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  • #29,161
  • Edited 8:17pm Sep 10, 2008 8:02pm | Edited 8:17pm
Quoting SunTrader
NYTimes

continue to pump plenty of oil.
So 80$/b isn't far away do you think so?

What is your opinion on Germans WPI, the forecast is pretty low and it could bounce up for a moment, I have still one short term trade open and want to cut it before news release.
  • #29,162
  • Sep 10, 2008 8:03pm Sep 10, 2008 8:03pm
looking back at my chart from few days ago and current price is flirting with the FE100 from the all time high, still believe that a retracement or few are due to 1.45, before going down to 1.35;

set my TP half profit at 1.3950 on retrace;
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"Everybody needs money. That's why they call it money" - Danny De Vito
  • #29,163
  • Sep 10, 2008 8:07pm Sep 10, 2008 8:07pm
Quoting cobraforex
That sounds good to me, I'm sure that we can learn a lot from you, only one big favor.
Please try to write clear english, here are a lot non english fellowers and they might get confused on your usual style to type.
No critic at all.

Wellcome to the caos
I've never had a Student of any kind that learned a Skill by being Spoonfed.
"Make'm think 'till they understand it. Then they can Use It.

Sorry, but that's my ilk.
  • #29,164
  • Sep 10, 2008 8:09pm Sep 10, 2008 8:09pm
Quoting fxterrapin
SunTrader,

But if you have a skill like tmac does, your long term exposure/risk to the market is actually lessed a great deal... doesn't this bode well for long term consistency?

Also, why do you need a lot of money to scalp?

Bear in mind these questions are coming from somebody who does not scalp.
The more decisions a trader has to make the more opportunity for mistakes to be made. I am not saying it can't be done. But to do it "successfully longterm" is highly unlikely.

The reason why having a large account helps is the greater the size traded the less frequent the need to scalp. Do the math, if you make $10 per scalp then you need to net out (after considering losing trades) 100 trades a day to make $1000/day. If you net out $100 per scalp (by using larger size) then you only need to trade 10 times a day.

Try doing 100 trades per day for the next 20 years. You will go

Have to use that emoticon once a day.
  • #29,165
  • Edited 8:30pm Sep 10, 2008 8:14pm | Edited 8:30pm
Quoting Bemac
I've never had a Student of any kind that learned a Skill by being Spoonfed.
"Make'm think 'till they understand it. Then they can Use It.

Sorry, but that's my ilk.
You are right, skills and feeling you can't learn, but basic tools, pattern and where to find what information, you can.

Just googled what is Spoonfed
  • #29,166
  • Edited 9:25pm Sep 10, 2008 8:17pm | Edited 9:25pm
Quoting acumen
EA's are for dreamers and grail seekers.... not for traders.

I wrote several with some guys on this site.

I worked for a month...then it didn't.

Not a fan.
Fair enough…

But in my hobby trading time I use pivots, fibs, stochastics and overall trend direction. I never trade against the trend. I’m holding several position open and will close at 1.39 when we it hits.

Then I will move to the sideline until I see what happens with 1.3858. Could be a turning point or at least a point of inflection.

All positions entry points are mathematically derived. No guess work or feelings. That kind of thinking burned me three years ago.

Do we not decide entry and exit levels in the same way an EA calculates them. The difference is the EA has all the emotion of a piece of steel – cold and hard.

Holy grails simply don’t exist…That I agree. The key is to win more than you lose.

Plan your trade and trade your plan. The only thing missing from this expression is never plan to trade against the trend.

Once again thanks for the input….I just wanted to clarify that I’m not a holy grail hunter and that is why I posted my question in this form and not the Quack Form.
  • #29,167
  • Sep 10, 2008 8:22pm Sep 10, 2008 8:22pm
Quoting cobraforex
So 80$/b isn't far away do you think so?

What is your opinion on Germans WPI, the forecast is pretty low and it could bonce up for a moment, I have still one short term trade open and want to cut it before news release.
I can't say where Crude is going much beyond current situation around $100. I think I posted a daily chart pic on Tuesday showing support levels of $98-$102.

As far as WPI, I definitely don't have an opinion. About the only news I ever follow is the Fed announcments and NFP. Oh and if Dubya invades another country.

But I am thinking and watching 4hr chart for a reversal trigger because I believe (posted a chart earlier Wednesday and also Tuesday) that we are near a Wave 5 of 5 bottom. So I am expecting an ABC correction to come, then much more downside.
  • #29,168
  • Sep 10, 2008 8:27pm Sep 10, 2008 8:27pm
Quoting SunTrader
The more decisions a trader has to make the more opportunity for mistakes to be made. I am not saying it can't be done. But to do it "successfully longterm" is highly unlikely....
@ST,
Learning to Scalp is like Learning to Crawl.
Just because you know how to do it doesn't mean it is what you will do for the rest of your life {career} but it sure Helps when the bullets are coming in low.

Prior to Today I hadn't scalped for a couple of Months or more but, for me at least, Today was a good Day to crawl.

Having closed ALL of my LT positions earlier, I still saw some small opportunities and therefore Scalped GBP/USD, EUR/USD & USD/JPY for a total of ~$500.00 today.

