or you think that will go GBP / USD on Monday night down, but what on Tuesday?
Thanks for the reply everyone and a nice weekend.
matjaz
Cable Update (GBPUSD)
- #140,623
- Jun 27, 2009 4:17am Jun 27, 2009 4:17am
- Joined Nov 2007 | Status: left CanaryWharf desk-tea break | 24,286 Posts
Hey Tony have you tried Hussins thread
(when he’s around)
Really I think if you’re on the hourly maybe even h4 your not going to predict price on next Tuesday ,but as you go up TF’s the principle is exactly the same as lower TF’s and price can be predicted well in advance.If Im honest the comment no one can predict the market is very frustrating to me.
I think maybe its actually better to start with the Higher TFs like weekly for direction then use smaller for entry if you’re a day trader.
(when he’s around)Really I think if you’re on the hourly maybe even h4 your not going to predict price on next Tuesday ,but as you go up TF’s the principle is exactly the same as lower TF’s and price can be predicted well in advance.If Im honest the comment no one can predict the market is very frustrating to me.
I think maybe its actually better to start with the Higher TFs like weekly for direction then use smaller for entry if you’re a day trader.
Myfriend, No one can predict what can happen next monday or tuesday. Just wait for monday, see what happens, Wait on london open, check what your indicators and system says and go with the flow.
This is the forex market and theres equal chance of price going up vs price going down.
If your on h4 thru m15, that makes you an intraday trader, so check what happens on monday and make your 20-50pips (typical intraday targets). Have a great weekend yo!
On-site guru & also FF member's' psychiatrist, when not drinking tea
- #140,625
- Jun 27, 2009 7:06am Jun 27, 2009 7:06am
- Joined Nov 2007 | Status: left CanaryWharf desk-tea break | 24,286 Posts
On-site guru & also FF member's' psychiatrist, when not drinking tea
- #140,626
- Jun 27, 2009 7:23am Jun 27, 2009 7:23am
- Joined Nov 2007 | Status: left CanaryWharf desk-tea break | 24,286 Posts
In fact I posted that very chart for the first time on June the 6th when the cable weekly shooting star was printed.Really not trying to make myself look good but to prove a point that it it is very possible to use the higher TFs to your advantage to predict price way before it happens ...not just to the end of your nose
But also Azim after a 1500p candle I have checked cable and it could well be we have to wait untill the end of the month for direction as cable my need to rest..??
On-site guru & also FF member's' psychiatrist, when not drinking tea
- #140,627
- Jun 27, 2009 7:26am Jun 27, 2009 7:26am
- Joined Mar 2009 | Status: Trader | 25,480 Posts
Ghost Rider - WWTBMD?
- #140,628
- Jun 27, 2009 7:37am Jun 27, 2009 7:37am
- Joined Nov 2007 | Status: left CanaryWharf desk-tea break | 24,286 Posts
Of course never absolutely we must move with the market.
I see you have read the market well and I take my hat off to you for that
I see you have read the market well and I take my hat off to you for that
Predictability as an "absolute" direction? NO
Predictability as a "likely" direction? Absolutely
If not, then I never would have placed these trades (and others) based on my prediction of the "likely" turning points, direction and levels to reach. And I'm just a green newbie...LOL
http://www.forexfactory.com/showpost...stcount=140125
http://www.forexfactory.com/showpost...stcount=140417
On-site guru & also FF member's' psychiatrist, when not drinking tea
- #140,630
- Jun 27, 2009 7:48am Jun 27, 2009 7:48am
- Joined Mar 2009 | Status: Trader | 25,480 Posts
Of course never absolutely we must move with the market.
I see you have read the market well and I take my hat off to you for that
Coming from you that means a lot. I've been a long time follower of your posts.
Ghost Rider - WWTBMD?
- #140,632
- Jun 27, 2009 7:54am Jun 27, 2009 7:54am
- Joined Mar 2009 | Status: Trader | 25,480 Posts
Ghost Rider - WWTBMD?
- #140,635
- Edited 8:30am Jun 27, 2009 8:18am | Edited 8:30am
- Joined Mar 2009 | Status: Trader | 25,480 Posts
My best and only advice is, Demo trade for as long as needed to find "your own style" that works best for you. That's what I've done and will continue to do. Even though I now trade a live account, I still trade a demo in a never ending pursuit of refining and perfecting my style...
Edit: Oh, maybe one more piece of advice. Start at page 1 of the James 16 thread and STUDY it! I have read it 3 times in it's entirety and the wealth of information freely shared there is mind blowing. The senior traders are both very helpful and EXTREMELY knowledgeable. I sincerely owe my own success to James and his thread.
Ghost Rider - WWTBMD?
- #140,636
- Jun 27, 2009 8:45am Jun 27, 2009 8:45am
- Joined Apr 2009 | Status: Technical Artist | 1,609 Posts
off topic but nevertheless important, because people come in to forex (or trading) with so many expectations and think riches are right around the corner. It is important for newer people to know what is a "realistic" goal.
