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  • #45,521
  • Nov 14, 2008 1:33pm Nov 14, 2008 1:33pm
Quoting psiholog
i am done trading for today as i accomplished an impossible feat but here goes my current analysis...its so simple it will take market maker intervention to ruin it. yesterday we saw the beggining of a strong uptrend in the stock market and the eur/usd. today..we saw a pullback ...but since the low...we have been making a rounding bottom. in otherwords in an uptrend a pullback like this is a cup and handle...when we reach a double top...there should be a slight pull back followed by another massive bull rally. whether this happens today or come...
Actually I see two cup and handle patterns. Kinda like big dipper little dipper...
  • #45,522
  • Nov 14, 2008 1:36pm Nov 14, 2008 1:36pm
Quoting flakk2000
Hi every one, i'm new to this thread but not new to forex and reading everything yall saying for a list 30 days now. for the past few months i was going pretty well in my trades, but yesterday it went against me very bad as i added to it as it went north. half lot every resistance and now i"m about 7 thousand negative, yep it hited me that bad. now i am not shure if i stay in the game till next week or i close and eat my loses. by the way i am about 17% down on my account. i still think however the Dollar will get stronger in the near term but...
I don't mean to beat an old drum (ala Sun Trader, Acumen, AK4X - my heroes), but I think one of the secrets to being a good trader is, "with regard for Forex trading only, I DON'T CARE about the strength of the Dollar or Euro!" I'll learn my trade, analyze the price action and take pips UP OR DOWN. It's the money we should be after - they pay that in both directions.

My two cents - and this time - last post of the week.

Thanks to Driver55 for pointing out that we should share some failures also. There's lessons to be shared there.

Best to all,
Ed
Up or down, gimme a ticket
  • #45,523
  • Nov 14, 2008 1:40pm Nov 14, 2008 1:40pm
Quoting flakk2000
Hi every one, i'm new to this thread but not new to forex and reading everything yall saying for a list 30 days now. for the past few months i was going pretty well in my trades, but yesterday it went against me very bad as i added to it as it went north. half lot every resistance and now i"m about 7 thousand negative, yep it hited me that bad. now i am not shure if i stay in the game till next week or i close and eat my loses. by the way i am about 17% down on my account. i still think however the Dollar will get stronger in the near term but...
walk away and reflect..maybe weeks.. come back small with baby steps.. tiny lots..set a small goal of 20 pips or so depending on your trading style. build confidence then increase baby steps slowly..if you get burned just walk away a while..money mangment risk one buck or less to make 2. if your right half the time you will make money..smaller lots have eased my emotion some to allow me to risk 200 pips to make 600 and it has worked more then once..
those who can, do. those who cant, talk about those who can
  • #45,524
  • Nov 14, 2008 1:40pm Nov 14, 2008 1:40pm
Quoting SpecialEd
I don't mean to beat an old drum (ala Sun Trader, Acumen, AK4X - my heroes), but I think one of the secrets to being a good trader is, "with regard for Forex trading only, I DON'T CARE about the strength of the Dollar or Euro!" I'll learn my trade, analyze the price action and take pips UP OR DOWN. It's the money we should be after - they pay that in both directions.

My two cents - and this time - last post of the week.

Thanks to Driver55 for pointing out that we should share some failures also. There's lessons to be shared there.

Best to...
i agree w/ you and thats what i try to do most of the time, not shure what happend yet... but thanks
  • #45,525
  • Nov 14, 2008 1:41pm Nov 14, 2008 1:41pm
I have done my scalp of the week.
See my image.
Scalp of a long at 1.2761 tp 1.2777. A Break of an important day line I have to a touch of another, but I do not wait to see that line touched, and it didn't touched.
This scalp was with my account at 90%.
Don't try this at home.
I have won in this scalp what I usually won in 3 days. and I saw a 7 pips retrace, I almost died by Heart Attack!
I do this only once per week, but every time I do it I say to myself, this time was the last time!
Someday I will be killed, I decided to do it after seeing PA.

