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  • #194,601
  • Feb 11, 2010 3:13pm Feb 11, 2010 3:13pm
Quoting cammomile
Why do you want to make your life difficult instead of easy, stress free and more profitable?
Newbie mistake...now I only go short on retracements...
  • #194,602
  • Feb 11, 2010 3:16pm Feb 11, 2010 3:16pm
Quoting Matt99
Newbie mistake...now I only go short on retracements...
Hey, I blew through a nice account on the EUR/USD back in 2005 when we plummeted to the high 1.16's and I felt sure there was no turning back.

The next day it turned back....and hard.

Didn't stop me though! I just kept adding to a losing position.

You haven't done anything 98% of others have as well.
Capital Preservation is key to long term wealth accumulation
  • #194,603
  • Feb 11, 2010 3:19pm Feb 11, 2010 3:19pm
i got long again off 1.3598 and am in the long with a bigger position now - nice
  • #194,604
  • Feb 11, 2010 3:19pm Feb 11, 2010 3:19pm
I also hedged my way back when the EUR was in the 1.26 range and picked up a $14,000 running profit with $9,000 in hedged opposites.

Then I blew $6,000 on one trade by not covering properly.

That's when I realized that whiskey gets you drunker MUCH FASTER than beer.
Capital Preservation is key to long term wealth accumulation
  • #194,605
  • Feb 11, 2010 3:19pm Feb 11, 2010 3:19pm
any opinions about the direction EUR/USD...? cous there is a very nice fibo but looks like price is going sideways right now...! can`t really find any signal for selling nor buying...!
  • #194,606
  • Feb 11, 2010 3:21pm Feb 11, 2010 3:21pm
Quoting MuddBuddha
You haven't done anything 98% of others have as well.
That's right.....I did exactly that once......only once though!!
Doing what you like is Freedom. Liking what you do is Happiness.
  • #194,607
  • Feb 11, 2010 3:22pm Feb 11, 2010 3:22pm
Quoting smokemachine
any opinions about the direction EUR/USD...? cous there is a very nice fibo but looks like price is going sideways right now...! can`t really find any signal for selling nor buying...!

NY is closing shop, probably not a lot of action between now and Tokyo, what PA we see may just be static. My favorite time of day to digest all of the previous hours information and put my plan together.
This is what awesome feels like
  • #194,608
  • Feb 11, 2010 3:28pm Feb 11, 2010 3:28pm
Quoting smokemachine
any opinions about the direction EUR/USD...? cous there is a very nice fibo but looks like price is going sideways right now...! can`t really find any signal for selling nor buying...!
Just chill out for now and wait for London open...
  • #194,609
  • Feb 11, 2010 3:30pm Feb 11, 2010 3:30pm
..was that I never "need" to have a position. Specially if you don't have a plan. And double specially if the market isn't doing anything.

Quoting smokemachine
any opinions about the direction EUR/USD...? cous there is a very nice fibo but looks like price is going sideways right now...! can`t really find any signal for selling nor buying...!
Ah Luv the smell of a good prediction in the mornin!
  • #194,610
  • Feb 11, 2010 3:32pm Feb 11, 2010 3:32pm
Since it's so quiet, I'll share a little known fact:

There was a study a few years back that showed that once a trend is established, traders tend to pick direction bias and have a hard time breaking them.

Basically, if the trader perceives a downtrend, they feel safer selling than buying and will sell more often even after a reversal.

Yet, some traders will buy in even in an established downtrend due to some bias towards buying.

So trading isn't as easy as following a plan. It would appear that the trader has to fight an instinctive urge to trade in one direction based on some mental bias established in an earlier period.

Now you know....
Capital Preservation is key to long term wealth accumulation
  • #194,611
  • Feb 11, 2010 3:32pm Feb 11, 2010 3:32pm
Quoting MuddBuddha
I also hedged my way back when the EUR was in the 1.26 range and picked up a $14,000 running profit with $9,000 in hedged opposites.

Then I blew $6,000 on one trade by not covering properly.

That's when I realized that whiskey gets you drunker MUCH FASTER than beer.
It is strange...98%...why don't we learn from others mistake. I tried to hedge too...but couldn't get out of it ,so I closed it with a big loss. But stayed out of whiskey though ,still now whiskey will get you drunk faster.
  • #194,612
  • Feb 11, 2010 3:33pm Feb 11, 2010 3:33pm
Quoting MuddBuddha
You're more optimistic than I am.

I'm expecting a pullback to at least 3800, possibly 3900 if interest in buying persists.

Any further than that could possibly indicate a full reversal, which you only get possibly once a year.

But the bottoms and tops are so mucky and choppy. I'd prefer to see a continuation of the current trend over time.
I am an optimistic kind of person waiting for the right PA at the right place.
  • #194,613
  • Feb 11, 2010 3:34pm Feb 11, 2010 3:34pm
Quoting MuddBuddha
Simple answer: demand.

And that can change at anytime.
Ya, thats what it boils down to
  • #194,614
  • Feb 11, 2010 3:35pm Feb 11, 2010 3:35pm
Quoting Matt99
It is strange...98%...why don't we learn from others mistake. I tried to hedge too...but couldn't get out of it ,so I closed it with a big loss. But stayed out of whiskey though ,still now whiskey will get you drunk faster.
No, for most, experience has to be firsthand. We are megalomaniacs by nature.
Capital Preservation is key to long term wealth accumulation
  • #194,615
  • Feb 11, 2010 3:36pm Feb 11, 2010 3:36pm
Quoting kilalik
Ya, thats what it boils down to
Look up the Structure of Forex Brokers by DarkStar here in the site.

His post was incredible and explained a lot away as far as the frustration of price action.
Capital Preservation is key to long term wealth accumulation
  • #194,616
  • Feb 11, 2010 3:37pm Feb 11, 2010 3:37pm
Quoting cammomile
I am an optimistic kind of person waiting for the right PA at the right place.
I thought the same thing. Yet J-Lo still married that Mark A. punk.
Capital Preservation is key to long term wealth accumulation
  • #194,617
  • Feb 11, 2010 3:40pm Feb 11, 2010 3:40pm
Are you comparing me to Alexander the Great?!

He was a tad of a boy-lover.

Seriously. That's low.
Capital Preservation is key to long term wealth accumulation
  • #194,618
  • Feb 11, 2010 3:41pm Feb 11, 2010 3:41pm
Gap.
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  • #194,619
  • Feb 11, 2010 3:41pm Feb 11, 2010 3:41pm
Quoting MuddBuddha
I thought the same thing. Yet J-Lo still married that Mark A. punk.
How could she marry you with that previous avatar of yours (paper bag smiley face)?
  • #194,620
  • Feb 11, 2010 3:41pm Feb 11, 2010 3:41pm
we r going down but with slow motion,correction up not more than 1.38 ...
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