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  • #54,201
  • Jan 6, 2009 9:23am Jan 6, 2009 9:23am
I never said you were wrong. And to reiterate my point:

Now, the reason why we haven't seen EUR go up that much is do to the fact that people are weighting in on all these stimulus pack plans propose by the Obama administration, cause if those passed (which most likely) then it will dollar strong.




Quoting iii
Well so far the PA is not proving me wrong... remember its perception that counts, not the news number itself.
  • #54,202
  • Jan 6, 2009 9:23am Jan 6, 2009 9:23am
my bad, got excited.

but it really does seem that the pair will move south. im not a fundamentalist but when it comes to technicals im pretty sure of myself.

and on 1 min it says pair is down.
  • #54,203
  • Jan 6, 2009 9:25am Jan 6, 2009 9:25am
Quoting SeaPip
I never said you were wrong. And to reiterate my point:

Now, the reason why we haven't seen EUR go up that much is do to the fact that people are weighting in on all these stimulus pack plans propose by the Obama administration, cause if those passed (which most likely) then it will dollar strong.
Well the real "cause" is unknown, it could be a vast number of things. I do not concern myself with a cause I just follow the trend, that is all. By the way I know you never said I was wrong, either way one can make money even when they are wrong.
  • #54,204
  • Jan 6, 2009 9:25am Jan 6, 2009 9:25am
Looking at the M30 charts, it is quite safe to say that we can start taking shorts again.

The price has retraced and is now heading southwards.

I have already placed a trade at 1.3410 and riding on 35 pips already.

Expecting to test 1.3300 and then finally head to the south that we all have been waiting for. 1.3100 I will close my trades.
{Promotion Removed}
  • #54,205
  • Jan 6, 2009 9:28am Jan 6, 2009 9:28am
Hi, I'm new to this thread and relatively new to forex trading, so I'm confused about some of the terminology you guys throw around. So bear with me here, but what does pa mean?
Any help is much appreciated.
If only I knew then what I know now...
  • #54,206
  • Jan 6, 2009 9:30am Jan 6, 2009 9:30am
Quoting kris
Looking at the M30 charts, it is quite safe to say that we can start taking shorts again.

The price has retraced and is now heading southwards.

I have already placed a trade at 1.3410 and riding on 35 pips already.

Expecting to test 1.3300 and then finally head to the south that we all have been waiting for. 1.3100 I will close my trades.
if you are shorting 1.3390 looks good

if you are buying 1.3370 looked pretty good
  • #54,207
  • Jan 6, 2009 9:30am Jan 6, 2009 9:30am
PA=price action
{Promotion Removed}
  • #54,208
  • Jan 6, 2009 9:30am Jan 6, 2009 9:30am
Quoting Alexgee
Hi, I'm new to this thread and relatively new to forex trading, so I'm confused about some of the terminology you guys throw around. So bear with me here, but what does pa mean?
Any help is much appreciated.
Welcome, PA is just an abreviation for price action.
  • #54,209
  • Jan 6, 2009 9:31am Jan 6, 2009 9:31am
The key level 1.344 held. I closed the hedge there and added some more after a dip into the 1.3375. Pretty sure it will go down 100+ pips but it is a NERVOUS trade. I am not sure I can deal psycologicaly with a 100 pips spike now
Does anyone knows a good book on training your psycology for the trade? It seems to me that's the key. So far I feel the market right but make wrong moves in intense moments thus diminishing my profits
Riding the Dragon....
  • #54,210
  • Edited 9:42am Jan 6, 2009 9:31am | Edited 9:42am
Quoting Cleveland
Is it retracment or reversal...down trend was strong?

On Hourly is still strong
It looks like a trend correction. The downtrend is strong and the Euro has shown weakness against Dollar and Pound. However, volumes are really low and next lowest bottom still too far.
Life is a party!!! will you seat or will you dance?
  • #54,211
  • Jan 6, 2009 9:34am Jan 6, 2009 9:34am
Quoting Farstrider
The key level 1.344 held. I closed the hedge there and added some more after a dip into the 1.3375. Pretty sure it will go down 100+ pips but it is a NERVOUS trade. I am not sure I can deal psycologicaly with a 100 pips spike now
Does anyone knows a good book on training your psycology for the trade? It seems to me that's the key. So far I feel the market right but make wrong moves in intense moments thus diminishing my profits
Try Ari Kiev's books.
  • #54,212
  • Jan 6, 2009 9:35am Jan 6, 2009 9:35am
Mark Douglas - Trading in the zone

Expert trading psychology.


