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  • #106,861
  • Jun 5, 2009 1:50pm Jun 5, 2009 1:50pm
333 pips and it's over for today.

I think I have spotted the top for now.

We will see next 2 weeks price above 1.4173 again.
It is my weekly level for next 2 weeks.

I have closed one short already, next one around 1.3833/66.

Bye all and nice weekend
  • #106,862
  • Jun 5, 2009 1:57pm Jun 5, 2009 1:57pm
Looks like the forum took a hit. I see dead people! j/k. Anyways bulls dont give up yet. Net week they will make some more BS stories in the market to drop the USD$.
  • #106,863
  • Jun 5, 2009 2:01pm Jun 5, 2009 2:01pm
last hour... lets see if they sell off...looks like a red day, week, and month..
those who can, do. those who cant, talk about those who can
  • #106,864
  • Jun 5, 2009 2:09pm Jun 5, 2009 2:09pm
Quoting vinesh2
Looks like the forum took a hit. I see dead people! j/k. Anyways bulls dont give up yet. Net week they will make some more BS stories in the market to drop the USD$.
it is a little - mmmm - lite on the banter -

Took my first loss on the day - 1 pip - trying for that last 10 pips of the week. Got skittish on this last up move and entered a fraction late and closed about 30 seconds too early for a 5 pips gain.

Be nimble, be quick -
Pip what you see; See what you pip!
  • #106,865
  • Jun 5, 2009 2:21pm Jun 5, 2009 2:21pm
SeerEye you have to pay attention to the times. After 1pm EST traders in US have pretty much gone for the day. Mon- Tue are not good days to trade at all b/c traders all around the world are positioning themselves for the mid week and Tue night UK time traders get set to make moves. After 3Pm est worst time to trade cause traders are closing out their books and going home. 10-11pm asian traders start to make moves. in most cases asian session will not cut the day's high's or low they will test it but wont break it. Asian session supp and resis levels break and mostly fakeouts I don't trust them. However sometimes they are legitimate breaks so you have to use your own judgement. Trading every single day is not good idea either this can lead to over trading and greed and so take a break and trade only one day if you have to.
  • #106,866
  • Jun 5, 2009 2:25pm Jun 5, 2009 2:25pm
I like when it goes up and down. Sometimes it go up whn I thought it would go down, or vice versa, but then, later, it goes the other way again, after all. And I get paid! How cool is that?
"If The Fool persists in his Folly he will become wise." - William Blake
  • #106,867
  • Jun 5, 2009 2:28pm Jun 5, 2009 2:28pm
Quoting vinesh2
SeerEye you have to pay attention to the times. After 1pm EST traders in US have pretty much gone for the day. Mon- Tue are not good days to trade at all b/c traders all around the world are positioning themselves for the mid week and Tue night UK time traders get set to make moves. After 3Pm est worst time to trade cause traders are closing out their books and going home. 10-11pm asian traders start to make moves. in most cases asian session will not cut the day's high's or low they...
thanks Vinesh - appreciate the insight - most of which I already knew -
Where I went wrong on last trade was (1)simply 'forcing' a trade.(2) I was a fraction late on entry; I was looking for the last few pips - it would have happened had(3) I had a bit more patience. My THV had all green lights for a go - in other words - all a matter of mindset.

no worries though; had an excellent week and a safe and sane NFP trading day all up until this last one. 6-7 - 84 pips for the day; all multiple lot trades

I trade for average - not the homerun.
Pip what you see; See what you pip!
  • #106,868
  • Jun 5, 2009 2:40pm Jun 5, 2009 2:40pm
Quoting cgldsmth
From Larry Levin
............
So for now, I strongly suggest you consider staying the course and expecting a return of the bear market.
I got one question for Larry: Would he like some cheese with that Whine?

  • #106,869
  • Jun 5, 2009 2:40pm Jun 5, 2009 2:40pm
Quoting gatorinla
last hour... lets see if they sell off...looks like a red day, week, and month..
I feel like everyone got a piece of the pie today bar me, although wasn't trading this afternnon as I appear to be too far down the track. There will be a lot of clouded judgement come next week.
  • #106,870
  • Jun 5, 2009 2:55pm Jun 5, 2009 2:55pm
Scalping is not for everyone and I see a lot of newbies trying to scalp. Though I do agree that in today's market you have to keep a short term outlook and come in and out of the market quickly. Its the greed and bad money mgmt part that gets to a newbie. In the long run though swing trading is the best way to go. Imagine spotting a trend and entering the market at the bottom and not worrying about looking at the charts every 2seconds? Catching a falling knife and getting into a trade in the middle of a trend without proper analysis is the the worst enemy of the trader. Keep it simple stop using thousand of indicators and trying to figure out tops and bottom. Use supprt and resistance lines with a couple of indicators that can tell you oversold and overbought conditions and you will be on your way. Study charts Study charts Study charts Study charts Study charts Study charts Study charts
  • #106,871
  • Jun 5, 2009 3:03pm Jun 5, 2009 3:03pm
Quoting vinesh2
Catching a falling knife and getting into a trade in the middle of a trend without proper analysis is the the worst enemy of the trader. Keep it simple
or don't try to be too clever when an express is approaching at full speed.
Attached Image
  • #106,872
  • Jun 5, 2009 3:05pm Jun 5, 2009 3:05pm
Had my SL off by a few pips for the safe zone but That dam NFP spike took me out of that H&S play by dam 14 pips.
This is my 1st attachment hopefully I get it to view right.

