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  • #77,261
  • Mar 18, 2009 6:10pm Mar 18, 2009 6:10pm
If you were in the market last night you knew something off kilter was happening. By all rights this was supposed to short. It never completed even the most basic short targets. This is based on my personal trading market view that the market works in ordered cycles, which can be postponed ,but never completely altered. when one break it is due to intervention.

Information got into the market about what was going to happen(early) I suspect and and forced the market up, while those in the know were building longs fighting the short market cycle, in anticipation and ripped it right out of it.

Nothing about this move was natural for the market. If you are still in doubt. a 250 pip 1min candle is not normal.

I said I would be shocked if my short didn't complete and I am. Thank you FOMC.

I am now looking to trade a swift correction. Looking. as I am now overall long until 3650 and from there... after this.. potentially as far as 141 with all the normal dips and turns along the way it will not be a straight shot.

Building more longs and scalping short.

Sidenote -this is criminal what the Fed is doing. It appears to be a grand pump and dump. Started in 2001 ish. This will end poorly.

TK
  • #77,262
  • Mar 18, 2009 6:11pm Mar 18, 2009 6:11pm
Quoting richboy1972
Hi all.
Today I've a big loss! After a winning month (I think.. "it's easy..."), today my broker give me a huge gift named "margin call" :-(
Well, I'm a novice, so losses have to came, but I'm asking me "why no SL when every book and a bit of reason said to set it?" Perhaps this is a good lesson for tomorrow... better than reading a book.
Sorry for my speech..

Good trading,
richboy... (what a name :-))

Yeah me too, i don't get MC but i think i gave up some of my shorts...so BEP with february trading profit....i can't believe 1.33 is not holding, a lot of profit takers there. I think we can go as far as 1.4 and beyond...unbelievable...damn i shpuld close my shorts when it is in 1.29 range, 600 pips in just 4 days
  • #77,263
  • Mar 18, 2009 6:21pm Mar 18, 2009 6:21pm
I've been trading with a mental stop loss lately and today's action reminded me of why this is a bad idea. I use MT4 and used to use an EA called ManageTP to set my stops. It runs all the time and will limit your loss to however many pips you like. I think I am going to go back to using this.

At the very least leat it will give you a hard lmiit on what you can lose until you can set a more precise SL and TP.
  • #77,264
  • Mar 18, 2009 6:25pm Mar 18, 2009 6:25pm
Quoting essenza
Yeah me too, i don't get MC but i think i gave up some of my shorts...so BEP with february trading profit....i can't believe 1.33 is not holding, a lot of profit takers there. I think we can go as far as 1.4 and beyond...unbelievable...damn i shpuld close my shorts when it is in 1.29 range, 600 pips in just 4 days
Yea no kidding, as much as I hate to admit it I'm still short from 1.2920 and I missed this move today for the hedge.....1.3587 is 50% fib. Another lesson learned.

Look for the pump and dump.
  • #77,265
  • Mar 18, 2009 6:27pm Mar 18, 2009 6:27pm
Quoting geojams
I've been trading with a mental stop loss lately and today's action reminded me of why this is a bad idea. I use MT4 and used to use an EA called ManageTP to set my stops. It runs all the time and will limit your loss to however many pips you like. I think I am going to go back to using this.

At the very least leat it will give you a hard lmiit on what you can lose until you can set a more precise SL and TP.
I wrote my own EA similar to this principle, and I have to say, it really gives me peace of mind to know the broker isn't aware of my limits.
  • #77,266
  • Mar 18, 2009 6:33pm Mar 18, 2009 6:33pm
Quoting geojams
I've been trading with a mental stop loss lately and today's action reminded me of why this is a bad idea. I use MT4 and used to use an EA called ManageTP to set my stops. It runs all the time and will limit your loss to however many pips you like. I think I am going to go back to using this.

At the very least leat it will give you a hard lmiit on what you can lose until you can set a more precise SL and TP.
Is your EA freeware?
Thanks.
I'll send a bottle of wine to my first voucherer ;-)
  • #77,267
  • Mar 18, 2009 6:35pm Mar 18, 2009 6:35pm
Quoting geojams
I've been trading with a mental stop loss lately and today's action reminded me of why this is a bad idea. I use MT4 and used to use an EA called ManageTP to set my stops. It runs all the time and will limit your loss to however many pips you like. I think I am going to go back to using this.

At the very least leat it will give you a hard lmiit on what you can lose until you can set a more precise SL and TP.
have a look to swiss knife ea...

it is perfect ea for this... search here in forex factory...
  • #77,268
  • Mar 18, 2009 6:38pm Mar 18, 2009 6:38pm
Quoting richboy1972
Hi all.
Today I've a big loss! After a winning month (I think.. "it's easy..."), today my broker give me a huge gift named "margin call" :-(
Well, I'm a novice, so losses have to came, but I'm asking me "why no SL when every book and a bit of reason said to set it?" Perhaps this is a good lesson for tomorrow... better than reading a book.
Sorry for my speech..

