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Auslanco - GBP/JPY and GBP/USD (newstrade)

  • #203,741
  • Oct 15, 2009 4:10pm Oct 15, 2009 4:10pm
Quoting ewokuk
RSI on 4h right now is at its highest level since 3rd august, few days before we hit the 163 high.

pullback will come i think. 146.30 minimum. maybe even 145. cant go short to ride it down there, too risky.

it might even spend the whole time between now and end of tomorrow making its way slowly down there, its friday, they will take profits before weekend, and maybe before TIC data too.
maybe you have no plan?
Timing is everything
  • #203,742
  • Oct 15, 2009 4:17pm Oct 15, 2009 4:17pm
Quoting OrionsWay
If you cannot wait for a win you will lose UNLESS you become a very good day trader..... Daytrading is swimming with the sharks just so you know!!!!!!!
i would prefer to daytrade, i rather get in grab 50 and get out, no more risk of having a 200 pip profit wiped out in half an hour due to some event. plus with compounding account can grow quicker than sitting for days on end waiting for something to happen. but i cant seem to read it like malcolm does. read master the markets book but theory is nice, actually spotting the stuff is not so easy.
  • #203,743
  • Oct 15, 2009 4:18pm Oct 15, 2009 4:18pm
Quoting Gull
maybe you have no plan?
would you rather i said ITS DEFINITELY GOING TO 145? and its DEFINITELY going to drop on profit taking before TIC?
  • #203,744
  • Oct 15, 2009 4:20pm Oct 15, 2009 4:20pm
My indicators are showing a sell signal in the short, would you agree?
PS : For the GBP/JPY
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  • #203,745
  • Oct 15, 2009 4:22pm Oct 15, 2009 4:22pm
Quoting FX.Freak
My indicators are showing a sell signal in the short, would you agree?
PS : For the GBP/JPY
based on what?
  • #203,746
  • Oct 15, 2009 4:23pm Oct 15, 2009 4:23pm
Quoting A-speculator
based on what?
Based on my 3 strategies
- MA crosses
- ADX
- MACD
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  • #203,747
  • Oct 15, 2009 4:24pm Oct 15, 2009 4:24pm
Quoting ewokuk
i would prefer to daytrade, i rather get in grab 50 and get out, no more risk of having a 200 pip profit wiped out in half an hour due to some event. plus with compounding account can grow quicker than sitting for days on end waiting for something to happen. but i cant seem to read it like malcolm does. read master the markets book but theory is nice, actually spotting the stuff is not so easy.

Veteran traders 20 30+ years have a hard time still and learn each day,
How much time you got involved.

I suggest u keep your day job and become a swing position trader that is where the money is anyways, Sure you can compound each day, but see the markets trend for months at a time after you have a good working trade you can compound much faster with a pyramid than you can day trading anyday all day long, Smart money isnt in and out of the market. They are the market, start to finish.
Another thing risk why put yurself at risk over and over and over instead of once maybe twice and coast free ride add a little take some off, add a little take some off.
You will find your if you persist.

Sharks dont hurt Whales EVER remember this.
"Millionaires don't use astrology, billionaires do"
  • #203,748
  • Oct 15, 2009 4:25pm Oct 15, 2009 4:25pm
Quoting Gull
maybe you have no plan?
or you don't believe in your plan. Cause only you can trade your plan. You will never get rich from this thread unless you learn to make your own trade plan. Your time your money, your money man, your charts, indicators, percentage risk, vs reward. Max draw downs to be tolerated back testing forward testing. Live testing. dealing with losses. It take a while unless you are gifted. I am not stupid well maybe a little but I have a plan and its mine and it wins more than it looses. thats the start. get rich quick on a few trades very seldom have i heard of it and never have i seen it. Everyone looses to start most everything very quickly.

You must be doing something right if you still here.

Hope it works out.
Timing is everything
  • #203,749
  • Oct 15, 2009 4:26pm Oct 15, 2009 4:26pm
Quoting FX.Freak
Based on my 3 strategies
- MA crosses
- ADX
- MACD
ok bro.. GL then..
  • #203,750
  • Oct 15, 2009 4:28pm Oct 15, 2009 4:28pm
Quoting A-speculator
ok bro.. GL then..
That's why I ask if you agree.. because when my 3 strategies are working 90 % it's true... so, do you?
{Promotion Removed}
  • #203,751
  • Oct 15, 2009 4:29pm Oct 15, 2009 4:29pm
Quoting FX.Freak
My indicators are showing a sell signal in the short, would you agree?
PS : For the GBP/JPY
I'm short, but must confess 4730 would give me some confidence to go asleep, looks like it's doeing some basebuilding around 4734.... not good.....
Don't be a hero. Don't have an ego. Always question yourself
  • #203,752
  • Oct 15, 2009 4:29pm Oct 15, 2009 4:29pm
Has anyone considered that this is a retrace to the neckline of the daily double top. I'm short 147.5 looking for 136 with 100 pip stop
  • #203,753
  • Oct 15, 2009 4:30pm Oct 15, 2009 4:30pm
Quoting FX.Freak
That's why I ask if you agree.. because when my 3 strategies are working 90 % it's true... so, do you?
You don't post your chart, how can i see what u see or try to understand your view man..
  • #203,754
  • Oct 15, 2009 4:31pm Oct 15, 2009 4:31pm
If we saw a near 600 pip move lower in just 2 days, would we all be looking to go long? Everyone would be predicting sub 100, but no one is saying >170 right now.

