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  • #44,121
  • Nov 7, 2008 8:26am Nov 7, 2008 8:26am
Morning everyone
The best thing that can happen to you is to find out where you're wrong.
  • #44,122
  • Nov 7, 2008 8:31am Nov 7, 2008 8:31am
less demand oils should contract and dollar strengthen.. but as of lately whats up is down and visa-versa... just tell all your colledge educated friends ect. to get a mirror and practice saying "would you like to supersize your order" cause if u.s. is the stronger at the moment then the rest of the world. its gonna be a long 10 years or so to get out this hole... damn dow up?
those who can, do. those who cant, talk about those who can
  • #44,123
  • Nov 7, 2008 8:31am Nov 7, 2008 8:31am
So, let the big money boys have this time to play with themselves! Watch them whipsaw the prices in attempts to steal money from others whose very trading arrangements seriously disadvantage them compared to the lightning speed these guys can fill their orders on misicule spreads! Wait a few hours, at the least, for the dust to settle and the charts to begin to make some sense again. Avoid the turmoil they create to confuse.

Come back later and take some of their ill gotten gains away from them.
  • #44,124
  • Nov 7, 2008 8:32am Nov 7, 2008 8:32am
Quoting Driver55
Morning everyone
Morning...hey are you west coast?
  • #44,125
  • Nov 7, 2008 8:33am Nov 7, 2008 8:33am
misspell on (college) purpose. i graduated in beer drinken only
those who can, do. those who cant, talk about those who can
  • #44,126
  • Nov 7, 2008 8:34am Nov 7, 2008 8:34am
im gonna have to wait and see how the DOW digest that.. who knows? it may tumble 1000pts, 1500pts.. forecast jobless rate @ 8.5 by 2009. uh.. that's not fun. Poor auto industries suffering hedge fund oil manupulation.
"Simplicity is the ultimate sophistication" leonardo da vinci
  • #44,127
  • Nov 7, 2008 8:38am Nov 7, 2008 8:38am
Quoting TradeWell
Hey I can relate. Sometimes I am just not "in the groove". My problem is fear...I get out of trades too fast. Getting better though...
I was a fool for trading NFP. I have a history of losing money from it. I just thought this time might have been different but nup
  • #44,128
  • Nov 7, 2008 8:39am Nov 7, 2008 8:39am
Quoting gatorinla
less demand oils should contract and dollar strengthen.. but as of lately whats up is down and visa-versa... just tell all your colledge educated friends ect. to get a mirror and practice saying "would you like to supersize your order" cause if u.s. is the stronger at the moment then the rest of the world. its gonna be a long 10 years or so to get out this hole... damn dow up?
So true ... I said the same thing about a week ago.
  • #44,129
  • Nov 7, 2008 8:40am Nov 7, 2008 8:40am
Quoting altrader
I was a fool for trading NFP. I have a history of losing money from it. I just thought this time might have been different but nup
My problem is I get into trading and start forgetting about news releases then surprise!
  • #44,130
  • Nov 7, 2008 8:40am Nov 7, 2008 8:40am
Quoting traderathome
So, let the big money boys have this time to play with themselves! Watch them whipsaw the prices in attempts to steal money from others whose very trading arrangements seriously disadvantage them compared to the lightning speed these guys can fill their orders on misicule spreads! Wait a few hours, at the least, for the dust to settle and the charts to begin to make some sense again. Avoid the turmoil they create to confuse.

Come back later and take some of their ill gotten gains away from them.

http://www.forexfactory.com/images/buttons/quote.gif

very well said and exactly what I needed to read. I'm going to print your post out and put it on my wall.

I'm never going to trade NFP again. I was up 2% for the day and lost ALL of that and a fraction more but ohh well....This time I've learned my lesson with NFP data.
  • #44,131
  • Nov 7, 2008 8:41am Nov 7, 2008 8:41am
Quoting TradeWell
Morning...hey are you west coast?

