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  • #45,301
  • Nov 13, 2008 3:29pm Nov 13, 2008 3:29pm
Quoting gatorinla
anyone heard of crown forex in that add to the side?
I've heard of them, how come?
Probability Professor
  • #45,302
  • Nov 13, 2008 3:29pm Nov 13, 2008 3:29pm
Quoting Galation
What indicators are you using? What is your reasoning for the 1.30 short.
I don't use indicators anymore - just price action. I wait for really good setups and go in with a 3% risk. Once I hit about 30 pips in profit, I lock in about 10pips profit and let it ride. I move my stop based on the action on the chart I see.

I'm a J16 trader.
  • #45,303
  • Nov 13, 2008 3:33pm Nov 13, 2008 3:33pm
Quoting psiholog
im not one for making calls like algirdas does since i trade whatever i see on my charts at the time...but if you read my posts they met up my expectations big time. still...even though i "felt" this may happen...including the stock market rally...i think it was way overdone...more of panic buying instead of logical buying...in other words...we overshot many areas of consolidation we have seen in the past just for massive profit taking by the powers that be. now that the "buy now ask questions later" has ended...market makers are asking themselves...wait...
.... and for free, everyone must respect him.
But sometimes I disagree about some calls he does.
Like this time!
I am No one and I advice people not to follow me But I am going to do a sincere and respectable advice to all. DO NOT SHORT!

See you guys tomorrow!
  • #45,304
  • Nov 13, 2008 3:34pm Nov 13, 2008 3:34pm
Quoting dwildes
I don't use indicators anymore - just price action. I wait for really good setups and go in with a 3% risk. Once I hit about 30 pips in profit, I lock in about 10pips profit and let it ride. I move my stop based on the action on the chart I see.

I'm a J16 trader.
Are you a day/swing trader, or do you go long sometimes... or do you do whatever is right at the time . What is your get our strategy?
Probability Professor
  • #45,305
  • Nov 13, 2008 3:36pm Nov 13, 2008 3:36pm
It's just shot up 30 pips :o
Probability Professor
  • #45,306
  • Nov 13, 2008 3:38pm Nov 13, 2008 3:38pm
Quoting Galation
Are you a day/swing trader, or do you go long sometimes... or do you do whatever is right at the time . What is your get our strategy?
I rarely hold a position for a more than a few hours.
My get out strategy is based on pivot zones and price movements - so basically it varies.
  • #45,307
  • Nov 13, 2008 3:40pm Nov 13, 2008 3:40pm
Quoting dwildes
I rarely hold a position for a more than a few hours.
My get out strategy is based on pivot zones and price movements - so basically it varies.
Is there any specific reason why you don't place long term trends? Have you had a bad experience in the past?
Probability Professor
  • #45,308
  • Nov 13, 2008 3:45pm Nov 13, 2008 3:45pm
Quoting Galation
Is there any specific reason why you don't place long term trends? Have you had a bad experience in the past?
In a nutshell - the good move is done.

For example, the move we just had on E/U.
If I was in that trade on the long side (which I wasn't) - it has now moved roughly 400 PIPs. When price pulled back from the weekly pivot and the zone around 1.2850 - I would have been taken out around 1.2800.

If price didn't stall and shot up another 100 pips, I would still be in the trade because I let the market take me out by hitting my stop.

Isn't 350 PIPs good enough though?
That would be a 400% increase in my account (rough estimate).

Greed will come back to get you.
  • #45,309
  • Nov 13, 2008 3:47pm Nov 13, 2008 3:47pm
Quoting dwildes
In a nutshell - the good move is done.

For example, the move we just had on E/U.
If I was in that trade on the long side (which I wasn't) - it has now moved roughly 400 PIPs. When price pulled back from the weekly pivot and the zone around 1.2850 - I would have been taken out around 1.2800.

If price didn't stall and shot up another 100 pips, I would still be in the trade because I let the market take me out by hitting my stop.

Isn't 350 PIPs good enough though?
That would be a 400% increase in my account (rough estimate).