Well, my last post of the week.
I have a long at 1.2500.
I had one at 1.2725 closed some minutes ago, I can confess that didn't happen last night what I waiting for, but I see a gap to the upside, so all I can say is Be careful shorts near 1.2800 area.

Bye guys
Nice weekend to all!
Attached Image
  • #45,526
  • Nov 14, 2008 1:42pm Nov 14, 2008 1:42pm
Quoting flakk2000
Hi every one, i'm new to this thread but not new to forex and reading everything yall saying for a list 30 days now. for the past few months i was going pretty well in my trades, but yesterday it went against me very bad as i added to it as it went north. half lot every resistance and now i"m about 7 thousand negative, yep it hited me that bad. now i am not shure if i stay in the game till next week or i close and eat my loses. by the way i am about 17% down on my account....
Some traders here feel that the short-term trend is still on the way up, within the scope of a larger downtrend. If this is the case, you may be able to cover in the green. But...it could resume the larger trend, down. No one here will have a definite answer. Maybe try a 50/50 approach? Just an idea - I don't want to mess with your money. For the future, analyze your money management strategy and make sure it's solid and that you are sticking to it. Sounds like you took too much risk.
  • #45,527
  • Nov 14, 2008 1:44pm Nov 14, 2008 1:44pm
Quoting gatorinla
walk away and reflect..maybe weeks.. come back small with baby steps.. tiny lots..set a small goal of 20 pips or so depending on your trading style. build confidence then increase baby steps slowly..if you get burned just walk away a while..money mangment risk one buck or less to make 2. if your right half the time you will make money..smaller lots have eased my emotion some to allow me to risk 200 pips to make 600 and it has worked more then once..
thats right every time i increse the size of my positions it gets kind of dark if you now what i"m saying... thanks
  • #45,528
  • Nov 14, 2008 1:48pm Nov 14, 2008 1:48pm
Quoting TradeWell
Some traders here feel that the short-term trend is still on the way up, within the scope of a larger downtrend. If this is the case, you may be able to cover in the green. But...it could resume the larger trend, down. No one here will have a definite answer. Maybe try a 50/50 approach? Just an idea - I don't want to mess with your money. For the future, analyze your money management strategy and make sure it's solid and that you are sticking to it. Sounds like you took too much risk.
yes i did take too much risk this time and i few like crap for it. 50,50 sounds good i think... thanks body.
  • #45,529
  • Nov 14, 2008 1:53pm Nov 14, 2008 1:53pm
Quoting SpecialEd
I'm not the most experienced or best trader on here, but Afcberty, most of us have been through that. Trade smaller lot sizes and adequate stop loss settings to where it doesn't get your gut to wrenching if you lose that trade, and then run with high confidence that you are indeed staring down a great trade. 100 PIPs at $5/pip = $500; 20 PIPs at $10/pip - $200. Hope that helps.

Hang in there.
Cheers SpecialEd !!

I dropped back to micros today (.01 lots).

Once the confidence is back I will look at upping it little by little.
  • #45,530
  • Nov 14, 2008 2:00pm Nov 14, 2008 2:00pm
My H4 Channel is getting broke now!
  • #45,531
  • Nov 14, 2008 2:02pm Nov 14, 2008 2:02pm
Quoting flakk2000
thats right every time i increase the size of my positions it gets kind of dark if you now what i"m saying... thanks
you can bust your ass and make a pile of pips and get cocky and lose weeks worth of pips in one night. been there done that.. i worked constuction and the best advice i ever got was from a 80 year old black laborer. he told me "a mule that shits fast dont shit long" i was a buff 18 year old. i tried to help him cause he was so old. so pulled tools out his hand to give him a break. anyway i soon tired in the 100 degree 100% humidity in louisiana.. any way him and i became good freinds and i learned to pace myself and was able to keep up with him, morale of the story is.......whatever u take from it..
those who can, do. those who cant, talk about those who can
  • #45,532
  • Nov 14, 2008 2:08pm Nov 14, 2008 2:08pm
i closed it all.
  • #45,533
  • Nov 14, 2008 2:16pm Nov 14, 2008 2:16pm
Quoting BoredToLoose
My H4 Channel is getting broke now!
Oh yeah I see that. Doesn't seem to be enough time for this to go up, or down much more. Do you suspect a gap up Monday?
  • #45,534
  • Nov 14, 2008 2:20pm Nov 14, 2008 2:20pm
Quoting afcberty
Cheers SpecialEd !!

