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  • #73,481
  • Mar 10, 2009 9:14am Mar 10, 2009 9:14am
Surely those long tails on the M30 and H1 charts must tell us something. It seems that it just cannot break away from R2 in any direction, it is so slow!
  • #73,482
  • Mar 10, 2009 9:17am Mar 10, 2009 9:17am
go for short guys
be patient, self-belief and discipline... stay focus...
  • #73,483
  • Mar 10, 2009 9:18am Mar 10, 2009 9:18am
Quoting benjamin1
fellow traders can you please i advise me on what is happening on eur/usd because i took a short at 1.2789 but now i am 27pips loss and it is almost getting close to my stoploss do i close the trade or allow it heat my stoploss.i really need advise
according to my chart...
EU still in BULL trend...
sooner it will be a price pullback at 1.2786 and quickly breakeven and exit.

if price drops below 1.2747, then the BULL trend will be neutralise...
  • #73,484
  • Mar 10, 2009 9:18am Mar 10, 2009 9:18am
This is what i see from my chart. Its heading for a 38.2% retracement. Anybody in the same page as me?
Attached Image (click to enlarge)
Click to Enlarge Name: untitled.GIF Size: 28 KB
Collecting pips
  • #73,485
  • Mar 10, 2009 9:19am Mar 10, 2009 9:19am
Quoting Charle
Surely those long tails on the M30 and H1 charts must tell us something. It seems that it just cannot break away from R2 in any direction, it is so slow!
it shows price pullback will start very soon....

SHORT for small profit...
  • #73,486
  • Mar 10, 2009 9:20am Mar 10, 2009 9:20am
traget long at 1.3000
be patient, self-belief and discipline... stay focus...
  • #73,487
  • Mar 10, 2009 9:21am Mar 10, 2009 9:21am
Quoting Suj_cess
This is what i see from my chart. Its heading for a 38.2% retracement. Anybody in the same page as me?

my chart tells me price pullback to 1.2786.... currently price still at 1.2798...
  • #73,488
  • Mar 10, 2009 9:21am Mar 10, 2009 9:21am
Quoting gammase1
I admire him too. But he, like countless others, was asleep at the wheel. He held an executive position at BS prior to their collapse, so he failed in that role.

Which firm do you work for now? No wories if you don't want to say on a public forum, I understand. I had friends working for BS in London, on their derivatives sales desk. The firm I worked for always viewed BS as an over-aggressive competitor, a cheeky upstart, but still held a grudging respect for them. Oh, how times have changed....
were traders very successful at forex trading at the firm you were at? If they were successful, did you ever ask them why they continue to trade forex for the company instead of at home?--where they can potentially make a lot more money.

I'm just curious but you don't have to respond.
  • #73,489
  • Mar 10, 2009 9:22am Mar 10, 2009 9:22am
Quoting F.x.
Well since you practice proper MM and don't trade with a stop loss you have nothing to worry about at the moment right?

Oh wait...
Never close a loosing trade, am i gettin it?
"Simplicity is the ultimate sophistication" leonardo da vinci
  • #73,490
  • Mar 10, 2009 9:23am Mar 10, 2009 9:23am
Quoting radit27
traget long at 1.3000
if you can absorb the price pullback in a short while.... I think the most you can go is up to 1.28......

tomorrow will be a BAD day for EU...

seing today open high for EU and tomorrow will be a price dropping day after Asian session...
  • #73,491
  • Mar 10, 2009 9:24am Mar 10, 2009 9:24am
Quoting vulture
Never close a loosing trade, am i gettin it?
No, see my last post where I closed 3 of them in the last hour.

There's a difference between not setting a stop loss and not closing a losing trade.
  • #73,492
  • Mar 10, 2009 9:24am Mar 10, 2009 9:24am
1.2820 is @ the 200 ema which has not been broken through (the 200 ema) since January 9 or so. (4 hr. chart)
"I know how hard it is for you to put food on your family." George W. Bush
  • #73,493
  • Mar 10, 2009 9:25am Mar 10, 2009 9:25am
Quoting Suj_cess
This is what i see from my chart. Its heading for a 38.2% retracement. Anybody in the same page as me?
Yes I agree, I just wish that someone can wipe some turps under it's tail, or stick a cracker up that ass, or something!
  • #73,494
  • Mar 10, 2009 9:27am Mar 10, 2009 9:27am
price pullback in acton!!!!!!!
  • #73,495
  • Mar 10, 2009 9:27am Mar 10, 2009 9:27am
Quoting siobi
my chart tells me price pullback to 1.2786.... currently price still at 1.2798...
I see it will pull back to ATLEAST 1.2760....but always prepare for surprises...anything can happen.
Collecting pips
  • #73,496
  • Mar 10, 2009 9:30am Mar 10, 2009 9:30am
do u close ur SHORT position?

faster close it now......during the break even!!!
  • #73,497
  • Mar 10, 2009 9:30am Mar 10, 2009 9:30am
Very tight range. Wait for P/A to break that range before you place an entry.
Attached Image
  • #73,498
  • Mar 10, 2009 9:34am Mar 10, 2009 9:34am
The "move" was to this area. Now is a reset period.

Longed 1.2650 yesterday closed 1.2801 today.

I dont see any reason to take any posistion long or short here.
+ Charts Happen
  • #73,499
  • Mar 10, 2009 9:37am Mar 10, 2009 9:37am
Quoting Passholder
The "move" was to this area. Now is a reset period.

Longed 1.2650 yesterday closed 1.2801 today.

I dont see any reason to take any posistion long or short here.

Well played, sir.
  • #73,500
  • Mar 10, 2009 9:38am Mar 10, 2009 9:38am
Quoting altrader
were traders very successful at forex trading at the firm you were at? If they were successful, did you ever ask them why they continue to trade forex for the company instead of at home?--where they can potentially make a lot more money.

I'm just curious but you don't have to respond.
The FX desk was incredibly profitable, irrespective of where we were in the economic cycle. However, the bulk of the desk's profits were made from the bank's role of being a leading market-maker and interbank dealer, meaning huge volumes of business passed through the trading books each day, most of which were automatically processed, with every trade crossing the spread. Extra profits were derived from the diversity of positions coming through, in that large portions of long/shorts netted out, meaning there was no need to hedge a large residual position in the spot market.

The desk also made reasonable profits when trading against the bank's capital, although a fair portion of these gains were due to being further up the information chain than you or I. For example, they would be aware exactly where hedge funds or other institutional clients have large pending orders and also where significant option barriers are located. With this information to hand, it is very easy to jump on the back on a trade that, due to its size, you think will likely move the market strongly in a certain direction. They also benefited from having fully trained economists and quantitative analysts on hand, who would analyse the news immediately and assemble and test robust trading models.

By and large, the reason they choose not to trade for themselves is that it is believed to be too difficult a career, and they receive the security of a good salary and bonus working for the bank.
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