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  • #183,521
  • Jan 21, 2010 11:55am Jan 21, 2010 11:55am
Quoting 4exJunki
GBPJPY is bad bad bad! Anyone see that!>
Coming from a bad trader who decided to trade something that he is not used. Don't blame the game, blame the players. Ever heard of a stop loss?
If you don't risk, you don't ever have to lose.
  • #183,522
  • Jan 21, 2010 11:57am Jan 21, 2010 11:57am
Quoting PriceVolume
GBPJPY is a great pair to trade. Good thing you were demoing....you need to learn money management, risk allocation, and trade management. If you were doing well in profit, why weren't you moving your stoploss to lock in profit?

I did use a stop loss. I entered the trade in a rush as it already dropped 150pips and my entry was on a support line.

After some inspection i spotted that it bounced off the support line before so the chances were that it was going to drop more, but seeing that it dropped so much already i expected it to eventually retrace. No sirreee...drops another 150pips!

Sadder thing is: 30 mins before this trade i shorted the poundyen then had to leave home so closed it on a small profit...if i had to leave it open i would have been 200plus pips in the profit! ( assuming no TP set )

Oh well i saved enough to make it up on the eurusd in the next 2weeks; going to spend some time learning the dynamics of that currency pair again!

EURUSD rocks!!!!!!! Easiest way for success in FX! Small range and if you trade S&R lines can have tremendous pay offs!

GREEEED CAUSED MY LOSS!! BUMMER!
  • #183,523
  • Edited 12:14pm Jan 21, 2010 11:59am | Edited 12:14pm
Quoting SkyzerFX
It's not over yet, wait till 4PM EST.


BTW, I said running into YEN, I don't said into EUR

Strongest now is CHF and JPY

And EUR stronger than USD so far.

I'm watching DOW and GOLD. If Market would crash, GOLD going to skyrocket.

I hope Market will not go further down, cause I also invested in shares.
gold 1065 then lower... just speculation.. it will happen when the usd/zar break resistance of 7.5722 and hit next one at 7.6463
those who can, do. those who cant, talk about those who can
  • #183,524
  • Jan 21, 2010 12:00pm Jan 21, 2010 12:00pm
Then use a tighter SL. Better yet, don't trade before/after news releases and speeches.
If you don't risk, you don't ever have to lose.
  • #183,525
  • Jan 21, 2010 12:01pm Jan 21, 2010 12:01pm
Quoting bug
Coming from a bad trader who decided to trade something that he is not used. Don't blame the game, blame the players. Ever heard of a stop loss?

I hope you not calling me a bad trader...?? I am a full time day trader. Its my job and i trade on behalf of clients too.

I accept losses hence i saved enough in my account for tomorrow (trading maturity). I could afford a 200pip loss.
  • #183,526
  • Jan 21, 2010 12:01pm Jan 21, 2010 12:01pm
Euro seems to still be very week. Currently showing a familiar corrective formation. Still expecting a move down to 1.4-.139
  • #183,527
  • Jan 21, 2010 12:03pm Jan 21, 2010 12:03pm
Quoting spivvster
Euro seems to still be very week. Currently showing a familiar corrective formation. Still expecting a move down to 1.4-.139

I hope you not expecting that today?? Dont think we will have the momentum for that now.
  • #183,528
  • Jan 21, 2010 12:03pm Jan 21, 2010 12:03pm
Quoting 4exJunki
I hope you not calling me a bad trader...?? I am a full time day trader. Its my job and i trade on behalf of clients too.

I accept losses hence i saved enough in my account for tomorrow (trading maturity). I could afford a 200pip loss.
Oh c'mon....who are you trying to fool here? Making posts with more than one exclamation mark because you lost money is a sure sign that you're a newbie. It's not you day job, stop flattering yourself.
If you don't risk, you don't ever have to lose.
  • #183,529
  • Edited 3:01pm Jan 21, 2010 12:06pm | Edited 3:01pm
Quote
Is anybody in this trade?

Bonjour tout. This is my first post on this site and I hope it is the first of many. I look forwad to good "mature" and "professional" posts that will help all members.
As for the EUR/USD trade, I am afraid that the currencies are being driven my political comments right now, more than anything else. Mr. Obama is suppose to speak about the banks soon. We can assume his comments will have an effect on currency values also.
For myself, I like trend trades. Something you might want to watch for is a flag pole. Measure the number of pips in the flag pole and enter your trade at 10% above or below the flag pole..., depending on the direction of the trend. This will allow you to avoid a lot of false breakouts. Enter your stop at 25% of the pips making the flag pole, below (or above... depending on direction of trend) your entry. For example If the flag pole is 100 pips, Make your entry at 10 pips above the top of the flag pole. Set your stop 25 pips below that price. As the price moves up, bring your stop up, keeping it about 25 pips below. If the trend is strong, you can let the stop go further behind.

Good trading,

V49
  • #183,530
  • Jan 21, 2010 12:06pm Jan 21, 2010 12:06pm
Quoting 4exJunki
I hope you not expecting that today?? Dont think we will have the momentum for that now.
Yah not necessarily today, but somewhere in the near future. I think it may just die off for a while.
  • #183,531
  • Jan 21, 2010 12:07pm Jan 21, 2010 12:07pm
Quoting 4exJunki
I hope you not calling me a bad trader...?? I am a full time day trader. Its my job and i trade on behalf of clients too.

