EURUSD

http://www.forextrading.com/QuotesAn...PgTot=1&isFx=1

1.30409

Hi everyone.
I posted the following below on the "Trading isn't as difficult as MM" thread a few hours ago and as I only trade the EUR/USD and read this thread at all times, I thought I would repost here. I will apologize to all you experienced traders who contribute to this thread and are basically longer term traders than I, however I will try and contribute my meager shorter term thinking in the meantime with the hope in the future that I may venture into longer term trading. Right now I do not have the courage to trade longer term.
All commentaries are appreciated by me and in particular over the last 5 months since reading this thread I have noticed some stellar commentaries by "Boredtoloose", "Acumen","AK4x", "Driver55", etc. I hope you can all teach me how to be an efective longer term trader.
thanks

***********************
My first post and I heartedly thank everyone contributing. Some great stuff in this and many different threads.
Pipnator, I really appreciate your post of Apr 17, 1:22pm.

"""in five years he has never taken more then 20 pips in profit
maximum stop loss he has ever used is 10 pips
he has never used a indicator ( i mean notting at all )""""

This confirms to me of how similarily I trade on profitable days.

I am a short term trader only because I cannot tolerate watching profits dissolve or losses accumulating. I would love to be a longer term trader but it does not fit in with my personality. I do not consider myself a scalper as I only buy on buy signals and sell on sell signals whenever they pop up, however as I use a short term time frame, the signals pop up often.
I only trade the EUR/USD because of the lowest spread and the high liquidity.
I use the 10 second chart and trade probably 40 to 60 times a day. I occasionally will let a profit run to $200 to $400 but most times I take little profits. I have finally almost taught myself to only add to winning positions and never to add to losing positions. I have often asked myself ( usually the next day ) when I have added to a losing trade, "what was I thinking" because 99% of the time a signal to go in the opposite direction has ensued and yet I am stuck on the wrong side of the fence with at least two losers and am not benefitting with the move in the new direction.
I believe in horizontal support and resistance lines as being potential points for reversal of direction and then look for confirmation of a buy or sell signal.
My buy and sell signals are simple. Buy off a higher low and sell off a lower high. You can do this with any time frame of your choosing and it is up to you to choose a time frame that you are comfortable with when the trade is going against you. I use stop losses as a safety device but I rarely use them, instead I cover a winning or losing trade when the small tide changes. These buy and sell signals backfire during periods of consolidation and so if the market is basically going sideways and I have been whipsawed twice, then I sit back and watch until some real movement takes place. There will be plenty of entry points coming up later.
This is my method for Money Management. In other words I have no opinions. I let the supply and demand of an instant in time dictate to me which direction to take and I take small lossess.

regards
emtee

********************************

http://www.forexfactory.com/images/misc/progress.gif http://www.forexfactory.com/images/buttons/edit.gif

EU At a critical point......as always EU at these points can surprise us........all are Daily charts for your input...........

1.2540 level from 1.3043 ... that will be a real dive ! Hm !

doubt it will happen in one swift move comprising 15 minutes, but place your bets gentleman, and lower than that !

it is all prewritten in the good book of trading, and once pen and inked, cannot be stopped by simple mankind

LOL --- see ya all down there !

mp

My DealBook360/Web shows a current price of 1.3043 (w/ a spread of 3 pips)

My Daily chart is indicating a downwards trend by the beginning of the Sunday trading session. The GFT chart shows the beginning of a new trend.




The ProRealTime Daily chart shows a Bear play; riding nicely below the downwards trendline.

.....hurting lot of people!

I think she doesn't mind!

Welcome aboard emtee. About MM, Forex has so different kind of traders, and so good ones that I can bet that there are traders that use 50% MM and have a nice winning percentage, but I had already my experience doing that and for me doesn't work, so I will keep my winning strategy.
But I also do trades with 15% or more MM, but it is not my mainly trades.

As long as works for a trader, if he can win 70% or more of their trades using 50% MM or more, so keep doing that, but I would like to know one name that do that with that % of winning trades.

Last 6 Months my % winning trades are over 90%.

sharing a thought

http://i678.photobucket.com/albums/v...usd_daily2.gif

So are you still long from 1.3110 and 1.3084?

