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  • #31,221
  • Sep 17, 2008 8:53am Sep 17, 2008 8:53am
SEC to start enforcing Short selling rules starting Thursday!!!
  • #31,222
  • Sep 17, 2008 8:55am Sep 17, 2008 8:55am
Quoting SpecialEd
As I get older, I fail to penetrate more often.
Ed you kill me.

Well like I said over an hour ago, I'm gonna eat, which I did, and now the second part - gonna go for a swim in the sea with my gf. That's how you should trade now.
On the path to Enrichment.
  • #31,223
  • Sep 17, 2008 8:56am Sep 17, 2008 8:56am
Quoting dougdude9
Good point... thanks for settling me down.

I fear I don't set my take profit and SL correctly. Sometimes maybe my SL is too tight... or maybe it is not out far enough to allow it to work some.

How should I determine these things. I try to look at pivots, but I always fail to see how these interact with movements.

Doug
heres a few tips...first work on your strategy i dont think you have a fully established one yet...better yet not just think...WRITE it...stare at it every day before you start trading.....second...as a general rule in calm markets...20pip stop loss is ok(depends on you)..clear signals available not much danger involved...a stop loss gets hit usually because of a break of your signals (it happens)...in VOLATILE markets like right now...stop loss should be double...40pips...too much ranging and 20pips is not enough...some go with even 50 pip stop loss and before even entering..try to find a good support or resistance where the market may break out from...these points always get tested at volatile times(use them according with your indicators/stragegy)..hope this helps
Different opinions highly valued, ignorant to slander.
  • #31,224
  • Sep 17, 2008 8:59am Sep 17, 2008 8:59am
Quoting psiholog
heres a few tips...first work on your strategy i dont think you have a fully established one yet...better yet not just think...WRITE it...stare at it every day before you start trading.....second...as a general rule in calm markets...20pip stop loss is ok(depends on you)..clear signals available not much danger involved...a stop loss gets hit usually because of a break of your signals (it happens)...in VOLATILE markets like right now...stop loss should be double...40pips...too much ranging and 20pips is not enough...some go with even 50 pip stop loss and before even entering..try to find a good support or resistance where the market may break out from...these points always get tested at volatile times(use them according with your indicators/stragegy)..hope this helps
Thanks! I appreciate it!
  • #31,225
  • Sep 17, 2008 8:59am Sep 17, 2008 8:59am
Quoting dougdude9
Good point... thanks for settling me down.

I fear I don't set my take profit and SL correctly. Sometimes maybe my SL is too tight... or maybe it is not out far enough to allow it to work some.

How should I determine these things. I try to look at pivots, but I always fail to see how these interact with movements.

Doug
There are many different styles of money management, however you need to find one that fits your specific style of trading. For example, I try to look for patterns that fall within certain points such as pp or psyche levels and then only take those trades which give me a at least a 1 to 1 risk to reward ratio, 2 to 1 is even better as that increases your winning percentage. So if I'm looking for high probability trades with that ratio and I see higher highs and higher lows ( if I'm going long ) on the specific time frame I'm trading ( I also look at the time frame above and below it as well for reference ) I then look for a 3-5 bar pullback and my entry will be the high the previous bar with a stop at that candles low, or, the previous candles low, whichever is closer to my entry....I then will trail that stop after two complete candles have moved higher ( If I'm going long )..hope this helps...
  • #31,226
  • Sep 17, 2008 9:01am Sep 17, 2008 9:01am
in this indecisive market, anyone who longs ur SL should be 1.4000, if else.its gonna hit.
  • #31,227
  • Sep 17, 2008 9:04am Sep 17, 2008 9:04am
Quoting 5ysfx
carefull eu longs
yen index hit support and bounce pretty fast this cause ej big drop
and bring eu down its a matter of time now.

sencond thing if daily candle will close below 14176 then u know ...

30 min left
wrong again...
  • #31,228
  • Sep 17, 2008 9:06am Sep 17, 2008 9:06am
Quoting trading801
thanks but surely something more than just a link which doesnt explain much too will be of more help..
Hello my friend 801. If Acumen were on here and read your question about pivots, he'd SLAP you! You've been on here a long time now, and he's beat them to death. Were your eyes not working? Were your ears not on?

My good buddy, suggest that you go back in this thread a few pages and find his website (www.thefxpivot.com???), or go to this thread on FF and READ ALL ABOUT IT - http://www.forexfactory.com/showthread.php?t=98028. It's dedicated to pivots, psych levels, and trends.

I love ya man!
Up or down, gimme a ticket
  • #31,229
  • Sep 17, 2008 9:07am Sep 17, 2008 9:07am
Has someone noticed that Gold did shoot up $20 within seconds about 30 minutes ago?
  • #31,230
  • Sep 17, 2008 9:08am Sep 17, 2008 9:08am
Quoting Jurrasic
Ed you kill me.

Well like I said over an hour ago, I'm gonna eat, which I did, and now the second part - gonna go for a swim in the sea with my gf. That's how you should trade now.
If my wif were a gf, she'd be a whole lot more fun.
Up or down, gimme a ticket
  • #31,231
  • Sep 17, 2008 9:10am Sep 17, 2008 9:10am
guys be aware...crude oil inventories in 20minutes...this could drop the pair in a second....also some guy from FOMC named duke speaking...personally..i closed half the position and the other half stop loss at entry point
Different opinions highly valued, ignorant to slander.
  • #31,232
  • Sep 17, 2008 9:10am Sep 17, 2008 9:10am
Gold is up pretty nicely.
They think they are smarter than I am.
  • #31,233
  • Sep 17, 2008 9:12am Sep 17, 2008 9:12am
Quoting SpecialEd
As I get older, I fail to penetrate more often.

Not enough FORExPLAY
  • #31,234
  • Sep 17, 2008 9:14am Sep 17, 2008 9:14am
Quoting GreyGoose
Not enough FORExPLAY
Too much FORExPLAY. That was a good one Goose.
Up or down, gimme a ticket
  • #31,235
  • Sep 17, 2008 9:21am Sep 17, 2008 9:21am
Well, looks like gold rally has started up. What about EUR/USD, trend changeing?
They think they are smarter than I am.
  • #31,236
  • Sep 17, 2008 9:24am Sep 17, 2008 9:24am
Quoting Z3iz3i
Well, looks like gold rally has started up. What about EUR/USD, trend changeing?
depends on crude data(hopefully favors euro)...trend will officially change to bullish once 1.4270 becomes support..for now...anyones guess
Different opinions highly valued, ignorant to slander.
  • #31,237
  • Sep 17, 2008 9:25am Sep 17, 2008 9:25am
Quoting psiholog
..i closed half the position and the other half stop loss at entry point
Me too!!!! but sl to 1.4240
  • #31,238
  • Sep 17, 2008 9:26am Sep 17, 2008 9:26am
Guys just how many times do you change your mind about the direction of this babe a day? Remember more you trade the more you expose yourself to loss.
All the best things in life are free.
  • #31,239
  • Sep 17, 2008 9:28am Sep 17, 2008 9:28am
Quoting fx_lane
Guys just how many times do you change your mind about the direction of this babe a day? Remember more you trade the more you expose yourself to loss.
im not changing my stance..long bias all day..all week...all last week..but temporarily..that 4h doji is scary
Different opinions highly valued, ignorant to slander.
  • #31,240
  • Sep 17, 2008 9:28am Sep 17, 2008 9:28am
crude inventory will favor Euro I think because production has been practically non-existent in Gulf since Gustav came through over a week 1/2 ago. However, due to prices consumer use has not been as high, but still think use outweighs production.

Just my -2 cents worth.
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