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  • #79,581
  • Mar 25, 2009 3:42am Mar 25, 2009 3:42am
Quoting tarasbaida
Morning all, nice M on the hourly chart
What software are you using for charting?
  • #79,582
  • Mar 25, 2009 3:43am Mar 25, 2009 3:43am
Quoting altrader
It is tough because on the weekly chart there is a big W shape which means that at some stage we should go up.
I see no W yet. Just what looks like a huge bearish triangle. And considering the dollar seems still very much in fashion, personally believe it will break for a run way lower too. Who knows, there's a 50% chance you'll quote me and call me a genius in a few months.
On the path to Enrichment.
  • #79,583
  • Mar 25, 2009 3:47am Mar 25, 2009 3:47am
Quoting gatorinla
bumps in the road 3431 3382 33 3246 3148 3098 wishful thinking..
Gator,

May I see your chart with the above numbers please?
  • #79,584
  • Mar 25, 2009 3:48am Mar 25, 2009 3:48am
Quoting Scotty B
Your charts are a little hard to see. From what I can see, your TLs looks good. They squeeze the range pretty good...How are you saving your charts? Also, why don't you take the grid off? You probably know this, but to make saving pics better, right click on your chart and select 'save as picture.' Then make sure you have 'active chart (as is)' selected. This will make your chart shots much better...

Here is one more fib fan I am watching. This one is already triggered to the south. We'll see what happens
Hi Scotty, very nice chart! How do you determine the pivot point of that fib fan?
  • #79,585
  • Mar 25, 2009 3:54am Mar 25, 2009 3:54am
this may be a dumb post but how do u hedge a position?
  • #79,586
  • Mar 25, 2009 3:58am Mar 25, 2009 3:58am
what a short live bear..... just +20pips
  • #79,587
  • Mar 25, 2009 4:06am Mar 25, 2009 4:06am
Quoting Jurrasic
I see no W yet. Just what looks like a huge bearish triangle. And considering the dollar seems still very much in fashion, personally believe it will break for a run way lower too. Who knows, there's a 50% chance you'll quote me and call me a genius in a few months.
hehe, yeah maybe
  • #79,588
  • Mar 25, 2009 4:07am Mar 25, 2009 4:07am
Quoting CAnthonyMVE
this may be a dumb post but how do u hedge a position?

u open a opposite position .. effectively locking your loss
  • #79,589
  • Mar 25, 2009 4:10am Mar 25, 2009 4:10am
Quoting CAnthonyMVE
this may be a dumb post but how do u hedge a position?


NOOooooooo !!!!!! Don't go there....

For a trader to ask this question, it usually means you are in a loss position and you are trying to stop the pain by taking an opposite position to the one you are in. Unfortunately this results "locking in" your loss.

It also usually occurs when a trader has not used a SL and the position has "got away from him"

Take the pain and close your position.....and NEVER trade without a SL again


.
Jacko
  • #79,590
  • Mar 25, 2009 4:11am Mar 25, 2009 4:11am
Man this 34400 level had now so many knocks on the door but it still don't want to open. I guess when it does open then there is no turning back.
  • #79,591
  • Mar 25, 2009 4:14am Mar 25, 2009 4:14am
Quoting billymoney
what a short live bear..... just +20pips
i think this is normal pa considering the importance of the 1.3425 level.....it is the last level of support until 1.3100 as dictated by pa in the last two weeks. it will take alot of bear pressure to break that level and once it gets going...there isnt much to stop it. you could say this is a war and 1.3425 is the last bull line of defense. they will do everything in their power to keep that level intact....or rather...until the big players make their move...
Different opinions highly valued, ignorant to slander.
  • #79,592
  • Mar 25, 2009 4:16am Mar 25, 2009 4:16am
Quoting Charle
Hi Scotty, very nice chart! How do you determine the pivot point of that fib fan?
Hey Charle,

I use these fans in a couple different ways. The first and most common way is to make a true fib-fib fan. Meaning I set the number of bars and pips to cohere with Fibonacci numbers. You can experiment with different ratios..I like 144 bars and 233 pips on the hour chart..but again, experiment! When my fan is set up I drag the whole thing around and conform it to price. I am always impressed with the performance of these studies.
Here are the ratios you can use to set up your fan:

0 0/100
.382 T2
.618 T1
1 Trigger 0/100
1.382 T1
1.618 T2
2 0/100

The main thing you want to focus on is lining up your outer 0/100s with a high or low, and moving the fib in such a way that the T1 or T2 levels capture a pullback. When price is moving down, use the upper portion of the fan to capture price, and vice versa in an up trend.Price should always trade to the opposite T1. There is a lot to this and why it works..I won't take up space explaining it here though..

