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  • #80,741
  • Mar 27, 2009 12:26pm Mar 27, 2009 12:26pm
Comrades, ur comment so meaningful, I’ve learn here a lot . still noob, having words around the world with own style…really love it. Now ..I start playing a big jigsaw puzzle. My act lock by hedging.
  • #80,742
  • Mar 27, 2009 12:32pm Mar 27, 2009 12:32pm
230 pips. take it... hold it...take it...hold it...
Take it and ruuuuuuun!!! Be back on monday
  • #80,743
  • Mar 27, 2009 12:35pm Mar 27, 2009 12:35pm
yes all.. dont be greedy and survive for another day !
  • #80,744
  • Mar 27, 2009 12:57pm Mar 27, 2009 12:57pm
The real question is;

Will you still have the ability to Trade after This one?

At All Costs; Stay in "The Game"
  • #80,745
  • Mar 27, 2009 1:01pm Mar 27, 2009 1:01pm
Quoting *Pipster*
Newbie question: Do all the traders on this thread exclusively trade the EURUSD all the time or do you also trade other currency pairs?
I was trading with three pairs (EURUSD, GBPUSD and EURGBP), but after a few months and losing some money I realized that it was ridiculous for a new trader like myself to be following three pairs and master none, it was just a desire of having more trade opportunities.

Luckly I think I have learnt my lesson on time and I now I am not going to add any more pairs until (if) I can be consistantly profitable in this one.

On a different note, do you guys think it's a good idea to use the fibonacci retracements from the 1.3730 highs to today's lows to try to anticipate a possible rebound in the short term next week? I have been just recently starting to pay more attention to fibos and I still feel quite unsure about when to use them in the practical world.
  • #80,746
  • Mar 27, 2009 1:08pm Mar 27, 2009 1:08pm
Quoting Tenshi28
I was trading with three pairs (EURUSD, GBPUSD and EURGBP), but after a few months and losing some money I realized that it was ridiculous for a new trader like myself to be following three pairs and master none, it was just a desire of having more trade opportunities.

Luckly I think I have learnt my lesson on time and I now I am not going to add any more pairs until (if) I can be consistantly profitable in this one.

On a different note, do you guys think it's a good idea to use the fibonacci retracements from the 1.3730 highs to today's lows...
yes. no need to trade those 3 pairs.... it's the same as trading EURUSD pair alone. but with triple risk... think of it: EUR / USD = EUR/GBP * GPB/USD

other thing is if you trade EUR/USD and AUD/NZD and mmmm GBP/JPY for example.

yes.. it could be a good idea to use that fibs.

by the way... don't worry to lose money when you start trading. But only lose money that you can lose.
  • #80,747
  • Mar 27, 2009 1:08pm Mar 27, 2009 1:08pm
yes, as newbie, just concentrated a pair enough. I’ve tried few before & finally checkmate. engaged to one is better.
  • #80,748
  • Mar 27, 2009 1:16pm Mar 27, 2009 1:16pm
Quoting *Pipster*
Newbie question: Do all the traders on this thread exclusively trade the EURUSD all the time or do you also trade other currency pairs?
im also newbe and this week i lost 10% I was ading other pairs makin a mess of everything geting complicated definatly has its unlukyness i c yous nxt week
scalping sucks donkey balls over and out!!
  • #80,749
  • Mar 27, 2009 1:18pm Mar 27, 2009 1:18pm
As a newbie, you should focus on one pair until you can recognize all the formations, and understand why markets move the way they do.

Then you can move up to 2 or 3 currencies, because after that point you want as many options as possible, and then trade on the easiest ones to guess. By that time, you know what formations you're waiting for, so why wait around for one currency. This game is all about waiting and letting to market come to you, so while one currency looks confusing, the another currency will look very easy, and you're not just wasting your time waiting around. It's all about waiting for that golden opportunity, so provide yourself with as many possibilities as you can. Just don't over-extend yourself - if you start making mistakes, quit trying to be superman and catch every move.

I've found I personally can look at 3 currencies at once, and I've gotten used to the way they move, so I know what to expect. Usually at least one of them will look appetizing.
  • #80,750
  • Mar 27, 2009 1:19pm Mar 27, 2009 1:19pm
.... 1hr, 15min, & 5min bars have all indicated to me, a further down movement (should anyone be interested) But don't forget it's Friday. I'm already short from earlier in the day.

Have a good W/End.
Good Trading. (keep it simple).
  • #80,751
  • Mar 27, 2009 1:27pm Mar 27, 2009 1:27pm
Thank you for all your comments and advice... both from the newbies and more experienced.

I will stick to one pair then until I make my first million.... pips!