By no means do i speak as a HS expert but zoomed out and relooked at the big picture which seems like mirror image to me.

I'm only In Stage Four: The Determined Trader as defined in FF thread (A New Trader's Journey to Success). So don't follow me!!! Just what I thinking.
Attached Image (click to enlarge)
Click to Enlarge Name: Sm_Head Shoulder_6-5-2009 3-31-27 PM.png Size: 128 KB
  • #106,873
  • Jun 5, 2009 3:11pm Jun 5, 2009 3:11pm
shrouder former vice chanceller germany (mispelled im sure).. says if anyone thinks this crises if gonna be over this year their crazy..evidently germany is much worse then the used car salesmen are telling you..
those who can, do. those who cant, talk about those who can
  • #106,874
  • Jun 5, 2009 3:13pm Jun 5, 2009 3:13pm
Quoting gatorinla
shrouder former vice chanceller germany (mispelled im sure).. says if anyone thinks this crises if gonna be over this year their crazy..
He's a former politician - they tend to become honest after the fact
  • #106,875
  • Jun 5, 2009 3:18pm Jun 5, 2009 3:18pm
Quoting vinesh2
Scalping is not for everyone and I see a lot of newbies trying to scalp. Though I do agree that in today's market you have to keep a short term outlook and come in and out of the market quickly. Its the greed and bad money mgmt part that gets to a newbie. In the long run though swing trading is the best way to go. Imagine spotting a trend and entering the market at the bottom and not worrying about looking at the charts every 2seconds? Catching a falling knife and getting into a trade in the middle of a trend without proper analysis is the the worst...
Vinesh - outstanding stuff. Could not agree more. Scalping is NOT for the faint of heart nor for the newbie. One must study, study, study - then get an unbelievable amount of face time to a computer screen to begin to understand PA.

One must also, and possibly the most important aspect, understand their own nature. One must understand what kind of trader they are, if they are a trader at all.

Through, much trial and error, introspection, thought, reading, being mentored by others, etc; I have now an inkling of an idea who I am as a trader and have developed a strategy that works as 'the edge' for me in this enterprise. It 'feels' right and the results speak for themselves. This community allows me to be the trader I am and still be mentored by others with different styles, outlooks, ideas and philosophies.

I have no doubt, that as time continues, my evolution as a trader will morph into something different than it is now. I see this as a process and I am very fortunate to be able to walk this path.

Again, thank you for your insight -
Pip what you see; See what you pip!
  • #106,876
  • Jun 5, 2009 3:21pm Jun 5, 2009 3:21pm
Quoting vinesh2
Scalping is not for everyone and I see a lot of newbies trying to scalp. Though I do agree that in today's market you have to keep a short term outlook and come in and out of the market quickly. Its the greed and bad money mgmt part that gets to a newbie. In the long run though swing trading is the best way to go. Imagine spotting a trend and entering the market at the bottom and not worrying about looking at the charts every 2seconds? Catching a falling knife and getting into a trade in the middle of a trend without proper analysis is the the worst...

Hi Vinesh....

thanks for the valuable inputs.....
-happyTrading-myFx.
  • #106,877
  • Jun 5, 2009 3:38pm Jun 5, 2009 3:38pm
later folks.. a litle retrace would not surprise me sunday..i closed most postions and left some little ones running..also got some entries pending... have a good weekend.. back sun night..
those who can, do. those who cant, talk about those who can
  • #106,878
  • Jun 5, 2009 3:44pm Jun 5, 2009 3:44pm
Quoting gatorinla
later folks.. a litle retrace would not surprise me sunday..i closed most postions and left some little ones running..also got some entries pending... have a good weekend.. back sun night..
Have a nice weekend.
The Thief of Wall Street
  • #106,879
  • Jun 5, 2009 3:45pm Jun 5, 2009 3:45pm
Quoting gatorinla
later folks.. a litle retrace would not surprise me sunday..i closed most postions and left some little ones running..also got some entries pending... have a good weekend.. back sun night..
later Gator
Pip what you see; See what you pip!
  • #106,880
  • Jun 5, 2009 6:59pm Jun 5, 2009 6:59pm
Yesterday, I said that I had a short order at 1.3969. Here's the link.

http://www.forexfactory.com/showpost...stcount=106383

http://i39.tinypic.com/2dch7k3.gif


Above is the chart which I posted yesterday. To be honest, I'm surprised that it happened today as I really was expecting such order to be triggered early or even by the middle of next week.

Below is today's chart.

http://i43.tinypic.com/v4xaht.gif

Whenever a sudden spike happens like this, another spike could just as easily happen the other way which is why I'm keeping a tight S/L on this one...however...

http://i39.tinypic.com/35bh2fo.jpg
Not all sins are created equal
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