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  • #74,181
  • Mar 11, 2009 3:29pm Mar 11, 2009 3:29pm
Quoting Byrd
Every time I post a number in advance I get stuck missing the train. Anyhow, I'm going short from 1.2875 no SL. Seems like 1.2875 is a support area and still in sight with atleast one more "call to action" from the EU on the 1m.


I can sweat a couple hundred pips if it goes north but I'm going to burn a house down if I miss this boat.
Hey, stay away from my house! Where do you live?
  • #74,182
  • Mar 11, 2009 3:31pm Mar 11, 2009 3:31pm
Off on errands before my wife gets home, or missing this move will not be my biggest worry.
FUBAR...
  • #74,183
  • Mar 11, 2009 3:35pm Mar 11, 2009 3:35pm
Quoting dallavise
Hey, stay away from my house! Where do you live?
Washington, DC area. There's more then a few houses to go around so you should be in luck
  • #74,184
  • Mar 11, 2009 3:36pm Mar 11, 2009 3:36pm
Quoting Byrd
Every time I post a number in advance I get stuck missing the train. Anyhow, I'm going short from 1.2875 no SL. Seems like 1.2875 is a resistance area and still in sight with atleast one more "call to action" from the EU on the 1m. It's also nearing a trend line and divergence is forming on the 1H


I can sweat a couple hundred pips if it goes north but I'm going to burn a house down if I miss this boat.
I sure hope your pc doesnt crash, and if it does you better pray they pick up the phone if the market starts moving north.

Why wouldnt you put like a 250 pip SL or 300 or something for safety sake?
  • #74,185
  • Mar 11, 2009 3:37pm Mar 11, 2009 3:37pm
Quoting ak4x
Off on errands before my wife gets home, or missing this move will not be my biggest worry.
ROFL, luckily I've got a few hours before mine comes back
  • #74,186
  • Mar 11, 2009 3:38pm Mar 11, 2009 3:38pm
Quoting GrnEydGuy
I sure hope your pc doesnt crash, and if it does you better pray they pick up the phone if the market starts moving north.

Why wouldnt you put like a 250 pip SL or 300 or something for safety sake?
To be honest, in this day and age, if I can't access the internet within five minutes of my computer crashing, than the Internet must be down.
  • #74,187
  • Mar 11, 2009 3:46pm Mar 11, 2009 3:46pm
Quoting GrnEydGuy
I sure hope your pc doesnt crash, and if it does you better pray they pick up the phone if the market starts moving north.

Why wouldnt you put like a 250 pip SL or 300 or something for safety sake?
Because if there were a move like that, I'd just hedge it. And even with a 300 pip move I wouldn't sweat, just be a little sore. And it's not a demo. If I were against the trend my feelings might be a little different.

Now that I spoke, the market is breaking down.... I knew it. Probably a false break and I'd rather trade my plan then get suckered.
  • #74,188
  • Mar 11, 2009 3:47pm Mar 11, 2009 3:47pm
Quoting GrnEydGuy
True, true... but operating without a stop loss is a rookie move. There is no reason to not have one, but its your account, hope its only a demo.
I agree with you, and there is a lot of reasons to have a stop loss, and to be honest, one of the lesser ones is if your computer crashes, at least for me. I like to actually get off of the computer once in a while, which is a bit more important.
  • #74,189
  • Mar 11, 2009 3:48pm Mar 11, 2009 3:48pm
Quoting weswes
Arent you supposed to draw your fibs from bottom to top or top to bottom but you seem to draw yours to some random spot 3250?? Am I missing something.
Sorry to butt in. I just wanted to add my 2 pips.

Sometimes the market is working off a point slightly different than the swing high or low. I move the lines around a bit until I see where the price action is respecting the fibs. I also look for the 50% line to go through a large candle, optimally, it will cut the large move in half.

If I need help drawing a fib, I will sometimes draw a linear regression channel then start my fib at the swing high/low on the left side of the LRC and then move it down towards the swing high or low on the right. This gets me in the ballpark and then I can make adjustments from there.

Do a search on my name for some of my posts with fib charts attached. I am not saying they are perfect, but it should get you started.

Hope this helps.

G
  • #74,190
  • Mar 11, 2009 3:50pm Mar 11, 2009 3:50pm
ok maybe no question now, I have a scalping position -5 pips in red.

it just got hit and exit at 0 p/l...

