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  • #119,061
  • Oct 3, 2008 7:17pm Oct 3, 2008 7:17pm
Quoting Cdawg
This kinda points to the idea that this bill would pass no matter what, and this really doesnt turn the tide, mearly keeps the boats(banks) afloat so to speak.

The price is continuing to do what it was anticipated to do.

I'm no expert but that is my 2 cents
most def. buy the rumor, sell the fact perhaps?

In any way, the cruddy fundamentals across the globe are weighing on this pair. After the shaky reaction today I would be surprised if 190.90 breaks. I'll be selling rallies for the foreseeable future....
"Timing Is Everything. Really I Swear It Is"
  • #119,062
  • Oct 3, 2008 7:42pm Oct 3, 2008 7:42pm
My opinion. sell every rally that comes along. $700 billion? To the financial crisis at hand, that's pocket change and Paulson's gonna feel that mommy didn't give him enough money very soon. For all the realists in the world we're looking at a problem generated by several hundred TRILLION $ of bad crap.

I just hope that Pauly has his hand forced before his term is up, so he has to go hat in hand (and expose once again his bald head) to Congress and taxpayers for more milk money.
  • #119,063
  • Oct 3, 2008 8:00pm Oct 3, 2008 8:00pm
Quoting Eulogy
I just hope that Pauly has his hand forced before his term is up, so he has to go hat in hand (and expose once again his bald head) to Congress and taxpayers for more milk money.
Only one problem ... written into this legislation is the power for Paulson to get as much money as he wants, anytime, without asking anyone's permission again. That is what I have heard ... and if so, this may be the start of something much bigger than a 'bailout'.
  • #119,064
  • Oct 3, 2008 8:02pm Oct 3, 2008 8:02pm
Quoting lilmoe
have a nice weekend everyone
thanks, you too bro!
I recommend you read something else as this sentence is now concluded.
  • #119,065
  • Oct 3, 2008 8:15pm Oct 3, 2008 8:15pm
Quoting TraderStar
Only one problem ... written into this legislation is the power for Paulson to get as much money as he wants, anytime, without asking anyone's permission again. That is what I have heard ... and if so, this may be the start of something much bigger than a 'bailout'.
I'm pretty sure that he'll need Congress approval to get another 700 billion. Else whats to stop him from cashing in on that debt sponsored piggy bank every 2nd day for some more change. Talk about a hand or 1000 in the cookie jar.
  • #119,066
  • Oct 3, 2008 8:46pm Oct 3, 2008 8:46pm
Quoting Eulogy
I'm pretty sure that he'll need Congress approval to get another 700 billion. Else whats to stop him from cashing in on that debt sponsored piggy bank every 2nd day for some more change. Talk about a hand or 1000 in the cookie jar.
Bingo ... that is the problem .. Treasury & Fed Reserve now have unlimited powers ... not good.
  • #119,067
  • Oct 3, 2008 9:51pm Oct 3, 2008 9:51pm
Quoting malcolmb14
bye bye dj ..... breaking recent lows right now ... the bill did not save us ..... what will ?

over 500 point drop in Ym this afternoon .... straight down .. gave up on GJ a while ago lol ....

maybe we see sub 10000 dj next week at this rate.

Looking at GU chart I wodner if this is the bottom for GU .....only next week will tell
gbp/usd having trouble breaking the 88.2 fib, and I have a trendline and monthly support at 1.7552. There is also a bullish gartley on the monthly timeframe. A break of the monthly support would however indicate trend continuation.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpusd-daily.gif Size: 19 KB
Click to Enlarge Name: gbpusd-weekly.gif Size: 23 KB
Click to Enlarge Name: gbpusd-monthly.gif Size: 33 KB
  • #119,068
  • Oct 3, 2008 11:10pm Oct 3, 2008 11:10pm
All Senior Members

a question from an ever-learning trader.......

what will be your REASONABLE "PIPS PER DAY" trading ONLY G/J on a CONSERVATIVE strategy? An Average of 32 pips a day sounds reasonable or not really?

I am thinking to only trade when direction is confirmed and get out before direction changes. to minimise risk. there are no guarantees ofcourse. not scalping per say but not greedy either.

any suggestions and ideas from the seasoned Traders most welcome

thank you all in advance

Serendipity
  • #119,069
  • Oct 3, 2008 11:30pm Oct 3, 2008 11:30pm
Quoting Serendipity
All Senior Members

a question from an ever-learning trader.......

what will be your REASONABLE "PIPS PER DAY" trading ONLY G/J on a CONSERVATIVE strategy? An Average of 32 pips a day sounds reasonable or not really?

