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  • #164,021
  • Nov 20, 2009 11:17am Nov 20, 2009 11:17am
so when price reaches these critical points, how far into it does it need to be and be safe, i trade h1, so should i wait for 1 complete candle to close above or below that critical point?
NOTHING VENTURED, NOTHING GAINED
  • #164,022
  • Nov 20, 2009 11:22am Nov 20, 2009 11:22am
Quoting cloggie
Do some more exploring here on FF, there are some good threads helping out with explanations and examples on PA's/ SR's/ MA's trends etc.
will do, ive been on this forum for 2 days and i feel i have learnt a lot so i will certainly continue down this path, im sure that im going to make a maasive amount of errors along, but im confident hanging out in here will limit those errors and hopefully increase the benefits
NOTHING VENTURED, NOTHING GAINED
  • #164,023
  • Nov 20, 2009 11:24am Nov 20, 2009 11:24am
looks like the price is back at 4860 there may be a lesson coming my way
NOTHING VENTURED, NOTHING GAINED
  • #164,024
  • Nov 20, 2009 11:25am Nov 20, 2009 11:25am
Quoting franco73
so when price reaches these critical points, how far into it does it need to be and be safe, i trade h1, so should i wait for 1 complete candle to close above or below that critical point?
That would be a good start, couple it with a glance at MACD and Stoch to confirm direction, and a full candle above, below an appropriate ma or ema depending on currency pair, time of day and TF.

There are in my opinion no hard rules covering every currency pair, TF or time of day, they all need a slightly different approach.

There are millions of combinations of signals and charts available, finding one that works for you is the key in being succesful in FX.

Get familiar with the basics first, something you seem to be doing based on the type of questions you ask.

Then again what do I know.

Keep it simple, don't load your screens up with dozens of indicators. it blurs the view of what is going on.
  • #164,025
  • Nov 20, 2009 11:25am Nov 20, 2009 11:25am
Quoting toshi
I too enjoyed psiholog's analogy of the "knocking at the door" bit.
Unfortunately, there was not enough nudity to suit my tastes.

In my version, the people waiting behind the door are BUTT NAKED.
In fact, everyone's nude....coming and going.... long and short.

When they slam the door, better hold on to your junk

yur version is just as good

charts to show where the dollar is at...could be interesting
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  • #164,026
  • Nov 20, 2009 11:27am Nov 20, 2009 11:27am
Let's see if my timing chart will be Wrong or not this time.

Now calls on twitter.

Yesterday 1.4933 was the king, how I like this number!!
  • #164,027
  • Nov 20, 2009 11:28am Nov 20, 2009 11:28am
Quoting franco73
looks like the price is back at 4860 there may be a lesson coming my way

Patience is a virtue, price hasn't left 4860 since 1515 GMT and is going to take a lot more then just a M1 bar touching it. You decided on your long entry based on wanting to go to sleep not on where the price was going based on your informed opinion.

Indicators show the past, rip out the rearview mirror and start looking ahead.
  • #164,028
  • Nov 20, 2009 11:30am Nov 20, 2009 11:30am
Quoting cloggie
That would be a good start, couple it with a glance at MACD and Stoch to confirm direction, and a full candle above, below an appropriate ma or ema depending on currency pair, time of day and TF.

There are in my opinion no hard rules covering every currency pair, TF or time of day, they all need a slightly different approach.

There are millions of combinations of signals and charts available, finding one that works for you is the key in being succesful in FX.

Get familiar with the basics first, something you seem to be doing based on the type...
i aim to keep my trading style simple, ive seen some of the charts ppl post on here and boy how do they know what they are looking at it amazes me.
NOTHING VENTURED, NOTHING GAINED
  • #164,029
  • Nov 20, 2009 11:33am Nov 20, 2009 11:33am
and here comes my lesson about critical points
what im really hoping is that its only a retracement
NOTHING VENTURED, NOTHING GAINED
  • #164,030
  • Nov 20, 2009 11:36am Nov 20, 2009 11:36am
Quoting franco73
and here comes my lesson about critical points
what im really hoping is that its only a retracement
Stop hoping start thinking....

next up 4825
  • #164,031
  • Nov 20, 2009 11:36am Nov 20, 2009 11:36am
Quoting franco73
and here comes my lesson about critical points

Hopefully it knock on that door again and plow right through
"Risk comes from not knowing what you are doing.“ Warren Buffett
  • #164,032
  • Nov 20, 2009 11:36am Nov 20, 2009 11:36am
Quoting franco73
atm only those and i just recently plotted TL"s, i do have a couple of ma's on chart as well but i havent really learnt the true value of them they seem to be either way too slow or way too fast

i am just learning and going through the process, so any insight is very welcome
Heres a snapshot of my mind. Whatever the market does, this is how i interpret it. Without the written words of course. And then when my gut feeling says its "time"...i execute.

