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  • #26,801
  • Sep 3, 2008 3:35pm Sep 3, 2008 3:35pm
Quoting magictrader
I'm also looking now for short, but I'm waiting for candle confirmation on H1.
No pinch yet with upside breakout, nevertheless the H4 chart shows the price is breaking up thru the downtrend line (not drawn on accompanying chart, but obvious).

For any major move, I'll wait for consolidation and pinch breakout on this chart, which may or may not happen. If it does, and if the breakout is upwards, the 89 sma and the 1.4700 area is attractive target. The chart fib ext. levels drawn downwards at last major double pinch have the 0% breakdown level at 1.4688, which could be revisited if we get a strong upside move.

I am currently nursing a trade on the M15. I jumped in short on speculation (before confirmed setup breakout) and got my head handed to me. Exited and went long on upside breakout. But the trade is going nowhere fast. This trade was begun at the downturn of the US market....not exactly a high volume good time to trade. Mistake!

Anyway, it looks like everything needs to simmer. It could be a while before any next interesting move.
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  • #26,802
  • Sep 3, 2008 3:36pm Sep 3, 2008 3:36pm
Quoting sdapastor
That gives you very little margin, must have lots of patience, could only do pennies at first and then build it up. You could lose faster than you can earn. Save your money for awhile, practice as mentioned and get consistent good trades. Trust me, I got in before I was ready and they were all too happy to take my money when the margin call came. Lost $5Gs recently, no lie. Take your time, learn this. It is a trade, a job, and something that takes dedication and willingness to study and practice. Luck to you, choose wisely.

M
QFT .. you can lose your money realllly fast. in reality, $134 isnt enough to really get anywhere. save up more and use your demo for now. I went down 10K to down $15K to up $4K to down 10K to even. bouncy ride, but i'm learning quick.
  • #26,803
  • Sep 3, 2008 3:40pm Sep 3, 2008 3:40pm
Quoting avtopilot
I am affraid it will bounce down from 61.8 to 161.8
i may be trippin but did you draw those fibs right?...i got it the other way around with 23.6% being the current support
Different opinions highly valued, ignorant to slander.
  • #26,804
  • Sep 3, 2008 3:40pm Sep 3, 2008 3:40pm
anybody with me for a ride upto 1.48 ??
  • #26,805
  • Sep 3, 2008 3:40pm Sep 3, 2008 3:40pm
Quoting SpecialEd
This question is for anyone who knows a lot about indicators and MT4. Somewhere along the way, I picked up an indicator named "Support and Resistance". The file name is actually "Support and Resistance.ex4".

My question is, does anyone know how these numbers (red diamond dots for resistance; blue dots for support) are calculated? Are they programmed, based on some historical data, or do they simply appear on the fly as a result of one or more price bounces?

If they are programmed based on historical data, I would like know that logic, or basis, so that I can plan. Presently, these numbers just kind of appear out of nowhere. It should would help to know where they are going to appear, like we can with pivots et al.

Thanks to any expert in this area.

Ed
I have reviewed that indicator. It want what I wanted as I was looking for one that allowed user to specify # of time intervals for data, and then would place S2, S1, R1 and R2 on chart....and automatically move lines up/down as time progressed and the calculations dropped old data and brought in new data.

The indicator you are referring to is static. You need to look at the compile to get a handle on how the calculations work. Good luck.
  • #26,806
  • Sep 3, 2008 3:42pm Sep 3, 2008 3:42pm
Quoting psiholog
i may be trippin but did you draw those fibs right?...i got it the other way around with 23.6% being the current support
You're right, I think, psyholog. I fooled with that too.
Up or down, gimme a ticket
  • #26,807
  • Sep 3, 2008 3:42pm Sep 3, 2008 3:42pm
Hi 786, I'm a newbie too, and just like you're now, I also suffered a lot lately, especially after black Friday (8/8/08). What size of lots are you using? I strongly recommend you to go to http://www.babypips.com/school/money_management.html and take a look at it. This is the best Trading School that I found in Internet.

If you're trying to recoup from a big loss right after a loosing trade, the BEST recommendation is STOP trading, manage your emotions, study a lot, plan your next trade (in demo account), and then trade your plan. Once you're confident with your strategy, go back to live account. It usually takes months to years to get that habit and discipline. I'm not trying to discourage you at all, but that's the cruel reality...

Hope this helps.

J

Quoting 786 trading
Any body who made 134$ mini account to 1000$???
I am going to do this with EUR/USD pair and will need help from you guys to save me big loss...i got today big loss I was short at 1.4450 and now my account is very short

So today I will come with new courage and new strength but just courious that is it in reality possible to make 134$ mini account to 1000$ ????? any help plz, or send me PM please if you have any good tip..........
  • #26,808
  • Sep 3, 2008 3:45pm Sep 3, 2008 3:45pm
Quoting Srikanth
anybody with me for a ride upto 1.48 ??
1.48 ????
Is that for real ?
or is it 1.38 !!!
  • #26,809
  • Sep 3, 2008 3:46pm Sep 3, 2008 3:46pm
Quoting traderathome
I have reviewed that indicator. It want what I wanted as I was looking for one that allowed user to specify # of time intervals for data, and then would place S2, S1, R1 and R2 on chart....and automatically move lines up/down as time progressed and the calculations dropped old data and brought in new data.