I dropped back to micros today (.01 lots).

Once the confidence is back I will look at upping it little by little.
Hey flakk2000, sorry to hear that. Anyway, time to move on. Restart like afcberty above. That's how I started, and I still haven't increased lot size all that much. I suspect it will be months before I put up the big bucks.
  • #45,535
  • Nov 14, 2008 2:20pm Nov 14, 2008 2:20pm
Quoting TradeWell
Some traders here feel that the short-term trend is still on the way up, within the scope of a larger downtrend. If this is the case, you may be able to cover in the green. But...it could resume the larger trend, down. No one here will have a definite answer. Maybe try a 50/50 approach? Just an idea - I don't want to mess with your money. For the future, analyze your money management strategy and make sure it's solid and that you are sticking to it. Sounds like you took too much risk.
i still longer term bear too.. i dont trade against long term much either. but i see a decent retrace.. might have some good shorting after this bull move..maybe 1.5 ish. i just cant do it at the current high because of the meeting over the weekend.. but im tempted..
those who can, do. those who cant, talk about those who can
  • #45,536
  • Nov 14, 2008 2:27pm Nov 14, 2008 2:27pm
Quoting gatorinla
i still longer term bear too.. i dont trade against long term much either. but i see a decent retrace.. might have some good shorting after this bull move..maybe 1.5 ish. i just cant do it at the current high because of the meeting over the weekend.. but im tempted..
I have a hard time believing that we will see 1.50 on this general move up. That would be more than a retrace. But that gets more into fundamentals, which I don't really use for trading.
  • #45,537
  • Nov 14, 2008 2:27pm Nov 14, 2008 2:27pm
Quoting gatorinla
i still longer term bear too.. i dont trade against long term much either. but i see a decent retrace.. might have some good shorting after this bull move..maybe 1.5 ish. i just cant do it at the current high because of the meeting over the weekend.. but im tempted..
oops sorry i was using gbp chart..
those who can, do. those who cant, talk about those who can
  • #45,538
  • Nov 14, 2008 2:38pm Nov 14, 2008 2:38pm
This is not typical PA for the end of the trading week...
  • #45,539
  • Nov 14, 2008 2:40pm Nov 14, 2008 2:40pm
Quoting TradeWell
Oh yeah I see that. Doesn't seem to be enough time for this to go up, or down much more. Do you suspect a gap up Monday?
But as you know, it is very danger to enter now, and bet on the gap.
I add one more long few minutes, a tiny one!

Let's see!!
  • #45,540
  • Nov 14, 2008 2:42pm Nov 14, 2008 2:42pm
Quoting flakk2000
Hi every one, i'm new to this thread but not new to forex and reading everything yall saying for a list 30 days now. for the past few months i was going pretty well in my trades, but yesterday it went against me very bad as i added to it as it went north. half lot every resistance and now i"m about 7 thousand negative, yep it hited me that bad. now i am not shure if i stay in the game till next week or i close and eat my loses. by the way i am about 17% down on my account....

Don't despair. I know how you feel. I was down 25% last week and ended up making almost all of it back this week. My Paper trading is doing great however, up 43% in three weeks.

Anyway, one thing I have found that helps me is to not over trade. I trade until I make 50 pips or for two hours. Then I walk away and do something else for awhile. It does not sound like much profit but it fits my personality. Sure, I may miss some big moves but I am not stressed out or distracted.

Best of luck,

G
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