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  • #192,221
  • Aug 27, 2009 11:00pm Aug 27, 2009 11:00pm
Quoting Fudomyo
Ichimoku? I hope you don't mind a bit of advice cscheat.
Don't start with Ichimoku yet. I know a couple of traders who are very good at it, but it takes a long time to master.

First learn the basics.

...

A good start would be to read these 3 books.

Pring - Psychology of Investing
Nison - Candlestick Patterns
Bulkowski - Encyclopedia of Chart Patterns

They will give you the necessary basics.

cheers
Hi Fudomyo sorry I not mean to suggest cscheat start using Ichimoku, only try to explain what it is rather than spaghetti. Your book suggestions are very good, I might even put some of this weeks profit to buy the second one you list
  • #192,222
  • Aug 27, 2009 11:02pm Aug 27, 2009 11:02pm
Thanks for advice sinner, fudomyo !

ichinmoku is new to me, however i will try to look on that !

Pring - Psychology of Investing
Nison - Candlestick Patterns
Bulkowski - Encyclopedia of Chart Patterns

i will try download such ebooks soon !
Trading Forever !!!
  • #192,223
  • Aug 27, 2009 11:05pm Aug 27, 2009 11:05pm
Quoting sinner-
Hi Fudomyo sorry I not mean to suggest cscheat start using Ichimoku, only try to explain what it is rather than spaghetti. Your book suggestions are very good, I might even put some of this weeks profit to buy the second one you list
lol... spaghetti!

sorry, I misunderstood what you were saying.
  • #192,224
  • Aug 27, 2009 11:14pm Aug 27, 2009 11:14pm
on daily chart is still bearish for me as long as it doesn't break the ML.

trade safe
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  • #192,225
  • Aug 27, 2009 11:17pm Aug 27, 2009 11:17pm
Quoting Fudomyo
Ichimoku? I hope you don't mind a bit of advice cscheat.
Don't start with Ichimoku yet. I know a couple of traders who are very good at it, but it takes a long time to master.

First learn the basics.

Ichimoku is very subtle so different traders make different decisions based off of what they see. You need to put the hard work in on understanding candlesticks, chart patterns, support and resistance, trendlines, etc. before you start trying to learn complicated systems. (or simple ones that don't work)

A common mistake...
cscheat, Fudomyo really nails it on this one. The Ichimoku Kinko Hyo system is by no means an easy one to master. Essentially you have 3 S/R moving lines + 1 Cloud formation and the more you look at it the more you'll get "spaghetti" confusion. I recall clearly when i started that i jumped in with an bucketful of MA's, Bands, and indicators on my charts. Really messed me up and my returns became extremely volatile.

Eulogy's Diary snapshot

Week 1 : +7.1%
Week 2 : -8.7%

Nowadays i've cut all the crap out so i can actually see the price. One indicator (RSX) + Volume Histogram + trendlines that i draw in manually. No MA's and definitely no complex, custom-made, don't know WTF it does indicators (Elder Ray, senesheux anyone?).

That's my system at least. Basically though it all boils down to what your trading pattern/system is like. Mine is just an example, i don't trade the same as you, and most likely my execution method is completely different to yours. you need to find a method that works for you and most definitely do NOT blindly take the method of another. The suggestion though is that you develop a simple plan at first, understand the in's and out's of it, and only then move onto more advanced ones if you feel confident enough. Until then, you're account NAV is far more important.
  • #192,226
  • Aug 27, 2009 11:41pm Aug 27, 2009 11:41pm
Quoting Eulogy
cscheat, Fudomyo really nails it on this one. The Ichimoku Kinko Hyo system is by no means an easy one to master. Essentially you have 3 S/R moving lines + 1 Cloud formation and the more you look at it the more you'll get "spaghetti" confusion. I recall clearly when i started that i jumped in with an bucketful of MA's, Bands, and indicators on my charts. Really messed me up and my returns became extremely volatile.

Eulogy's Diary snapshot

Week 1 : +7.1%
Week 2 : -8.7%

Nowadays i've cut all the crap out so i can actually see the price....
Usually you trade on which pairs? or rather you focus on which pairs
Read the entire market, money is made on the main trend not the fluctuation
  • #192,227
  • Aug 27, 2009 11:52pm Aug 27, 2009 11:52pm
Quoting Kofmaster
Usually you trade on which pairs? or rather you focus on which pairs
GJ GChf EN EA

although i do look at AU AJ EJ CJ
  • #192,228
  • Aug 27, 2009 11:59pm Aug 27, 2009 11:59pm
Quoting cscheat
Thanks for advice sinner, fudomyo !

ichinmoku is new to me, however i will try to look on that !

Pring - Psychology of Investing
Nison - Candlestick Patterns
Bulkowski - Encyclopedia of Chart Patterns

i will try download such ebooks soon !
hopefully can share after successful download
  • #192,229
  • Aug 28, 2009 12:04am Aug 28, 2009 12:04am
Quoting Eulogy
GJ GChf EN EA

although i do look at AU AJ EJ CJ

I see I see. GCHF is good.. the PA is so obvious..
I may suggest you look at Euro/GBP as well So easy compare with GJ.

You're a fulltime trader? or..?
Read the entire market, money is made on the main trend not the fluctuation
  • #192,230
  • Aug 28, 2009 12:06am Aug 28, 2009 12:06am
Quoting cscheat
Thanks for advice sinner, fudomyo !

ichinmoku is new to me, however i will try to look on that !

