EURUSD

I'm on it gregam. Been ranging for a while. My S1 is at 1.33419 and I will look to trail it down to around that area.

On H1 EURUSD looks very simillar like in 7/8 Jan. It's again moving up and down around s/r line and the channel is the same. Now it's on strong support horizontal level, on H4 are lot's of pinbars, but I will open long when it will break last high (about 1.3446).

Did Bush speak today?

Yes, but dunno what was said/gaffed

A true hedge would indeed being LONG in both pairs, until the arbitrage "appears" (usually one of both will be moving faster), which is also the same as being long EUR/CHF...

It is good to experiment and learn from the results, but as a non-sollicited advice, it is better not to hedge a same pair with itself. I've blown one smallish account with that, and exited another one with a 99.5% loss, two years ago... with barely enough to at least start again from scratch (and psychologically all wrecked up for a whole year and a half).

There is a way to get out of those hedges, but the stress put on catching the tops and bottoms, then let negative positions ride back and recover, then again buy or sell at the bottom or top, slowly recovering the equity, is very painful, and even if well mastered after a lot of similar experiences, a single mistake can leave you much worse than when it started (besides swap accumulation all the while, though this is not a huge problem but every penny counts...).

The only time when they can work out is when the market is ranging... but as soon as the trends start to emerge, it's a non stop worry.

I even think that averaging down is less risky than hedging... as long as you are using a very tiny percentage. But this neither is something to try unless you're working with the trend and have a clear view of the market situation.

Also, on some platforms hedging takes margin used to a half or even puts it at zero... seemingly this would be good as it leaves more equity free... but in the end, when freeing up one of the sides, you're either left with less equity in the second case, or can't do it to recover enough equity to open another position if in the first.

Experiments are good as long as they are kept under a strict control.

Of course, hedging in positive has no risk at the beginning... but as soon as one of the positions comes into negative, you will be having the same situation as above.

There was a picture describing it very well here in a thread about posters... I think it was Mr Trend's thread some time ago... can't seem to find it.
It's a guy walking on a string between two hills, facing the void below.
Picture yourself on a stretching machine with one leg being pulled to the left and the other one to the right... ouch!
That is hedge...

Ouch!

I made it out of the hedges pretty good, but I really didn't like that style of trading. seemed counter productive. But guess it's good if I wanted to hold without large draw down.

Great post doblece, you need iron balls to cope with this and dare I say it, a little luck.

Dazzer

There was a guy that used to use that method on the gbpyen a while back. Forget his name, but people swear he used to make pretty decent pips.

I remember his name now. It was called Breeze.

Just took 2 losers on the trot and I'm done for the day before I kill all my gains.
Good luck everyone

The only positive outcome from all this is the countless screen time which has sharpened my understanding of PA and a "feeling" for the possible reversals.

And that now I click happily on my 20-25 pips losing trades, even if thereafter the price goes on my direction. Or have a lot of breakeven+1 trades without feeling diminished as a trader... Sadly, direct experience teaches much better than a thousand advices... but hopefully others can learn from other people's mistakes BEFORE the fact.

Being human, and even if perfectly disciplined, it is totally impossible to avoid making at least one mistake. And if we could, there are other elements like electricity and connection failures, which will happily take their place...

One thing that I would recommend to newbies, is to listen carefully to more experienced traders warnings. When everything is going smoothly (as it usually does under the phase 1 or beginner's luck, and especially if you start your trading journey in the middle of a beautifully ranging market ) it seems so easy that you start feeling oh so powerful and bright.

It takes lots (LOTS of it!) of humility, patience and again humility to understand. Then as soon as you start feeling the "he-hee, I'm a winner" kind of feeling, you'll just stop and close the platform and take a walk, a nap, a bath, watch TV or just relax. I have to be thankful that at the time at least I used a "good" money management (except for stops ) which only allowed the torture to go on longer (but I also piled up tons of very useful screen time).

I now give thanks for every day that I manage to close in positive even if for 1 single pip. And only trade when able to be totally focused and alert, clean of any emotions, and just in the NOW. Any other time, will bring up losses, or at least very painful nail-biting coffee-gulping chimney-puffing screen-staring situations. They still happen, but only in a while.

nt. where was your short? and what was your sl set at?

I Think I'm done too. This is quite hard day. +90 pips is not bad at all as a newbie.

@Doblece
I Always love your post. Very detail and extracted from many hours of experience.

Good luck you all.

was a very uneventful day during the U.S session.

If someone wants to post I am going long or short at "X" (before the fact) and then say they are exiting at "Y" and now I made this many pips I see no problem - even if no one else really benefits.

But just to shout out I made a gazillion pips today and boy am I happeeeee - do you care. I know I don't. And where is the proof in any case if nothing was said beforehand.

Note: This was not directed at anyone in particular. The ones who have done this know who they are. And there will be many joining in the future who will do it as well.