As a sidenote...emotions blur the way you interpret the market. There have been occasions where I was so satisfied with my winning trades..I got overly cocky and chose any point as entry..in essence gambling. Other emotions could mean anger from a confrontation with a loved one. My biggest losses were this way. You always hear about money management but rarely do you hear..."self-management" (controlling emotions)...learn it. (oh and By the Way= the best solution to controlling emotions is...you cant. Sometimes anger is good. But you can control when you can not trade. Emotional..no forex..it is as simple as that. Until the emotions are gone.)

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Different opinions highly valued, ignorant to slander.
  • #164,033
  • Nov 20, 2009 11:39am Nov 20, 2009 11:39am
Quoting cloggie
Stop hoping start thinking....

next up 4825
question: when you quote your entry and your target what do you use calculate that?
NOTHING VENTURED, NOTHING GAINED
  • #164,034
  • Nov 20, 2009 11:39am Nov 20, 2009 11:39am
G'night Peeps,

hope you all made some green pips this week, been a bit of a rollercoaster,

PA bouncing off the 50 fib, so will surely knock again shortly, my feeling for early next week is another drop of about 200 pips - but i've been wrong before & surely will be again.

don't forget to fill your w/e with some quality R&R, no... not risk/reward.... 'rest & relaxation',

hope you have a good one.

best of trades

beeps
  • #164,035
  • Nov 20, 2009 11:45am Nov 20, 2009 11:45am
Quoting franco73
i am just learning and going through the process, so any insight is very welcome
I recommend you to first learn basics of forex trading. Look behind price action on chart (it's all about supply and demand...) so you will understand why PA bounces of pivot points, moving averages etc. Then upgrade your knowledge with candlesticks, fibs, patterns, indicators and develop or use already existing (but proven) trading system. Indicators will always give you some false signals but more of them combined (but not too much) will filter out most of bad signals (not all but that's what money management is for). After that all you need is lots of screen time looking at charts and success will follow.
  • #164,036
  • Nov 20, 2009 11:46am Nov 20, 2009 11:46am
Quoting franco73
question: when you quote your entry and your target what do you use calculate that?
I see that as the next minor support, however we are getting a bit late here on the Fri evening, volumes will taper off significantly it is beer time afterall.

I will leave a few shorts open over the weekend especially with two bear candles on the daily with the last one looking to close below the 25ma.

I closed most of my earlier shorts for a measly 5 pip gain, don't want to carry them over the weekend. It is 2pm NY time, the boys are out starting the weekend.

Good night, have a great weekend and see y'all on Sunday evening.
  • #164,037
  • Nov 20, 2009 11:48am Nov 20, 2009 11:48am
Quoting Tom81
I recommend you to first learn basics of forex trading. Look behind price action on chart (it's all about supply and demand...) so you will understand why PA bounces of pivot points, moving averages etc. Then upgrade your knowledge with candlesticks, fibs, patterns, indicators and develop or use already existing (but proven) trading system. Indicators will always give you some false signals but more of them combined (but not too much) will filter out most of bad signals (not all but that's what money management is for). After that all you need is...
thats what i like about this forum there are many traders willing help out us new guys
NOTHING VENTURED, NOTHING GAINED
  • #164,038
  • Nov 20, 2009 11:56am Nov 20, 2009 11:56am
Quoting franco73
thats what i like about this forum there are many traders willing help out us new guys
One book I highly recommend is
Beat the Forex Dealer: An insider's look into trading today's foreign exchange market (Wiley Trading) (9780470722084): Agustin Silvani:

It's not a system but what to watch out for when trading, especially from your brokers
I am both right and wrong, what's important is the amount of $$$ in my bank
  • #164,039
  • Nov 20, 2009 11:58am Nov 20, 2009 11:58am
Quoting cloggie
I see that as the next minor support, however we are getting a bit late here on the Fri evening, volumes will taper off significantly it is beer time afterall.

I will leave a few shorts open over the weekend especially with two bear candles on the daily with the last one looking to close below the 25ma.

I closed most of my earlier shorts for a measly 5 pip gain, don't want to carry them over the weekend. It is 2pm NY time, the boys are out starting the weekend.

Good night, have a great weekend and see y'all on Sunday evening.
1 pm.....have a good weekend
hang on to your bread......unless you want toast
  • #164,040
  • Nov 20, 2009 11:59am Nov 20, 2009 11:59am
....that traders who know what are doing win easy pips.

My call was 1.4873, traders around the world that give their calls in tweeter, "it is almost the silence" but what did I do, SHORT 1.4873.

Editing to give a tip : For who use tweeter, use tweetdeck open a window with a search word "EURUSD" and you receive hundreads of tweets every day from lot of traders. ATTENTION FOR NEWBIES : do not enter in every call you see, study the trader and its records, but it is fun for entertainment to watch, at least for me.
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