Good trading,
richboy... (what a name :-))
After few weeks, this will look like a thing from the past. Losing money is always painful for anyone but losing it twice on a same mistake is foolish. You may like to consider how important it is to never ever go near the margin call. You may like to consider keeping risk tolerance to a certain percentage of your capital. If it is 20%, that is $80, remaining from every $100 of capital. You go for another opportunity with this remaining equity but this time it should be $16 (20% of $80). Do the math and find out how many trades you can place with this diminishing risk tolerance formula. ............You will be amazed.

Wish you all the be(s)t on your future trades.
The Thief of Wall Street
  • #77,269
  • Mar 18, 2009 6:43pm Mar 18, 2009 6:43pm
This is unbelievable: 200+ pips in one minute? A 540 Pips move in 24 hours on this pair? Shocking. I am just glad I was out!!!!!!!!!!!!!!!!

Looks very impulsive and chances are it will not hold up. The idea that EUR should be strengthening right now is laughable. Yet another confirmation that Forex market is a pure speculation. Throw fundamentals and your graphs out and flip a coin-Its just as good.

My coin says short from 135.10 for 100 pip fall back with SL of +1. What does your graph say?
  • #77,270
  • Mar 18, 2009 6:45pm Mar 18, 2009 6:45pm
Quoting Ferick
This is unbelievable: 200+ pips in one minute?

it happened in 5 seconds, five......
  • #77,271
  • Mar 18, 2009 6:47pm Mar 18, 2009 6:47pm
Quoting Ferick
This is unbelievable: 200+ pips in one minute? A 540 Pips move in 24 hours on this pair? Shocking. I am just glad I was out!!!!!!!!!!!!!!!!

Looks very impulsive and chances are it will not hold up. The idea that EUR should be strengthening right now is laughable. Yet another confirmation that Forex market is a pure speculation. Throw fundamentals and your graphs out and flip a coin-Its just as good.

My coin says short from 135.10 for 100 pip fall back with SL of +1. What does your graph say?
Today I lose MUCH money, so my ideas are strange, but now I see long with TP around 1,36. Why you think short? Retracement? And why a SL of +1?
I'll send a bottle of wine to my first voucherer ;-)
  • #77,272
  • Mar 18, 2009 6:47pm Mar 18, 2009 6:47pm
Quoting jackdan
it happened in 5 seconds, five......
Thatīs how I like it. Finally market moves
  • #77,273
  • Mar 18, 2009 6:47pm Mar 18, 2009 6:47pm
Quoting richboy1972
Is your EA freeware?
Thanks.

It's not mine. Just search google for ManageTP and it will take you right to the forexfactory forum post. As someone else mentioned, there are other similar Expert Advisors available. Have a look in the programming thread.
  • #77,274
  • Mar 18, 2009 6:51pm Mar 18, 2009 6:51pm
My daily pivot is wayyyyyyy down at 1.3336!
  • #77,275
  • Mar 18, 2009 6:59pm Mar 18, 2009 6:59pm
Quoting richboy1972
Today I lose MUCH money, so my ideas are strange, but now I see long with TP around 1,36. Why you think short? Retracement? And why a SL of +1?

Like I said it's a coin flip

Actually I am looking at the extremely overbought levels on the 1H an Daily charts and just betting it will retract a bit. That's it. Not basing it in any fancy charts. If it doesn't go my way, I won't loose anything.

I would not buy at these levels. Its way to late to buy now my friend. If you lost a lot of money, you need to take a day off. Don't try to recoup all you looses in one day.
  • #77,276
  • Mar 18, 2009 7:14pm Mar 18, 2009 7:14pm
Finally some movement... let's see where the support is...
Traders are smartasses
  • #77,277
  • Mar 18, 2009 7:16pm Mar 18, 2009 7:16pm
man, took long enough. I was sitting on my hands waiting for that one.
  • #77,278
  • Mar 18, 2009 7:17pm Mar 18, 2009 7:17pm
Anyone see a big gap on a 1M and 5M chart? about 2 hours ago.
Collecting pips
  • #77,279
  • Mar 18, 2009 7:20pm Mar 18, 2009 7:20pm
Quoting Spsantos
Finally some movement... let's see where the support is...
im with you their Spsantos (Is that a spanish name?) My sell pending order got me in @ 13477 30sl 25ts
its goin down
  • #77,280
  • Mar 18, 2009 7:22pm Mar 18, 2009 7:22pm
Quoting paulw6182
im with you their Spsantos (Is that a spanish name?) My sell pending order got me in @ 13477 30sl 25ts
its goin down

Portuguese... yes, i should have used an alias, too late now...
Traders are smartasses
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