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  • #212,961
  • Mar 18, 2010 12:21pm Mar 18, 2010 12:21pm
Quoting Atlast
where is your trend determination in that strategy, you should consider including that. we just had a big movement, retracement would put it at 3640 to 3650. let's see if your strategy works. and also it depends on TF, but keep it simple as you are planning. it's not the strategy normally, it's the trader.

Yeah the way i am playing this one right now is entered at 3600 and looking to exit at 3645 area.

After this I dont know. Some people have longs and some people have shorts. Only one can be right.

mmccormac said price will follow the trend after this point, but I dont know where this is going or if this is a trend reversal sequance.
  • #212,962
  • Mar 18, 2010 12:21pm Mar 18, 2010 12:21pm
Quoting mbenjamin
you got any good source to help develop MM?
My fav's (not all money management books):

The Market Wizard books (2 of them)

Trade your way to financial freedom by Van K. Tharp


That one by Tharp has kind of a cheesy title but it's a great book that any trader (beginner or seasoned) should read. You can take that and build a foundation from there.

The Market Wizard books are good just to see how other big traders have done it.

Keep in mind when thinking about Money Management you must also get your mind straight and set your rules. Those two factors are the main two that prevent people from ever moving on to a successful track record. When people are in trades they lose their mind and go against their plan, you must trade with confidence and stick to your rules.
  • #212,963
  • Mar 18, 2010 12:22pm Mar 18, 2010 12:22pm
Quoting gatorinla
try this.. http://www.buyextenze.com/?a=341972&...tenzeBrand&c=0
I use this
http://www.icmag.com/ic/picture.php?...ictureid=42928
  • #212,964
  • Mar 18, 2010 12:22pm Mar 18, 2010 12:22pm
man, talk about a tank.
  • #212,965
  • Mar 18, 2010 12:24pm Mar 18, 2010 12:24pm
looks like 1.3620 is resistance.....
  • #212,966
  • Mar 18, 2010 12:26pm Mar 18, 2010 12:26pm
what the heck is the snb waiting for.... it s way out of their comfort zone...
Andreyou
  • #212,967
  • Mar 18, 2010 12:28pm Mar 18, 2010 12:28pm
Quoting DrLobo
Yeah the way i am playing this one right now is entered at 3600 and looking to exit at 3645 area.

After this I dont know. Some people have longs and some people have shorts. Only one can be right.

mmccormac said price will follow the trend after this point, but I dont know where this is going or if this is a trend reversal sequance.
I don't remember saying that. I trade probabilities and I look over several markets at the end of the US session to develop a plan for the next day.

My assumption at this point is for a retrace then for a continued fall but there are several other key issues I look at with correlating markets to make my decision before I execute. I will be developing a plan for tomorrow after today. First step's first.

Edit: That said entering a short around 3650 doesn't seem like a bad idea.
  • #212,968
  • Mar 18, 2010 12:28pm Mar 18, 2010 12:28pm
If FEDs are preparing for another discount rate hike. Maybe after Market

Close? That could explain speculative USDx move. If no change tonight?

Then you know..
Viewer Discretion Advised: Shall we shag now or should we shag later? :-)
  • #212,969
  • Mar 18, 2010 12:29pm Mar 18, 2010 12:29pm
Quoting petehnm
looks like 1.3620 is resistance.....
depends how you draw ur fib line but in my book thats 50%. I am hoping for one more push upwards.
  • #212,970
  • Mar 18, 2010 12:30pm Mar 18, 2010 12:30pm
Quoting andreypu
what the heck is the snb waiting for.... it s way out of their comfort zone...
Yeah it's dropping like a rock now.. 1.44 wow.. We'll see.

Maybe tonight?
Viewer Discretion Advised: Shall we shag now or should we shag later? :-)
  • #212,971
  • Mar 18, 2010 12:31pm Mar 18, 2010 12:31pm
Quoting IMARICH1
Atlast or Gator,

I was looking at a SHORT at this 3622 area but it could go back to 3644 before another leg down......

Any thoughts on PA at the moment? Or should I wait on this 1 hr candle to close first?

Thanks
Personally, I would like to see an approach to 3634 before considering going short. 1.3650 will prove a magnet.
  • #212,972
  • Mar 18, 2010 12:32pm Mar 18, 2010 12:32pm
Quoting mmccormac
....Keep in mind when thinking about Money Management you must also get your mind straight and set your rules. Those two factors are the main two that prevent people from ever moving on to a successful track record. When people are in trades they lose their mind and go against their plan, you must trade with confidence and stick to your rules.
That is true to the bone. Not many jobs can make you crazy and trading is one of them. Get out while you're still young
Manage your risk accordingly and you're half done your home work.
  • #212,973
  • Mar 18, 2010 12:33pm Mar 18, 2010 12:33pm
Quoting Atlast
Personally, I would like to see an approach to 3634 before considering going short. 1.3650 will prove a magnet.
Why short at 1.36 instead of 1.38 yesterday?

Am I missing something?
Viewer Discretion Advised: Shall we shag now or should we shag later? :-)
  • #212,974
  • Mar 18, 2010 12:34pm Mar 18, 2010 12:34pm
Entered long at daily S3. SL moved to BE. TP at S2
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  • #212,975
  • Mar 18, 2010 12:36pm Mar 18, 2010 12:36pm
Quoting SkyzerFX
Why short at 1.36 instead of 1.38 yesterday?

Am I missing something?
It's called trading a pullback in a downtrend.
  • #212,976
  • Mar 18, 2010 12:36pm Mar 18, 2010 12:36pm
Quoting 9000rpm
Entered long at daily S3. SL moved to BE. TP at S2
Wow, Another LONG except me.. Welcome aboard Bud..

Buy low, Sell high..
Viewer Discretion Advised: Shall we shag now or should we shag later? :-)
  • #212,977
  • Mar 18, 2010 12:38pm Mar 18, 2010 12:38pm
tough battle going on....i m short for the moment, but on profit. will close short if rise above 1.365
Andreyou
  • #212,978
  • Mar 18, 2010 12:40pm Mar 18, 2010 12:40pm
Quoting andreypu
tough battle going on....i m short for the moment, but on profit. will close short if rise above 1.365
Keep an eye around 3660, but given the channel it is pretty low risk to assume a pullback to at least 3650.
  • #212,979
  • Mar 18, 2010 12:41pm Mar 18, 2010 12:41pm
Quoting SkyzerFX
Why short at 1.36 instead of 1.38 yesterday?

Am I missing something?
Yesterday was yesterday, and I shorted right at the top at 1.3813.
  • #212,980
  • Mar 18, 2010 12:43pm Mar 18, 2010 12:43pm
I went short last night @3775, took profit @ daily S2...

but lost most of that profit trying to go long with tight SL..
that's what I get for being greedy!

now, finally long @ daily S3, SL @ BE... just trying to decide to take profit @ 3674 (38% fib) ou let it ride...
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