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  • #141,341
  • Sep 10, 2009 2:56pm Sep 10, 2009 2:56pm
Quoting trading801
not greedy is good
Somebody begs to differ

Ivan Boesky's is smiling at me from my book shelf He said, "I think greed is healthy. You can be greedy and still feel good about yourself". Here is the hollywood version of his famous speech at UC Berkeley, if I am not mistaken.

Inserted Video
  • #141,342
  • Sep 10, 2009 2:59pm Sep 10, 2009 2:59pm
Quoting sophiaphia
US markets closing very strong 5 days up please forex gods, 1.46 and stick!
Looking quickly at daily bars going back to May, every time we've had 5 up we had at least a couple more.
  • #141,343
  • Sep 10, 2009 3:02pm Sep 10, 2009 3:02pm
is not a secret that most of trader are waiting for 1.4719 to short the hell out of it ,now the question is it going to get there??????? 1.4613 was also strong and 1.4674 strong too 1.4719 unbreakable!!!!! are many of traders going to be left behind on the reversal ????????? just think about it. My strategy is to star building small short and let them ride for a nice correction even though i started at 1.4603 and i strongly think that we are very close to the reversal ill love to see that 4719 to be very much deep on positions for a bigger gain
  • #141,344
  • Sep 10, 2009 3:17pm Sep 10, 2009 3:17pm
Good idea Gaston. Building shorts is the way to go now cause next week we are going to see signs of reversal
  • #141,345
  • Sep 10, 2009 3:28pm Sep 10, 2009 3:28pm
Quoting vinesh2
Good idea Gaston. Building shorts is the way to go now cause next week we are going to see signs of reversal
Wouldn't it make sense to wait until we actually see the signs? Patience, if you don't see a sign/signal then stay flat until such signs appear or until the fat lady sings.
  • #141,346
  • Sep 10, 2009 3:38pm Sep 10, 2009 3:38pm
Game over for today, no more m0m0m0mentum to chase.

Oh, here is one for you guys:

http://bewilderedsociety.com/blog/wp...lds_failp1.jpg
  • #141,347
  • Sep 10, 2009 3:43pm Sep 10, 2009 3:43pm
tomorrow's consumer sentiment number will be good bc of the cash for clunker program. sep will be a different story though.
  • #141,348
  • Sep 10, 2009 3:46pm Sep 10, 2009 3:46pm
I've been noticing that all the action seems to take place at the open of the NY Forex session and in the morning part of the USA stock market. The rest of time is snoozer city.
Quoting nvcK
Game over for today, no more m0m0m0mentum to chase.

Oh, here is one for you guys:

http://bewilderedsociety.com/blog/wp...lds_failp1.jpg
  • #141,349
  • Sep 10, 2009 3:50pm Sep 10, 2009 3:50pm
Quoting GastonCorzo
is not a secret that most of trader are waiting for 1.4719 to short the hell out of it ,now the question is it going to get there??????? 1.4613 was also strong and 1.4674 strong too 1.4719 unbreakable!!!!! are many of traders going to be left behind on the reversal ????????? just think about it. My strategy is to star building small short and let them ride for a nice correction even though i started at 1.4603 and i strongly think that we are very close to the reversal ill love to see that 4719 to be very much deep on positions for a bigger gain
Agree with your plan. I'm starting to build a short also, first position 1.4585. Not afraid of 1.47 either, will keep building up to 1.48.

Will be scalping short also if given the opportunity, keeping my orginal builtup short in place, taking my scalping signals on shorts.
  • #141,350
  • Sep 10, 2009 3:55pm Sep 10, 2009 3:55pm
Quoting Leche Mocha
I've been noticing that all the action seems to take place at the open of the NY Forex session and in the morning part of the USA stock market. The rest of time is snoozer city.
Asia has been ranging lately but PA during it still seems more logical/technical than the wild HFT and coke powered US session swings. London open is also a good time to saddle a rocket every now and then.
  • #141,351
  • Sep 10, 2009 4:10pm Sep 10, 2009 4:10pm
........and what happens if it breaks 1.48 and keeps moving higher ?


Quoting lapetye
Agree with your plan. I'm starting to build a short also, first position 1.4585. Not afraid of 1.47 either, will keep building up to 1.48.

