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  • #73,501
  • Mar 10, 2009 9:39am Mar 10, 2009 9:39am
There we go, at least something is happing for me today!
  • #73,502
  • Mar 10, 2009 9:40am Mar 10, 2009 9:40am
Quoting benjamin1
i really need advise
You're right and here's why... Your first post was what you "thought" about a certain Resistance level. Your second post was what do you do about a 27 pip drawdown.... here's your advice.

1. Stop trading. Now. Stay away from this thread, there is nothing for you here at this time.

2. Go to http://www.forexfactory.com/showthread.php?t=39514 and read the entire thread at least twice. Do the exercises and then hang out Quietly on one of the instructional/feedback threads like... http://www.forexfactory.com/showthread.php?t=2331 on a demo account or a penny a pip live account and follow along until at least 3 things that make no sense to you right now start to make sense.

Then when you've developed a sense of where you are in the Scheme of Things and the guys there have gotten a feel for where you are based on the intelligent Questions you've learned to ask along the way, AND your ability to follow thru with the reply, then listen to them about what you should do next.

Otherwise donate your money right now to a worthwhile charity in your country and don't ever "trade" again. They need it more than your borker.
FUBAR...
  • #73,503
  • Mar 10, 2009 9:41am Mar 10, 2009 9:41am
Hold on, after 10AM in NY, time to invert the first hours trend
Traders are smartasses
  • #73,504
  • Mar 10, 2009 9:43am Mar 10, 2009 9:43am
Quoting gammase1
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.
...and THEY got their info from reading the threads here at FF...

Seriously tho, excellent and very interesting post...
FUBAR...
  • #73,505
  • Mar 10, 2009 9:45am Mar 10, 2009 9:45am
Quoting gammase1
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...
Good explanation!! I cant agree more with everything you just described....those institutional traders gets much more information than we do...and they get economic data released about couple of minutes earlier than we do at home from their Reuters or Bloomberg terminals. They have that edge and advantage to make a move before we do. Plus ofcourse the salary and bonuses....some people prefer security than risk.
Collecting pips
  • #73,506
  • Mar 10, 2009 9:46am Mar 10, 2009 9:46am
closed long
continue to buy tomorrow at level 1.2845
ROBOT FOREX
  • #73,507
  • Mar 10, 2009 9:46am Mar 10, 2009 9:46am
Quick 20pips from a short Not getting greedy, odds are we'll still go higher.


4hour SMA @1.2760 and climbing is the line to go short on a break, with a target 2.670 area, until then, longs near are prefered!!

EASY, why aren't I a billionaire already ( Millions are worthless these days sadly )
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #73,508
  • Mar 10, 2009 9:46am Mar 10, 2009 9:46am
Quoting F.x.
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.
if it's working for you that fine. you may survive 1, 2,3,... 9 times but keep in mind just in case of event such 9/11, or any kind of an unexpected event . A Salomon brother's trader once lost 30 millions in 10minutes due to an unexpected event(since then he understood the power of the market). at least put you stop loss a little far. thing may get fast and furious, platfrom freezing...etc
"Simplicity is the ultimate sophistication" leonardo da vinci
  • #73,509
  • Mar 10, 2009 9:46am Mar 10, 2009 9:46am
Quoting radit27
go for short guys
Short?
  • #73,510
  • Mar 10, 2009 9:48am Mar 10, 2009 9:48am
Quoting gammase1
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...
Wow, that was incredibly interesting. Thank you for posting such a detailed explanation--I really appreciate it and I'm sure others here do as well.

Must have been awesome to have worked at a company like that and learned how trading works at the large institutional level.
  • #73,511
  • Mar 10, 2009 9:48am Mar 10, 2009 9:48am
Quoting radit27
traget long at 1.3000
Long?

too far, maybe by the end of this week, close positions before and re-open
  • #73,512
  • Mar 10, 2009 9:49am Mar 10, 2009 9:49am
[MOODY'S] says that the pressure on emerging European nations needs to be [DIFFERENTIATED]. The ratings agency points out that they should not all be treated as if their creditworthiness were subject to uniform pressure. Moreover concerns surrounding how stable the Eurozone is are exaggerated. Moody's argues that the credit crisis is affecting all European governments to varying degrees, with the result that the ratings of some countries have come under stress because the crisis is revealing structural weaknesses. In some cases, imprudent financial liberalisation has set the convergence process into reverse. Ratings pressure stems from 2 areas; structural weakness in economic strength (eg, our example would be Russia's dependence on oil prices) or susceptibility to credit events - in particularly exchange rate or liquidity crises (our example in this area would be Hungary).

