EURUSD

Suck it in suck it in. We should see surprise moves a littler later in the day.

Market down over 100 points And Euro holding here well.

Also, if this holds, then after that, it's going to be Higher High.

TP1

ECB: Stark; says its false to assume EMU could break apart, Greek gov't
stability program is a first step. Don't support a eurobond, would not
solve problems and structural problems not addressed by a eurobond.
Naturally have to have solidarity in a currency union.

Provided by: Market News International

Good day to you all,
it's been quite a while.Seems we all come and go but the market remains.

EURO-DOLLAR: One trader quipped that "industrial" amounts of euros
changed hands over the London fixing event, the screen lighting up with
large bids and offers with the fixing at $1.43685 for net, not much
movement from pre-fixing levels and those flows a sharp contrast to the
otherwise light flows that most have complained about all week. Pair has
edged higher since the fixing but stalls shy of $1.4390 where sovereign
supply capped earlier, the latest lift being driven by a rebound in
euro-sterling that has caught cable longs flat-footed.

Provided by: Market News International

thats it for me today DAX is closed.
No positions over the weekend to many things can happen.
Have a nice weekend all of ya,
The Cat

1)You have a lot of starting capital to work with. An asset most of us who visit this thread do not have at first, I sure didn't and still don't. Regardless of our trading beginnings, I assume that someday you want to make a living off forex, that is what we all aspire to at least. I highly recommend you open a second mini account worth only 1,000 dollars maximum. In this account you should try to truly understand what risk management is. Proper MM is 1-3% risk per trade. Try trading with 50cents per pip. Try for 3% risk per trade at first, which means 60pip stop loss. Or you can try your current strategy, no stop loss. The point of all this is for you to see and fully experience what a losing trade is, especially if not managed properly. This in turn will get you in touch with the psychology part of trading, something that I don't think you fully experience just yet. You will discover all the emotions, ups and downs, especially if you treat this 1000$ as it was all the capital you have. You will make more progress just by doing this then anything else, even if you end up losing that 1000$.

2)Trading is not impossible. It seems so at first simply because you don't have enough market experience. Trading is very possible as soon as you find out what trading system/method works for you. I for example do not use any indicators other then a bunch of lines and patterns I may see. Now you mentioned your interest in what you would like to use, Grid/Marginal systems (whatever that is). Start trading with just that. Do it for one trade. Now repeat it for the next 3000 trades. The key is, do not have more then 5trades per day. In essence, this requires thousands of hours in front of the charts, yes in front, not set a trade and forget it. This could take years. It is the only way to experience the ups and downs, see what works and what doesn't. Learn from your mistakes, make things that work better and so on. Now if this particular method of trading ends up not suiting your trading style, keep searching for different methods until you find one that does.

3)It sure is easy to find a trend 10 days after it has happened. But it is just as difficult to know 10days before that what will happen. This is in part due to the fact this is the HARDEST TRADING ENVIRONMENT EVER. Even the pros who have been trading for many years successfully are struggling. You want proof? Financials collapsing and hedge funds being eaten by other hedge funds is all the proof you need.
I am an intraday trader. I cannot see what will happen in ten days. But I can assume. So can everyone, especially those who follow fundies religiously. This is the panoramic view to give me a sense of whats going on. Then I move down to the shorter time frames, first the hourly. On the hourly I see the intraday trend/range, whatever. I pick the points which are good entry points if pa reaches those levels. I also take into account the time of day, pa behaves very different in the asian session as compared to the US session. If you follow the charts enough, you will even see that pa tends to bounce between high and low of a range during a particular session compared to another (varies over time), while in the other session...pa will move like its on fire. And then finally, as soon as pa reaches my designated levels, I move down to the 5min/15min charts and use all my candlestick knowledge to pick the best entry time for me. Now all my trades require a minimum of 40pips potential profit. Otherwise, no trade. 40pips could mean minutes or hours. It definitely does not mean 10 days. I cannot see the future but I definetely can anticipate the most likely direction in the near future, given past data.