The indicator you are referring to is static. You need to look at the compile to get a handle on how the calculations work. Good luck.
I use sdx-pivots and sdx-sweetspots (00 and 50 psych levels) for what you describe, specifically the sdx-pivots for S2, S1, R1, etc. I like the more generic support and resistance indi also, but you're right. I need to get to someone who either wrote the indicator or who has used it extensively. They appear to be spot on, but I'm not sure how "smart" they are.

Headed to google. Thanks.
Up or down, gimme a ticket
  • #26,810
  • Sep 3, 2008 3:47pm Sep 3, 2008 3:47pm
Quoting Srikanth
anybody with me for a ride upto 1.48 ??
not likely, although I do have longs I like to get out of 1.4774, 1.4750 but I am loaded to go south
  • #26,811
  • Sep 3, 2008 3:49pm Sep 3, 2008 3:49pm
Quoting Srikanth
anybody with me for a ride upto 1.48 ??

Yes!only long ...long....don`t worry about that..
  • #26,812
  • Sep 3, 2008 3:52pm Sep 3, 2008 3:52pm
Quoting sdapastor
hey guys,

new to actually posting something here but have been reading the stuff here for few months. some good some not so good. whats going on now. I have been going along with trend (down, south, USD strength) but now it is climbing, are we to assume that down trend may be at an end? although H4 and D1 showing trend still exists. I have read some of you guys thinking this may be indicative of a direction change. Are we forgetting election year, other economies just now getting into their recession stages? Don't believe this will go up but could be wrong. Why would I be wrong. Educate me concerning the EURO/USD
No instrument will continue on a straight line.

This pairs drop in August is about the best you'll ever get for a linear move.

Markets are fractal in nature.

They move up and down.

The long term trend is still bearish but you might want to define long term.

There is no change in direction... don't let anyone on this thread tell you otherwise.

There might be consolidation and some retracement but the bears are in control.

Mike
  • #26,813
  • Sep 3, 2008 3:54pm Sep 3, 2008 3:54pm
Quoting sdapastor
not likely, although I do have longs I like to get out of 1.4774, 1.4750 but I am loaded to go south
wow .. those are reallly LONG positions. i'm surprised you're still holding. what are you trading? mini's? or micro's?
  • #26,814
  • Sep 3, 2008 3:59pm Sep 3, 2008 3:59pm
Quoting sdapastor
not likely, although I do have longs I like to get out of 1.4774, 1.4750 but I am loaded to go south
wow !!!
I doubt it'll even break 1.46
  • #26,815
  • Sep 3, 2008 3:59pm Sep 3, 2008 3:59pm
I had studied the babypips.com it is really very good. My initial account was 200 and I do 1000k lot but when it grew bigger 470$ I become greedy and did 40,000 lot and got two time big loss.
I will follow your advise and will stop trading and will do paper trading unless be some confident to come back again. I still have trust and hope I will make 134$ to 1000$ one day. Thanks for all your help guys and tips.

Have a nice trade and good luck for all....

Quoting jeam256
Hi 786, I'm a newbie too, and just like you're now, I also suffered a lot lately, especially after black Friday (8/8/08). What size of lots are you using? I strongly recommend you to go to http://www.babypips.com/school/money_management.html and take a look at it. This is the best Trading School that I found in Internet.

If you're trying to recoup from a big loss right after a loosing trade, the BEST recommendation is STOP trading, manage your emotions, study a lot, plan your next trade (in demo account), and then trade your plan. Once you're confident with your strategy, go back to live account. It usually takes months to years to get that habit and discipline. I'm not trying to discourage you at all, but that's the cruel reality...

Hope this helps.

J
  • #26,816
  • Sep 3, 2008 4:00pm Sep 3, 2008 4:00pm
Quoting kasper
wow .. those are reallly LONG positions. i'm surprised you're still holding. what are you trading? mini's? or micro's?
Mini, $1 had five of them but through scalping and a nice ride south last night able to make $ and take loss on 3 of them. Not sure what will hapen with NFP so holding to see if they will come back. Call me crazy. Any thoughts

Thanks M
  • #26,817
  • Sep 3, 2008 4:04pm Sep 3, 2008 4:04pm
Quoting gagakrimba
wow !!!
I doubt it'll even break 1.46
Gee, your optimistic!
  • #26,818
  • Sep 3, 2008 4:05pm Sep 3, 2008 4:05pm
Ok. I'm short, nice reversal patterns on EU to go down, and correlated UC to go up. Let's see what happen next...
  • #26,819
  • Sep 3, 2008 4:06pm Sep 3, 2008 4:06pm
Quoting gagakrimba
1.48 ????
Is that for real ?
or is it 1.38 !!!
The beauty of these price targets reminds me when the E/U was back in the 1.60xx area and everyone and their grandmother was calling for 1.62xx. "It has to go there" was all you saw and heard.

I'm not ripping anyone for their targets - just have stops in place for when the action moves against your position.
  • #26,820
  • Sep 3, 2008 4:09pm Sep 3, 2008 4:09pm
Quoting txfx
The beauty of these price targets reminds me when the E/U was back in the 1.60xx area and everyone and their grandmother was calling for 1.62xx. "It has to go there" was all you saw and heard.

I'm not ripping anyone for their targets - just have stops in place for when the action moves against your position.
yeah, thats when I lost my $5G basing it on what the analyst were saying.
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