Kind of like in sports where some athletes "showboat" when they score and ones who act like that what is supposed to happen.

People can just forget I ever agreed with Turbo because it is obvious that unforunately in the end it will fall mostly on deaf ears.

Thanks, bro.

A thread for newbies, veterans, analysis, pip gains, pip losses, and whatever else relating to the EU. Please just keep it civil.

I agree with SunTrader. Gregam, if you think it's that big of a deal then maybe you should stay here and keep the torch going. And "rights"...??

The original thread starter also Titled it simply the "EUR/USD" thread, which in itself leaves a fair degree of latitude imo. He did not specify any conditions that I can see in his thread starting post. I seriously doubt the thought ever crossed his mind that his intentions back then would one day be interpreted as the the grounds for precedent setting thread regulation. ((It makes me wonder if you're as rigid in your trading technique.. But please, I'm really not wanting an answer))

But to be consistent and answer your reply on your own ground, I'd like to clarify something... out of Snprr's 11 total posts on FF, he started this thread with one of them and never reposted in it again. I'm excerpting a single line near the bottom of his first and only post here, but feel free to actually read the whole thing before going out further on thin ice...
So what we have is a trader simply stating his position in detail and then looking for advice on what to do next and how to improve future trades... Imagine that!! But it thickens... Turns out he was also open to and looking to learn if any of those ridiculous indicators might be of assistance.

So it's clear that any post that does NOT discuss "INDICATORS" are "out of order" as the "thread starter" was clearly looking for discussion on them relative to what turned out to be his "single" trade here. In other words this thread should have expired several tens of thousands of posts ago when that subject had been exhausted.

>>Insert sharp "sound of gavel striking the block" followed by a deep and sonorous "Next case".

Right..... :nerd:

I can't imagine why you would have tried to make an issue out of all this but whatever...

In this increasingly libelous and litigious forum environment, I'm thinking it's maybe time to consider starting another EU thread with clearer boundaries ((I said "clearer" not "alot")) and the caveat that as people come and go including the "Thread Starter", the hope and goal of a new thread would remain flexible enough over time to adapt as well to new markets and traders...

It's not like there's anything really sacrosanct about all this in any event, and speaking for myself, it stopped being fun sometime back. Altho not a fan of "rules", and especially "more rules" or exclusivity, and as much as I HATE to even think about it, some of the new thread starting options are looking a little more intriguing now. I'd be open to serious pm's on this if you're interested... ((I'm not talking about some knee jerk reaction thing and don't have the time or resources to devote to one))

There's some interesting things to be learned from the Auslanco thread started by Aus with a very clear agenda laid out on Post #1. Well over 150,000 posts later ((3 times the volume of this one)), that thread currently has almost NOTHING ((technically)) to do with the original post or the next several hundred or even several thousand. The big difference however is that the great traders over there apparently understand the meaning of the word "flexible".

Is that a problem? No. Does Aus himself have a problem with that? No. Was or is it always that way? No ((Look back to Jan/Feb of 2008... annual cycles??)) Does that have anything to do with the great thread it usually is? Yes.

The following two posts by three of who are arguably among the more apt traders on FF should be recommended reading for anybody before starting a Trading Discussion thread or posting in one. I personally have them bookmarked and also "saved as pic" as a reminder of what it's all supposed to be about. Selah.

http://www.forexfactory.com/showthre...04#post1777804
http://www.forexfactory.com/showthre...54#post2230354

I spent MANY hours in my early FF days trolling the threads and following the thoughts of a select list of traders on them until I felt I'd picked up what I could from them to that point and am forever indebted to them for each and every crumb they dropped along the way. If anybody here has ever gained anything insightful from any of my posts, rest assured it probably was not original with me but more of a composite. Unfortunately, as these things go, it's not possible to now give proper credit where due, but I also believe it all comes back a'rd as well where appropriate, and that works both ways...

That said ((and in light of some recent comments)) given that two of the traders I stalked on my original list are ((currently)) active on this thread, I'd like to openly say that Bemac and Suntrader rock...

A big wet Public Thank You to each of you.

I realized sometime last week that I'm skipping far more posts here on this thread than I'm reading. I've also spent more time on alternative threads. So the agendas of some of the recent "bet takers", trolls, and "fart in the elevator" types may well have succeeded in some measure. Seen it before and will see it again. Good riddance imo, but it does get tedious, and some things tend to linger on...

Final recommended reading for all posters...
http://www.forexfactory.com/showpost...ostcount=60934

check it out http://www.forexfactory.com/showthread.php?t=10372

I started trading stocks back in 2005, forex in 2006. followed Jacko's journal in about march of 2006 from another forum. won't mention the name as to not violate the rules. Have I been successful at this. Well that depends. I have made a lot more than I have lost, but I have lost a whole lot, don't get it twisted. I build show cars in Miami for high profile individuals, that's how I put food on the table. But enough on me, let me get to trading.