Will be scalping short also if given the opportunity, keeping my orginal builtup short in place, taking my scalping signals on shorts.
  • #141,352
  • Sep 10, 2009 4:10pm Sep 10, 2009 4:10pm
discohero you are absolutely right patience is key however the way the markets are right now if u are not in the market at the right mooment u will miss the boat and then will try to get in in the middle of the move and end up holding a loosing trade. If the longer term tf are telling u we have reached the top or the bootm its a valid idea to start building your positions. Problem is ppl start building but never take profits off the table and this is b/'c of greed and then when market starts to move against them they end up holding loosing trades. But everyone listen to DISCO patience, patience patience
  • #141,353
  • Sep 10, 2009 4:13pm Sep 10, 2009 4:13pm
Quoting vinesh2
<snip>Problem is ppl start building but never take profits off the table and this is b/'c of greed </snip>
Yep...greed and jealousy are two of the most dangerous emotions.......
Doing what you like is Freedom. Liking what you do is Happiness.
  • #141,354
  • Sep 10, 2009 4:30pm Sep 10, 2009 4:30pm
Quoting realjumper
Yep...greed and jealousy are two of the most dangerous emotions.......
emotions are not welcomed in forex :0..short on 46 should be a succesfull trade, been knocking there for few days
  • #141,355
  • Sep 10, 2009 4:31pm Sep 10, 2009 4:31pm
Quoting Student
........and what happens if it breaks 1.48 and keeps moving higher ?
Get out or keep building, depends on how it looks. When building one of these, a 50% retrace anywhere along the way will get you out at breakeven (if it doesn't look good, or if you lose your nerve).

The whole point of building up a short (or long) is to get on top of the price (or below it) for the final move, using small positions.
  • #141,356
  • Sep 10, 2009 4:36pm Sep 10, 2009 4:36pm
Quoting ledobedo
emotions are not welcomed in forex :0..
Precisely.....yet we see it time and time again
Doing what you like is Freedom. Liking what you do is Happiness.
  • #141,357
  • Sep 10, 2009 4:46pm Sep 10, 2009 4:46pm
Quoting realjumper
Precisely.....yet we see it time and time again
How did you control your fear as a sky diver? Your experience may help us.
The Thief of Wall Street
  • #141,358
  • Sep 10, 2009 4:49pm Sep 10, 2009 4:49pm
Quoting realjumper
Precisely.....yet we see it time and time again
happens to everyone from time to time..happened to me when i was shorting the eu like 4 times, 4 times hitting sl, got pissed off shorted againg for bout 20% of my acc only to hit sl again...so took a break for few days..made 170 pips today with no EMOTIONS
  • #141,359
  • Sep 10, 2009 5:00pm Sep 10, 2009 5:00pm
Quoting lapetye
Get out or keep building, depends on how it looks. When building one of these, a 50% retrace anywhere along the way will get you out at breakeven (if it doesn't look good, or if you lose your nerve).

The whole point of building up a short (or long) is to get on top of the price (or below it) for the final move, using small positions.
I used to do it, but my experience says risk would be much higher than probable reward. Either of these two things ultimately happen1) Someday market beats you - when you complete your buying but market does not retrace, you feel at the mercy of the market, and it always punishes you. 2) Many times you lose good opportunities because your money gets tied in a range. You ultimately come out with a break even or profit but lose time that ultimately affects your annual return on investment.

I bought Euro in August /September 2008 when in broke 1.3000 level to South. I waited for it to get below 1.2800 to enter longs, build my positions from 1.2800 to 1.2600 expecting it would go to re-test 1.3000 or atleast will show some moderate retrace. But it never showed a retrace until I got a margin call below 1.2500. Then it started going up not looking back and now we are at 1.4600.
The Thief of Wall Street
  • #141,360
  • Sep 10, 2009 5:06pm Sep 10, 2009 5:06pm
Quoting ledobedo
happens to everyone from time to time..happened to me when i was shorting the eu like 4 times, 4 times hitting sl, got pissed off shorted againg for bout 20% of my acc only to hit sl again...so took a break for few days..made 170 pips today with no EMOTIONS

If it helps I am down 162 pips this week with 5 losses on a row...
Yesterday I were 5 pips away from TP That REALLY PISSED ME OF !!!!
but no emotions as I use set and forget.... The problem is you are getting scared for the next setup....
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