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  • #59,321
  • Jan 27, 2009 6:16am Jan 27, 2009 6:16am
We will know soon enough
  • #59,322
  • Jan 27, 2009 6:24am Jan 27, 2009 6:24am
Nice call, Dire. we got it going.
Jim
  • #59,323
  • Jan 27, 2009 6:24am Jan 27, 2009 6:24am
Quoting janka3002
yes, i am idiot, and every time when i am trying to scalp, all goes to other way and i am just losing money...

now i cant think normaly

can someone give me some good advice, what better to do now???
Hi,

We all have our own way of trading but as long as you keep your losses small and let your profits run, you will do well. Scalping is a highly risky strategy until you have mastered risk management. I would advise you to scale down your position size so that you can add multiple lots when the price moves against you. Mind you...without any stop-loss in mind, trading is never going to be profitable unless of course you have unlimited wealth! Just like in any business you need to have an idea of how much you are expecting in return for your investment and how much loss you are willing to take BEFORE you open a position.

As for the current E/U trend, if you read my previous post you will get an idea of what I am expecting to see. Today is probably a day for correction towards previously mentioned support levels. My personal strategy is as follows:

1. Look for turning points on Daily charts through pattern recognition and keep the low/high as a stop loss.

2. Keep adding positions (0.5%-1% of equity) at appropriate levels until your stop-loss is hit.

3. ALWAYS take half profit when your reward>risk and move stop-loss to breakeven price for the remaining amount and let it run.

4. NEVER change your stop-loss/profit targets due to your emotion.


Best wishes.
  • #59,324
  • Jan 27, 2009 6:25am Jan 27, 2009 6:25am
so much for that...still open order to buy at 1.3080
  • #59,325
  • Jan 27, 2009 6:31am Jan 27, 2009 6:31am
Remember this chart? The x is my bounce point.

Jim
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  • #59,326
  • Jan 27, 2009 6:32am Jan 27, 2009 6:32am
Good advice except for adding to losing position when scalping... define your risk and accept it... if done properly you can do 15-20 pip s/l's for 20-100 pips

Had an m15 sell setup on the 7/50 on pullback to the m15 7 ema at 3200... unfortunatly I was already tied up in g/u... e/u moved much better... oh well.. next time....

This is the kind of movement that banks me some pips.

Quoting shajib
Hi,

We all have our own way of trading but as long as you keep your losses .
DireXiv Make it happen, no one else is going to do it for you...
  • #59,327
  • Jan 27, 2009 6:32am Jan 27, 2009 6:32am
i hope that it will bounce up
  • #59,328
  • Jan 27, 2009 6:34am Jan 27, 2009 6:34am
My current ABCD levels are complete ... a little happy I didn't get out too early as I thought the market had turned back to be S/R line. Exited out of half the position and realized P/A had actually hit my target of 1.3153. So now, I wait on the next set up.
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  • #59,329
  • Jan 27, 2009 6:35am Jan 27, 2009 6:35am
Quoting janka3002
i hope that it will bounce up
3115...same on my charts..its a key level. if we break we fall more. if not long continues.
Going to make it big by age 21.
  • #59,330
  • Jan 27, 2009 6:36am Jan 27, 2009 6:36am
Remember, the DPP is at 3085 and it may well bounce there.

Jim

Quoting TIckerShuffl
so much for that...still open order to buy at 1.3080
  • #59,331
  • Jan 27, 2009 6:36am Jan 27, 2009 6:36am
Quoting TIckerShuffl
so much for that...still open order to buy at 1.3080
Going to get long there too. SL at 1.3040 under 50% fib from the move up.
"Don't forget to enjoy your life"
  • #59,332
  • Jan 27, 2009 6:39am Jan 27, 2009 6:39am
as a scalper who trades with an EA for entries, i was wondering if eurusd is 'friendlier' than cable? slippage is a problem im dealing with and i was hoping trading eurusd exclusively would help limit this. any advice? thanks
change the future, not the past
  • #59,333
  • Jan 27, 2009 6:41am Jan 27, 2009 6:41am
I'm looking for fresh sell around 1.32 if it gets there soon... see what happens... If not.. we'll probably walk sideways a bit and make some "room" to go bak up to test the upper levels.
DireXiv Make it happen, no one else is going to do it for you...
  • #59,334
  • Jan 27, 2009 6:46am Jan 27, 2009 6:46am
Quoting hard1head1
Remember this chart? The x is my bounce point.

Jim
I'm waiting until the yellow line, on your chart.

FX is in correction mode, and I don't want to be the hero catching the dagger this time.
  • #59,335
  • Jan 27, 2009 6:50am Jan 27, 2009 6:50am
Quoting DireXiv
Good advice except for adding to losing position when scalping... define your risk and accept it... if done properly you can do 15-20 pip s/l's for 20-100 pips

Had an m15 sell setup on the 7/50 on pullback to the m15 7 ema at 3200... unfortunatly I was already tied up in g/u... e/u moved much better... oh well.. next time....

This is the kind of movement that banks me some pips.
As I indicated I am not a scalper. Tried that before and failed I believe if you are a scalper, you should NEVER add to a losing position because it can be suicidal for the simple reason that your risk > reward. A swing trader like myself can afford to add to losing positions since my position size is relatively small. I never risk more than 2% of my equity in a single game plan and the target profit is usually anywhere between 5-15%. In the end every trader should define his/her own trading technique according to risk tolerance and profit expectations.
  • #59,336
  • Jan 27, 2009 6:53am Jan 27, 2009 6:53am
Yep.. I speak from experience... RIP former accounts...

Looks like it may be time for some shut eye... market falling asleep too... calling off my short are 1.32 for now... unless pa is great... taking to long to get back there.

Quoting shajib
As I indicated I am not a scalper. Tried that before and failed I believe if you are a scalper, you should NEVER add to a losing position because it can be suicidal for the simple reason that your risk > reward. A swing trader like myself can afford to add to losing positions since my position size is relatively small. I never risk more than 2% of my equity in a single game plan and the target profit is usually anywhere between 5-15%. In the end every trader should define his/her own trading technique according to risk tolerance and profit expectations....
DireXiv Make it happen, no one else is going to do it for you...
  • #59,337
  • Jan 27, 2009 7:00am Jan 27, 2009 7:00am
If a 5min bar closes below 1.3158, I will short.

Good Trading.
Good Trading. (keep it simple).
  • #59,338
  • Jan 27, 2009 7:01am Jan 27, 2009 7:01am
hi what is ur mail to add u
  • #59,339
  • Jan 27, 2009 7:01am Jan 27, 2009 7:01am
Im looking for P/A to do something around the S/R level of 1.3200. Price bounced off the Quarter Point level as expected.
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  • #59,340
  • Jan 27, 2009 7:04am Jan 27, 2009 7:04am
Quoting Jasper
If a 5min bar closes below 1.3158, I will short.

Good Trading.
You are right !! Anyway how did you predict the future ?
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