100% Monthly consistently | Page 4 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

my2013EA, the making of consistently 20% monthly 1 reply

How many real accounts have you blown before consistently making money in FX? 61 replies

Can I make 40% per month consistently 193 replies

Can Maximum Profits be Consistently Attained? 38 replies

Is it possible to consistently win at Forex trading? 12 replies

Attachments: 100% Monthly consistently
Exit Attachments

100% Monthly consistently

  • #61
  • Mar 17, 2010 12:47pm Mar 17, 2010 12:47pm
I'm looking at EURCAD as a possible candidate for a long trade in near future possibly from 1.3500-1.3600 area.

1. The recent drop from last consolidation area so far is about 2100 pips and if it goes to 1.3550 it will be about 2400 pips, the largest drop in recent history so I'm looking at possible exhaustion of that downtrend.

2. Daily RSI is not showing oversold yet but close, another reason to wait few more days.

3. 61.8 Fib retrace from 1.3550 area would put it at about 1.5000 - round attractive, psych number. Producing about 1500 pips if scaled in properly that's a lot of money.

4.Daily Trend Line (TL) projected shows a possibility of even further retracement but we'll worry about that once we achieve the 1.5000.

5. I need to study some fundamentals now, will update when I have some info on that.



R
  • #62
  • Mar 17, 2010 1:04pm Mar 17, 2010 1:04pm
Thanks Robert, all your posts are appreciated here!
  • #63
  • Mar 17, 2010 3:13pm Mar 17, 2010 3:13pm
USDCHF
Attached Image (click to enlarge)
Click to Enlarge Name: usdchf031710259.gif Size: 27 KB
  • #64
  • Mar 17, 2010 5:12pm Mar 17, 2010 5:12pm
I started an account to try to follow the method. I opened it today with 250 bucks and have 25 more than I started with.

I will follow your lead on getting started with nice 20-40 pip trades.
  • #65
  • Mar 17, 2010 6:01pm Mar 17, 2010 6:01pm
Quoting Cod
I started an account to try to follow the method. I opened it today with 250 bucks and have 25 more than I started with.

I will follow your lead on getting started with nice 20-40 pip trades.
Congrats on your 10%

I'll be posting some possible set ups for discussion but I will not necessarily be taking all the trades, although I'll try to state whenever I'm in the trade.



R
  • #66
  • Mar 17, 2010 7:53pm Mar 17, 2010 7:53pm
Are we at the end of the 4th wave correction in all the pairs interesting

Notice the RSI at top of correction #2 was approx. 66 and now at #4 it was approximately 66.

Could we go to 1.3000 very soon?
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd031710747.gif Size: 24 KB
  • #67
  • Mar 17, 2010 8:46pm Mar 17, 2010 8:46pm
I guess I am just waiting on a little news from the fundies about pigs or jobs or something before this last runup looses its legs completely. I am not sure if technicals alone can really drop it out yet.
  • #68
  • Mar 17, 2010 9:34pm Mar 17, 2010 9:34pm
Quoting Cod
I guess I am just waiting on a little news from the fundies about pigs or jobs or something before this last runup looses its legs completely. I am not sure if technicals alone can really drop it out yet.
Always best to have technical and fundamental align, especially for longer trades.
  • #69
  • Mar 17, 2010 10:31pm Mar 17, 2010 10:31pm
Quoting robertw
Always best to have technical and fundamental align, especially for longer trades.
Very true, I have to think there is at least one more significant high risk aversion news cycle to go through before these bulls can really have their way. I am just going to keep my powder dry until it hits and maybe start to build some positions with that goal in mind.

I am finding that having the focus of very high return on this account puts me in a better MM frame of mind, actually a little more conservative in some ways.

I like this idea of having a very high goal.
  • #70
  • Mar 18, 2010 11:53am Mar 18, 2010 11:53am
Quoting Cod
Very true, I have to think there is at least one more significant high risk aversion news cycle to go through before these bulls can really have their way. I am just going to keep my powder dry until it hits and maybe start to build some positions with that goal in mind.

