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  • #26,521
  • Sep 3, 2008 1:51am Sep 3, 2008 1:51am
Let's see what London does, the next hour should provide a good indication for the rest of the day.
On the path to Enrichment.
  • #26,522
  • Sep 3, 2008 1:53am Sep 3, 2008 1:53am
Quoting altrader
I know a lot of you are saying it will go up for a reversal soon but let me ask you guys a question.

Why would you enter a long position now given that we got big news at Final Services PMI, Revised GDP q/q,Challenger Job Cuts y/y??

Well at the very least the first two would be pretty important to wait and see what happens right?
if news ever decided the direction of the markets...i do not think it was this week...why would it start now?
Different opinions highly valued, ignorant to slander.
  • #26,523
  • Sep 3, 2008 1:53am Sep 3, 2008 1:53am
Quoting psiholog
in the past year i have lost over $3000. no regrets, i consider it my tuition for my education. on another note....why short now?

ermmm why short.. hmm

i following the trend? never trade against the trend?

sigh guess i am in the wrong boat again...
  • #26,524
  • Sep 3, 2008 1:55am Sep 3, 2008 1:55am

  1. Stay on the right side of the 89 sma. Whatever timeframe chart you have the setup on, only go long if the candles are above the 89 sma. Only go short if the candles are below the 89 sma.

  1. TRIX must be crossed in direction of the intended trade.

  1. SARs should confirm the direction of the breakout.

  1. Look for confirming chart patterns on adjacent timeframes.

  1. Look for confirmation of strength of trend on larger timeframes.

  1. Best trades are when major markets are open. Keep this in mind during low volume “off” hours, when setups may go flat or quickly reverse.

  1. Whipsawing in a range, rather than a trading opportunity, can be an indicator to be patient and await a substantial breakout.

In past two weeks I have demo traded this from approximately $300 to $1,700 beginning with 1 mini-lot trades until the account grew, with a rule of thumb of 1mini-lot per $300 account value.

  • #26,525
  • Sep 3, 2008 1:57am Sep 3, 2008 1:57am
Quoting psiholog
in the past year i have lost over $3000. no regrets, i consider it my tuition for my education. on another note....why short now?
Because we are some pips under S1, because we are some pips under 61.2 Fib and because the trend is short.

Edit: if it works is standing an another paper but he had reasons, may be the first time.
Gonna trade now, see you tomorrow.
Bye
  • #26,526
  • Sep 3, 2008 1:58am Sep 3, 2008 1:58am
Quoting altrader
I know a lot of you are saying it will go up for a reversal soon but let me ask you guys a question.

Why would you enter a long position now given that we got big news at Final Services PMI, Revised GDP q/q,Challenger Job Cuts y/y??

Well at the very least the first two would be pretty important to wait and see what happens right?
agree
  • #26,527
  • Sep 3, 2008 2:00am Sep 3, 2008 2:00am
Quoting trading801
i can only trade 10 cent per pip now..

and left with $5 USD. shorted at 1.4452.


i cannot give up.

my boat is full of up and downs.. i should start a blog on my FX encounter man ... sigh.. but its heart pain for the $ loss..

as of now, -$780 USD
Sorry about your loss! But the first thing you need to do is stop trading right now! Step back and gather yourself.
You have to be honest with yourself. You were bottom hunting, not that is all bad but you have to do it at a support point and take the loss if it breaks, period. If you don't know how to find S/R points now would be a good time to learn. Taking losses sooner rather then later is an important but hard to learn part of trading.
Step back and gather yourself, your emotional now and that plays no part in trading.
Good luck and trade well.
  • #26,528
  • Sep 3, 2008 2:01am Sep 3, 2008 2:01am
Quoting psiholog
if news ever decided the direction of the markets...i do not think it was this week...why would it start now?
Yeah i sorta see what you mean. I guess what I mean is that it will be volatile and stops could be triggered un-intentionally.

Hmm...

I guess at the moment I like to wait for the news to see what it does and then I trade a little bit after the dust settles. Like right now there could be a reversal but until we get a strong up bar or something that is more obvious then one can only really go with the most recent big trend and that is still down.

I'm still working this stuff out though so I don't know.

edit: Also, I will say that a major area of support has been broken on both Oil and Gold. The 108.9 level for Oil and the 802.2 level for gold. I see this thing going down further before any bounce.

There is a strongish level of support building on gold at the 798.38 and this support could push gold back up through the 802 level. However if the 798 level is breached strongly then gold will tank and by correlation, so too will the EURO.
  • #26,529
  • Sep 3, 2008 2:06am Sep 3, 2008 2:06am
guys.. i am topping up $200 more ... this brings me to total spent $1000

my game plan is to make 200 = 1000

this is to cover my loss.. i know the urge to be impatient is there arrgghh

ok.. with such capital, i am thinking of .. making for the right entry, using

SL 10
TP 20 @ $1 per pip.. this is 5% risk gives me 20 tries.