I am thinking to only trade when direction is confirmed and get out before direction changes. to minimise risk. there are no guarantees ofcourse. not scalping per say but not greedy either.

any suggestions and ideas from the seasoned Traders most welcome

thank you all in advance

Serendipity
150 for me
  • #119,070
  • Oct 3, 2008 11:35pm Oct 3, 2008 11:35pm
Quoting Serendipity
All Senior Members

a question from an ever-learning trader.......

what will be your REASONABLE "PIPS PER DAY" trading ONLY G/J on a CONSERVATIVE strategy? An Average of 32 pips a day sounds reasonable or not really?

I am thinking to only trade when direction is confirmed and get out before direction changes. to minimise risk. there are no guarantees ofcourse. not scalping per say but not greedy either.

any suggestions and ideas from the seasoned Traders most welcome

thank you all in advance

Serendipity
I'm also a learner...
You might want to ask help from malcomb regarding scalping for 30-50 pips per trade...
He is the expert...
Others experts in this thread are trading for 100+ pips a trade...
I learning too... from the best of both world of course...
Just a reminder to not follow blindly...
learn the how and why...
Lost...
  • #119,071
  • Oct 4, 2008 12:16am Oct 4, 2008 12:16am
Quoting rgitt05
Hi everyone,

I used the www.forexpointandfigure.com indicators for scalping and I am doing well with it...It is hardcoded so I can't share with the group..I recalled someone sharing the indicator several months ago and I believe the owner found out ..It's a copyright issue..I trade all the pairs for 15-20 pips target..

I posted earlier the Point and Figure chart but I removed it because I was afraid it will be in conflict with FF...

Anyway, it works for me..I would like to start a tread for it but the software is not free..I purchased P&F indicator several months ago...The owner is watching the boards for copyright ..

It's worth the money..I used it with my other charts to help me get into a breakout that average 20 pips..

rgitt, What percentage of profitable trades are you getting when you use these charts and system? Any additional info you can provide is greatly appreciated. $500 isn't cheap for an MT4 software gizmo and a 99 page booklet.

thanks, Rob
Just when you think you've figured it all out, the picture changes....
  • #119,072
  • Oct 4, 2008 12:27am Oct 4, 2008 12:27am
Incidentally, this pattern finder based on fib ratios / expansions, suggests that a harmonic pattern could be developing on the weekly chart, which would suggest that the monthly support at 1.7552 is the bottom, if support is taken out then this would invalidate the pattern.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd-weekly1.gif Size: 18 KB
  • #119,073
  • Oct 4, 2008 1:31am Oct 4, 2008 1:31am
thx for the recomendation, i'll take a look further..

Quoting rgitt05
Hi everyone,

I used the www.forexpointandfigure.com indicators for scalping and I am doing well with it...It is hardcoded so I can't share with the group..I recalled someone sharing the indicator several months ago and I believe the owner found out ..It's a copyright issue..I trade all the pairs for 15-20 pips target..

I posted earlier the Point and Figure chart but I removed it because I was afraid it will be in conflict with FF...

Anyway, it works for me..I would like to start a tread for it but the software is not free..I purchased P&F indicator several months ago...The owner is watching the boards for copyright ..

It's worth the money..I used it with my other charts to help me get into a breakout that average 20 pips..

  • #119,074
  • Oct 4, 2008 1:31am Oct 4, 2008 1:31am
Hi GodfreyH!
Im just curious about the Gartley indicator you're using.
In your experience, what's the win/loss % of that?
Is it good in trending or ranging market?
Any input will be appreciated and wanted to know more about it.
Thanks
  • #119,075
  • Oct 4, 2008 7:48am Oct 4, 2008 7:48am
Quoting Serendipity
All Senior Members

a question from an ever-learning trader.......

what will be your REASONABLE "PIPS PER DAY" trading ONLY G/J on a CONSERVATIVE strategy? An Average of 32 pips a day sounds reasonable or not really?

I am thinking to only trade when direction is confirmed and get out before direction changes. to minimise risk. there are no guarantees ofcourse. not scalping per say but not greedy either.

any suggestions and ideas from the seasoned Traders most welcome

thank you all in advance

Serendipity
I know some traders say they get 150 per day ... blah blah ..... but the question is do they do this day in day out every trading day ? i think it is an unrealistic target to maintain throughout the year unless you trade 4 pairs for 35 pips each but then you lose focus

I aim for 30 - 50 pips per day and once i get it i call it a day , unless manage to stay in and bat one out of the park.

My fav pair is gj , but I also like the gbpchf.

with 30 pips a day an account grows very quickly.