Scotty B
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  • #79,593
  • Mar 25, 2009 4:17am Mar 25, 2009 4:17am
Quoting jacko
NOOooooooo !!!!!! Don't go there....

For a trader to ask this question, it usually means you are in a loss position and you are trying to stop the pain by taking an opposite position to the one you are in. Unfortunately this results "locking in" your loss.

It also usually occurs when a trader has not used a SL and the position has "got away from him"

Take the pain and close your position.....and NEVER trade without a SL again


.
Jacko

No S/L, no profits!
  • #79,594
  • Mar 25, 2009 4:21am Mar 25, 2009 4:21am
Quoting jacko
NOOooooooo !!!!!! Don't go there....

For a trader to ask this question, it usually means you are in a loss position and you are trying to stop the pain by taking an opposite position to the one you are in. Unfortunately this results "locking in" your loss.

It also usually occurs when a trader has not used a SL and the position has "got away from him"

Take the pain and close your position.....and NEVER trade without a SL again


.
Jacko
I am sorry...I never answered the question properly,

Investopedia describes hedging as:

" http://ads.forbes.com/RealMedia/ads/...30?_RM_EMPTY_& The primary methods of hedging currency trades for the retail forex trader is through:

  1. Spot contracts, and
  2. Foreign currency options.

Spot contracts are essentially the regular type of trade that is made by a retail forex trader. Because spot contracts have a very short-term delivery date (two days), they are not the most effective currency hedging vehicle. Regular spot contracts are usually the reason that a hedge is needed, rather than used as the hedge itself.

Foreign currency options, however are one of the most popular methods of currency hedging. As with options on other types of securities, the foreign currency option gives the purchaser the right, but not the obligation, to buy or sell the currency pair at a particular exchange rate at some time in the future.

The forex currency trading market is a risky one, and hedging is just one way that a trader can help to minimize the amount of risk they take on"

I would dispute the last part of the last sentence.

.
Jacko

  • #79,595
  • Mar 25, 2009 4:25am Mar 25, 2009 4:25am
Quoting oldman
No S/L, no profits!
No Stop Loss = huge losses (sooner or later)

500% gains are nice..... 700% gains are better.....a 100% loss is devastating


.
Jacko
  • #79,596
  • Mar 25, 2009 4:26am Mar 25, 2009 4:26am
yeah i remember when i used to trade with no stop loss. I lost $1800 trading like that.

Then something clicked in my head and I always use a stop loss. You use the stop loss to determine what percentage of risk you will tolerate per trade.

You do this because you can't possibly know with 100% certainty which direction the market will go.

The other good thing about stop loss is that if you take your loss then lose say 1%...at least you can wait a while and then re-asses the situation and still profit during the day.

Keeping losses sux. And you feel horrible as well. that 1% loss can quickly turn into a 10%loss just by 'hoping' lol.
  • #79,597
  • Mar 25, 2009 4:27am Mar 25, 2009 4:27am
Here is one more example of this in real time.. Price is working towards that lower T1...I don't ussually trade these fibs alone..They simply give me an idea of where price is at in the scheme of things..
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  • #79,598
  • Mar 25, 2009 4:30am Mar 25, 2009 4:30am
Quoting Scotty B
Hey Charle,

I use these fans in a couple different ways. The first and most common way is to make a true fib-fib fan......
Scotty B
Thanks Scotty, I really appreciate
  • #79,599
  • Mar 25, 2009 4:31am Mar 25, 2009 4:31am
Went long at .3420, this bounce off 75% fibo and top of the big fat "zomg Bernanke said QE" hourly candle could be the start of a new bull run. Stop at .3379...
  • #79,600
  • Mar 25, 2009 4:38am Mar 25, 2009 4:38am
Quoting kentashiburo
What software are you using for charting?
That's saxotrader (saxobank trading platform)
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