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  • #212,781
  • Apr 3, 2010 6:29pm Apr 3, 2010 6:29pm
Quoting 5abi
ok. yeah now that you say semaphores and chi (i think it is actually called shi channel) used them in a previous life trader i mention was either tro or MP i thinnk...
MP was my charting mentor back in the stock days, and was the fella who introduced me to the Forex.

Haven't chatted with him since Christmas.

He's a good guy, great teacher.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #212,782
  • Apr 3, 2010 8:38pm Apr 3, 2010 8:38pm
Yep, cool guy. Gets banned everywhere though- hard to understand his style AND idiots think he is selling some stuff or duping people- far from truth.

Quoting Magix
MP was my charting mentor back in the stock days, and was the fella who introduced me to the Forex.

Haven't chatted with him since Christmas.

He's a good guy, great teacher.
Its all in the mind.
  • #212,783
  • Apr 3, 2010 10:14pm Apr 3, 2010 10:14pm
Quoting 5abi
Yep, cool guy. Gets banned everywhere though- hard to understand his style AND idiots think he is selling some stuff or duping people- far from truth.
He is back where I started with him. I had a forex live stream chat opened up there I was inviting members to, having him in and working with him was a great pleasure, unfortunately time has not been on my side to continue on with this.

Though our styles have always been a little different, his lessons are still true.

1. You cannot trade with scared money.
2. Learn to trade before you trade.
3. Listen to the charts, they tell the tale.

I have seen some of the BS that has followed him and understand as under a different handle had a lot of crap follow me too. Though have never sold or promoted for profit, I sure had to deal with the crap and accusations.

Nice to have met somebody else who Mr. Parker left a favorable mark on.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #212,784
  • Apr 4, 2010 2:12am Apr 4, 2010 2:12am
Quoting egkid
Where are we now?
Daily Chart G/U (We have been bouncing for 1 month now between 2 Red dots line 1.48 - 1.53 )
Not confirmation yet but looks to me we going to 1.56 then after that to 1.43xx
PS: Yearly pvt 1.57 Red line , Pink line Yearly S1
I could be wrong but this what i see and remember everyone trade depends on His TF and MM
Hope the chart is clear and wish U all +++Green
Nice long-term outlook, which is very clear. Can't see 1.56 unless we break through 1.538, but expect the unexpected. I'm still leaning towards the bear side long-term.
  • #212,785
  • Apr 4, 2010 2:24am Apr 4, 2010 2:24am
Here is another article from my favourite publication. It's main focus is obviously AUDGBP but thought it was still relevant.

For a central banker, Glenn Stevens, Governor of the Reserve Bank of Australia, talks remarkably straight. "I think it's a mistake to assume that a riskless, easy, guaranteed way to prosperity is just being leveraged up into property," he says. "It isn't going to be that easy." Sound advice. But he's not just a talker – Stevens is taking action that is proving good for Australia and its currency. And that means there's money to be made by investors.

For as long as Bank of England chief Mervyn King still frets about a double dip, Britain's base rate will stay at just above zero. The longer it stays there, the more the weakening pound will remain under pressure. So foreign investors are getting very little reward for holding sterling right now.

But things couldn't be more different in Australia. Almost everyone else in the world has struggled to escape the worst slump for years. Yet in Australia, near-boom times have returned. Last quarter's growth was the fastest for almost two years, with the biggest job surge for three years. January's building approvals were 60% higher than 12 months before. Business confidence has accelerated, which is reflected in machinery and equipment spending soaring by almost 11% last quarter, compared with the previous three months.

In short, Australian firms are making money, so the Australian dollar has surged. It recently hit a 25-year high against the pound. And there's more to come. "The question now is not whether growth will be sustained, but rather how strong it'll be in 2010," says Brian Redican at Macquarie Group.

But there's a flip side. Firms may soon "encounter the side-effects of strong growth", says Redican, "such as labour shortages and industry bottlenecks". For example, higher wages are being paid to attract staff – and are filtering into the property market. Despite Steven's sobering words, house values are up 11.8% in the 12 months to January 2010. "Housing shortages, low interest rates and speculative fervour have turbo-charged house prices," says Adele Ferguson in the Sydney Morning Herald. Indeed, "60% of investors believe Australia has a property bubble".