Take a 2500 account , trade at 2% risk ( your stop is 2% of account) . With only 20 pips a day you can compound your account very nicely to about 80 k the 1st year and 1.5 mil the 2nd year. 20 pips is not that hard to get on gbpusd / gj if you wait for the right trade

It is about developing a habit in this game.... that is what I have found has kept me in the game.
1)Be patient ,
2) trade the right trade and at the right time.
3) Do not trade for longer than you have to , once you have reached target call it a day , alot of traders make some pips only to give them back and some by the end of the day
4) do not be greedy .... once you reach target take it . I often do even if the pair keeps on moving
5) do not overleverage the account , that = sudden death if you are wrong.

develop some very simple habits and keep it real. In this volatile market we forget about the time when getting 30 pips a day consistently would have made you a hero ....lol
Blogging daily now at www.volume.zone
  • #119,076
  • Oct 4, 2008 7:54am Oct 4, 2008 7:54am
Quoting GodfreyH
Incidentally, this pattern finder based on fib ratios / expansions, suggests that a harmonic pattern could be developing on the weekly chart, which would suggest that the monthly support at 1.7552 is the bottom, if support is taken out then this would invalidate the pattern.

not sure what is going to take control of GU next week ... the technicals or the fundies

I think they are going to cut rates next , but then there is also a rumour that feds might cut this month by 50 bps.

If 1.7550 hold i have a 1-2-3 buy that goes as high as 2.000

Attached Image (click to enlarge)
Click to Enlarge Name: gu.jpg Size: 174 KB
Blogging daily now at www.volume.zone
  • #119,077
  • Oct 4, 2008 7:57am Oct 4, 2008 7:57am
Quoting malcolmb14
not sure what is going to take control of GU next week ... the technicals or the fundies

I think they are going to cut rates next , but then there is also a rumour that feds might cut this month by 50 bps.

If 1.7550 hold i have a 1-2-3 buy that goes as high as 2.000

Attachment
Attached Image (click to enlarge)
Click to Enlarge Name: gu.jpg Size: 234 KB
Blogging daily now at www.volume.zone
  • #119,078
  • Oct 4, 2008 9:26am Oct 4, 2008 9:26am
Hi Malcolmb14,

You are absolutely right about making realistic target everyday..I said in the past post that 20 pips with several pairs can get you 100 pips average if you wait patiently for the call..I like scalping more now since I realized the compounding effect it has on my margin in the long term..GJ is the favorite for capturing big pips...I usually trade several pairs that are in correlation to the GJ and make 20 pips targets...I also, swing trade another account for the big trades...Everyday, I look at other pairs to trade to prevent me from overtrading GJ which is known to be a breast...

I started with a small account several years ago and I can say that compounding works..Take a small profit everyday and you will have in the long term a nice profits..

As your account gets bigger, it don't take much pips to reach a nice daily profit...


Here is an old post about compounding based on 10 pips day

THE STRATEGY

Study more, do not rush, do not get greedy, patient, patient…
The successful in FOREX is not how many trades you gain per-day,
neither how much pips you gain per trade, but minimum or NOT
losing any trade.
You only need gain 10 pips per day, consistently with minimum or
almost NO lost to make 150-200 K/ year.
You can do it if and only if you make 10 pips / day NO LOST.




The PLAN math: ( Based on major pairs)

You can trade for 20 to 30 pips on GJ everyday and achieve the goal even faster if you don't overtrade and do good MM)

It's patience and discipline..

Some traders on this board talks about it and it is the truth!!

You open an account for $1000.
You make 1 trade a day (2 in most but just say only one for sure),
and 2 mini lot, make $20/day x 5 day = $100./week/ $400/month.
Do this for 2 months—January & February
March 2008-acct. = 1,800, you trade 4 mini lots, make $800.
April 2008-acct. = 2400, trade 6 mini lots make 1200
May 2008-acct. = 3600, trade 8 mini lots make 1600
June 2008-acct. = 5200, trade 10 mini lots, make 2000
July 2008-acct. = 7200, trade 15 mini lots, make 3000
August 2008-acct. = 10,200 switch to standard account,
trade 2 STD LOTS; make 1000/week, 4K per month.

September 2008-acct. = 14,200 trade 3 STD LOT, make 6K
October 2008-acct. =20.2K trade 4 STD LOT, make 8K
November 2008-acct. = 28.2K trade 6 STD lot make 12K
December 2008-acct. = 40.2K trade 8 lot make 16 K.
Total for year, app. 56K.
After 1 year, from 1K , you make 16 K / month, 192K per year
( and so on if you want, and after 1 year experience, then you can
make 2 trades per day)
All of that is ONLY 10 PIPS/ TRADE/ DAY IF and ONLY IF you gain
100% ( or almost) 10 PIPS.

