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  • #27,161
  • Sep 4, 2008 10:54am Sep 4, 2008 10:54am
Quoting kasper
mind explaining "wedge" for a newbie?
Sorry english is my second language
wedge for me is triangle,chock - basically range where price is squeezing
  • #27,162
  • Sep 4, 2008 10:56am Sep 4, 2008 10:56am
Quoting 5ysfx
Sorry english is my second language
wedge for me is triangle,chock - basically range where price is squeezing
no, your english is fine. its just I dont quite understand the concept.
  • #27,163
  • Sep 4, 2008 11:02am Sep 4, 2008 11:02am
Quoting 5ysfx
if gold will break 825$ today then i agree with u
if wont then i say 760$ before Friday close
Yes this time I was completely wrong. My expectations were for gold to break through 830 USD ( thats where my stop order is ).

But tomorrow is NFP and I think it will be a bit of a let down in terms of volatility.

Good trading all
  • #27,164
  • Sep 4, 2008 11:09am Sep 4, 2008 11:09am
Quoting SamuelOnline
Hum...

I am sure...along news, the market is driven principally by despaired newbies and bad traders...

This is why the market is so confused...

You will learn only when your account is empty...
As you can tell from your last post.

Well...long...with TP around 1.4550...

  • #27,165
  • Sep 4, 2008 11:11am Sep 4, 2008 11:11am
Quoting Two percent
Yes this time I was completely wrong. My expectations were for gold to break through 830 USD ( thats where my stop order is ).

But tomorrow is NFP and I think it will be a bit of a let down in terms of volatility.

Good trading all
It's less a matter of right/wrong and more of r:r, shorting at 540 area with just a 20 pip sl was a good trade when chances looked just a bit more favourable for longs there still and such a big potential tp - as 4550-4560 was the primary resistance area.
On the path to Enrichment.
  • #27,166
  • Sep 4, 2008 11:14am Sep 4, 2008 11:14am
are we seeing a possible retrace this year or we have to wait for next year.lol.i hope to see a little retrace before those freakish asians wake up and disrupt this flow
  • #27,167
  • Sep 4, 2008 11:18am Sep 4, 2008 11:18am
hi

i am long @ 1.4367 TP 1.4427 SL 1.4337

risking about 6% of my capital.. is this much better improvement of my style bros?
  • #27,168
  • Sep 4, 2008 11:20am Sep 4, 2008 11:20am
http://4.bp.blogspot.com/_nmIuQsC9b-...R_USD+Spot.png
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  • #27,169
  • Sep 4, 2008 11:26am Sep 4, 2008 11:26am
Quoting trading801
hi

i am long @ 1.4367 TP 1.4427 SL 1.4337

risking about 6% of my capital.. is this much better improvement of my style bros?
u are bucking the trend
isnt safer short from ur TP level mean 1427 area with SL 30 pips above ?
imo i think wont reach that level even.
  • #27,170
  • Sep 4, 2008 11:31am Sep 4, 2008 11:31am
Quoting acumen
Or find this pair a parachute.

i don't know mike, even that isn't a sure thing...

(look close)
Attached Image
FUBAR...
  • #27,171
  • Sep 4, 2008 11:36am Sep 4, 2008 11:36am
im long 14330 and my tp 14400..hopefully it will go there
  • #27,172
  • Sep 4, 2008 11:37am Sep 4, 2008 11:37am
well..... recently... when stocks go down.. USD goes down ok.. but if EUR goes lower... there can only be one winner.. to be safer buy JPY !
  • #27,173
  • Sep 4, 2008 11:40am Sep 4, 2008 11:40am
Quoting mrmunir
im long 14330 and my tp 14400..hopefully it will go there

Just shorted from 1.4355.
  • #27,174
  • Sep 4, 2008 11:41am Sep 4, 2008 11:41am
Quoting 5ysfx
u are bucking the trend
isnt safer short from ur TP level mean 1427 area with SL 30 pips above ?
imo i think wont reach that level even.
We'll be back at 45 tommorow as I see it..