Quoting billye
hi guys:

I have a question here.

usually will EUR/USD move at 5pm EST Wednesday?? before 5pm how to move? after 5pm will move down?
  • #74,191
  • Mar 11, 2009 3:51pm Mar 11, 2009 3:51pm
Quoting dallavise
This is not a short friendly environment at the moment. I'm hesistant to double down at the moment.
I'm short @ 1.2854 and 1.2845.
I think it is very short friendly at the moment
New voice message: Why are you calling me? If I need you, I'll call you!
  • #74,192
  • Mar 11, 2009 3:56pm Mar 11, 2009 3:56pm
Quoting Scotty B
You'll have your chance to make it back soon. Violent movement in price only works to turn it around. This is financial war, considering the riff that happened yesterday. This week has been really fun to watch. 2-300 pip whipsaws. She needs to complete down at 1.2216, whether the EU likes it or not.
Scotty,

Needs to? Might I have a peak at your charts if you get the chance?

Thanks
Tk
  • #74,193
  • Mar 11, 2009 3:57pm Mar 11, 2009 3:57pm
Quoting dallavise
I agree with you, and there is a lot of reasons to have a stop loss, and to be honest, one of the lesser ones is if your computer crashes, at least for me. I like to actually get off of the computer once in a while, which is a bit more important.
I can see why people use stop losses and I'm not going to have an opinion about a trader if he does or doesn't use one, it's personal preference. I do use a SL when the trade moves in my direction at which I place at BE +1 and usually TP at 100pips or fib level depending on PA

The way I trade, I wait for divergences/trend lines/fibs/round numbers and wait for them to line up. If they line up and I'm with the trend then I can make a trade without worrying as my position size can withstand a swing of +500 pips. This might be a different/wrong way of thinking about it, but the only way I lose money is if I close the trade out.

I also don't trade during news times and would hedge if a major move like that were to happen. I'd just set my SL for the hedge at BE and wait for the market to come back around. I haven't had to use this though. It works for me.....
  • #74,194
  • Mar 11, 2009 3:58pm Mar 11, 2009 3:58pm
just woke up and all i can say is not too shabby...the euro remained strong the entire time. all my W's are complete now including the one started last week on the hourly/4h timeframe. where are we headed next...too early to tell, we are currently between two strong historical S/R levels (1.2865 and 1.2765 for a range of 100pips). I dont think this range will get broken to the upside any time soon ( to the downside it is a possibility) but i will remain flat until further patterns develop or this range is broken one way or another. Good pippin all...hope you all had as great a day as I did...today or yesterday depending on your timeframe. For now..no charts as there is nothing to show....just consolidation at the high of the range for now..
Different opinions highly valued, ignorant to slander.
  • #74,195
  • Mar 11, 2009 4:00pm Mar 11, 2009 4:00pm
Is there news out right now? why are the spreads increasing to 5-8 pips from 2?
Going to make it big by age 21.
  • #74,196
  • Mar 11, 2009 4:02pm Mar 11, 2009 4:02pm
Quoting KillerWhale
I'm short @ 1.2854 and 1.2845.
I think it is very short friendly at the moment
I'll be honest, now that the market has quieted down, it is much more friendly, IMO. I think you'll do well with those positions. I have a few at those as well. The only problem is, that I have a few well below it.
  • #74,197
  • Mar 11, 2009 4:09pm Mar 11, 2009 4:09pm
Quoting dallavise
I'll be honest, now that the market has quieted down, it is much more friendly, IMO. I think you'll do well with those positions. I have a few at those as well. The only problem is, that I have a few well below it.
I feel the same way lol......Fell asleep before this climb to 2860. Almost hit my stop loss...
Going to make it big by age 21.
  • #74,198
  • Mar 11, 2009 4:11pm Mar 11, 2009 4:11pm
corection with target 1.2740, further need to bay
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  • #74,199
  • Mar 11, 2009 4:14pm Mar 11, 2009 4:14pm
Quoting dstryr
Is there news out right now? why are the spreads increasing to 5-8 pips from 2?
Wednesdays are triple interest days thats why
  • #74,200
  • Mar 11, 2009 4:18pm Mar 11, 2009 4:18pm
Quoting dallavise
I'll be honest, now that the market has quieted down, it is much more friendly, IMO. I think you'll do well with those positions. I have a few at those as well. The only problem is, that I have a few well below it.
Asia session might save you, I'm in the same position. My b/e point is 1.2810
New voice message: Why are you calling me? If I need you, I'll call you!
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