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EURUSD

  • #153,381
  • Oct 18, 2009 8:20am Oct 18, 2009 8:20am
if friday indeed is profit taking , we may see renew bulls come next week
  • #153,382
  • Oct 18, 2009 8:32am Oct 18, 2009 8:32am
Quoting trading801
if friday indeed is profit taking , we may see renew bulls come next week
yea.. i am thinking the same way
Pation is the Holy Grail
  • #153,383
  • Oct 18, 2009 8:40am Oct 18, 2009 8:40am
trend is up but there is a correction possibility
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  • #153,384
  • Oct 18, 2009 8:46am Oct 18, 2009 8:46am
If EUR can break 1.4885 and continue this downward momentum, I'm adding to my positions short...and we may see 1.4800
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In Charts We Trust!
  • #153,385
  • Oct 18, 2009 9:00am Oct 18, 2009 9:00am
Here's an overlay pic....
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In Charts We Trust!
  • #153,386
  • Oct 18, 2009 9:04am Oct 18, 2009 9:04am
Quoting knuckledrag
........ can I control myself long enough....
You just nailed what I personally think is the key. Goals are great if you can stick to your trading strategy, if you don't try to force trades that you really shouldn't take just to meet a goal. And, this is even more important if one is trading the lower timeframes, as you have far less time to make decisions, and must apply iron-clad discipline. I saw in another thread where Chicky had named the lower timeframes the "front line"...and I wholeheartedly agree. Individuals who have self control issues should NOT be trading the lower timeframes....it's a recipe for disaster.
  • #153,387
  • Edited 9:15am Oct 18, 2009 9:10am | Edited 9:15am
Quoting coolshades
chicky,

could i ask why you would expect to see 1.5 on eurus? on the weekly charts, i think price is currently at a resistance level, on the daily its on a bearish double top..

what am i not seeing?

thks
Cool, I see two strong supports plus if a government wants a weaker currency I cannot go against it. However, a correction is very much possible and I have an exit / recovery strategy.

ps. I am not trading EUR/USD but long on AUD/USD because this pair has less noise and therefore possible to set tight stop losses..

http://cdn.forexfactory.com/attachme...1&d=1255849211
The Thief of Wall Street
  • #153,388
  • Oct 18, 2009 9:19am Oct 18, 2009 9:19am
I saw you had been talking up AUDUSD for a while now, and on my currency meter, it seems to be the strongest pair on the charts.....so I slapped it on the charts myself....

Damn..I hope you rode those wonderful trends! Its absolutely incredible...

Also the GBPUSD had a super nice trend as well the past week.....421 pips in the past 10 days alone...

How did I miss those!



Quoting Chicky
Cool, I see two strong supports plus if a government wants a weaker currency I cannot go against it. However, a correction is very much possible and I have an exit / recovery strategy.

ps. I am not trading EUR/USD but long on AUD/USD because this pair has less noise and therefore possible to set tight stop losses..

http://cdn.forexfactory.com/attachme...1&d=1255849211
In Charts We Trust!
  • #153,389
  • Edited 9:43am Oct 18, 2009 9:20am | Edited 9:43am
Quoting Larseg
Is anyone here trading with goals?
As in "If I reach 1000 bucks, I will stop trading for this week" ?

It's an interesting approach and I think I am one of the "over traders" even though I am using backtested results with set & forget....

Meaning I won't be over traded and put on horrible trades...

Would be good if anyone could come with some "better ideas" or reason for not to do this
I'm $200, with equities $1000. My MM is like this, i use 1.5-2% for each position(sometimes 5% in good day) margin with 15-30 pips target usually (if it is red more than 25 pips i will hedge--see it as bad day and thinking of a plan to make it BE even if it takes week , i know i know i donlt like losing well yes i don't like losing money).

Each profit position i withdraw 50% of it. After reaching $100 withdrawal and of course +$100 equity. I will gamble the other 50% profit not being withdrawn for bigger lot 1 pip = $5 with 20 pips SL usually and hence the initial $1000 will never be compromised. If the gambling is not success then I'll started trading as above. This month has been lucky . I already booked $220 actually.
  • #153,390
  • Oct 18, 2009 10:38am Oct 18, 2009 10:38am
Quoting PriceVolume
You just nailed what I personally think is the key....

I've seen people execute great trades on all kinds of time frames. The trick is picking the time frame you can do it on. There's nothing special about being able to read a chart or push a button marked sell/buy...... Sometimes it helps if you know what you want to do next though.