Doh! I didn't mean to do that.
  • #80,752
  • Mar 27, 2009 1:28pm Mar 27, 2009 1:28pm
eur/usd is the most liquid hence smallest spread imho, that makes it easier to trade... but of course forex as a whole is always challenging
  • #80,753
  • Mar 27, 2009 1:28pm Mar 27, 2009 1:28pm
Quoting Jasper
.... 1hr, 15min, & 5min bars have all indicated to me, a further down movement (should anyone be interested) But don't forget it's Friday. I'm already short from earlier in the day.

Have a good W/End.
That info above has now been VOIDED.
Good Trading. (keep it simple).
  • #80,754
  • Mar 27, 2009 1:32pm Mar 27, 2009 1:32pm
Quoting Jasper
.... 1hr, 15min, & 5min bars have all indicated to me, a further down movement (should anyone be interested) But don't forget it's Friday. I'm already short from earlier in the day.

Have a good W/End.
Jasper,

My 15, 30 & 60 min. charts tell me to go long. In the 240 min. last candle will be completed in 30 min. and suggests...

Anyway GL&GT.

JgrB
  • #80,755
  • Mar 27, 2009 1:38pm Mar 27, 2009 1:38pm
Quoting JgrB
Jasper,

My 15, 30 & 60 min. charts tell me to go long. In the 240 min. last candle will be completed in 30 min. and suggests...

Anyway GL&GT.

JgrB
My 15, 30 & 60 min. charts tell me to go long. In the 240 min. last candle will be completed in 30 min. and suggests...

Anyway GL&GT.

JgrB[/quote]

My 5min signal has voided, but 1hr & 15min are still ok for a short. On a Friday I would not advise it at this time of day, although it can still go!

Funny how we all read charts. You may well be Right.
Good Trading. (keep it simple).
  • #80,756
  • Mar 27, 2009 1:43pm Mar 27, 2009 1:43pm
Quoting Jasper
My 15, 30 & 60 min. charts tell me to go long. In the 240 min. last candle will be completed in 30 min. and suggests...

Anyway GL&GT.

JgrB
My 5min signal has voided, but 1hr & 15min are still ok for a short. On a Friday I would not advise it at this time of day, although it can still go!

Funny how we all read charts. You may well be Right.[/quote]

I'm just watching... too late (Friday evening in EU) to bet. You may well be right as well.

GL with your shorts.

JgrB
  • #80,757
  • Mar 27, 2009 1:46pm Mar 27, 2009 1:46pm
Quoting dancarey
As a newbie, you should focus on one pair until you can recognize all the formations, and understand why markets move the way they do.

Then you can move up to 2 or 3 currencies, because after that point you want as many options as possible, and then trade on the easiest ones to guess. By that time, you know what formations you're waiting for, so why wait around for one currency. This game is all about waiting and letting to market come to you, so while one currency looks confusing, the another currency will look very easy, and you're...
I guess it's like decoding "The Matrix".... Hopefully soon all I will see are blondes and brunettes instead of bloody candles!
Doh! I didn't mean to do that.
  • #80,758
  • Mar 27, 2009 1:48pm Mar 27, 2009 1:48pm
Quoting JgrB
My 5min signal has voided, but 1hr & 15min are still ok for a short. On a Friday I would not advise it at this time of day, although it can still go!

Funny how we all read charts. You may well be Right.
I'm just watching... too late (Friday evening in EU) to bet. You may well be right as well.

GL with your shorts.

JgrB[/quote]

My 5min signal has just come back into play (retest, perhaps?)

Going out in 1/2 an hour, but I would like to stay & watch.

Good Luck.
Good Trading. (keep it simple).
  • #80,759
  • Mar 27, 2009 2:11pm Mar 27, 2009 2:11pm
Quoting plan-b
Attachment


Im still betting the bears will win this round..
A bare chart with the trend line is all you need..
My shorts were well rewarded.

Im now looking to buy yen,
risk aversion will continue into next week(G-20) and that should lead to yen strength against usd and commodity currencies.. :nerd:
Some drink at the fountain of knowledge. Others just gargle !
  • #80,760
  • Mar 27, 2009 2:12pm Mar 27, 2009 2:12pm
Quoting *Pipster*
I guess it's like decoding "The Matrix".... Hopefully soon all I will see are blondes and brunettes instead of bloody candles!
Yes, exactly. You will start to see things before they happen, and then you can decide what pair has the most obvious move approaching. Once you learn the formations well enough, you'll realize a few things:

1. Only make a trade you're absolutely sure you will win.
2. Win means 1 pip positive. Don't think you have to make 50 pips a day to "win".
3. You decide how much 1 pip is worth. 10 cents, or 10 dollars.

When I was a newbie I fell into the trap of believing I needed to make a certain amount of pips. This is untrue. Some of the biggest investors pay people to sit around all day and make 5 pips a day on one trade. Why? The higher the leverage, the less pips matter. They sit around all day waiting for the most obvious move, then they get in and out in less than 10 seconds.

Just food for thought. Some things are not as they seem.
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