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  • #47,921
  • Dec 2, 2008 10:39am Dec 2, 2008 10:39am
Quoting Algirdas
....be The Cat that Walks by Itself.
But it may take years to be the Alg cat that walks by itself..
Attached Image
  • #47,922
  • Dec 2, 2008 10:49am Dec 2, 2008 10:49am
i studied the whole h&s situation carefully. it is one strong possibility. the other strong possibility is this...

Attached Image (click to enlarge)
Click to Enlarge Name: current.gif Size: 34 KB
Different opinions highly valued, ignorant to slander.
  • #47,923
  • Dec 2, 2008 10:53am Dec 2, 2008 10:53am
Now above 4HR 100sma
We may go up to purple TL at Fib 50.0 level (RED)

If next 4HR bar - she decided to close below mentioned MA then we will retest today low again..

Now next 4HR bar close above this MA - I will search for entry point to BUY..

Up there then I will make decision either to BUY or SELL
Bounce SELL and break-out BUY.. Waiting
Attached Image (click to enlarge)
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  • #47,924
  • Dec 2, 2008 10:55am Dec 2, 2008 10:55am
Quoting psiholog
i like to view things another way. the way i see it...there are no fundamentals to sustain yesterdays 650 drop either.
I do respect your opinion psiholog, however read back on my posts since we started the drop from 1.6...
The fundamentals for that initial drop have not changed...USA in recession but trying to climb out...Europe sliding into recession..there is your main fundamental...
Secondly all large investment funds have not revised policy and are still strongly supporting the dollar

Until one of the above changes...there will be no reversals..in the end the bigger economic picture will always dominate

Meanwhile we will see good bull rallies but the main trend is a bear...fundamentally nothing has changed that.

As always..just my 2 cents...
  • #47,925
  • Dec 2, 2008 11:03am Dec 2, 2008 11:03am
fwiw, current price of 2703 is right at the QP for this R1/M4 zone... waiting for the break below as dow drops.

green = R1
grey = M4
Attached Image
FUBAR...
  • #47,926
  • Dec 2, 2008 11:08am Dec 2, 2008 11:08am
i started trading today. had 4750 dollar. Then, increased it by 1400 dollar. Then i went short on eur usd today at. 12677, im still in, with one lot, and still at a loss.

This eurusd trade is my last one. Then i will quit trading for 6 months, and i will withdraw all my money. This last trade has made me get grey hair.
  • #47,927
  • Dec 2, 2008 11:08am Dec 2, 2008 11:08am
short term shorts all closed for 84 pips total, rest are scaled out and +3 sl to see where we go from here somewhere down below...

back later tonite for more fun.
FUBAR...
  • #47,928
  • Dec 2, 2008 11:09am Dec 2, 2008 11:09am
Quoting _mas
i started trading today. had 4750 dollar. Then, increased it by 1400 dollar. Then i went short on eur usd today at. 12677, im still in, with one lot, and still at a loss.

This eurusd trade is my last one. Then i will quit trading for 6 months, and i will withdraw all my money. This last trade has made me get grey hair.
You have some serious issues with MM and leverage!
  • #47,929
  • Dec 2, 2008 11:11am Dec 2, 2008 11:11am
Quoting StefanoProdi
You have some serious issues with MM and leverage!
MM?

Well i just wanted to gamble for one day. Im a scalper. However, this last eurusd trade has made me been short for about 5 hours.
  • #47,930
  • Dec 2, 2008 11:14am Dec 2, 2008 11:14am
Quoting StefanoProdi
You have some serious issues with MM and leverage!

Speaking of leverage: Wich leverage do you (the Pros use?

I started out with 100:1, and blew out in no time Now i trade with 2:1, and adding to successful trades instead along the way.
  • #47,931
  • Dec 2, 2008 11:14am Dec 2, 2008 11:14am
Sure there is some heavy offer on these levels as it seems now, Dow droping giving another reason for drop. There will be reward if this level is broken and when the supply is cleaned. Keeping on these levels is good sign for further drop IMO.
  • #47,932
  • Dec 2, 2008 11:19am Dec 2, 2008 11:19am
Quoting FXfelix
Speaking of leverage: Wich leverage do you (the Pros use?

