EURUSD | Page 5244 | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

EUR/USD, GBP/USD, USD/CHF

Similar Threads

MT4: how to change "EURUSD" to "#EURUSD"? 3 replies

Re: EurUsd short term 15 replies

did oanda just drop its spread for eurusd to 1 pip? 11 replies

EA for multiple lot limit order for EURUSD 0 replies

NFP nice bump up on EURUSD 2 replies

Attachments: EURUSD
Exit Attachments

EURUSD

  • #104,861
  • Jun 2, 2009 7:56pm Jun 2, 2009 7:56pm
Quoting kentashiburo
Dude,

Stick to your strategy no matter what anyone says; two reasons:
1) you can (hopefully) only learn from your mistakes
2) No one know what the market will do next, .and plan your trade and trade your plan

I can see 4248 as well as a retracement, so why not scalp it down.

Good luck to ya
Fine do it your way. just keep your number one in mind
  • #104,862
  • Jun 2, 2009 7:59pm Jun 2, 2009 7:59pm
Quoting knuckledrag
learn to wait
I know.
Si vis pacem, para bellum.
  • #104,863
  • Jun 2, 2009 8:00pm Jun 2, 2009 8:00pm
Quoting Duce
traderathome, i learned this early on...the hard way. i don't consider myself a scalper (more of a swing trader), but i will close positions when feeling uneasy, even for small gains.
It is a lesson I am experiencing lately, too. Adhering to a trade with its well planned targets, with rigid expectations of fullfillment, is not good.
  • #104,864
  • Jun 2, 2009 8:01pm Jun 2, 2009 8:01pm
Quoting Turveyd
Number 2 is the main issue I find, IF/When Cracked though, you've got alot more control over your profits and should rarely have a losing day.

Ofcourse in the mean time, barely a up day LOL

Concur with Knuckle dragger, trying to pick tops against the trend will only result in smelly fingers ( should be bottoms ofcourse )
Turveyd. I tried scalping after our last chat on this topic. However was unaware of about not picking the tops. What time frame and pair would you suggest?
The Thief of Wall Street
  • #104,865
  • Jun 2, 2009 8:01pm Jun 2, 2009 8:01pm
Quoting Chicky
Right. With all due respect to scalpers, my study shows two basic drawbacks in scalping and that are: 1) risk reward ratio is not in favor of scalpers due to spread cost, and 2) very few have right mindset and concentration needed to scalp.
That is very true Chicky - could NOT agree more. Scalping is certainly NOT for the faint of heart. One must be 'at one' with PA (sounds corny, but true) have watched one pair and gotten to 'know' it's characteristics and movements and never and I mean never get married to a move.

I am a scalper, have found a system that works for me; and adhere to a VERY strict set of execution criteria for entry then a fluid and dynamic set of exit criteria.
Pip what you see; See what you pip!
  • #104,866
  • Jun 2, 2009 8:02pm Jun 2, 2009 8:02pm
EJ looks ripe for a retrace and that is highly correlated with equities.

So if stocks move down then EU is soon to follow ........................
  • #104,867
  • Jun 2, 2009 8:03pm Jun 2, 2009 8:03pm
Don't get me wrong, I am not questioning your advice, I was just saying that the power and value of any advice is useless unless you take it in consideration.....and people don't believe until they see it with their own eyes.
What better way to learn but from your own mistakes?

Now, can it go down to 4248? I think yes. Do I know? NO


Quoting knuckledrag
Fine do it your way. just keep your number one in mind
Attached Image (click to enlarge)
Click to Enlarge Name: eur-usd.jpg Size: 52 KB
  • #104,868
  • Jun 2, 2009 8:03pm Jun 2, 2009 8:03pm
Quoting 5abi
drawbacks are there-but scalping does work. And if you trade via an ECN spreads are not that biig a factorr-why MT gives me 0.8 if not better on EU.

The trick is to trade at the right time when the liquidity is high. Just another tool.
This is what I missed. Thanks buddy.
The Thief of Wall Street
  • #104,869
  • Jun 2, 2009 8:07pm Jun 2, 2009 8:07pm
I don't trade with feelings, but rather a trading plan that lays out clear guidlines for enties and exits. Trading should not be based on "hunches".
  • #104,870
  • Jun 2, 2009 8:08pm Jun 2, 2009 8:08pm
chicky, my buddy-try one simple thing. scalp the 5 min japanses crosses at London open. You will see first hand what I mean. I have had good success from last several weeks now. My work situation does not allow me to trade NY open actively. But I can vouch that London open scalsp work well.

Quoting Chicky
This is what I missed. Thanks buddy.
Its all in the mind.
  • #104,871
  • Jun 2, 2009 8:09pm Jun 2, 2009 8:09pm
these two pairs have broken away from the equities since last 2-3 weeks if you noticed.

Quoting SunTrader
EJ looks ripe for a retrace and that is highly correlated with equities.

So if stocks move down then EU is soon to follow ........................
Its all in the mind.
  • #104,872
  • Jun 2, 2009 8:14pm Jun 2, 2009 8:14pm
Quoting 5abi
drawbacks are there-but scalping does work. And if you trade via an ECN spreads are not that biig a factorr-why MT gives me 0.8 if not better on EU.

