EURUSD | Page 9847 | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

EUR/USD, GBP/USD, USD/CHF

Similar Threads

MT4: how to change "EURUSD" to "#EURUSD"? 3 replies

Re: EurUsd short term 15 replies

did oanda just drop its spread for eurusd to 1 pip? 11 replies

EA for multiple lot limit order for EURUSD 0 replies

NFP nice bump up on EURUSD 2 replies

Attachments: EURUSD
Exit Attachments

EURUSD

  • #196,921
  • Feb 17, 2010 2:42am Feb 17, 2010 2:42am
Quoting smokemachine
I am starting to lose faith in forex...! my sl was hit again, just like yesterday and day before and last week, I have been working on my charts and working on demo, but it seem every time I take a move, it gets flushd down the toilet...!!! Any advice, how to avoid any risk and trade only sure things...???
Probably you not see the oversold and overbought area..and compare in example EU against USD/CHF as their move is nearly the same and the gu move before the eu entry decide..try more in demo maybe 15 days before you are suitable decide. wait the price stabilization in 5m about 10-15 minutes as the candle colore will change

in example now we are on a resistance level near 13685 it can be a point for shorting in short term
" Accepting losses is the most important single investment devise "
  • #196,922
  • Feb 17, 2010 2:42am Feb 17, 2010 2:42am
Quoting smokemachine
I am starting to lose faith in forex...! my sl was hit again, just like yesterday and day before and last week, I have been working on my charts and working on demo, but it seem every time I take a move, it gets flushd down the toilet...!!! Any advice, how to avoid any risk and trade only sure things...???

Or take more little lots with higher SL...i had the same prob before...my SL was too tight
COT: The precious data ignored
  • #196,923
  • Feb 17, 2010 2:42am Feb 17, 2010 2:42am
buyers hitting 10 min again off 1.3770
Blogging daily now at www.volume.zone
  • #196,924
  • Feb 17, 2010 2:43am Feb 17, 2010 2:43am
Quoting malcolmb14
post trade...

sound like you are longing tops of channel , selling bottoms ....

you got to changed that mind set ,
well the thing is I still believe it could go higher but I can`t afford bigger sl, cous of the size of my account...!!! for example now do you think I should wait for a strong suppert and short it or try to take it long up to 3800...?
  • #196,925
  • Feb 17, 2010 2:43am Feb 17, 2010 2:43am
Quoting malcolmb14
not just candles .. candles and volume

just closed longs gu and eu for now as do not like Pa at top of channel

this explains set up , trade entry and reason for exit ,

might be early , but bed time here , so played xbox for 2 hours , had a sleep for 60 min, was only in market for 2 hour this evening ... goofed off on ff

who says you have to work hard and not sleep 8 hours....

flirting is all about timing if you want to be a Casanova

Attachment
  • #196,926
  • Feb 17, 2010 2:43am Feb 17, 2010 2:43am
Quoting smokemachine
I am starting to lose faith in forex...! my sl was hit again, just like yesterday and day before and last week, I have been working on my charts and working on demo, but it seem every time I take a move, it gets flushd down the toilet...!!! Any advice, how to avoid any risk and trade only sure things...???
Problem is you want to avoid the risk...
You can't win if you can't embrace the risk of losing...

Loosen you stops and trade smaller, is what you probably should do, unless your signals are totally wrong.


P.S: Only taxes and death are sure things
Getting it right is NOT as important as not getting it wrong.
  • #196,927
  • Feb 17, 2010 2:45am Feb 17, 2010 2:45am
Quoting smokemachine
well the thing is I still believe it could go higher but I can`t afford bigger sl, cous of the size of my account...!!! for example now do you think I should wait for a strong suppert and short it or try to take it long up to 3800...?


long .... for sure


dax moving up ... eu is hand in hand with dax movements for now
Blogging daily now at www.volume.zone
  • #196,928
  • Feb 17, 2010 2:46am Feb 17, 2010 2:46am
Quoting smokemachine
well the thing is I still believe it could go higher but I can`t afford bigger sl, cous of the size of my account...!!! for example now do you think I should wait for a strong suppert and short it or try to take it long up to 3800...?
are you using .10 lots?
  • #196,929
  • Feb 17, 2010 2:46am Feb 17, 2010 2:46am
Quoting smokemachine
well the thing is I still believe it could go higher but I can`t afford bigger sl, cous of the size of my account...!!! for example now do you think I should wait for a strong suppert and short it or try to take it long up to 3800...?

Resistance @ 1.3800....don't go long right under the resistance
Wait for a clear break or short @ the resistance if your plan tells you so
COT: The precious data ignored
  • #196,930
  • Feb 17, 2010 2:47am Feb 17, 2010 2:47am
Quoting Clouds
are you using .10 lots?
minimum I can chose is 1.00...!
  • #196,931
  • Feb 17, 2010 2:49am Feb 17, 2010 2:49am
Quoting smokemachine
I am starting to lose faith in forex...! my sl was hit again, just like yesterday and day before and last week, I have been working on my charts and working on demo, but it seem every time I take a move, it gets flushd down the toilet...!!! Any advice, how to avoid any risk and trade only sure things...???
There are people far more experienced here than me, but hving said that, I used to encounter exactly what you are going through now. This is my answer, though it may not be yours.