I started out with 100:1, and blew out in no time Now i trade with 2:1, and adding to successful trades instead along the way.
I am not the pro, there are other guys that are much better. Thats why I am here, still learning. But... Those guys probably dont remember how it was to make those novice mistakes and get experience on them like I have.

Money managment is a must, I personally risk 2-6% of account max. Not perfect, but working out and making adjustments with trading style and stats.
  • #47,933
  • Dec 2, 2008 11:20am Dec 2, 2008 11:20am
Quick question...how does one have a 3pip stop and not get stopped out??
  • #47,934
  • Dec 2, 2008 11:25am Dec 2, 2008 11:25am
Quoting _mas
i went short on eur usd today at. 12677, im still in, with one lot, and still at a loss.
I hope now you feel better
  • #47,935
  • Dec 2, 2008 11:28am Dec 2, 2008 11:28am
Quoting psiholog
i studied the whole h&s situation carefully. it is one strong possibility. the other strong possibility is this...

Attachment
Your right, I was thinking it was just a pennant too but it looks like it just cracked down south so...doubtful now.

Great graph though!
  • #47,936
  • Dec 2, 2008 11:33am Dec 2, 2008 11:33am
Quoting _mas
i started trading today. had 4750 dollar. Then, increased it by 1400 dollar. Then i went short on eur usd today at. 12677, im still in, with one lot, and still at a loss.

This eurusd trade is my last one. Then i will quit trading for 6 months, and i will withdraw all my money. This last trade has made me get grey hair.
I've gone -25% to 15% in a few hours. That was a crazy day. Since then I keep much better SL targets. Anyway, keep up the Paper Trading no matter what if you can.

btw, looked like you could have got out for BE a few minutes ago.

Good luck,

G
  • #47,937
  • Dec 2, 2008 11:38am Dec 2, 2008 11:38am
Quoting ragu
Quick question...how does one have a 3pip stop and not get stopped out??
if that was to me... that is a +3 pip sl from the entry and not a trailing stop.

for example... if price has dropped 100 pips, then my sl stays at entry +3 to +10 or whatever it might be and that means there is a 90 to 97 pip cushion on that trade that might then incresae or dercesae as price spikes a'rd. I've posted extensively on this topic over the past several weeks if you want to know more, but that's how it works.

I have one running ej short for instance that has had 25% taken off at 100 pips from 119.14. I have a +4 pip SL set at 119.10 and a TP down a'rd 117.50ish. the others are somewhat similar and the rest were fixed pip trades that have already been closed.

i don't often get stopped out at this point except on serious reversals and some of those entries have been known to run in excess of 2000 pips or more. just my style and no rocket science involved.
FUBAR...
  • #47,938
  • Dec 2, 2008 11:38am Dec 2, 2008 11:38am
Looks like market is playing the psiholog triangle and not the H&S... Now two lots short @1,2686 average entry.
  • #47,939
  • Dec 2, 2008 11:39am Dec 2, 2008 11:39am
Ye thanks guys. I went out at 80. I had internet connection problems and wanted to get out at 75, but i had to call and wait, and then they liquidated my position at 80. However, a total profit today of 1250 dollar.

I wont trade now for a very very long time. I know i was very lucky, and how i just keep my trades and never liquidate them(shorted at 1.2677, and held it all the way up to 1.2765, down to 1.2680 where i liquidated it). Im too irrational, i dont want to liquidate when I'm losing.


Man i get too stressed out doing this. I will fill in in the withdrawal form now.
  • #47,940
  • Dec 2, 2008 11:46am Dec 2, 2008 11:46am
Quoting _mas
Ye thanks guys. I went out at 80. I had internet connection problems and wanted to get out at 75, but i had to call and wait, and then they liquidated my position at 80. However, a total profit today of 1250 dollar.

I wont trade now for a very very long time. I know i was very lucky, and how i just keep my trades and never liquidate them(shorted at 1.2677, and held it all the way up to 1.2765, down to 1.2680 where i liquidated it). Im too irrational, i dont want to liquidate when I'm losing.


Man i get too stressed out doing this. I will fill...

Try trading micro lots with some of your profit. It is good learning, no big stress and risk. Forget the profit factor and focus on the market.
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