The trick is to trade at the right time when the liquidity is high. Just another tool.
Exactly. Know your tools and use the right tools at the right time for the job at hand yo. Personally, when I go to do a bank job, I got the sawed-off in one hand and the glock in the other, a .32 taped to the small of my back right under the edge of the kevlar, and a razor in my shoe. You gonna look stoopid you show up with just a swiss army knife...
"If The Fool persists in his Folly he will become wise." - William Blake
  • #104,873
  • Jun 2, 2009 8:15pm Jun 2, 2009 8:15pm
Quoting Chicky
Turveyd. I tried scalping after our last chat on this topic. However was unaware of about not picking the tops. What time frame and pair would you suggest?

EJ is the baby these days, 30 pip+ Scalps sometimes 80 area.


There is a pic of whats happened, and my current setup.

I also view the market ( although not perfect ) as ranges based around SMA, which works well and stops you going long near a potential top.
Attached Image (click to enlarge)
Click to Enlarge Name: ej current setup.gif Size: 18 KB
Attached File(s)
File Type: tpl ej current setup.tpl   13 KB | 278 downloads
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #104,874
  • Jun 2, 2009 8:18pm Jun 2, 2009 8:18pm
Quoting SunTrader
EJ looks ripe for a retrace and that is highly correlated with equities.

So if stocks move down then EU is soon to follow ........................
I'm not a fan of this pair, but i decided to look at it just 'cause you mentioned it. Down 20 points in just a few minutes. Nice. Again, i did not trade this, but would be interested in some numbers. Should I head over to that thread?
Si vis pacem, para bellum.
  • #104,875
  • Jun 2, 2009 8:20pm Jun 2, 2009 8:20pm
Quoting 5abi
chicky, my buddy-try one simple thing. scalp the 5 min japanses crosses at London open. You will see first hand what I mean. I have had good success from last several weeks now. My work situation does not allow me to trade NY open actively. But I can vouch that London open scalsp work well.
Thanks 5abi. I will try this tonight with tiny positions.
The Thief of Wall Street
  • #104,876
  • Jun 2, 2009 8:20pm Jun 2, 2009 8:20pm
Quoting The Fool
Exactly. Know your tools and use the right tools at the right time for the job at hand yo. Personally, when I go to do a bank job, I got the sawed-off in one hand and the glock in the other, a .32 taped to the small of my back right under the edge of the kevlar, and a razor in my shoe. You gonna look stoopid you show up with just a swiss army knife...

The problem is though you need 2 sets of tools, if your playing for Chop and it turns to trend it'll cost you, if you play Trend and it stops and reverses and chops on you it'll cost you, and no real way to know whats going to come.


Why I've kinda combined the partial logic of both into my system.

EU on the M1 for instance just tested the 200sma twice before trending down nicely.

EJ Moved to the top of the 34ema range nicely, alittle bit higher for the 200sma's first range woulda been nicer.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #104,877
  • Jun 2, 2009 8:22pm Jun 2, 2009 8:22pm
Best way I've found to view on M1 the current direction is :-


4SMA Shift 0
4SMA Shift +2

Nice and easy to see like this, don't scalp against this and most of your battle is over.

Likely work on M5 to.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #104,878
  • Jun 2, 2009 8:23pm Jun 2, 2009 8:23pm
great idea. when in doubt, switch to the micro

I know you are well versed in trading and already know it- but AS SOON AS you land that "planned target", RUN. I usually aim for 15-20 pips and shoot straight back to bed when I get them. Also try scalping with EJ first then move to other pairs.

Quoting Chicky
Thanks 5abi. I will try this tonight with tiny positions.
Its all in the mind.
  • #104,879
  • Jun 2, 2009 8:25pm Jun 2, 2009 8:25pm
Howdy bro? Any bright ideas of late? what ya are upto now?

Quoting Turveyd
Best way I've found to view on M1 the current direction is :-


4SMA Shift 0
4SMA Shift +2

Nice and easy to see like this, don't scalp against this and most of your battle is over.

Likely work on M5 to.
Its all in the mind.
  • #104,880
  • Jun 2, 2009 8:26pm Jun 2, 2009 8:26pm
Quoting kentashiburo
Don't get me wrong, I am not questioning your advice, I was just saying that the power and value of any advice is useless unless you take it in consideration.....and people don't believe until they see it with their own eyes.
What better way to learn but from your own mistakes?

Now, can it go down to 4248? I think yes. Do I know? NO


Ok lets say your right. Your risking a stop loss of what 30-40 pips, ok sounds fine. Now lets do it the other way.

Say you had a trade in the green from some where like 1.3920 that you had taken profit out of to pay for your time but you were still holding, and maybe you were holding others that you had also taken profit out of. Maybe looking at a retrace would look different. Lets say instead of risking 30-40 pips on a stop you just took more profit hoping to buy again at 1.425-1.424 Going with the trend has nothing to do with tops/bottoms, but limiting risk. If I screw up I still win
484 traders viewing now