I am finding that having the focus of very high return on this account puts me in a better MM frame of mind, actually a little more conservative in some ways.

I like this idea of having a very high goal.
Exactly, keep up the spirit.
  • #71
  • Mar 18, 2010 10:37pm Mar 18, 2010 10:37pm
Previously I pointed some Technical things about the EURCAD trade, here are few more thoughts.

1. So far EUR is falling across the board, however this will not continue indefinitely, no trend ever does. I personally believe that Eurozone will do everything they have to do, to fix the sovereign debt problem but its a big mess and may still take some time with possibility of other blow ups. Germany and France need the Europe as a whole to matter on the global scene much more then Club Med needs Europe. I have a feeling that they might quietly solve problems at other PIIGS countries now that they know how it can affect the whole union. Obviously all this will take weeks

2. CAD and other commodity pairs (AUD,NZD) are still strengthening, although reaching their monthly/yearly highs, difficult to say whether they will hold or be breached but the strengthening USD should at least slow them down.

3. CAD is trying for parity with USD but it seems to like the 1.06 area a lot so even if it reaches parity soon 1.06 will still play as top of its range channel and I expect it will be stuck in that range for months.

4. Could someone who knows more then I do please analyze the the current and projected Oil/gasoline situation.

5. I'm personally waiting right now to start building position in EURCAD my trigger to start accumulation will be formation of double bottom on H4 or daily and will add more if we see triple bottom. I don't expect that until at least 1.3500 at which point the fundamentals should stabilize for EUR toward reversal.

6. In the meantime I'm going to look for something to trade for next week.


R
  • #72
  • Mar 19, 2010 1:23am Mar 19, 2010 1:23am
Quoting robertw
Always best to have technical and fundamental align, especially for longer trades.
R,
I am keenly following your way of trading this is how I have always wanted to trade.
If fundamental remains undecided, what is the right thing to do? Keep quiet or trade based on TA with shorter targets? Is it possible to have Long term and short term approach at the same time?
"Put all your efforts in becoming effortless"
  • #73
  • Mar 19, 2010 7:32am Mar 19, 2010 7:32am
Quoting IamTHAT
R,
I am keenly following your way of trading this is how I have always wanted to trade.
If fundamental remains undecided, what is the right thing to do? Keep quiet or trade based on TA with shorter targets? Is it possible to have Long term and short term approach at the same time?
All comes down to your trading plan if you only do medium/long term and the indications are unclear best thing is to wait and the time waited will be paid for by much better trade entry (why didn't I know that when I started).
If you also do some shorter term trading and are comfortable with it by all means trade that as well, just leave yourself some margin for when the long term trade comes that you're ready. However, even in the short term I prefer to wait for the trade to come to me instead of jumping at every swing.
Discipline and Patience.


R
  • #74
  • Mar 19, 2010 7:49am Mar 19, 2010 7:49am
This is getting better everyday, the pair just dropped over 200 pips overnight and is almost at 1.3600. lets so how low can we go, 1.3200 maybe
  • #75
  • Mar 19, 2010 8:31am Mar 19, 2010 8:31am
Attached Image (click to enlarge)
Click to Enlarge Name: eurcad031910830.gif Size: 23 KB
  • #76
  • Mar 21, 2010 5:25pm Mar 21, 2010 5:25pm
For reasons not entirely clear to me, I was unable to copy a link the to Forex Crunch article today .......

Therein is a 4h chart which quite clearly shows that Oz-Dollar is likely to drop somewhere in the region of 500 pips in the next week. It also shows that we probably missed the entry on Wednesday/Thursday last. Never mind, wait for the first pullback; and maybe that is the correct thing to do in any case. What do you think Robert?