Quoting Farstrider
The key level 1.344 held. I closed the hedge there and added some more after a dip into the 1.3375. Pretty sure it will go down 100+ pips but it is a NERVOUS trade. I am not sure I can deal psycologicaly with a 100 pips spike now
Does anyone knows a good book on training your psycology for the trade? It seems to me that's the key. So far I feel the market right but make wrong moves in intense moments thus diminishing my profits
Chasing Livermore...
  • #54,213
  • Jan 6, 2009 9:37am Jan 6, 2009 9:37am
Quoting osyrius
Mark Douglas - Trading in the zone

Expert trading psychology.
Perhaps this is a good book for some, but to be honest, it really f**ked me up in terms of trading. It just made me not care at all.
  • #54,214
  • Jan 6, 2009 9:38am Jan 6, 2009 9:38am
Quoting iii
Try Ari Kiev's books.

Can you please give me a name of the book? It seems holding to my previous decisions/changing them in the critical moments is my weakest link. Hope somebody already did a thorough research of that factor.

Good luck today. I have a feeling we have interesting hours ahead befor the steam blows off
Riding the Dragon....
  • #54,215
  • Jan 6, 2009 9:38am Jan 6, 2009 9:38am
Quoting SeaPip
I never said you were wrong. And to reiterate my point:

Now, the reason why we haven't seen EUR go up that much is do to the fact that people are weighting in on all these stimulus pack plans propose by the Obama administration, cause if those passed (which most likely) then it will dollar strong.
Maybe the news wasn't as bad as it could have been...

The other thing supporting the dollar IMHO is the Obama bounce.
  • #54,216
  • Jan 6, 2009 9:39am Jan 6, 2009 9:39am
Quoting Farstrider
The key level 1.344 held. I closed the hedge there and added some more after a dip into the 1.3375. Pretty sure it will go down 100+ pips but it is a NERVOUS trade. I am not sure I can deal psycologicaly with a 100 pips spike now
Does anyone knows a good book on training your psycology for the trade? It seems to me that's the key. So far I feel the market right but make wrong moves in intense moments thus diminishing my profits

That would be great to see.
Can you post a chart later with that trade?
100 pips!!! in times like this!!! that's exciting...or crazy!!
don't know but you got balls buddy!
Life is a party!!! will you seat or will you dance?
  • #54,217
  • Jan 6, 2009 9:40am Jan 6, 2009 9:40am
You experience what all traders (myself included) experiences and must overcome: FEAR and GREED. Ofcourse in your case more fear than greed. I would recommend Trading in THE ZONE. He goes over the psychology of taking emotion out of your trading....which is the hardest part of trading.





Quoting Farstrider
The key level 1.344 held. I closed the hedge there and added some more after a dip into the 1.3375. Pretty sure it will go down 100+ pips but it is a NERVOUS trade. I am not sure I can deal psycologicaly with a 100 pips spike now
Does anyone knows a good book on training your psycology for the trade? It seems to me that's the key. So far I feel the market right but make wrong moves in intense moments thus diminishing my profits
  • #54,218
  • Jan 6, 2009 9:40am Jan 6, 2009 9:40am
Quoting Farstrider
Can you please give me a name of the book? It seems holding to my previous decisions/changing them in the critical moments is my weakest link. Hope somebody already did a thorough research of that factor.

Good luck today. I have a feeling we have interesting hours ahead befor the steam blows off
Well, there in lies the problem, this guy has many books. I think it is up to you to choose the right one for you. You can google him or visit his website at www.arikiev.com
Edit: I just realized I have not answered your question. I think that you should read The Psychology of Risk: Mastering Market Uncertainty, as well as Trading to Win: The Psychology of Mastering the Markets
  • #54,219
  • Jan 6, 2009 9:41am Jan 6, 2009 9:41am
Feels good to live to fight another day. Back on track.

Going to sit it out for a while...I had some profound thought earlier I wanted to share, but i forgot what is was...
  • #54,220
  • Jan 6, 2009 9:42am Jan 6, 2009 9:42am
Quoting stewrigh
Maybe the news wasn't as bad as it could have been...

The other thing supporting the dollar IMHO is the Obama bounce.
m1 acting as support?
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