Lastly...I have over 10,000 hours of experience just watching market pa under my belt in just 2 years. Yes I lived and breathed forex for 2 years and abandoned everything else. I have roughly 3000+ trades to go along with that, all live. I have experienced all the emotions, all the ups and downs, and still, I dont know everything that I need to know. I never will, neither will you, or anyone else. All we can do is to keep working on improving what works for us as individuals. And then maybe someday, at the end of the month (or whenever you want)...you'll cash paychecks, paychecks out of your account with a big fat smile on your face.

Lengthy post, hope it helps a bit.

Good that you find it useful...

Like always it's not the indicators fault if it doesn't work it is the user...

For me its more important that Ican take consistent excecutions and by using back tested results I believe I am ahead of the game...

By using TA alone its pretty hard to be consistent...

Good that you figured it out with the indicator TCat...
Read your PM yesterday but didn't bother answering hehe..

Have a good weekend guys...


leaving open a short from AudUsd -12/50 executed at 18:00 sharp... fingers crossed...

Some people are highly intellectual and become scientists, something I could never do as it would bore me out of my mind...DNA sequence...what?

Some people become musicians or dancer, I cant sing or dance, I just am not gifted in those fields no matter how hard I try or alcohol I have consumed.

Some people become athletes and end up making millions. I could have been a boxer, a great one at that, I just didn't have the dedication required, can't say no to the pizza or occasional canabis plant..haha. Lets not forget alcohol.

Some people never amount to more then just working retail as cashiers and others nothing more then just garbage truck drivers. I clearly have no aspirations for any of that.

Now why mention all this? Because they all have one thing in common, they do what suits their personality. People can do only what they KNOW they are capable of.

Which brings me to you. Trading requires enormous patience. Think of a snapping turtle. It lays at the bottom of a swamp for hours or days with its mouth open just waiting for something to pass by, then with lightning speed...BAM...it just fed until the next meal. Trading is no different except that we may wait a while to close positions, depending on each trader on the length of time. We wait and we strike...that's all there is to it. Now you must ask yourself...are you willing to do that? Day and night, all week long? Is watching pa entertaining for you? Even if nothing happens? Ask yourself seriously these questions to know whether you even want to trade.


Patience cannot be taught. It is inherited. Call it our genes, thanks Mom and Dad. Secondly it is environment, if you have a lot of time to kill, the hours passing watching pa will seem like nothing. And dont forget, technology has leaped quite a few years since the recession began (all out of necessity to keep the technology sector alive in this dismal economy). By this I mean you can get another monitor, on one screen have forex, on the other some game or whatever you like to do when you are on a computer. I personally play games at the present.

Hope this helps

as far as current technical analysis goes, its simple really. We broke out of the range we were in all week during the asian session. Since then we have consolidated lower and lower in a tight channel. Now with all big breakouts, a retest of the breakout wall is only natural, sooner or later. That value is around 1.4465, give or take a few pips. If pa reaches that level, depending on how pa moves towards that target, I may sell. Now considering its Friday, this may not happen before market close. To be seen. There is no other option for a trade at this present time (for me) as trying to pick bottoms after such a tight range, its difficult (and I am quite the reversal trader). That is all in a nutshell, my trading plan.

I have plan, I have target...and then...BUM...I have 20-30 pips which I panicly close....and then watching how my target of 50-100 pips geting hit...I risked few times my 20-30 pips for geting 100+ and it woorked...I understand what are you saying...You have right.

And I play Counter Strike Maybe I should buy Sony PlayStation

Thanks!

If I am reading my H4 correctly will we drop a lot.
There is yet the possibility to break 1.4350 in actual H4, if no break, so my view are not the same and we may go again to upper levels.
If we Break today 1.4350 Monday will be BLACK for EURO.

I closed +50

Thx my friend and enjoy in week...

Let it go up for the last time to add more bull failure I will short & keep weekend , 1.4336/19 still play if get time to do so .
fontu

your welcome, i have over +100 pips today, honestly i do not even know how many exactly

I see hammer on H4...

My H4 close for next hour.
PA now it is trying to break one important line to break the last hours PA.
Let's see if it is false or no.
1.4400 it is now very hard level to break.

chicky's line is about 4335/40... so we got a bump there. 4325 is the next bump i have.. we may rest or bounce there some before weekend. 4325 may be a soft bottom.. i can see us atm going to 4384 possibly 4399 st. not much moving us. currently 4373