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  • #40,041
  • Edited 6:45pm Oct 19, 2008 6:28pm | Edited 6:45pm
Quoting mr.meow
Opinions about eur/usd falling below 1.3400?
think if we break 3400 and can hold 3350 we will head south
but im a newbie
  • #40,042
  • Oct 19, 2008 6:31pm Oct 19, 2008 6:31pm
Quoting Tmac
its always that way at market open until there is more liquidity in the market
I never see spreads like that especially on higher volume dollar pairs. Better to find a broker with a tighter spread or fixed commission. I cannot make a recommendation but it's not hard to search them out online.
  • #40,043
  • Oct 19, 2008 6:38pm Oct 19, 2008 6:38pm
Quoting Tmac
here are some PP's for you
Thanks Tmac
Im sure it will help
  • #40,044
  • Oct 19, 2008 6:42pm Oct 19, 2008 6:42pm
Anyone new to trading (or even been around awhile) should read Jacko's rules (not necessarily his trading method but his rules about trading and money management). They are words of success.

They can be found in his thread:
http://www.forexfactory.com/showpost...50&postcount=4
  • #40,045
  • Oct 19, 2008 6:49pm Oct 19, 2008 6:49pm
I hope I don't blow this thread up! If I do please forgive me.
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  • #40,046
  • Oct 19, 2008 6:58pm Oct 19, 2008 6:58pm
Hey Jacko - what time frame do you trade?
  • #40,047
  • Oct 19, 2008 7:03pm Oct 19, 2008 7:03pm
Quoting psiholog
a sample of my strategy. we are still within the massive triangle from last week and the upper wall is still well over 50pips away from the lower wall. this means if i wanted to i could buy now at the low and only a breakdown would stop me out...a risk well worth taking. however...there is a part of my strategy which says the first 2 hours of the sunday open do not trade...wait for spread to go back to normal and for direction to become clear

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simple trade simple logic i hope...great job spotting a second reason as to why it did not go any lower gofer (your post is just fine). now when i allow myself to trade in 1 minute i will be looking for what happens close to 1.3460. honestly i will not short because this triangle has narrowed down big time now...breakout could occur at any time....thats the only thing i will play

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the way i will play the soon to come breakout is as follows
1)if i feel strong about the breakout when wall is crossed...i will enter then
2)if it happens too fast...wait for a retest of the breakout wall and if it holds...enter then
3)do nothing..i will not chase shooting arrows or falling knifes...instead i will let the opportunities come to me...if this is not such a case...theres always next time

Edit: candlestick patterns say after 5 bull ones...a bear one follows...considering the bear environment we are in...chances are the bear candle will be big. 5 bull in a row on 15min chart is alot already...but 8 is always a possibility...even 11...doubt this is the case though
Different opinions highly valued, ignorant to slander.
  • #40,048
  • Oct 19, 2008 7:04pm Oct 19, 2008 7:04pm
Quoting kandarv
Hello everybody,

I'm wondering why the high spreads in Oanda if there's no liquidity hence no volatility. IMO 20 pips for the AUD/USD is way too much.
oanda quotes are high on weekends because of their internal rules... not problems of liquidity... Also take note that if the forex market doesn't move is because there is huge liquidity on both sides.... not as you say... so when the market moves a lot.. as recently.. is because there are liquidity problems. and then the market moves strongly to one side.
  • #40,049
  • Oct 19, 2008 7:05pm Oct 19, 2008 7:05pm
mayhaps one should also insert into this equation the likes of "experience" and "knowledge", as without them one would simply go round and round smacking ones head against the pavement !

or perhaps a good "robot" might help !

lol

enjoy and trade well

mp

Quote:
Originally Posted by fxpinoy http://www.forexfactory.com/images/buttons/viewpost.gif
Thisi s 100% right, DISCIPLINE = SUCCESS = PROFIT
That's Right.







Quoting Drake
That's Right.
  • #40,050
  • Edited 7:09pm Oct 19, 2008 7:06pm | Edited 7:09pm
Testing the short waters with a sell limit at 3456, that's the mid point between my Daily pivot and M3. I'm not ruling out M3 (3469) and will add on at that level if it hits. mid 50's level is also a UTL on the 20m.

