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The WoRmHoLe

  • #5,781
  • Mar 27, 2010 12:29pm Mar 27, 2010 12:29pm
Quoting nAVIN2007
YUP im still in this one, looking for the monthly close to close above 1.50..then i will feel a lot more confident with the upward direction..waiting game right now for me..

thx god dailly gave a bullish signal..and weekly range last week is poor..it has a chance, even if monthly body is very small...hang tight folks..
Hi Navin.....and apologies to Azim,as this is a WEEKLY CHART....
Nav untill we get a close beyond the Brown Boundries,we may " RANGE " perhaphs untill the election ??..

GBP_USD Spot.png
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  • #5,782
  • Mar 27, 2010 3:54pm Mar 27, 2010 3:54pm
Quoting baz
Hi Navin.....and apologies to Azim,as this is a WEEKLY CHART....
Nav untill we get a close beyond the Brown Boundries,we may " RANGE " perhaphs untill the election ??..

GBP_USD Spot.png
your right, thanks for pointing that out!!..i overlooked that completely
  • #5,783
  • Mar 28, 2010 2:24am Mar 28, 2010 2:24am
Quoting Indeskey
Hello WB,

I newbie at forex... still learn about this.

I have question, what is the meaning of "DX"?

Thanks
DAX index i think ( I DONT KNOW MYSELF)
  • #5,784
  • Mar 28, 2010 5:31am Mar 28, 2010 5:31am
Quoting wormboy
By the way, would like to share to the new guys.

The trend is your friend

Bollocks. That saying is so overrated, don't buy into the hype.
Trading with the trend is just a safer way but it's not the only way.
So if you're learning, learn to counter trend trade as well. Very useful skill to have in the bag once mastered. Those tops & bottoms wouldn't be all to hard to pick when you know how. My 2009 trades were nearly 80% counter trend.
Some of my buddies here said my "buy" button that time was broken
But those counter...

Hi Azim,

Don't take this the wrong way but I just had to pick u up on this post.

Ur right CT trading can be very profitable and you do it very well, but..... for newbies it is a very dangerous strategy and IMO its why 95% of traders fail.

Following the trend is way easier and if you read some of the other great traders(Jacko, Strat, James, Ryan,fti,Clockwork etc.etc). on FF they nearly all trade with the dominant trend.

I think you probly know my trading style - I like things to be boring Tried picking tops and bottoms and blew 4 accounts before I adopted Dr Joes(Strats) maxim - if its going up - buy, if its going down sell, yeah I know its not that easy but thats the gist.

When I'm scalping I do CT trade but with much smaller positions and tighter stops, but newbies shouldn't scalp till they know how to trade trends imo.

Yeah CT(picking tops and bottoms) trading is sexy and macho - but that is not the way to make money - its the quickest way I know to blow your account - been there - done that(X4).
  • #5,785
  • Mar 28, 2010 5:43am Mar 28, 2010 5:43am
Quoting Indeskey
Hello WB,

I newbie at forex... still learn about this.

I have question, what is the meaning of "DX"?

Thanks
Hi indeskey,

DX short for Us Dollar Index.
Thank You
  • #5,786
  • Mar 28, 2010 5:45am Mar 28, 2010 5:45am
my euro trade is still alive. no worries if it gets stopped out. i took the trade by my rules and the trade was valid so no cause for second thoughts.

is your cable sell still on?

[quote=wormboy;3589046]Hope the trade went well for you shades.
We'll turn it around next week
  • #5,787
  • Edited 6:24am Mar 28, 2010 6:04am | Edited 6:24am
Quoting stewrigh
Hi Azim,

Don't take this the wrong way but I just had to pick u up on this post.

Ur right CT trading can be very profitable and you do it very well, but..... for newbies it is a very dangerous strategy and IMO its why 95% of traders fail.

Following the trend is way easier and if you read some of the other great traders(Jacko, Strat, James, Ryan,fti,Clockwork etc.etc). on FF they nearly all trade with the dominant trend.