Having caught such a strong bid in the opening gambits of EU trade, and on far less of a bid for stocks (Wall st now +256), [EUR/USD] is running into strong resistance around 1.2800, so somewhat lower than the earlier peak at 1.2823. Talk of US custodial offers and also a European fund on top, now supplement the earlier reported offers from a large US prime name. Note the same name has been a strong Usd buyer in the past few weeks, triggering some to suggest that the bank is conducting a sale of foreign assets. Perhaps though we are seeing the Usd catch a bid on the positive stock implications for the US, rather than lose it on the less risk averse nature of the market. Win win then for the Usd. Whatever the case breakout traders are losing patience and a return to the pivot at 1.2750 could see their longs pared back.
those who can, do. those who cant, talk about those who can
  • #73,513
  • Mar 10, 2009 9:50am Mar 10, 2009 9:50am
Quoting F.x.
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.
I agree with FX just because I also use 200 or 300 pip stops doesnt mean I dont close losing trades. PA and money flow dictate closing most of my trades.

And stops are always adjusted to BE and areas that lock in profits.

I really only trade houlies thayt are based on 4 hr and daily trends so 200 - 300 pips is nothing
+ Charts Happen
  • #73,514
  • Mar 10, 2009 9:51am Mar 10, 2009 9:51am
Quoting altrader
Wow, that was incredibly interesting. Thank you for posting such a detailed explanation--I really appreciate it and I'm sure others here do as well.

Must have been awesome to have worked at a company like that and learned how trading works at the large institutional level.

Sadly, being a trader for large institutions, you don't get to open a can of beer everytime you make 100 pips...
Collecting pips
  • #73,515
  • Mar 10, 2009 9:52am Mar 10, 2009 9:52am
Quoting gatorinla
[MOODY'S] says that the pressure on emerging European nations needs to be [DIFFERENTIATED]. The ratings agency points out that they should not all be treated as if their creditworthiness were subject to uniform pressure. Moreover concerns surrounding how stable the Eurozone is are exaggerated. Moody's argues that the credit crisis is affecting all European governments to varying degrees, with the result that the ratings of some countries have come under stress because the crisis is revealing structural weaknesses. In some cases, imprudent financial...
Careful Gator, I know your bias, stay open minded though.
+ Charts Happen
  • #73,516
  • Mar 10, 2009 9:54am Mar 10, 2009 9:54am
Amazing how quickly those with a bearish or neutral bias will flip just because of an one(1) up day close - which hasn't even closed yet.

The last six days: down, up, down, up, down, up.

I think at least two(2) days in a row either way has to happen before I am a believer in a trend change.
  • #73,517
  • Mar 10, 2009 9:56am Mar 10, 2009 9:56am
Quoting SunTrader
Amazing how quickly those with a bearish or neutral bias will flip just because of an one(1) up day close - which hasn't even closed yet.

The last six days: down, up, down, up, down, up.

I think at least two(2) days in a row either way has to happen before I am a believer in a trend change.
2 days may be enough though to get you an awesome position in the 'correct' trend.
  • #73,518
  • Mar 10, 2009 9:57am Mar 10, 2009 9:57am
Quoting SunTrader
Amazing how quickly those with a bearish or neutral bias will flip just because of an one(1) up day close - which hasn't even closed yet.

The last six days: down, up, down, up, down, up.

I think at least two(2) days in a row either way has to happen before I am a believer in a trend change.
Charts. Close above 1.2753 makes things interesting. Would have to consider 1.33 potentially. Click chart below (Thats not a 5 min chart thatsa Daily)

Actually that is my chart from this morning at 1.28 its even stronger
Attached Image (click to enlarge)
Click to Enlarge Name: E Daily 031009.jpg Size: 201 KB
+ Charts Happen
  • #73,519
  • Mar 10, 2009 10:02am Mar 10, 2009 10:02am
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....
No comment on current work place, very close to home from BSC though

Bear Stearns was always viewed as the lone ranger on the street. Tey looked out only for themselves and were agressive. You came there to get rich. You didnt go there to be a friend to others on the street.
  • #73,520
  • Mar 10, 2009 10:02am Mar 10, 2009 10:02am
Anyway I wish it would go down at least 38.2 Fibo...My girlfriend is losing in her short position....I had told her to close it with little losses and she would never listen ....
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