However, Stevens has already shown he's a central banking tough-nut. Since last October, he's raised the benchmark cash rate by a third to 4%. Now he's promising similar medicine. "It wouldn't do people any favours to have a prolonged period of very low rates, then hammer them unexpectedly," he says. "You shouldn't assume that [rates] will stay that low – because that assumption will prove unfortunate." In other words, another rate hike next month is on the cards. Throw that into the mix alongside the much stronger Australian economy, and the Australian dollar seems very likely to keep climbing against sterling.

It goes on to recommend two Ozzie stocks to invest in. Here is the link, but in order to see the article, you do need to be a subscriber of the magazine, so I don't think this link is relevant to most people! http://www.moneyweek.com/investments...der-48010.aspx
  • #212,786
  • Apr 4, 2010 2:42am Apr 4, 2010 2:42am
A number of people requested to see this article, but I never got round to it. It is a basic introduction to charting focusing on cable with links for further information. This is taken directly from... yes you guessed it!

If you are already an accomplished chartist, you can skip this post and save yourself some time.

Technical analysis using charts is a useful tool for timing trades. But you needn't get bogged down in all the details and jargon. Here they discuss the basics.

Many of the principles of stock trading apply equally to currency trading. I like to use a healthy mix of fundamental and technical analysis. As they point out in this earlier article Where to place your bets in the currency markets that I posted on here, each currency is affected by a mixture of fundamental factors. The Australian and Canadian dollars, for example, tend to rise and fall with commodity prices. The British pound, meanwhile, tends to follow the fortunes of Britain's all-important financial sector.
But what about timing your trade? This is where technical analysis comes in. It can be as easy or as complicated as you make it. So don't worry if you can't tell your oscillators from your stochastics – you don't need to understand them. What you do need to know is what timeframe you're trading in. If you are day trading, for example, long-term macro calls, such as "the Canadian dollar should rise because of declining global oil reserves", are irrelevant. Similarly, if you're looking at a three-year picture – sterling's downtrend, say – then the fact that Gordon Brown might have made some noises last week about cost-cutting that sent the pound higher, is also irrelevant.
Once your timeframe is decided, you need to draw up a relevant chart. If you are day trading, you might look at daily, hourly, or even 15-minute charts. If you are making a longer-term call, you might prefer a weekly, or even a monthly, chart. Lots of sites offer free, easy-to-use charting software (see below for more).

Of all forms of chart analysis, the simplest and best is the straight line. It can help you identify trends, channels, entry and exit points, where to place your stop, likely points of support and resistance, and lots more.
Take a look at the first chart below.

Attached Image


It's a 20-year monthly chart of the pound. I've drawn three horizontal lines on it. They show graphically what most people will already know: that there is a great deal of resistance at the $2 mark (blue line) – that's where to sell sterling and buy US dollars. There is a great deal of long-term support at the $1.40 mark (red line) – that's where you would sell dollars and buy sterling. And there is a great deal of both support and resistance at the $1.70 mark (green line). In bear markets, this level has acted as a ceiling through which sterling can't break – the 2009 rally petered out here. And in sterling bull markets it has been the floor at which sterling has found support.

But this does not really help the trader. Sterling has only tested the $1.40 level of support three times in the last 20 years: in 1993, 2001-2002 and 2009. So you'd have been waiting a long time for your entry point. It's only tested the $2 mark three times: in 1991, 1992, and from late 2006 to mid-2008, when it hovered around that area. So if you had sold (gone 'short') sterling in 2006 at $2, you'd have had to wait two years to see real gains.

So let's shrink the timescale a little. If we look at a three-year chart (below), again we see the importance of those three levels.

Attached Image


Based on these lines, sterling is a sell above $1.65 and a buy at $1.40. You would place your stop (the level at which your bet is closed, saving you from further losses if the trade goes against you) above $1.70 and just below $1.35.

Let's get even closer and look at a one-year chart (below).