You don't have to believe me & that's OK but Scalping requires knowledge of 'Hand to Hand Combat' as opposed to the Sniper Rifle utilized by LT Traders. And then there is what falls between.
  • #29,169
  • Sep 10, 2008 8:28pm Sep 10, 2008 8:28pm
placed a buy order at 1.3950, giving this wreck something to chew up
"Everybody needs money. That's why they call it money" - Danny De Vito
  • #29,170
  • Sep 10, 2008 8:30pm Sep 10, 2008 8:30pm
Quoting cobraforex
Mike, are you trading at the moment?
I don't, that thing got to nervious movements for me, I'll let it calm down before entering again.
Took one trade during the Asian session and closed it for a 5 PIP loss.

Closed the charts down.

Mike
  • #29,171
  • Sep 10, 2008 8:39pm Sep 10, 2008 8:39pm
Quoting slide
placed a buy order at 1.3950, giving this wreck something to chew up
combining fibs since break down +the downtrend developed a descending triangle was created....that triangle was just broken...retest now...if break holds we should see it go up to either 38.2% (1.4015)since the last break down in the wee hours of the morning, or retest the upper wall of the long term down channel around 1.4045
Different opinions highly valued, ignorant to slander.
  • #29,172
  • Sep 10, 2008 8:39pm Sep 10, 2008 8:39pm
Quoting acumen
Took one trade during the Asian session and closed it for a 5 PIP loss.

Closed the charts down.

Mike
Wow, wasn't your day today, I'm sorry.

Just counted, made 68 trades today with a misarable result of 48 net pips, not all days are the same like last monday.
  • #29,173
  • Sep 10, 2008 8:44pm Sep 10, 2008 8:44pm
Quoting SunTrader
The more decisions a trader has to make the more opportunity for mistakes to be made. I am not saying it can't be done. But to do it "successfully longterm" is highly unlikely.

The reason why having a large account helps is the greater the size traded the less frequent the need to scalp. Do the math, if you make $10 per scalp then you need to net out (after considering losing trades) 100 trades a day to make $1000/day. If you net out $100 per scalp (by using larger size) then you only need to trade 10 times a day.

Try doing 100 trades per day for the next 20 years. You will go

Have to use that emoticon once a day.
I was hoping you would use it on my ADHD comment. Maybe next time, lol
  • #29,174
  • Sep 10, 2008 8:48pm Sep 10, 2008 8:48pm
EUR/USD
1.3935 was very good Entry Long. I'll do one more time from green Channel line.
But if breaks 1.3929, I'll Sell
http://4.bp.blogspot.com/_nmIuQsC9b-...R_USD+Spot.png
{Promotion Removed}
  • #29,175
  • Sep 10, 2008 8:55pm Sep 10, 2008 8:55pm
Quoting Algirdas
EUR/USD
1.3935 was very good Entry Long. I'll do one more time from green Channel line.
But if breaks 1.3929, I'll Sell
whats your take profit at...1.4015/50 area?
i too entered long once channel was broken
Different opinions highly valued, ignorant to slander.
  • #29,176
  • Sep 10, 2008 8:58pm Sep 10, 2008 8:58pm
Quoting cobraforex
Wow, wasn't your day today, I'm sorry.

Just counted, made 68 trades today with a misarable result of 48 net pips, not all days are the same like last monday.
I traded the US session in the afternoon.

I took out 20 PIPS but spent most of the day observing.

Mike
  • #29,177
  • Sep 10, 2008 9:00pm Sep 10, 2008 9:00pm
Quoting Bemac
@ST,
Learning to Scalp is like Learning to Crawl.
Just because you know how to do it doesn't mean it is what you will do for the rest of your life {career} but it sure Helps when the bullets are coming in low.

Prior to Today I hadn't scalped for a couple of Months or more but, for me at least, Today was a good Day to crawl.

Having closed ALL of my LT positions earlier, I still saw some small opportunities and therefore Scalped GBP/USD, EUR/USD & USD/JPY for a total of ~$500.00 today.

You don't have to believe me & that's OK but Scalping requires knowledge of 'Hand to Hand Combat' as opposed to the Sniper Rifle utilized by LT Traders. And then there is what falls between.
I don't disagree. What I find hard to believe is somebody doing it, as I have said, successfully long term, i.e. day after day as a trading career.
  • #29,178
  • Sep 10, 2008 9:04pm Sep 10, 2008 9:04pm
Quoting psiholog
whats your take profit at...1.4015/50 area?
i too entered long once channel was broken
Now for EUR/USD Longs ,,,,,,,,,
My rule:
take 1/2 profit 40 pips and other one 1/2 move Stops to Entry and let it go. It's very difficult to trade EUR Longs.
But I do not wory for EUR Shorts.
My next rule:
It is easier to ride the trend then to bet against it.
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  • #29,179
  • Sep 10, 2008 9:11pm Sep 10, 2008 9:11pm
Quoting bablo

But in my hobby trading time I use pivots, fibs, stocks and overall trend direction.
Aha, and which of those stocks actually correlates to the majors?
  • #29,180
  • Sep 10, 2008 9:13pm Sep 10, 2008 9:13pm
Did anyone see lately my friend trading801?
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