And possiblly there could be a short term random move north, but as far as week long movements, I think a break out as occurred since we have a weekly close below 1.3070-1.31 support. There may be a return move but I doubt any close on the Daily chart above those levels. Possibly we might get a wick above those. I trade with a wider stop when i trade spot, to guard against short term volatility. If price moves back up to 1.31 I would contemplate selling a call to expire in about two weeks. And possibly taking a long put position. However, like I said I think a spot should be fine to take advantage of this breakout.

funny how the arthritis in my left big toe is signaling the same thing. now people may look askance at such a thing, but that big toe has a 99.9% correct rate and has earned 123,000 pips since i started using it, and i for one will not poo poo its prophetic nature !

btw --- HOW MANY MORE ways can we come up with, on this thread, to say it will go DOWN ? Kinda feel like its a dead horse and were all jumping on it for some reason.

when and where it goes depends only on your timeframe, as theres on heck of a chasm below.

mp

You know what would be funny? If the market decides to turn gap upwards on the Sunday open. Egg in all of our faces!

hi, I am a new trader, althought I have followed Forex for quiet a while. The EUR has been going down since la summer, very sharp down movement corrected twice by the FED cutting the rate to 0 and the FED again buying bonds, now the market is correcting itself south again and almost canceled those two big north movements. In my opinion the US trade deficit will continue to shrink helping the USD, The ECB will cut interest rate to 1%, may be to 0.75% but no further, howeber it will adopt some quantitative easing, although not as strong as the US. The US will start seeing the end of the recession and signs of inflation will appear and the FED will follow by pulling some of that money back and raising the interest rate above the ECB's and this will make for a strong dollar for the next couple of years folks. This is my 2 cents.

Also, I still do not have a real account, I have a oanda game account. I will go live with a small account in the next couple of months. I would like some strategy help from some experienced traders. I would like to play long/medium term in order to cancel the volatility noise as much as possible. I would like to know how you think I should place my TP, SLs, and if any of you trade in different directions to take profits both ways? For example, any of you playing the EUR short in the long term and playing long in the short term to take small profits on voltatility?

Thanks

Roberto from Munich

NOT SO FUNNY --- indicators indicate upturn on the open --- just WHAT KIND of upturn remains to be seen, but your joke should prove to be as good as my toe, just that jokes tend to be shorter timeframe propecies than big toes, which tend to be more "macro" in their methodology.

DOWN is in the future while UP is a much more present day situation.

maybe ill hedge while i still can in the USA

enjoy and trade well

mp

This from http://www.fxstreet.com/rates-charts/currency-rates/ ... price currently at 3044.

They give the time of the last update so one can tell if the thing is really working or not. Digging into the source for the data shown revealed this...

Solution by Interactive Data Data Source: Interactive Data

The Data link part has a button on the lower right hand side for News Releases which provided this...

http://www.interactivedata-prd.com/0...09/04/16.shtml

That basically reveals that they are providing pricing for the Middle Eastern markets that are open on the weekend. Who knew??

I have no idea as to the accuracy of these prices and don't care a Hoot what the the price is until my borker Opens, but it seems to be thing this weekend ... again... as usual.

I guess I'd be worried if there were no Gap Posts, but Gap Conspiracies now.... that could be fun.

From Munich, don't you mean Madrid. Just kidding.

My advice is when thinking about targets and stops always look to the chart. Never use a fixed percent (2x1, 3x1 r/r etc) or whole numbers or other such variables. The price is going to move where it will so depending on previous moves and support/resistance levels and if it doesn't do what you think it should that is the time to exit. But if it does do what you expect then profit targets can be extended regardless of hitting a whole number "psych" level or whatever.

And don't believe the ones who say price hit their stop and reversed to the exact pip. Yes, it happens. But the $3/4 trillion markets does not revolve around any one of us.

Although it does sometimes wait to see what Jay W does next.

Mick Jagger - Keith Richards

Hold on to your head
Hold on to your hat
You're screaming down the alley
And never coming back
Get out of my bod
Get out of the sack
Don't give me no lip
Don't give me no crap
No way

AK,

Interactive Data is the parent company for eSignal and quote.com

Sun

ak4x is an idiot. Forget him and listen to Acumen... He's got it right.

http://www.forexfactory.com/showpost...ostcount=44457

All this chatter that the EURUSD is going to gap to 1.25 and some quotes showing 1.25 already would not normally freak me out, but get this.

This morning I woke up remembering a dream I had during the night about the market gapping to, guess it, 1.25 over the weekend while I have a long carried from Friday. I woke up relieved, thinking that it was thankfully a dream. Strange/peculiar? Read on.

In reality I'm holding a long "very quick" scalp at 1.3031 on my second marketing account, one of those accounts where if you join you get £100 buckshee. (SL 1.3000, not really a SL but more a safety net in case of things like internet goes down etc. My mental SL was 1.3022.) Now I've built up this account with what I call "funny/peculiar" trades. Get this, the broker closed trading 45 minutes before market closed, with my finger on the button ready to make a quick few pips. Needless to say I wouldn't transfer my main account to them. The price increased to 1.3040, before market closed without any way of closing the scalp.

Now how "funny/peculiar" is that.

JC

its da fuking conspirassy yo!

They is out to get you!

Them brokers are all skammerz man!