Attached Image


I hate to speak ill of the currency of our great nation, but that is one ugly chart. I have left on the red and green lines to show the long-term points of support and resistance. The black lines show a channel that was forming since the summer. You might have sold sterling at the top of the channel and bought back at the bottom of the channel, leaving stops somewhere just beyond the channel. In late February, when it emerged that a hung parliament was a real possibility, sterling broke down through the channel. Your stop placed just below the black line would have been triggered.

Now we have another channel in place, shown by the purple lines. This is a short-term channel, but again we can trade from it. You might sell sterling at $1.52, but put a stop just above at, say, $1.535, hoping the channel will hold. If it doesn't, and your stop is triggered, you might look for sterling to rally back to the black line and bounce off it. In which case you might look to sell at $1.55 with a stop at either $1.58, or just above $1.60.

Where can I learn more?
Among the UK sites offering free charting software, www.digitallook.co.uk is worth considering. For my own charting, I use www.bigcharts.com for companies; www.futuresource.com for commodities and forex; and www.stockcharts.com for indices. Stockcharts is free but also offers an excellent premium service. Many of these sites also offer useful tutorials in technical analysis.
  • #212,787
  • Apr 4, 2010 2:53am Apr 4, 2010 2:53am
Quoting Magix
...For yourself Nav.

I have both traded with you and against you, but still respect the one thing that I learned most from you.

When seemingly on opposite sides of the trade, it is still the strength in what I have learned from you that even when opposed, I can still find the strength in my positions.

We are different in time-frames but not different in styles. Again, this is the unique stylings of the individual trader.

The lessons that I take from kill, if I cannot celebrate as a victor, to celebrate those victorious around me.

We live,...
Quoting nAVIN2007
yes i respect u completely bro..actually honestly i do..i think trading wise your like EO u use a system..i trade naked, its different but i know one thing..u have to be a better trader to trade the way u do ..i have plenty of respect for your ability and i take notice and learn..

The truth is..u guys know my journey cannot lie, everything i know has pretty much come from input in this forum i spend 90% of trading in here.. and learn from any1..and yur right..best way to learn is to try and teach someone else

much love to u all...
Quoting bbakker
Who removed the recent posts of the bickering between Magix and nAVIN2007? ...
I'm glad you two have sorted your differences! We can all learn from each other on here. (to a degree ) A harmonious room is a productive room!
  • #212,788
  • Edited 3:11am Apr 4, 2010 3:00am | Edited 3:11am
I've been up bright and early to do a little homework. F1 Grand Prix starts soon, lunch with the out-laws, and then to the golf course for my doubles comp. (Lost the singles on the 18th two days ago. Oh well!). See you here for the opening bell and if I find some time, I might subject you to one of my charts
  • #212,789
  • Apr 4, 2010 3:43am Apr 4, 2010 3:43am
Quoting bbakker
I'm glad you two have sorted your differences! We can all learn from each other on here. (to a degree ) A harmonious room is a productive room!
i never take things personally and nor does magix - good sign for trading
  • #212,790
  • Apr 4, 2010 4:34am Apr 4, 2010 4:34am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
Magix, do you know where is MP now a days?

I remember him last on stockhideout. Don't see him there anymore.

He is a good mentor. He has a very strong personality though which puts him in trouble most of the times.

Me and Turvey used to be on his forum at FF. What screen name was you?


ta
ams


Quoting Magix
He is back where I started with him....
  • #212,791
  • Apr 4, 2010 4:40am Apr 4, 2010 4:40am
Quoting bbakker
I've been up bright and early to do a little homework. F1 Grand Prix starts soon, lunch with the out-laws, and then to the golf course for my doubles comp. (Lost the singles on the 18th two days ago. Oh well!). See you here for the opening bell and if I find some time, I might subject you to one of my charts
F1 was not as good as the weekend before last! The championship is wide open, although those Red Bulls really do have wings!
  • #212,792
  • Apr 4, 2010 5:00am Apr 4, 2010 5:00am
Quoting PipMaxzz
Thats really tempting! Compounding will make us rich fo sure. When I was new to fx, I used to have all kind of calculations that could turn my few thousands to a M$ in one month, one year and so on. But I had no much success. Reading your post, the question came to my mind is can we consistently keep gaining 30 pips every day? Greed and fear doesnt let us get consistent results.
You have my support and let me know if you could make it to M$. If you fail, it is just 500$ and you can start again. Next time may be you should start with 10 pips and...
In order to earn 30 pips/day, you will need a earnings target of more than 30pips / day. The reason is simple, you will have loosing days, loosing streaks and make stupid mistakes. Depending on the position size and stop losses, you may have to target anywhere from 50 pips to 80 pips per day to maintain an average of 30 pips per day.