My lot sizes are small, very small. This enables me to have decent size SL so that the trade can 'breath'. If I detect that the 'breathing' is actually going to go sour, I will exit the trade before the SL is hit. Because the lot size is small, there is no serious damage done. When the trade truns positive, if there is good momentum, I add another small trade to it. If things continue to go go well, I add another etc etc. Of course I move the SL to BE asap.

If I blow it completely, as has happened, I can stand a drawdown of hundreds of pips. Last year I fcked up and had no SL set because I was stupid, and I was short at 48**. As we know, it went to 5140 or something, but I was able to wait it out. Even if it went to 62** I would have been fine. It was foolish of me to get into that situation, but the point is that I could withstand the drawdown *because* my lot size was small.

If you have small lots, you can add to them if the trades turns positive. If you have large lots, you need a relatively tight SL. If you have a tight SL, your trade can't 'breath' and you will get stopped out.

Hope that helps you
Doing what you like is Freedom. Liking what you do is Happiness.
  • #196,932
  • Feb 17, 2010 2:49am Feb 17, 2010 2:49am
Quoting smokemachine
minimum I can chose is 1.00...!
Find another broker. You can't trade that! Just think with a .10 lot, you can have stops WIDE, and sleep at night. It's tough to get in middle of a trend, with a huge lot and small account.
  • #196,933
  • Feb 17, 2010 2:49am Feb 17, 2010 2:49am
Malcomb , what do you think of the upthrust with increasing vol (5mn chart) during the Asian session
Most of them were hitting 1.3780
Sign of selling soon ?

I'll wait 1.3800 though
COT: The precious data ignored
  • #196,934
  • Feb 17, 2010 2:51am Feb 17, 2010 2:51am
Quoting smokemachine
minimum I can chose is 1.00...!
ohouw damn you must play first with 0.1 lots
1 is too much
" Accepting losses is the most important single investment devise "
  • #196,935
  • Feb 17, 2010 2:52am Feb 17, 2010 2:52am
Quoting smokemachine
minimum I can chose is 1.00...!
That's very bad....what kind of account and broker you use? Institutional?
"Hate the sin, love the sinner." - Gandhi
  • #196,936
  • Feb 17, 2010 2:53am Feb 17, 2010 2:53am
Quoting smokemachine
I am starting to lose faith in forex...! my sl was hit again, just like yesterday and day before and last week, I have been working on my charts and working on demo, but it seem every time I take a move, it gets flushd down the toilet...!!! Any advice, how to avoid any risk and trade only sure things...???

maybe u got the problem with ur entry point , use fibo , pivot .major supports and res. to avoid that, ur luck will change

good luck
Winning isn't Everything...Winning is THE ONLY THING
  • #196,937
  • Feb 17, 2010 2:53am Feb 17, 2010 2:53am
FOMC will drop this pair hard later on.
  • #196,938
  • Feb 17, 2010 2:55am Feb 17, 2010 2:55am
Quoting TheGabriel
That's very bad....what kind of account and broker you use? Institutional?
TELETRADE, well I am still with them even tho I had some problems with them, cous in our country there is no other brokerage company...! well I guess I will have to switch anyway...!!!
  • #196,939
  • Feb 17, 2010 2:55am Feb 17, 2010 2:55am
Quoting smokemachine
I am starting to lose faith in forex...! my sl was hit again, just like yesterday and day before and last week, I have been working on my charts and working on demo, but it seem every time I take a move, it gets flushd down the toilet...!!! Any advice, how to avoid any risk and trade only sure things...???
You need to determine whether you are a range trader or a trend trader.

If you have drawn a channel (range), you should stick to it for buy or sell signal. I am sure you had a plan in place and the amount of loss you are prepared to take.

If you are a trend trader, just buy or sell on pull-back. You need to be patient. Fibo and Pivot lines are some references I use.

If you are those who has a fixed SL irregardless of the S/R, you may want to plan your entry closer to those S/R so that your SL can be protected "behind" those S/R. Alternatively, you can place your SL near those S/R so that the chance of triggering your stop can be potentially reduced.

In summary, you may want to work on your entry point or your SL. It may not eliminate all your losing trades but it should help save some.
  • #196,940
  • Feb 17, 2010 2:57am Feb 17, 2010 2:57am
Quoting smokemachine
minimum I can chose is 1.00...!
Given that for example we can make usually 150 pips on trade you should find a way to limit the stop loss to maximum 50 pips.

Just work on a strategy that makes you have no more than 50-60 pips as stop and you can also ride the trade as much as you can until you really see a reversal signal, but the reversal signal also must not be late.

Timing in trading usually is difficult but it can be done imo and you can start having a good stop loss to profit ratio.

Me i never use fixed take profit, it just seems wrong to me and I hold at the best I can.
I'm sure you might do better on wider stops but then your emotions are going to be hit hard if you can't decide when to hold and when to close the trade.
"Hate the sin, love the sinner." - Gandhi
477 traders viewing now