trading801, 6% is way too much to risk on any trade/s. You won't last long that way even if you're very good. You have to understand money management basics - there're mathematical formulas that describe this - the maximum drawdown and it's likeliness for certain amount of capital risked per trade. You don't have to know those and they don't fit unless your risk is precisely the same on each trade anyway. But what you do need to realize is that even someone who can manage a high win to loss will have a series of losses at some point or another - it's the randomality factor that's always present. If you risk too much per trade, when that series happens, and it will happen in the long term no matter how good you are like I said, your account will suffer a heavy drawdown. And remember that losing 75% of your account is a lot easier than growing it back 4 times or gaining 300%. At some point your eventual long term balance will go to 0, instead of growing at an optimal average rate, if you risk too much, even if you're an fx super-uber-genius-overlord. Try risking no more than 1% per trade. As for your sl - you want your sl to have some practical meaning, in this case for example placing it under the low is better than above it, even better - below 43, that would still give your trade a 1:1 r:r or a bit better had you entered sooner. Don't do it now though cause you'll risk even more.
On the path to Enrichment.
  • #27,175
  • Sep 4, 2008 11:42am Sep 4, 2008 11:42am
Quoting trading801
hi

i am long @ 1.4367 TP 1.4427 SL 1.4337

risking about 6% of my capital.. is this much better improvement of my style bros?
Hi Trading 801,

Noticed your message and I want to comment this:

If 6% of your capital is 30 pips, then your leverage is 20:1. I personally believe this is very high and therefore you cannot remain emotionally detached from the trade you placed.

Maybe you can win 1-2-10 trades like that but at some point you will have a loss trading with this leverage and that can affect you both monetary and emotionally. Believe me, things can very quickly spiral out of control.

Plus, 30 pips is just noise and can be too close from the market so that you can allow it to take its zig-zagged course up, down or sideways.

Personally, whenever I traded that leveraged, I found myself taking occasional small profits and being enclined to accept larger losses.

I find it very difficult trading with that kind of leverage. Usually I try not to use more than 7-8:1. This allows me to be "relaxed" if something goes agains me. I also try not to risk more than 2% per trade (although I am still stuglling with this one, I must admit).

Anyway, the best of luck and hope you find my comment useful (as I intended).

All the best,

Bogdan.
  • #27,176
  • Sep 4, 2008 11:45am Sep 4, 2008 11:45am
4H channel support comes in at 1.4280. Holding shorts now till end of the week.
  • #27,177
  • Sep 4, 2008 11:49am Sep 4, 2008 11:49am
Quoting trading801
hi all.. am pretty quiet today me.. well my funds are not in yet.. so now i have 0.98 in my acct...

have a 1 cent pip position short at 1.4477

no stress lol

taking a break from all this sorrow.. as highly recommended by you bros...

sigh

cobra.. the xls is a nice tots.. thanks...

bkdsujal.. not yet but will be checking out real soon... do i need to pay?
NO NO mate its absolutely free thats y I gave u the link so you can be more successful that is be part of the 5% of the market that WINS!!!
  • #27,178
  • Sep 4, 2008 11:52am Sep 4, 2008 11:52am
Quoting trading801
hi

i am long @ 1.4367 TP 1.4427 SL 1.4337

risking about 6% of my capital.. is this much better improvement of my style bros?
Good job with having a SL.

We don't know your system you did not share that with us. I agree with the others that 6% may be high, especially based upon what you have shared with us LOL

Remember how you were not stressing when you were trading .04 lots? If you start stressing on this trade or feel stress already then you get the point. If you don't feel any stress at this point and with the comments made, your confidence is wonderful and you will need to share your secret with me.

Nice to see the stop loss, understand the TP as a tech level, uncertain of your entry because you did not share why you entered there.
Redefining Reality
  • #27,179
  • Sep 4, 2008 12:02pm Sep 4, 2008 12:02pm
hi pip.. i enter there because the previous lows bounced from this area.. plus i feel we are rather low for this pair already..

can someone kindly explain what does 6% 30 pips means 20:1 leverage.. how do you count it and what importance is it?

my capital now is 200.. i do not wish to put more money as it has caused me alot.. i need to grow this 200 back to the total 1000usd first .. i guess it will be a tough road..

now my per pip is 40 cents
  • #27,180
  • Sep 4, 2008 12:07pm Sep 4, 2008 12:07pm
The big question here is: Will Asians continue the crash or will they support a retrace, at least for some time.

Judging by the September trends, they will crash, they did it all the time.

What do old dogs think from their experience?
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