I am in Italy .. but today I start late

The best thing that can happen to you is to find out where you're wrong.
  • #44,132
  • Nov 7, 2008 8:42am Nov 7, 2008 8:42am
Quoting TradeWell
My problem is I get into trading and start forgetting about news releases then surprise!
ahh yes...that's happened to me as well. I hate it when that happens, lol.
  • #44,133
  • Nov 7, 2008 8:48am Nov 7, 2008 8:48am
I'm wrapping it up early today. play it safe and lock in those pips when they present themselves.
  • #44,134
  • Nov 7, 2008 8:51am Nov 7, 2008 8:51am
Quoting traderathome
I cannot do anything with just the .ex4
Yes you can. ex4 is already compiled, you just place it in the expert/indicators folder, and reopen MT4. You can't edit it, but it's as functional as the mq4 file.
  • #44,135
  • Nov 7, 2008 8:52am Nov 7, 2008 8:52am
sad part world recession/depression. i sure hope not. bad economical times worldwide means some idiot out there could start a conflict like ww2. not so far fetched when one nut job can slow or stop the flow of oil. u.s. would get oil one way or another. we would do whatever it took. im not advocating this and hope we get out this hole fast. but it cant hurt to keep your eyes open.
those who can, do. those who cant, talk about those who can
  • #44,136
  • Nov 7, 2008 9:06am Nov 7, 2008 9:06am
Quoting traderathome
So, let the big money boys have this time to play with themselves! Watch them whipsaw the prices in attempts to steal money from others whose very trading arrangements seriously disadvantage them compared to the lightning speed these guys can fill their orders on misicule spreads! Wait a few hours, at the least, for the dust to settle and the charts to begin to make some sense again. Avoid the turmoil they create to confuse.

Come back later and take some of their ill gotten gains away from them.

That is exactly what I am doing. Waiting it out. Letting the big boys have their fun, but not at my expense.

I had an sell order pending but after watching the market for a while ... I realized, its not worth it.
  • #44,137
  • Nov 7, 2008 9:15am Nov 7, 2008 9:15am
today is an example of how powerful and attracting is when the daily pivot is the same as the weekly pivot.
  • #44,138
  • Nov 7, 2008 9:25am Nov 7, 2008 9:25am
Question for any experienced guys here:
Is the US morning session always volatile as like the last 2 days?

Whats the best time to trade the markets, I normally like early in the London seesion. Thats when moves are pretty steady and controlled
  • #44,139
  • Nov 7, 2008 9:26am Nov 7, 2008 9:26am
This was an email I got yesterday, as a result I stayed out of the trade and I am pleased I did.

Friday Oct. 7th, 2008 (8:30am NY Time) US Non-Farm Payroll Forecast -200K Previous -159K
Unemplyment Rate Forecast 6.3% Previous 6.1%
NonFarm Payroll is going to be our primary focus of the day, and it
is known to move the market anywhere from 50~200+ pips in a matter
of minutes; it is the most volatile news release for Forex Traders.

If you have never traded NFP before, I recommend that you turn off
your PC and don't trade this release. If you have some experience
trading it, then I suggest that you use extreme caution.


The difficult part with this news release is the revision.
Sometimes the revision will conflict with current numbers, and you
would see the market whipsawing violently, taking out stops on both
sides. Sometimes traders will react to the revision and completely
ignore the actual release number.


Our surprise factor is 70K. If the number is deviates by 70K, then
the market will move at least 70 pips within the hour. We'll BUY
EUR/USD or GBP/USD or SELL USD/CHF if the release is lower, and
vice versa if the release is higher.


Always wait for the Revision numbers to come out before trading, as
a rule of trading NFP, wait for retracement for a safer entry. If
the market retraces 15 pips below the pre-release price, then get
out on your trade and look for entries to go the other direction.
Also keep an close eye on the high Unemployment Rate number. Watch
out for conflict with the NFP direction.
  • #44,140
  • Nov 7, 2008 9:28am Nov 7, 2008 9:28am
Quoting andys0506
Question for any experienced guys here:
Is the US morning session always volatile as like the last 2 days?

Whats the best time to trade the markets, I normally like early in the London seesion. Thats when moves are pretty steady and controlled
Not always, but then these are crazy times.

When the US market opens it is mid day in the UK and there have been a ot of daytime releases of impact.
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