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  • #77,501
  • Mar 19, 2009 1:50am Mar 19, 2009 1:50am
Quoting Jay Walker
No worries. But if I may ask, why wait to trade longer time frames? If you see the opportunity, why not take advantage of it?
2 reasons:

1)bucket shop. ibfx does not reflect real price data to the pip...candlesticks dont open/close when they should on the higher timeframes...not to mention the platform closes one hour before market close on fridays and opens one hour after the market open sunday. As I am a momentum trader incorporating candlestick patterns...support/resistance levels ...and a few other things...this does not work on the higher timeframes...on the short term it does.

2)i am a young guy who is trying to pave his own path with little starting capital. no matter how good someone is...starting from ground zero is no easy task. because of this i have to make my daily targets of 50-100pips profit...at least for the next few years as my skill is not reflected in my income..yet haha. Long term trading like you do...to make the profit you made recently...it would take considerably longer as you never know when the eur/usd will be kicking (remember the range at 1.2625-1.2565). I need gains now!....although this week im in the minus after 6straight winning weeks with 250pips per week average. No worries...im just extremely happy i have survived and didnt repeat december and wipe out (stop loss made all the difference as i shorted at 1.2730 and would have gradually added short position since...with this push to 1.3500..bye bye account haha). So yea...this weeks loss is really a win
Different opinions highly valued, ignorant to slander.
  • #77,502
  • Mar 19, 2009 1:51am Mar 19, 2009 1:51am
Quoting traderathome
I am sure different platforms fed data from different servers are likely to all have different "volume" pictures. But, as bad as that is, sometimes a pop in whatever "volume" picture we get, can tell us something.....or the lack of a pop, even when all hell is breaking loose.
I'm just happy there is FINALLY a party in the house again after such a long lull. ANd to your point, you should maintain several accounts live and on screen if you're scalping so as to get better clue about forced abberation due to broker's price manipulation.

Anyone's money on ECB saying something about buying debt as well soon?
  • #77,503
  • Mar 19, 2009 1:53am Mar 19, 2009 1:53am
Quoting zamah
First off, my stop loss is always 50 pips. ALWAYS. not one pip lower or one pip higher. My take profit is not 2:1 ratio or 3:1 ratio anymore. My take profit is as price action develops.
that is EXACTLY the same thing I do so dont worry about me. 50pip stop loss on all trades and tp as pa develops.

i was just curious how people who keep trades over the course of many days deal with the ups and downs of pa thats all
Different opinions highly valued, ignorant to slander.
  • #77,504
  • Mar 19, 2009 1:54am Mar 19, 2009 1:54am
EUR-USD Hits "W" Formation target in "asian session" after US markets closed.

See chart.
Attached Image
  • #77,505
  • Mar 19, 2009 1:55am Mar 19, 2009 1:55am
Quoting ak4x
Hey!! What ever happened to turvohach anyway.. I miss him.

Ever now and then I dig out his pirates hijacking the oil tanker post and sellin it to buy citibank and just about pass out from laughin.

For you newer folks here, this is what you're missin... while waiting for this hs pa to do something...
http://www.forexfactory.com/showpost...ostcount=46654
yep now the saudis prince and pirates are on citibanks board of directors... poetic justice... *L* the pirates have more shares and bought them for less then a dollar 60 bucks less then the prince.... *LMAO*
those who can, do. those who cant, talk about those who can
  • #77,506
  • Mar 19, 2009 1:55am Mar 19, 2009 1:55am
hs working beautifully
those who can, do. those who cant, talk about those who can
  • #77,507
  • Mar 19, 2009 1:57am Mar 19, 2009 1:57am
Quoting psiholog
2 reasons:

1)bucket shop. ibfx does not reflect real price data to the pip...candlesticks dont open/close when they should on the higher timeframes...not to mention the platform closes one hour before market close on fridays and opens one hour after the market open sunday. As I am a momentum trader incorporating candlestick patterns...support/resistance levels ...and a few other things...this does not work on the higher timeframes...on the short term it does.

2)i am a young guy who is trying to pave his own path with little starting capital....
Sack your broker.

On the other item. Maybe something to think about would be to take really minuscule positions on longer frames while still doing what you do on a day-to-day basis. Maybe even demo it at first.

I can't and won't tell you what to do, but it may be something to consider.
Not all sins are created equal
  • #77,508
  • Mar 19, 2009 1:58am Mar 19, 2009 1:58am
Quoting psiholog
i was just curious how people who keep trades over the course of many days deal with the ups and downs of pa thats all
personally, I don't watch it at all, because if I enter a LT trade, it's for funcamental reasons. I watch the market and media coverage. If I notice something there that concerns me I might take a peek to check if I believe an actual trend reversal has taken place.
  • #77,509
  • Mar 19, 2009 1:59am Mar 19, 2009 1:59am
Finafreakinlly...!!
FUBAR...
  • #77,510
  • Mar 19, 2009 2:02am Mar 19, 2009 2:02am
Euro still have a long term bearish trend and i told believe it will be pushed higher from this point, a clear break of 1.3670 will drive price higher, personaly i think we are in buy trap situation, correction is possibly to take prices lower and lower. euro successfuly hit the 1.35 which is 61.8% retracement level for the 2nd corrective wave (impulsive wave 1 from around 21 DEC till 1 MAR), if prices goes below 1.3170 i believe it wont stop till we hit 1.18 (3rd wave projection Target).
any comments is appreciated if i miss somethin here
Luck everyone
  • #77,511
  • Mar 19, 2009 2:03am Mar 19, 2009 2:03am
hmmm.
it seems i am the only one short at the moment.
i will follow my technicals to see when to exit my short
but my gut feelings say yesterday's huge movement will come off in 2 days and we will see 1.3100s again