Ancillary to this is that there are two other crosses that will move up when Oz-Dollar goes down. At least they do usually. Eur-Aud should move up, but with the grief in the Eurozone at the moment it may remain flat as the Euro dives under different pressures.

That leaves Gbp-Aud. I was highly dubious of going long on this pair, until today. A little consideration into the likely trend for GBP over the coming week might shed light into the potential for some good profits, or not.

The fly in the ointment is China. Any heat and light between Washington and Beijing over the strength or pegging of the Yuan will probably strengthen the US dollar, imho. That should at least drive Oz-Dollar even lower in the short term.
Minesweeper target: 284
  • #77
  • Mar 21, 2010 6:05pm Mar 21, 2010 6:05pm
Quoting robertw
This is getting better everyday, the pair just dropped over 200 pips overnight and is almost at 1.3600. lets so how low can we go, 1.3200 maybe
Hi, can you explain why you are not already short on this pair?
Thx
Minesweeper target: 284
  • #78
  • Mar 21, 2010 6:47pm Mar 21, 2010 6:47pm
Quoting Primate
Hi, can you explain why you are not already short on this pair?
Thx
It hit 1.3620 briefly when I was asleep (who invented time zones and sleep ), if I wasn't I may have entered but it was a quick move so maybe I would have missed it, anyway I didn't expect 1.3600 that fast.

You ask why? I simply prefer to go in the direction where there is more potential. At this point I believe that this pair is near exhaustion to the downside (just waiting for something definite out of Europe) and I see a whole ocean open to the upside.

Therefore, I'm going to patiently wait for some confirmations and start building long position. The confirmation that I'm waiting for is: touch of 1.3850 followed by re-test of 1.3620 and some positive news out of Eurozone(EZ) at about that time.
Scenarios:
1. If we start having bad news from EZ this week then I'll wait for new lows and then confirmation of these lows based on the 123 rule. If we go to new lows I plan to start building small positions at around 1.3500 or lower since that is the low tested twice before.

2. If we start getting strong positive news from EZ then the pair may take off upwards however this is doubtful since its a complicated mess and solution will come in pieces (mixture of good and bad news) so assuming trickle of positive news I expect a move up followed by another drop induced by either positive CAD news or some minor bad EUR news possibly to between 1.3600-1.3700 and if that holds and the news is still generrally Euro positive it will be a time for me to start building longs.

3. If all hell breaks loose and the pair stops dropping like a stone I'll just open a champagne and celebrate waiting for the bottom which will make the recovery just so much bigger - assuming Euro is still in existence.


R
  • #79
  • Mar 21, 2010 7:02pm Mar 21, 2010 7:02pm
Quoting Primate
For reasons not entirely clear to me, I was unable to copy a link the to Forex Crunch article today .......

Therein is a 4h chart which quite clearly shows that Oz-Dollar is likely to drop somewhere in the region of 500 pips in the next week. It also shows that we probably missed the entry on Wednesday/Thursday last. Never mind, wait for the first pullback; and maybe that is the correct thing to do in any case. What do you think Robert?

Ancillary to this is that there are two other crosses that will move up when Oz-Dollar goes down....

I was playing with AUDUSD on Friday by shorting it. I had 50 pips in profit but eventually closed at only 30 pips. I entered again but then the market was shutting down for the weekend so i just closed with a 2 pips loss.
To be honest I'm kind of unsure of where this pair will go. It does not have a definite trend if you look at the daily chart.
If the USD gets stronger AUD will definitely get weaker but it has been surprisingly resilient the last few days so I would probably not expect a 500 pips drop very fast except for something negative related to China's growth which is exactly as you mentioned. That said China is going so strong that I don't know what it would need to be.

BTW. I love trading AUD, NZD especially with JPY, so for now I would just trade those on a short time frames.


R
  • #80
  • Mar 21, 2010 8:56pm Mar 21, 2010 8:56pm
Attached Image (click to enlarge)
Click to Enlarge Name: gpp monthly.gif Size: 45 KB
1 trader viewing now