Folks pls comment.. is this feasible?
  • #26,530
  • Sep 3, 2008 2:11am Sep 3, 2008 2:11am
Quoting trading801
guys.. i am topping up $200 more ... this brings me to total spent $1000

my game plan is to make 200 = 1000

this is to cover my loss.. i know the urge to be impatient is there arrgghh

ok.. with such capital, i am thinking of .. making for the right entry, using

SL 10
TP 20 @ $1 per pip.. this is 5% risk gives me 20 tries.

Folks pls comment.. is this feasible?
Hey dude, can you say why you don't demo trade for a while and then use your real money? or, what about demo trading mostly and then when you are absolutely confident about a trade going your way, make the trade using your live account?

edit: so in other words do both demo trading and live account trading at the same time but only make a trade on your live account when you are really really confident that you will be successful.
  • #26,531
  • Sep 3, 2008 2:15am Sep 3, 2008 2:15am
this still could still go either way....1.4465 needs to be decisively broken still....i am getting cold feet and debating whether to lock in profit now before it becomes a loss
Different opinions highly valued, ignorant to slander.
  • #26,532
  • Sep 3, 2008 2:17am Sep 3, 2008 2:17am
Looks like the $783 support line will be tested today...

edit: I mean this week or the following week,
  • #26,533
  • Sep 3, 2008 2:18am Sep 3, 2008 2:18am
Quoting traderathome
In past two weeks I have demo traded this from approximately $300 to $1,700 beginning with 1 mini-lot trades until the account grew, with a rule of thumb of 1mini-lot per $300 account value.
What's your average sl ? In general a leverage of about 33 which is what you're using with one mini lot per 300$, is too high. 10 pips and you're down 3.3%, 20 pips which sounds like about a reasonable sl for you to use with that strat is 6.6%, that's too much to risk on one trade if you want to profit long term..
On the path to Enrichment.
  • #26,534
  • Sep 3, 2008 2:18am Sep 3, 2008 2:18am
Actually, if it closes below 4465 and it already has.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD240.gif Size: 8 KB
  • #26,535
  • Sep 3, 2008 2:20am Sep 3, 2008 2:20am
Quoting trading801
guys.. i am topping up $200 more ... this brings me to total spent $1000

my game plan is to make 200 = 1000

this is to cover my loss.. i know the urge to be impatient is there arrgghh

ok.. with such capital, i am thinking of .. making for the right entry, using

SL 10
TP 20 @ $1 per pip.. this is 5% risk gives me 20 tries.

Folks pls comment.. is this feasible?

NO... try demo trading with 10pips SL, I bet you get hit 7-8 times out of 10...
if I trade with 10 pips SL, I think it will get hit 5 times out of 10!
  • #26,536
  • Sep 3, 2008 2:23am Sep 3, 2008 2:23am
here we go guys...g/u dropping as well....
  • #26,537
  • Sep 3, 2008 2:24am Sep 3, 2008 2:24am
Quoting trading801
guys.. i am topping up $200 more ... this brings me to total spent $1000

my game plan is to make 200 = 1000

this is to cover my loss.. i know the urge to be impatient is there arrgghh

ok.. with such capital, i am thinking of .. making for the right entry, using

SL 10
TP 20 @ $1 per pip.. this is 5% risk gives me 20 tries.

Folks pls comment.. is this feasible?

It is possible to start with $300 and trade cautiously, and thereby increase the account to $1,000. I have demo traded in two weeks from approximately $300 to almost $1,700 now. But, you have to be VERY cautious, sticking to only the best setups, and be quick to take profits after reasonable runs. Money management is a key....don't lose money! If you enter only the best setups, you should not find yourself newly in a trade that is already into a nasty loss! Know before you enter a trade how much loss you will accept. And practice on your failing trades, getting out even before that maximum loss is reached!!!!!! It is better to waste spread costs than to waste them plus more! So consider getting out close to your entry. If you find you are getting out a lot without making money, then re-examine your entry criteria for ways to improve.
  • #26,538
  • Sep 3, 2008 2:26am Sep 3, 2008 2:26am
Do the EUR and GBP have any pulse left?

Man they've been beaten to death, haven't they?
  • #26,539
  • Sep 3, 2008 2:26am Sep 3, 2008 2:26am
Squeeze on 5 chart. Not double pinched. Let's see....and already close to LOD, so not much more to go. But....
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd 5 minute breakout #2.gif Size: 40 KB
  • #26,540
  • Sep 3, 2008 2:29am Sep 3, 2008 2:29am
Quoting trading801
ermmm why short.. hmm

i following the trend? never trade against the trend?

sigh guess i am in the wrong boat again...
nah i dont think so. Not today anyway... 1.4370is for me tonight. Who knows
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