I keep it simple, i just take what the markets give me. On days when the ATR is high and the market is trending well, I take more, anywhere from 50-100 pips. ( The NFP results yielded me a tidy 70 pips)If the ATR is low, I will be happy with 5-10 pips. Aiming for 30 pips when the market is too choppy or the ATR is low, will get you killed (thats my experience anyway)
  • #212,793
  • Apr 4, 2010 6:01am Apr 4, 2010 6:01am
Thank you for ur profound thoughts. Its been a while since I looked at the big picture.
Good Job & Keep it up


Quoting bbakker
A number of people requested to see this article, but I never got round to it. It is a basic introduction to charting focusing on cable with links for further information. This is taken directly from... yes you guessed it!

If you are already an accomplished chartist, you can skip this post and save yourself some time.

Technical analysis using charts is a useful tool for timing trades. But you needn't get bogged down in all the details and jargon. Here they discuss the basics.

Many of the principles of stock trading apply equally...
  • #212,794
  • Edited 8:30am Apr 4, 2010 6:03am | Edited 8:30am
hey crackforex heads

hope u are having a nice weekend happy holidays
the b;;;;;;;;;;h is overvalued .
cable i dont know what it will do up down but after a quit fraiday with not bad NFP i think we will see some down if we break 15000 we will for sure see some new lows daily and monthly down its a day by day play.

still short any close above 15380 i will reverse

lets see what the BOE will do for cable

i might be wrong

http://www.learntotradethemarket.com/

http://compare-forex.com/how-to-devi...rading-system/

http://www.fxhometrader.co.za/Are_yo...od_Trader.html
Attached Image (click to enlarge)
Click to Enlarge Name: daily cable.gif Size: 16 KB
  • #212,795
  • Apr 4, 2010 6:56am Apr 4, 2010 6:56am
Hi,

Monday 5april will be another slow day as most of the markets are closed. Personally I think that cable is going to retest the 1.5180 support before going back to 1.5250 till the ism figures are out. Even if the ism figures are out it will play slow due to low liquidity. I think we will get a clear signal on tuesday when there will be reasonable liquidity in the markets starting from the asian session. I may be wrong, please don't follow as I am only thinking loudly.

Kind regards
Mkashif
  • #212,796
  • Apr 4, 2010 8:34am Apr 4, 2010 8:34am

read with me

Are you a good Trader ?

These days everyone interested in Trading the FOREX MARKET wants to be a Forex Trader.
To determine if you will be a good trader, ask yourself the following questions...
a Person who has a good chance at being a successful trader has the following attributes.

 

  1. Is properly capitalized - enough money to trade and survive.
  2. Treats Trading as a Business.
  3. Has a low tolerance for risk.
  4. Trades only when the market provides an opportunity.
  5. Can control your emotions.
  6. Has a Trading Plan.
  7. Has a risk management plan.
  8. Is incredibly disciplined.
  9. Is focused.
  10. Has back tested his trading methodology.

a Person who has a good chance at failure has any of the the following attributes.

 

  1. Is undercapitalized.
  2. Lacks discipline.
  3. Overtrades.
  4. Does not understand the markets.
  5. Rushes into trades.
  6. Chases the market.
  7. Is afraid of missing a move.
  8. Is stubborn and marries a position or idea.
  9. Misinterprets the market news.
  10. Is always looking for home runs.
  11. Lets losers get too big.
  12. Takes winners prematurely.
  13. Takes trading too lightly.
  14. Takes large risks.
  15. Has little control of his emotions.