I think you probly know my trading style - I like things to be boring Tried picking tops and bottoms and blew 4 accounts...
Hi stew.
All good .. but I have to stress that it's not about sexy & macho. Sorry, but sexy or macho has absolutely nothing to do with, it's about making money, by any means necessary.
In my post you quoted, I did mention the same thing you said, I said, trading with the trend is only a safer way, but it's in no mean the only way. One need to be able to develop the skill of counter trading to be able to trade effectively. I still remember when I sold euro at 1.5 & again at 1.45 many were still adamant we're still in an uptrend.
What would've happened if one was still trying to build long positions then? For the sake of argument, that too could easily blow one's account just as quick as counter trading. I know you choose to trade with the prevailing trend only, that is your choice & I respect that. But in my house, we recommend people to learn to be flexible in picking trade directions. I do not believe 95% traders fails because of their inability to pick the right directions. I believe the majority fails because of poor risk management.

But in all fairness, I hope no one takes what I said out of context and think that I'm trying to take the newbies to the slaughter house. We do our part here to protect the newbies who follow this thread by advocating one should master HTF trading before attempting ltf scalps, just like you mentioned stew.

Quoting wormboy
that's true.
scalping can be very taxing. I would not recommend it to new traders. Higher timeframes need to be mastered no matter what before attempting to lower down to scalping. If you can't identify trends/pattern properly on the high time frames, there is no chance you can do it on the ltf succesfully. Those micro trends can be very tricky to the untrained eyes.
Thank You
  • #5,788
  • Mar 28, 2010 6:15am Mar 28, 2010 6:15am
Quoting coolshades
my euro trade is still alive. no worries if it gets stopped out. i took the trade by my rules and the trade was valid so no cause for second thoughts.

is your cable sell still on?

Okay, good stuff. Always stick to your guns

Yes, my cable sell is still on.
I'll be going into next week still looking to sell rallies (scalping excluded).
D1 bearish flag is valid. Previous H4 close before friday's fixing also indicated that buyers are not yet in control. Will only look to revert to buying if price can close above 5000 handle.
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Thank You
  • #5,789
  • Mar 28, 2010 6:19am Mar 28, 2010 6:19am
Also, a good friend - BullBear raised the question of bullish divergence last friday. Not that I missed it, but I had my reasons not to take it.
Attached chart below shows that the previous divergence retraced towards 50% fib level & sold off. Again, last Friday's divergence retraced & tested at the 50% level, & failed to close above.
We're not ruling out a bullish move but, at this point we have more reasons to remain bearish, only negated by a breach of 5000 handle.
So, this one remains to be seen.
Good luck.
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Thank You
  • #5,790
  • Mar 28, 2010 6:56am Mar 28, 2010 6:56am
Quoting wormboy
Hi stew.
All good .. but I have to stress that it's not about sexy & macho. Sorry, but sexy or macho has absolutely nothing to do with, it's about making money, by any means necessary.
In my post you quoted, I did mention the same thing you said, I said, trading with the trend is only a safer way, but it's in no mean the only way. One need to be able to develop the skill of counter trading to be able to trade effectively. I still remember when I sold euro at 1.5 & again at 1.45 many were still adamant we're still in an uptrend.
[color=red]What would've...
What would've happened if one was still trying to build long positions then?
Yep - you also need to recognise when the trend ends.

I believe the majority fails because of poor risk management.
And.... don't over leverage, set stops and make sure you are fully capitalised.

GL Azim.
  • #5,791
  • Mar 28, 2010 2:39pm Mar 28, 2010 2:39pm
as for poor insignificant me,i would look to go long only if daily closes above dotted line and above upward trendline.

Quoting wormboy
Also, a good friend - BullBear raised the question of bullish divergence last friday. Not that I missed it, but I had my reasons not to take it.
Attached chart below shows that the previous divergence retraced towards 50% fib level & sold off. Again, last Friday's divergence retraced & tested at the 50% level, & failed to close above.
We're not ruling out a bullish move but, at this point we have more reasons to remain bearish, only negated by a breach of 5000 handle.
So, this one remains to be seen.
Good luck.
Attached Image
  • #5,792
  • Mar 28, 2010 4:17pm Mar 28, 2010 4:17pm
What a gap on the opening for Euro, looks like a good sign to me.
"Hate the sin, love the sinner." - Gandhi
  • #5,793
  • Mar 28, 2010 4:21pm Mar 28, 2010 4:21pm
Quoting TheGabriel
What a gap on the opening for Euro, looks like a good sign to me.
going short iin it??