Don't follow me if you can't handle diving into cold water...
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FUBAR...
  • #40,051
  • Oct 19, 2008 7:19pm Oct 19, 2008 7:19pm
..... at this Thread!
My Week Plan trade this week is not trading at all.
I am not a scalper anymore!
I will be waiting only two levels.
1.3270/1.3313 and 1.3600/1.3677.
The Different levels is according which day will reach there.
I will buy only below 1.3313 and short only above 1.3600, then SL below 1.3240 or 1.3776.

Take care and GL to all.
  • #40,052
  • Oct 19, 2008 7:21pm Oct 19, 2008 7:21pm
Quoting ak4x
Testing the short waters with a sell limit at 3456, that's the mid point between my Daily pivot and M3. I'm not ruling out M3 (3469) and will add on at that level if it hits. mid 50's level is also a UTL on the 20m.

Don't follow me if you can't handle diving into cold water...
Sounds interesting. Just out of curiousity, what sort of risk to reward ratio do you use? Or do you use more of a dynamic risk to reward ratio based on what price is doing?

I've paused my live trading and switched back to demo trading exclusively until I can sort out my money manement rules.

Currently I'm playing with 1:1 ratio and switched from 30min chart to 3hr chart. I'm starting to think that it is very hard to trade off volatility at the minute level and could be slightly easier with a slightly longer TF. (and more time to set trades up instead of relying on reflexes, making split second decisions).
  • #40,053
  • Oct 19, 2008 7:33pm Oct 19, 2008 7:33pm
Little daily chart to ponder...

I hope everyone here read and gives due consideration to Bemacs post last week about horizontal S/R lines... priceless.

It's that kind of thing that takes the chart I just posted here and shreds it into confetti. Remember that when it winds up going back to 3780-3800. I keep that kind of thing in the back of my mind at all times, even tho I'm currently trading the descending TL's, as horizontal support below 3440 has already been taken out with force.

I won't update this fib until is see where price goes during NY. The Friday spike is still weak to me and has not been supported by recent PA or retested.

Gotta go eat.
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FUBAR...
  • #40,054
  • Oct 19, 2008 7:36pm Oct 19, 2008 7:36pm
Quoting ak4x
Little daily chart to ponder...

I hope everyone here read and gives due consideration to Bemacs post last week about horizontal S/R lines... priceless.
Your postings and Bemac's are of great guidance for us new traders. Thanks ak4x.
  • #40,055
  • Oct 19, 2008 7:40pm Oct 19, 2008 7:40pm
It's amusing reading your thoughts psiholog because we have similiar thoughts except you have a bias for bull and I have bias for bear.
  • #40,056
  • Oct 19, 2008 7:41pm Oct 19, 2008 7:41pm
Quoting _tlk_
Guys, have you got any suggestion for a good ebook about trading the pivot levels.

I trade pivots on a 15 min chart.

I also incorporate psych levels which are as important.

Check out my site.

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

I have video for each month but the system is under Pivot Point System... oddly enough.

Mike
  • #40,057
  • Oct 19, 2008 7:44pm Oct 19, 2008 7:44pm
Quoting LuckyLurker
You have everything you need.. JUST .... TAKE .... PROFIT ...

with good mm and a system you know works, you can't lose taking profit..

If you take profit at 50 pips and the price runs another hundred, who cares.. I promise you there will be another 20 times in sequence, that you take that 50 and the price bounces back to your BE.. just take profit.

OR

Split your orders.. if you're trading 1 lot, split it into .5 + .5 Take profit at res on half, and set BE on the rest..

Great advice.
  • #40,058
  • Oct 19, 2008 8:02pm Oct 19, 2008 8:02pm
... that 1.3585 will be seeing today!
If Asia send this crap to 1.3500, Yes sir!!!
Careful shorts!!
  • #40,059
  • Oct 19, 2008 8:03pm Oct 19, 2008 8:03pm
M3 hit minus 1 pip... Love those pivots. So. Now we see if I'm all wet for no good reason.

Lethargic opening price action is always a crap shoot. Hateful stuff.
FUBAR...
  • #40,060
  • Oct 19, 2008 8:07pm Oct 19, 2008 8:07pm
Was reject right there, but careful for a possible break, pattern can tell that to us!
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