Suggested reading:
Before he became a successful trader, Marcel Link spent years wading from one system to the next, using trial and error to figure out what worked, what didn't, and why. In High Probability Trading, Link reveals the steps he took to become a consistent, patient, and winning trader--by learning what to watch for, what to watch out for, and what to do to make each trade a high probability trade...

  • #212,797
  • Edited 9:06am Apr 4, 2010 8:45am | Edited 9:06am
Quoting ams
Magix, do you know where is MP now a days?

I remember him last on stockhideout. Don't see him there anymore.

He is a good mentor. He has a very strong personality though which puts him in trouble most of the times.

Me and Turvey used to be on his forum at FF. What screen name was you?


ta
ams
Last time I was in chat with Mike was at at the hideout. I talked to the admin there, he set up a chat room for me for forex. I was using this to show others my MTF methods. (streaming forex chat still open)

Mike would pop in every now and again, as it was an open forex streaming chat. I checked in over at SHO, he still seems to be active there under his original nick, MP6140.

I got my start with charts at the hideout back in the day, working a long with and through Mikes charting lessons, which made for a great foundation for what I do today. We were two of the moderators of the Stock chat, and would work with the other mods and admin on evening charting lessons for the less seasoned traders, as well as keeping peace in the house.

Along with what I learned from Mike, I have taken some of the Turvey knowledge and applied it to my forex. All good stuff.

I have seen some of the charts you post AMS, I guess when put together with the info that you used to active with Mike on his thread, really makes sense. You seem to have a pretty good grasp on things and your charting from what I have seen, seems spot on.

It is nice to have samplings from a lot of great traders that we can use to apply to our own stratagies to give us a better foothold on the game.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #212,798
  • Apr 4, 2010 9:08am Apr 4, 2010 9:08am
Quoting Magix
...
It is nice to have samplings from a lot of great traders that we can use to apply to our own stratagies to give us a better foothold on the game.
Magix you made a great initial post to a thread you started, Lion mentioned it a few days ago as well .. for some reason you decided to discontinue the thread? Following Lion's link I found it
http://www.forexfactory.com/showthre...208103&page=28
and have incorporated your simplex chart into my trading this past week and have seen some great results.
Your ideas really deserve some attention.. maybe you can re-post it here, especially the part about your initial journey into forex, I really related to that!! LOL.
******************* I'd rather make money than be right.
  • #212,799
  • Apr 4, 2010 9:11am Apr 4, 2010 9:11am
Excellent points .. should be printed out and posted above every trader's desk.

Quoting kill56

read with me

Are you a good Trader ?

These days everyone interested in Trading the FOREX MARKET wants to be a Forex Trader.
To determine if you will be a good trader, ask yourself the following questions...
a Person who has a good chance at being a successful trader has the following attributes.
[list][*]Is properly capitalized - enough money to trade and survive.[*]Treats Trading as a Business.[*][font=Verdana][color=#000000]Has...
******************* I'd rather make money than be right.
  • #212,800
  • Apr 4, 2010 9:22am Apr 4, 2010 9:22am
Quoting 4xStar
Magix you made a great initial post to a thread you started, Lion mentioned it a few days ago as well .. for some reason you decided to discontinue the thread? Following Lion's link I found it
http://www.forexfactory.com/showthre...208103&page=28
and have incorporated your simplex chart into my trading this past week and have seen some great results.
Your ideas really deserve some attention.. maybe you can re-post it here, especially the part about your initial journey into forex, I really related to that!! LOL.
The thread is still available for those that wish to read through, as the grandest part of what I had to show was covered, the lessons stand, but the interaction and discussion based on the same charting can be covered in the cable thread.

It's one of them, where do you draw the line from trading system to interactive trading...time as an issue, I was getting spread a little thin. I do some discussion here on cable, work with a few other traders in chat, applying the same rules and adapting the system to work with other methods, (some other pairs). Who knows, maybe if I get around to a next thread, it will be the NEW AND IMPROVED Magix MTF...

Glad you were able to apply some of the methods and have seen some results. Some folk still drop me the odd pm if I miss their post on the forum with questions.

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
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