Look at all these very talented traders, fund managers, investements - they make 10-20 % year after year. That is the baseline, now you could beat them by a few points (you have speed, and agility on your side with your smaller accounts), but astronomical returns cannot be supported consistently. Hey, everyone gets lucky once in a while
And then always to know it takes money to make more money. You could not start with 5000 dollars and start living off it.
Then there would be months you would be in profit and there would be some months you would be down. what is imp is to be consistent and not lose it all in one bad trade.
without getting into too much math and percentages, it is absofloggilutely important to have many months living expense worth of savings in a safe account. This is in case your account is decimated, remember when you are in a 9-5 job you would always get one if you are laid off etc, but if you are a trader and laid off (equivalent to losing the account) you wont be able to come back untill you get the capital back or start trading for some broker/bank.
personally, 3 % is a number I have found peace with. I could risk 0.5 % each trade, 4-5 trades each week, lose some-win some and still be able to be in the green. Ofcourse there are traders here who beat that time and time again, but that is irrelevant to me as I know NO-ONE can give me that kind of R on my $$$$$!
Look at all these very talented traders, fund managers, investements - they make 10-20 % year after year. That is the baseline, now you could beat them by a few points (you have speed, and agility on your side with your smaller accounts), but astronomical returns cannot be supported consistently. Hey, everyone gets lucky once in a while
And then always to know it takes money to make more money. You could not start with 5000 dollars and start living off it.
Then there would be months you would be in profit and there would be some months you would be down. what is imp is to be consistent and not lose it all in one bad trade.
without getting into too much math and percentages, it is absofloggilutely important to have many months living expense worth of savings in a safe account. This is in case your account is decimated, remember when you are in a 9-5 job you would always get one if you are laid off etc, but if you are a trader and laid off (equivalent to losing the account) you wont be able to come back untill you get the capital back or start trading for some broker/bank.
personally, 3 % is a number I have found peace with. I could risk 0.5 % each trade, 4-5 trades each week, lose some-win some and still be able to be in the green. Ofcourse there are traders here who beat that time and time again, but that is irrelevant to me as I know NO-ONE can give me that kind of R on my $$$$$!
Excellent point! I should have expressed it like this:
Minimum capital: 3 years of required income (36X required monthly income).
Then you will be able to maintain your living standard and break even at 2.8% profit on a monthly basis.
I guess we are starting to get a bit off topic now, sorry about that. Just trying to keep expectations on a level that is realistic for most people.
Its all in the mind.
- #140,637
- Jun 27, 2009 8:51am Jun 27, 2009 8:51am
- Joined Apr 2009 | Status: Technical Artist | 1,609 Posts
Demo trading is absolutely must when you start. If not anything else this will give you a sense which buttons to push, what is a spread, how is PIP calculated etc.
But a after a few months, it is nice to have a mini account with a few REAL dollars. That is because small gains (or losses) keep the interest built up and a few gains make you confident and ready to a bigger account which a demo cannot. When you are in demo, you are more in a gambling like frame of mind.
But a after a few months, it is nice to have a mini account with a few REAL dollars. That is because small gains (or losses) keep the interest built up and a few gains make you confident and ready to a bigger account which a demo cannot. When you are in demo, you are more in a gambling like frame of mind.
That is "my" personal preference based on how I trade. The only thing for sure about trading Forex is, there are as many different styles of trading as there are stars in the sky.
My best and only advice is, Demo trade for as long as needed to find "your own style" that works best for you. That's what I've done and will continue to do. Even though I now trade a live account, I still trade a demo in a never ending pursuit of refining and perfecting my style...
Edit: Oh, maybe one more piece of advice. Start at page 1 of the James 16 thread...
Its all in the mind.
- #140,638
- Jun 27, 2009 9:06am Jun 27, 2009 9:06am
- Joined Mar 2009 | Status: Trader | 25,480 Posts
Ghost Rider - WWTBMD?
- #140,639
- Jun 27, 2009 9:13am Jun 27, 2009 9:13am
- Joined Apr 2007 | Status: HARD SHYT SCUBA TRADER | 20,886 Posts
As what we have discuss in the earlier asian session..manipulator, spekulator, gladiatorall in this room....and we can identified a few of them...buy dip...pick from the top..all this are BS with current ranging market...why? where to take dip and where to pick top...base on what...
For me if people make thousand of pips in the 2 last week..I was
While all stock market and futures still in decision mode....Market ranging is still in play around until NFP and Q2 profit revenue announcement...Possibility...
ranging markets for those that swing trade are one of the very best markets to make money in I think . Place sells at top of range 100 pip stop buys at bottom 100 pip. One trader in here last week was putting sell order 50 pip under top of range with stop at top of range. You have to wait for the right time to place entry.
In regards to everyone winning all the time. I have posted week before last of my loss for the week. It was a very frustrating week for me. My brain was wired wrong. I really felt like I was buying tops and selling bottoms. Since then I have gone back to my vsa set ups , re read my bible, Master the Markets by Tom Williams, waited for the right trades sets ups , and most importantly did not overtrade.
Blogging daily now at www.volume.zone
- #140,640
- Jun 27, 2009 9:16am Jun 27, 2009 9:16am
- Joined Apr 2009 | Status: Technical Artist | 1,609 Posts
Its all in the mind.