(I think most of us could live on this type of income--don't get
greedy)


http://www.forexfactory.com/showthre...81#post2237981











Quoting malcolmb14
I know some traders say they get 150 per day ... blah blah ..... but the question is do they do this day in day out every trading day ? i think it is an unrealistic target to maintain throughout the year unless you trade 4 pairs for 35 pips each but then you lose focus

I aim for 30 - 50 pips per day and once i get it i call it a day , unless manage to stay in and bat one out of the park.

My fav pair is gj , but I also like the gbpchf.

with 30 pips a day an account grows very quickly.

Take a 2500 account , trade at 2% risk ( your stop is 2% of account) . With only 20 pips a day you can compound your account very nicely to about 80 k the 1st year and 1.5 mil the 2nd year. 20 pips is not that hard to get on gbpusd / gj if you wait for the right trade

It is about developing a habit in this game.... that is what I have found has kept me in the game.
1)Be patient ,
2) trade the right trade and at the right time.
3) Do not trade for longer than you have to , once you have reached target call it a day , alot of traders make some pips only to give them back and some by the end of the day
4) do not be greedy .... once you reach target take it . I often do even if the pair keeps on moving
5) do not overleverage the account , that = sudden death if you are wrong.

develop some very simple habits and keep it real. In this volatile market we forget about the time when getting 30 pips a day consistently would have made you a hero ....lol
[
  • #119,079
  • Oct 4, 2008 9:58am Oct 4, 2008 9:58am
Quoting Serendipity
All Senior Members

a question from an ever-learning trader.......

what will be your REASONABLE "PIPS PER DAY" trading ONLY G/J on a CONSERVATIVE strategy? An Average of 32 pips a day sounds reasonable or not really?

I am thinking to only trade when direction is confirmed and get out before direction changes. to minimise risk. there are no guarantees ofcourse. not scalping per say but not greedy either.

any suggestions and ideas from the seasoned Traders most welcome

thank you all in advance

Serendipity

My target per day only 50 pips. However when I see opportunity 300 pips or more, I lock the profit and let it run by it nature.

My Rule is simple.

1st Rule. - Don't over laverage
2nd Rule - Don't over laverage
3rd Rule - Don't over laverage
4th Rule - Don't get Greedy
5th Rule - If you miss 1st opportunity ...always remember you will get
another 1 million chance for another trade.

and I only trade GJ at the moment. Sometime trade EA, EJ, EU and GU. Most of the time only GJ. Last but not least ...I'm not scalping.....scalp always make my blood pressure high.
  • #119,080
  • Edited 10:14am Oct 4, 2008 10:01am | Edited 10:14am
Quoting FXObserver
Hi GodfreyH!
Im just curious about the Gartley indicator you're using.
In your experience, what's the win/loss % of that?
Is it good in trending or ranging market?
Any input will be appreciated and wanted to know more about it.
Thanks
Because gartleys rely on fib ratios/expansions, it is very unlikely to show up in a flat ranging market. However, I can tell you, just because one pops up doesn't mean that price is going to start trending, the gartley could fail.

I don't use gartley patterns exclusively, I just use them for confirmation of a possible reversal, and because I agree with Malcolmb's 30-50 pips strategy, I rarely keep such a a trade to its logical conclusion, which is 1st TP at the 50 fib of the side.

From what I've seen, gartleys have about a 50/50 ratio of success. I have found out though that if you apply simple fib expansions to the gartley and drop down into a lower time frame to check price action, you can improve that success ratio.

For example, I would suggest only trading gartleys where the price lands at a fib expansion. So, I wouldn't trade a gartley where the price overshoots the 127 fib expansion, and is half-way between the 127 fib and 168 fib expansion. I would wait for price to reach the 168 fib, which would in any case almost guarantee a bounce from there, even if it is not sustained.

Also, gartleys have one of the best risk/reward ratios, usually 1:3, so you can keep your stop loss very tight.

Imagine that you bought at say 1.7560, with a 50 pip stop, and IF, the weekly "potential gartley" works out. A take profit at the 50 fib 1.8460, would be 900 pips.

Because the risk/reward is good for these patterns, one suggested trading style (and I am not necessarily advocating that you do this) is to draw a fib expansion and place your trade if it reaches the expansion, keeping your stop fairly tight, if it stops out chances are it will go to the next expansion and reverse, place another trade there keeping your stop loss tight. If your stop loss is tight enough even if you got stopped out two times you would recover and then some.
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