Greed will come...
Is it working well for you then? In terms of pips, how many do you win, compared to lose in a week, on average?
Probability Professor
  • #45,310
  • Nov 13, 2008 3:48pm Nov 13, 2008 3:48pm
Quoting Galation
Is it working well for you then? In terms of pips, how many do you win, compared to lose in a week, on average?
Sorry - this is getting a little off topic. You can PM me if you like, but let's try to keep the thread clean out of respect.
  • #45,311
  • Nov 13, 2008 3:55pm Nov 13, 2008 3:55pm
I was wrong about the pin bar but I am still short with stop at 1.286.
I wont be going long until the hourly break and close past of 1.2936.
  • #45,312
  • Nov 13, 2008 3:56pm Nov 13, 2008 3:56pm
Quoting dwildes
In a nutshell - the good move is done.
I disagree. If we can retrace from here, to 2701 (38.2 pullback ), then IF the market is still bullish, we could hit 2966, or 3104 (265, and 403 pips respectively), you'd be leaving A LOT on the table.
  • #45,313
  • Nov 13, 2008 3:56pm Nov 13, 2008 3:56pm
Quoting Galation
I've heard of them, how come?
was wondering if u had an opinion abot them.. im considering getting a broker with small speads they say they have a 1 pip spread..just curious,,
those who can, do. those who cant, talk about those who can
  • #45,314
  • Nov 13, 2008 3:57pm Nov 13, 2008 3:57pm
I would like to ask everyone here, to please read this article and post your thoughts:

http://www.dailypaul.com/node/72949

Revaluation of the US $? Back to gold standard? May be just rumor but if you think about the fundamentals behind it - makes quite a lot of sense. It's how we got out of the great depression, and you all know how history tends to repeat itself..
  • #45,315
  • Nov 13, 2008 3:59pm Nov 13, 2008 3:59pm
Quoting big_pipin
I disagree. If we can retrace from here, to 2701 (38.2 pullback ), then IF the market is still bullish, we could hit 2966, or 3104 (265, and 403 pips respectively), you'd be leaving A LOT on the table.
That's true and sometimes that does work out.
What most likely happens is - it consolidates for a day or 2 then moves again. In the meantime, your trade is locked up in that same move - and I'm on another prime setup on another pair for an easy trade.

What sounds better to you?
  • #45,316
  • Nov 13, 2008 4:05pm Nov 13, 2008 4:05pm
Quoting dwildes
That's true and sometimes that does work out.
What most likely happens is - it consolidates for a day or 2 then moves again. In the meantime, your trade is locked up in that same move - and I'm on another prime setup on another pair for an easy trade.

What sounds better to you?
both . Unless you dont like waiting, then yes, the other trade that can make 200 pips in an hour is better than one that takes 2 days, but I like to take advantage of as many setups as I can, knowing most the time, the market throws out a bunch of crap not worth trading, so when you see these nice moves, they're worth following imo.
  • #45,317
  • Nov 13, 2008 4:13pm Nov 13, 2008 4:13pm
Quoting big_pipin
both . Unless you dont like waiting, then yes, the other trade that can make 200 pips in an hour is better than one that takes 2 days, but I like to take advantage of as many setups as I can, knowing most the time, the market throws out a bunch of crap not worth trading, so when you see these nice moves, they're worth following imo.
That's what it boils down to I suppose. I'd rather close it and prepare for the next one and/or be done for the day. But if you found a method that works for you - more power to you! Keep doing it!
  • #45,318
  • Nov 13, 2008 4:21pm Nov 13, 2008 4:21pm
this is what I'm watching.

what happens here at that 38% level will tell me what I'm loooking at. The GY tore up hundreds of pips in no time today but stopped dead at the 50% retrace. no big deal except that it happened so quickly. been waiting fotr that actually and getting nervous that it was taking so long.

so no trend change for me yet, just the retrace I was looking for...

that red line has to clearly break, and that 38% level needs to clear for ej/eu to drop. my opinion of course.

this next move whichever way it goes will help me to determine in my mind what the yen appetite is, and if it's slowing or not. less yen demand = more risk appetite in my book, and that is a major part of my market and trade interpetations, has been for weeks as I've often said.

So now I watch and scalp, or just watch. you always watch... off to dinner.
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FUBAR...
  • #45,319
  • Nov 13, 2008 4:21pm Nov 13, 2008 4:21pm
whats the average holding time for your trades?..few hrs?
  • #45,320
  • Nov 13, 2008 4:23pm Nov 13, 2008 4:23pm
just got home from work and see the bulls kick my bear in the balls thank god for stops
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