Everyone does it their own way. I like to feel comfortable with the entry in the sense that I have at least a short term target to take profit. What I do is likely not going to work for others that need the feel of always being in the market. I can live without that feeling........and all the emotion of constantly trying to guess what to do next.

I'm not going to knock anyone that trades short term charts or anything else they want to trade. I can't really understand how some put up with the stress--------- I've tried it and it doesn't suit me. I do still scalp; I'm referring to strictly trying to trade off five minute and one hour charts as a sole trade plan. Just because it doesn't suit me doesn't make it wrong------anymore than four hour and one hour charts not suiting others would make them wrong.

Flying by the seat of your pants on any time frame would be wrong.

Well good luck. It should be interesting this week. No sense guessing-- if it goes down I have buy targets in mind-- and if it goes up I have take profits in mind. Its just a waiting game.
  • #153,391
  • Oct 18, 2009 11:08am Oct 18, 2009 11:08am
Quoting knuckledrag

Well good luck. It should be interesting this week. No sense guessing-- if it goes down I have buy targets in mind-- and if it goes up I have take profits in mind. Its just a waiting game.

buddy you already have long positions in place?
  • #153,392
  • Oct 18, 2009 11:14am Oct 18, 2009 11:14am
Quoting trading801
buddy you already have long positions in place?

yes
  • #153,393
  • Oct 18, 2009 11:19am Oct 18, 2009 11:19am
Quoting knuckledrag
yes

this past week, itīs a bad set of days to me... i have a big (very) big margin call with my short positions...
Let us be green
  • #153,394
  • Oct 18, 2009 11:24am Oct 18, 2009 11:24am
Quoting leafarct
this past week, itīs a bad set of days to me... i have a big (very) big margin call with my short positions...
hi buddy.. make sure you learned from this experience and be a better trader !

if it helps, go read my articles on proper money management ...

trade safe pal! plenty of opportunities to come ..
  • #153,395
  • Oct 18, 2009 11:26am Oct 18, 2009 11:26am
Quoting leafarct
this past week, itīs a bad set of days to me... i have a big (very) big margin call with my short positions...

Do you mean that the margin call has happened or that your close to a margin call???
  • #153,396
  • Oct 18, 2009 12:10pm Oct 18, 2009 12:10pm
Quoting leafarct
this past week, itīs a bad set of days to me... i have a big (very) big margin call with my short positions...
I got many margin calls in my initial days. The lesson learned is "never expect a profit bigger than loss you can sustain on a trade." If I am looking for 30% profit must be willing to accept 30% loss. Since I cannot (and one should not) risk more than 1% on a trade my profit target on a trade is no more than 1% - 1.5%. I do not carry more than 3 positions at a time no matter if all three are green at the same time. I wish I could bring my risk/reward per trade to 0.25% so that I could open 12 different postions for twelve different opportunities at twelve different times probably in twelve different sessions.

It is prudent to keep eggs in different baskets and therefore one may like to keep position sizes as small as possible to develop a portfolio of trades. All these positions can also be in the same pair and in the same direction but opened at different times and at different locations.
The Thief of Wall Street
  • #153,397
  • Oct 18, 2009 12:25pm Oct 18, 2009 12:25pm
Quoting leafarct
this past week, itīs a bad set of days to me... i have a big (very) big margin call with my short positions...
Sorry to hear that
  • #153,398
  • Oct 18, 2009 12:32pm Oct 18, 2009 12:32pm
Quoting X.Oden
Here's an overlay pic....
Sorry for the Noob question but what do the pinkish-colored candles represent on the chart? The USD perhaps?

Thanks in advance for the reply.

Lew
  • #153,399
  • Oct 18, 2009 12:39pm Oct 18, 2009 12:39pm
anyone think anything about them? He said US population going to have to live within means to secure the USD as reserve currency.
  • #153,400
  • Oct 18, 2009 12:39pm Oct 18, 2009 12:39pm
The logic why I am for big short & not thinking it will cross 1.5 so soon.Comparative to similar pa action dates back to 18/11/2007 price should range in a congestion zone before cross actually 1.5.
Last weekly candle shows weekly candle closed on 18/11/07
open 1.4723 open 1.4671
H 1.4969 H 1.4970
L 1.4676 L 1.4620
C 1.4891 C 1.4837

HL more or less similar & closed last week little up but great difference still lies in fundamentals & the approximate volumes involved.

seeing the candles in Heiken Ashi it seems that the movement up is not over & 1 more time it should go over 1.49 before the down starts.
If those candles mentioned above are identical then next candles can be so similar as before was
H 1.4908
L 1.4628
C 1.4630

Thanks ,
fontu
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