short since 1.3500 and already have my SL at break even as we speak.
  • #77,512
  • Mar 19, 2009 2:03am Mar 19, 2009 2:03am
gotta take out 1.316 then 1.0000 *L*
those who can, do. those who cant, talk about those who can
  • #77,513
  • Mar 19, 2009 2:05am Mar 19, 2009 2:05am
Quoting Ardafx
hmmm.
it seems i am the only one short at the moment.
i will follow my technicals to see when to exit my short
but my gut feelings say yesterday's huge movement will come off in 2 days and we will see 1.3100s again

short since 1.3500 and already have my SL at break even as we speak.
nope there is a few short here..
those who can, do. those who cant, talk about those who can
  • #77,514
  • Mar 19, 2009 2:05am Mar 19, 2009 2:05am
Quoting Jay Walker
Sack your broker.

On the other item. Maybe something to think about would be to take really minuscule positions on longer frames while still doing what you do on a day-to-day basis. Maybe even demo it at first.

I can't and won't tell you what to do, but it may be something to consider.
sack the broker..no can do. a true broker like deutschebank requires a good amount of money. given my case...at least 25k. I obviously dont have 25k haha....so this is something i have to work towards. As far as do small positions for the longer term now goes...all in due time. I tried that this week actually...several times. It is the main reason I am in the negative this week. There were at least 5 occasions where I was at least 50pips profit (my usual goal) and when strong support was reached i decided to "hope" it breaks down as this would be the grounds for a push to much lower levels and increase my "long term trading" experience. Sadly I was either stopped out at entry on those trades or at a loss as I was probably sleeping. Big lesson learned here....no long term trading for me yet...not ready as there is one thing that I didnt take account of..fundies. At this time fundies are my weakpoint...big time.
Different opinions highly valued, ignorant to slander.
  • #77,515
  • Mar 19, 2009 2:07am Mar 19, 2009 2:07am
Quoting digitil
I'm just happy there is FINALLY a party in the house again after such a long lull. ANd to your point, you should maintain several accounts live and on screen if you're scalping so as to get better clue about forced abberation due to broker's price manipulation.

Anyone's money on ECB saying something about buying debt as well soon?
Naw. Too much trouble. And we don't really need clues. That smacks of wanting to know the rhyme and reason for moves, etc. That is for the birds...a fool's errand. Who cares! PA is manipulated, and so what! With, or without accompanying volume....so what! All that matters is that the big boys keep it moving. That is what gives us the volatility we need for trading. Who cares what direction it goes in, or why.....just so long as it GOES!
  • #77,516
  • Mar 19, 2009 2:09am Mar 19, 2009 2:09am
do you guys think we'll hit the daily pivot today?
  • #77,517
  • Mar 19, 2009 2:10am Mar 19, 2009 2:10am
Quoting traderathome
EJ: Well, the asian session traders, not to be outdone by the euro/us session traders, put on their own little pump and dump show.....what looks like 50 pips further up than the euro/us traders took it to, and then smartly about 200 pips right back down! You gotta love their creativity!

While EU is still being artificially held up, I have taken good advantage of the pump's retrace on EJ.
All Day JPY
Bank Holiday

Asians ?!?
Where ?
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #77,518
  • Mar 19, 2009 2:13am Mar 19, 2009 2:13am
Good morning and evening every one .

I am curious if there are people who have the guts to place trades today

I see huge amount of pips between support and resistance lines that scares me away
I SEE YOU !!
  • #77,519
  • Mar 19, 2009 2:14am Mar 19, 2009 2:14am
Quoting djambazov84
All Day JPY
Bank Holiday
that's tomorrow for their next session, this one is till active for another 1h 45 minutes...
FUBAR...
  • #77,520
  • Mar 19, 2009 2:14am Mar 19, 2009 2:14am
Quoting psiholog
sack the broker..no can do. a true broker like deutschebank requires a good amount of money. given my case...at least 25k. I obviously dont have 25k haha....so this is something i have to work towards. As far as do small positions for the longer term now goes...all in due time. I tried that this week actually...several times. It is the main reason I am in the negative this week. There were at least 5 occasions where I was at least 50pips profit (my usual goal) and when strong support was reached i decided to "hope" it breaks down as this would...
man get mbtrading.. they just got a award some big shit award... i have problems at times but they did make it right... but you got all kinds of trading stops you dont have now... i think you can start for less then a grand.. you get trailing stops, tto, limits and other crap.. the charts suck but you can manage...and i believe you can use micros
those who can, do. those who cant, talk about those who can
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