Ub
  • #5,794
  • Mar 28, 2010 4:35pm Mar 28, 2010 4:35pm
Quoting TheGabriel
Cable came down a bit after the shorts then went up again.
The sells didn't have big impact so I think there's some strength on Euro zone and cable might go up to 1.5000 zone again.

I'm buying from 1.48781 and it looks like we have a double bottom in place and an indicator (QQE) wich is usually a strong arrow points up. Of course you cannot consider too much the indicators but the double bottom with good news for euro should help Cable imo.

I've left 3 trades over-week with my tp and sl.
I'm buying still.
http://cdn.forexfactory.com/attachme...7&d=1269684821
Floating 140 pips now on these 3 thanks to gaps, will see in the Lndn session if we hit tp.
"Hate the sin, love the sinner." - Gandhi
  • #5,795
  • Mar 28, 2010 5:11pm Mar 28, 2010 5:11pm
Quoting wormboy
Added.

GBPUSD

1. short @4883 sl @5000 (0.1)
2. short @4885 sl @5000 (0.2)


Added.

GBPUSD

1. short @4883 sl @5000 (0.1)
2. short @4885 sl @5000 (0.2)
3. short @4955 sl @4972 (0.2)
Thank You
  • #5,796
  • Mar 28, 2010 5:48pm Mar 28, 2010 5:48pm
Quoting wormboy
Added.

GBPUSD

1. short @4883 sl @5000 (0.1)
2. short @4885 sl @5000 (0.2)
3. short @4955 sl @4972 (0.2)


Closed partial

GBPUSD

3. short @4955 closed @4927 (0.2)

Remaining trade unchanged

GBPUSD

1. short @4883 sl @5000 (0.1)
2. short @4885 sl @5000 (0.2)
Thank You
  • #5,797
  • Mar 29, 2010 12:15am Mar 29, 2010 12:15am
Quoting TheGabriel
I'm buying still.
http://cdn.forexfactory.com/attachme...7&d=1269684821
Floating 140 pips now on these 3 thanks to gaps, will see in the Lndn session if we hit tp.
AUDUSD sell closed at BE and reversd to buy at 0.90800 witl SL 0.8995 and TP 0.9237.
"Hate the sin, love the sinner." - Gandhi
  • #5,798
  • Mar 29, 2010 12:46am Mar 29, 2010 12:46am
Hello Wormboy!
I am still following your thread, but just keeping my mouth shout until I can start contributing with good analysis.
Meanwhile, I have one general question, which is where do you check FX related news and analysis?
I follow Bloomberg's currency section, forexlive.com, and couple of FF threads, but I am just curious if there's any other sources where I could get infos related to FX.
Well, if you know any other great source, plz let me know!
Always Thank you !
  • #5,799
  • Mar 29, 2010 1:18am Mar 29, 2010 1:18am
http://cdn.forexfactory.com/attachme...7&d=1269684821

EURGBP buy @ 0.89262 closed at 0.89941 +18 pips
reversed to sell

New trade
EURGBP sell @ 0.89941 SL 0.90338 and TP 0.89110

GBP has strength. Cable buy @ 1.4878 still running +75pips now, tp at 1.5040
"Hate the sin, love the sinner." - Gandhi
  • #5,800
  • Mar 29, 2010 1:20am Mar 29, 2010 1:20am
Quoting wormboy
Closed partial

GBPUSD

3. short @4955 closed @4927 (0.2)

Remaining trade unchanged

GBPUSD

1. short @4883 sl @5000 (0.1)
2. short @4885 sl @5000 (0.2)
your stop is right at the resistance level its almost certain it will get hit and this will be the area traders will target for profit levels bro..gonna be an interesting week..have a good a safe one brother

catcha later bro!! gotta go work
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