Pring - Psychology of Investing
Nison - Candlestick Patterns
Bulkowski - Encyclopedia of Chart Patterns

i will try download such ebooks soon !
hopefully can share after successful download
  • #192,231
  • Aug 28, 2009 12:15am Aug 28, 2009 12:15am
Quoting Kofmaster
I see I see. GCHF is good.. the PA is so obvious..
I may suggest you look at Euro/GBP as well So easy compare with GJ.

You're a fulltime trader? or..?
Full-timer? LOL i wish. Small-timer more like it

Hope to do this full time in the future. I'm still young (seriously how old did you think i was?)

i used to play some EG as well back in my try every pair beginnings. it certainly does play in a healthy range that pair but it simply isn't very volatile. Sure each pip is bigger than say for GJ or EA but the sheer number of pip volatility in those cross pairs more than make up for it. EN boring day range is like 200-300 pips compared to EG's 50 LOL
  • #192,232
  • Aug 28, 2009 12:15am Aug 28, 2009 12:15am
Quoting Raza
Did you Guys Notice... on every TF..

Especially on 4HR..if you use RSI... how much it has gone up!!!!

It is above the level when price was at 157- ...?

Small move of price...and indi is out of control..This tells you they control your INDIS.. too..along with VSA.. lol..

Indi going up does not necessarily means sell..

MSNIPER... remember your Gartley Butterfly.. Purple one( the one I liked) .. its in Play right now .. Target is Much higher..
are u sure with that ? indicators say much lower probably next week
  • #192,233
  • Aug 28, 2009 12:20am Aug 28, 2009 12:20am
Quoting cscheat
Thanks for advice sinner, fudomyo !

ichinmoku is new to me, however i will try to look on that !

Pring - Psychology of Investing
Nison - Candlestick Patterns
Bulkowski - Encyclopedia of Chart Patterns

i will try download such ebooks soon !
hopefully can share after successful download
  • #192,234
  • Aug 28, 2009 12:21am Aug 28, 2009 12:21am
Quoting Eulogy
Full-timer? LOL i wish. Small-timer more like it

Hope to do this full time in the future. I'm still young (seriously how old did you think i was?)

i used to play some EG as well back in my try every pair beginnings. it certainly does play in a healthy range that pair but it simply isn't very volatile. Sure each pip is bigger than say for GJ or EA but the sheer number of pip volatility in those cross pairs more than make up for it. EN boring day range is like 200-300 pips compared to EG's 50 LOL
How old are you? =) I might be almost the same as you.
Read the entire market, money is made on the main trend not the fluctuation
  • #192,235
  • Aug 28, 2009 12:21am Aug 28, 2009 12:21am
the 55ema held on the 1H on the up move. waiting to see if 152 - 152.2 is a retest as support. It's 50% retrace of the up move.
If we bounce from there, and break out of the channel/cross 55ema, London could be bullish to 153.9 at least. We may just shoot up from here so waiting to see if we cross 152.8 to go long.
It's Friday and London generally prefers to push the Cable up, so it may happen. If so reloading a short from 154 would be great!
If 152 doesn't hold we're back to 151 as the next target short.
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  • #192,236
  • Aug 28, 2009 12:22am Aug 28, 2009 12:22am
Quoting laharjaya
hopefully can share after successful download
OR, and forgive me if this is too radical, you could always buy them?
  • #192,237
  • Aug 28, 2009 12:26am Aug 28, 2009 12:26am
Quoting Eulogy
Full-timer? LOL i wish. Small-timer more like it

Hope to do this full time in the future. I'm still young (seriously how old did you think i was?)

i used to play some EG as well back in my try every pair beginnings. it certainly does play in a healthy range that pair but it simply isn't very volatile. Sure each pip is bigger than say for GJ or EA but the sheer number of pip volatility in those cross pairs more than make up for it. EN boring day range is like 200-300 pips compared to EG's 50 LOL
hi, do u think it a good time to long EN now? Thanks!
  • #192,238
  • Aug 28, 2009 12:28am Aug 28, 2009 12:28am
Quoting Eulogy
Full-timer? LOL i wish. Small-timer more like it

Hope to do this full time in the future. I'm still young (seriously how old did you think i was?)

i used to play some EG as well back in my try every pair beginnings. it certainly does play in a healthy range that pair but it simply isn't very volatile. Sure each pip is bigger than say for GJ or EA but the sheer number of pip volatility in those cross pairs more than make up for it. EN boring day range is like 200-300 pips compared to EG's 50 LOL
It's not age dependant though is it.? How old do you think these hot shit traders in London are? From reading your posts I can see you have the maturity needed to trade F/T. The only 2 things postponing this are possibly your bank and your confidence. Once you go F/T you won't look back, I'm sure of that.
  • #192,239
  • Aug 28, 2009 12:32am Aug 28, 2009 12:32am
Quoting Fudomyo
It's Friday and London generally prefers to push the Cable up, so it may happen. If so reloading a short from 154 would be great!
H4 Ichi agree! She retrace to test 154.44 as long as she not break, close and retest this line she continue downtrend. To confirm H4 ichi short let red close below blue again. Not safe to short above blue line. Cloud resistance at 155.37
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  • #192,240
  • Aug 28, 2009 12:36am Aug 28, 2009 12:36am
Quoting jusaix
hi, do u think it a good time to long EN now? Thanks!
All i can say at this point is that EN, just like GJ is at a critical juncture. Both of them are at critical S/R levels just awaiting a breakout. Next week the Euro traders come back online with a flood of volume. At the same time August NFP results come back which will either confirm the much better than expected July result or slip back to the average of -350k to -400k figure which will kill all the bulls. I'm in short GJ atm but no EN positions. IMO GBP QE plans are going to weigh heavily on it for the forseeable future. Don't take a trade if you're not confident enough.

and Kofmaster, I am 23
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