

Happy Trading!
I quite lean towards this trading style. A full margin 5-10 pips are worth that 100 pip trade someone might be taking.

Actually, by looking at the chart we can find many exploits
  • #4,900
  • Feb 29, 2008 10:03am Feb 29, 2008 10:03am
Quoting newline
well, we all experienced the same thing. feels like someone out there knows when you bought and sold and make the market go against you.
you must grow out of it.

my advice from my 15 year trading experience is this:

1. set up a simple and high probable trading strategy.

2. people say don't let your emotion take over your trade, but uless you're a robot, it's almost impossible. (at least for me) so the best thing to avoid from many losing trade is DO NOT TRADE MORE THAN TWO OR THREE TIMES A DAY. SET UP THE TIME FRAME (2-4HOURS) AND WAIT FOR YOUR TRADING STRATEGY SET UP. THINK OF A PATIENT LION WHEN IT HUNTS.

3. go for a small pips. imagine that you make 5pips each day with just $2000 compounding. your life will be set in about 6months. will you ever lose? yes, when you lose, you have to manage not to lose too much. the loss has to be off set within a couple of days of trading.

this is what i do and consistantly make good money on the forex market.
l live in southern california, so my trading time is PST 10pm-12pm and 8AM-10:30AM. i have two little kids, so i had to figure out when was the best time to trade and these time frames gave me the best results. which means i play before the wave moves and after wave came and about to be gone away. one play at night and one play at morning. aiming for 5-20pips.

yesterday i'm not sure people paid attention to my post about divergence.
after making a short 12pips, i realized that E/U was diverging, so i kinda took a risky trade. i shorted befor going to bed and set up the s/l and p/t.
i gained 28pips. this moring another 10pips from USD/JPY shorting when it reached 21ema line.

if you like, i will share my trading style and discuss. thank you.
Thank you very much for the well thought out post. I would gladly talk with you about your strategy. I have been trying to add polish to a higher risk strategy I used last year that worked gerat when I was on the right side of the trade, but gave me even more grey hair when it did not work so well. I have learned a lot about how to handle disaster trades, but would perfer to find better entries and spend more time trying how to maximize profits on a trade that starts out well. I have been very fortunate thus far, and my gripe that you replied to was mostly in jest, however some of the biggest truths are spoke in jest.

I moved back to PA 5 years ago from CA, I sure miss the trading schedule I used to enjoy out there - when I was more of an equity trader. I would be done by 1pm and could take walks on the beach with my daughter. now I ahve two kids and I understand how they can effect you time frames. I will take a closer look at your referrences times to trade, because I am looking too, and see if I can draw a correlation to my strategy. Currently I like to be up to check my positions by 6:30 am EST because seems lots of action around that time...

Until then, best regards
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