EURUSD

Quoting psiholog

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i said this before and i will say it again...unless you got on the short side hours ago...its best to stay out now...trichet will talk soon and this is all build up to his speech

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Quoting mikkom

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I expect some kind of bounce from 1.4, that is also my tp. I'll short more after it bounces up.

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Quoting wasupnow14

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Short since .4371 and enjoying the euro beating!! http://www.bloomberg.com/apps/news?p...currency_rates

it seems as if the U.S. isn't the only one in a bailout situation. And yes... I think a trading room would be a good idea. However, This forum pretty much is a trading room... lots of posts.

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Quoting Algirdas

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Next Target:

EUR/USD .... 1.4177
GBP/USD .... 1.7931
AUD/USD .... 0.7931
NZD/USD .... 0.6651

USD/CHF .... 1.1063 retest 1.0981
USD/CAD .... 1.0600 retest 1.0433
USD/JPY .... 106.00 retest 104.57
__________________

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Quoting bayoor

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i made some losses today.that is really shocking. where can i get to learn about pivot points?
secondly,will there be a retrace? where will the retrace possibly start?

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Quoting FX-Petra

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Long term trend line (monthly) from 0.8570 is near 1.3925. If that gives way then I would forget about a double bottom @ 1.39 and start thinking about a classic A-B-C EW correction wave from the top near 1.60. That would make this wave C, and where it might end would be better left to an EW expert, which I am not. Any EW guys out there that would care to comment on where a C wave might end?

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Quote

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Classically W.C is a five wave pattern. If W.C. exceed 162% of W.A the labelling is probably wrong. The current pattern is probably impulsive.

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PRICE
W.C. usually 62% 100% 162% of W.A

Quoting psiholog

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i said this before and i will say it again...unless you got on the short side hours ago...its best to stay out now...trichet will talk soon and this is all build up to his speech

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Quoting tundy88

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nice to read back from you acumen i have been trying to catch you on here. I just got back into forex after loosing close to 2,000 dollars earlier this year. Dont know if you got useful tips and advise for me.

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Quoting acumen

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What's your trading style?

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Quoting fxid10t

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http://www.thefxpivotpoint.com/Index.htm.

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Quoting acumen

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What's your trading style?

LT,ST, day trader,S/R?

Are you using strict MM?

Are you trading during prime time or outside that window.

Start with these:

10 Steps
1) Knowledge Acquisition Great traders are voracious learners. Most professional occupations have a learning curve. Doctors, lawyers, criminals, etc.. often study years to refine their craft. Novice traders often believe they are immune to such time intensive studies. Don't fall prey to such ignorance - study the markets, put in serious chart time, read and learn from those that are winning.
2) Money Management This one is simple. Trading more then 2-5% of your account on any one trade is account suicide. Let's assume you start out trading a $1000.00 mini-account. Your system has a 30 pip stop loss. The maximum you should risk on any one trade is a dollar per pip. The market will forgive a lot of things - bad trades, bad days even bad weeks but without the capital to withstand the drawdown your trading career with be short lived.
3) Simplistic Strategy Have you ever noticed Forex scam sites often provide a unique system that only they have? Additionally - these systems are only known by a hand full of successful traders. Your system should do just the opposite. I use pivot points, psychological levels and trend line breaks because large institutions follow these levels. As a retail trader your goal should be to pick up the pennies in front of the steam rollers. Keep Occam in mind when adopting any trading system. Leave the over complicated systems to the guys at Long Term Capital.
4) Trade During Prime Time One of the biggest benefits of the currency markets is its hours. It's open 24 hours a day 5 days a week. This is great for trend analysis but not for trading. Don't let these extended hours fool you. Only the biggest players trade during the prime hours... so should you. Keep in mind that only 14% of all trades occur outside of non-financial institutions. That's where the retail trader lives. Since we only trade the EURUSD we only trade between 2:00am and 11:00am EST. This time period covers the European open and close, the open of the US session and the overlap between the US session and the European session.
5) Follow Your Trade Plan You don't know where the market is headed. Don't guess. Hope isn't a strategy. Once you adopt a trading strategy that fits your trading style stick to it. Leave your ego at the door when you begin your trading day. This is one of the most difficult things to overcome. The old adage plan your trade and trade your plan is very important. When you trade outside your plan you will lose.
6) Double Your Demo Account Almost every Forex trading platform offers demo accounts. When you can double your demo account you are ready to trade real capital. Additionally - after your double your demo account trade the first few months of you real capital using micro-lots where each pip equals a small dollar amount. This will help ease the emotional impact of trading real capital.
7) Trade with the Trend All those little axiom's about the trend exist for a reason - the trend is your friend... trade with the trend until it bends... trade the trend or lose in the end - you get the idea. These exist for a reason. They are true. Use long term trend analysis to determine market direction. When you trade with the trend your chances of success are greatly enhanced.
8) Set Realistic Expectation What's realistic? If you can return 5-8% a month you are doing great. While this may seem like a relatively small goal very few traders can achieve this month after month. If you set unrealistic goals - say 20% a month you better be sitting beside John Arnold because that's about the only way your going to see that kind of return.
9) Post Trade Analysis When the trading day is over take a few minutes to analyze what happened. Did you follow your trading plan? Was your analysis accurate? Why? Why not? At the end of the week spend some quality time looking over the trades you placed during the previous week. How many trades did you take? Are you over trading? Many traders find it advantageous to keep a journal of their trades and their thought process for taking or not taking the trade. In a very short time you will see patterns emerge that will aide you in fine tuning your trading.
10) Predetermined Profit Targets and Stops Setting your stop loss is a must. Intra-day traders usually use a 20-40 pip stop. After you've adopted a system and spent hours watching the chart you will know where your stop should be. Once you've settled in on a stop never move it. One more time - never move your stop! Remember that capital accumulation is secondary to capital preservation. On the other side of the equation set profit targets prior to entering your trade. Utilizing pivot points will always provide you with realistic profit targets.

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Quoting Gofer Pips

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Hey Mike,
Or did Warren slip back in here!?

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