The psychology of this game is EVERYTHING. TA says long on just about most TFs. FA is screwed, so impossible to trade effectively. Everyone is waiting with baited breath for the reversal. WHY exactly? I remember traders waiting for a similar reversal higher when price hit 190, 168, 150 etc, last year. They're a lot poorer now.

I'll let you into a little secret, I do not say the things I say without the benefit of bitter experience.

Ewok - stop 'thinking' about what 'should' happen and start trading what you see. You can never succeed if you put unrealistic pressures on yourself. Trade demo for the next 2 weeks and camp here on this thread.
  • #203,755
  • Oct 15, 2009 4:39pm Oct 15, 2009 4:39pm
Only the koook LOL
"Millionaires don't use astrology, billionaires do"
  • #203,756
  • Oct 15, 2009 4:41pm Oct 15, 2009 4:41pm
Quoting Gull
You must be doing something right if you still here.
not at all, pouring more money into it enables people to still be here after endless losses.... until that runs out.

its the sheer determination not to have to spent the next x years in a normal day job that keeps em going.

what irritates me is the fact i have people in various places making lots of money from it, who i consider to be not particularly intelligent. I have an above average IQ (surprisingly) and generally pick things up very quickly, so I expect to be able to do anything that anyone else can (scalping, daytrading, or swing trading) provided i can work out exactly how they do it and then get a bit of practice at it. so far ive somehow not managed it at all well.
  • #203,757
  • Oct 15, 2009 4:41pm Oct 15, 2009 4:41pm
Quoting OrionsWay
Only the koook LOL
Yea, maybe you..... and BigBruv. Wonder what he's been up to.
  • #203,758
  • Oct 15, 2009 4:45pm Oct 15, 2009 4:45pm
  •  blocp
  • | Joined Aug 2009 | Status: Patience, Patience,Patience | 22 Posts
Ewokuk-Haven't posted before, but have been reading your posts today while following Malcolmbs. Sorry if I am out of line, but you seem a little stressed with the market. I find that during the day its best not to read the forums as the noise from everyone gets in the way of my judgement. What I have been doing is watching cable for 3 weeks now on m15 and m5 time frames, for most of the day. I haven't placed one trade. But I have been reading malcolmbs posts and reading as much as I can about all sorts of trading mainly price action. I think that I you watch the chart for long enough you will see it breathe. I have spent the last year learning how to trade, I will not enter the market till I am ready and if it doesn't work I will be out till I learn more. I hope everything works out.
  • #203,759
  • Oct 15, 2009 4:46pm Oct 15, 2009 4:46pm
Quoting ewokuk
not at all, pouring more money into it enables people to still be here after endless losses.... until that runs out.

its the sheer determination not to have to spent the next x years in a normal day job that keeps em going.

what irritates me is the fact i have people in various places making lots of money from it, who i consider to be not particularly intelligent....
IQ has nothing to do with discipline & psychology (fear, greed, etc) bro.. Also experience is important too.. You can only gain that by time.. Natural diamond cannot be created overnight, it takes time.. Don't ask me about artificial diamond eh.. LOL..
  • #203,760
  • Oct 15, 2009 4:46pm Oct 15, 2009 4:46pm
Quoting ewokuk
not at all, pouring more money into it enables people to still be here after endless losses.... until that runs out.

its the sheer determination not to have to spent the next x years in a normal day job that keeps em going.

what irritates me is the fact i have people in various places making lots of money from it, who i consider to be not particularly intelligent. I have an above average IQ (surprisingly) and generally pick things up very quickly, so I expect to be able to do anything that anyone else can (scalping, daytrading, or swing trading)...
Honestly, there are a ton of books written which specialise in trading psychology. You should do some investigation. Intelligence has very very little to do with successful trading.

I did read some study which indicated that people with a lower self esteem learned to deal with the failures of trading easier than those with healthy ones. It helped them make money quicker.

You think too much of yourself. (jok)
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