I accept losses hence i saved enough in my account for tomorrow (trading maturity). I could afford a 200pip loss.
How much cost every PIP?1$ or 10$?
  • #183,532
  • Jan 21, 2010 12:08pm Jan 21, 2010 12:08pm
Quoting 4exJunki
I did use a stop loss. I entered the trade in a rush as it already dropped 150pips and my entry was on a support line.

After some inspection i spotted that it bounced off the support line before so the chances were that it was going to drop more, but seeing that it dropped so much already i expected it to eventually retrace. No sirreee...drops another 150pips!

Sadder thing is: 30 mins before this trade i shorted the poundyen then had to leave home so closed it on a small profit...if i had to leave it open i would have been 200plus pips in the...
Never try and catch a falling knife. If you missed the move, then so be it.....the prudent thing to do in such cases is wait until price pullbacks or hesitates for a few bars, and then enter on resumption and breakout. As far as a retracement - you should be looking for an impulsive move, and then a pullback...then enter on the retracement. Otherwise, you're just trying to call a top or bottom. Good luck!
  • #183,533
  • Jan 21, 2010 12:10pm Jan 21, 2010 12:10pm
Quoting bug
Oh c'mon....who are you trying to fool here? Making posts with more than one exclamation mark because you lost money is a sure sign that you're a newbie. It's not you day job, stop flattering yourself.
A 200pip loss is a big thing for me. Usually i would cut my losses on 20-30 pips. Was stopped out 2ce in a year at 100pips each.

But then again i only trade the eurusd. I do day trade full time. U dont necesarrily have to believe me; after all u dont know me.

btw: anyone who doesnt get annoyed at a 200pip loss please stand up regardless of the period you been trading for...
  • #183,534
  • Jan 21, 2010 12:10pm Jan 21, 2010 12:10pm
As I mentioned in a earlier post (http://www.forexfactory.com/showpost...stcount=183175) to stay out in the next 24 hours, It was a very good strategy for me.

The signs that I saw was the weakening of the drop from 4223. The movement downwards did not jive very much with a lot of strength. When I saw too many hesitation with little power behind them to go lower than 4100, I said something must be up. Thats why I tried to stay out and see what happens. Eyeballs are the best things to train in Technical Analysis

To my astonishment the drop from 4477 did land at roughly about 1.146 price extension of the drop from 1.5145 to 1.4213, which is 1.4077 (+/-50pips )

Note that 0.146 is a fibonacci number and is equal to 0.618^4.

When a important level gets broken a thrust usually develops that clears that level and ends approximately at the 1.146 or 1.236 price extension. Then what happens is that the same level that got broken will be visited again, a spike will occur at that level and then more motion in the original direction of the trend will follow. This means that 4213 will be visited soon, and then we will see more down. The EUR/USD will weaken again at that spot and go down again. Todays EUR/USD rise was triggered by the drop of the USD/JPY pair.

So hold your guns and avoid any long positions at all, Wait another 12-18 hours to see what happens.

Remember that the drive on the daily time frame is still down till the mid 3600 (1.618 price extension of 5145-4213), doesnt make sense to try a long position when the daily is telling you to go down.
  • #183,535
  • Jan 21, 2010 12:12pm Jan 21, 2010 12:12pm
Quoting SashaP
How much cost every PIP?1$ or 10$?

wasnt so bad. I was new to that currency and knowing how volatile it is i only traded 0.5lots....still USD1000 thou.
  • #183,536
  • Jan 21, 2010 12:13pm Jan 21, 2010 12:13pm
Quoting PriceVolume
Never try and catch a falling knife. If you missed the move, then so be it.....the prudent thing to do in such cases is wait until price pullbacks or hesitates for a few bars, and then enter on resumption and breakout. As far as a retracement - you should be looking for an impulsive move, and then a pullback...then enter on the retracement. Otherwise, you're just trying to call a top or bottom. Good luck!

Thanks... i think ill stay out of that crazy dragon for a while..
  • #183,537
  • Jan 21, 2010 12:15pm Jan 21, 2010 12:15pm
Quoting tt_danu
hammer?morning star?......on daily.....couple of hours and we will find out

That's my view. Your view may be completely different.

Major downtrend + news/speaches + resistance = indecision and consolitation before next move is manifested.
  • #183,538
  • Jan 21, 2010 12:15pm Jan 21, 2010 12:15pm
Quoting 4exJunki
A 200pip loss is a big thing for me. Usually i would cut my losses on 20-30 pips. Was stopped out 2ce in a year at 100pips each.

But then again i only trade the eurusd. I do day trade full time. U dont necesarrily have to believe me; after all u dont know me.

btw: anyone who doesnt get annoyed at a 200pip loss please stand up regardless of the period you been trading for...
I don't. I expect losses. I can't afford to get annoyed by a loss, because it opens the door to getting emotional. I play the probabilities, knowing that with my edge I will win more than I lose, and will win more often than I lose. As for 200 pips being too much - that depends on what timeframe you are trading. On a weekly chart, 200 pips is nothing. What matters is that you ensure that you are not overleveraged and that your exposure risk per trade is reasonable.
  • #183,539
  • Jan 21, 2010 12:18pm Jan 21, 2010 12:18pm
Quoting TrooperCoope
It was not really a random level. That line showed pretty good support / resistance...
Thanks , good chart. Yes it is a sr & leveled in the morning today . anyway I closed all shorts at 1.4083 .Not taking more today perhaps .
fontu
Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #183,540
  • Jan 21, 2010 12:20pm Jan 21, 2010 12:20pm
gator why do you suddenly thnk GOLD is going to tank to 65? just a correction at the moment before another down?
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