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Technical Analysis Fallacy

  • #14,521
  • Apr 22, 2010 6:57am Apr 22, 2010 6:57am
instead of posting here , concentrate on the market fana ,
pull out all ur resources n rescue this one ... think n strategize ...
To Live is the rarest thing in the world , Most people exist , that is all
  • #14,522
  • Apr 22, 2010 6:59am Apr 22, 2010 6:59am
bias for the day is down with the trend from 3402 area and with eyes open up from 3335.
  • #14,523
  • Apr 22, 2010 6:59am Apr 22, 2010 6:59am
Quoting maheswara
instead of posting here , concentrate on the market fana ,
pull out all ur resources n rescue this one ... think n strategize ...
Hi Maheswara. Yes. I go to the battle, i think i am in good menthal condition now.
still i have 30000 soldiers to win this...

this is the life, i like it..... rrrrrrrrrrrrr......
  • #14,524
  • Apr 22, 2010 7:02am Apr 22, 2010 7:02am
Quoting Fana
Help. i am caught in terrible DD with big snowball EUR long. Kill it?

Now minus 4,5%, but 20.000unit in battle (1,500account...)
Excuse me that, Fana, but I think the problem is your OPINION
about the USD.
My feeling is that you have a strong bias against the USD.

If I am not wrong:
Why? Are you super-economist with very good relationships in the
power circles?

If I am wrong, sorry.

Now you need steel temperament and patience to rescue
strong but short in time and bring back bit a bit what you lost.


Rgs,

Textor
  • #14,525
  • Apr 22, 2010 7:06am Apr 22, 2010 7:06am
Quoting textor
Excuse me that, Fana, but I think the problem is your OPINION
about the USD.
My feeling is that you have a strong bias against the USD.

If I am not wrong:
Why? Are you super-economist with very good relationships in the
power circles?

If I am wrong, sorry.

Now you need steel temperament and patience to rescue
strong but short in time and bring back bit a bit what you lost.


Rgs,

Textor
Hi Textor. I was silly, stupid.... yes...
  • #14,526
  • Apr 22, 2010 7:12am Apr 22, 2010 7:12am
Quoting Fana
Hi Textor. I was silly, stupid.... yes...
Don't say that.

Use 1 min as help for rescue.

Be careful right now.

Rgs.

T.
  • #14,527
  • Apr 22, 2010 7:13am Apr 22, 2010 7:13am
Quoting Fana
Hi Auxesis. I was temptated by "oversold of eur". Now i am oversold myself...
So upload 1,3300 long? Or there change direction or kill? Thank you.
My 2 cents:

Oversold/overbought is good only in range bound activity.

Once trend start and persist, it can remain at oversold/overbought region for a very long time. This is especially so when we are looking at M5 chart.
  • #14,528
  • Apr 22, 2010 7:13am Apr 22, 2010 7:13am
Quoting Fana
Hi Auxesis. I was temptated by "oversold of eur". Now i am oversold myself...
So upload 1,3300 long? Or there change direction or kill? Thank you.
Fana I can't tell you in advance how to trade or rescue. PA will tell you that when it happens.
  • #14,529
  • Edited 7:25am Apr 22, 2010 7:14am | Edited 7:25am
Fana,
My 0,0002. You missed the first setup blinded by something that you decided, rather than watching what the chart is telling you. That's the upper circle. Second circle is where your rescue attempt should've started - where there's some confirmed loose of momentum. The day was heavy on news - we live in interesting times, need to be extra careful.
By the way exactly the same thing happened yesterday.

Edit: 1) that's just my opinion! No recommendations here!
2) should've removed the TA analytical stuff, sorry

Edit 2: Foruming while trading will bring you no good - it only means that you have given up and are now looking for outside help. What we can do is tell you what you did wrong, no one will tell you what to do now in terms of buy here, sell there. Consider this an expensive lesson - you've already paid for it so I hope you learned what the market presented you with.
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  • #14,530
  • Apr 22, 2010 7:24am Apr 22, 2010 7:24am
Happy trading day everyone. Taking a coffee and fresh air break now after trading the E/J south, four nice pulses down and now retracing a bit. Probably needs to square up a bit above here if it is to continue south. A big FA in six minutes so time to fill up the coffee cup and focus. Good trading everyone!
  • #14,531
  • Apr 22, 2010 7:27am Apr 22, 2010 7:27am
Fana your view of the market is very limited and your impressing your views on the market, why do you say it's overbought.

The green area is where I'd think possible big buyers at, if they exist? won't know until it gets there, if it gets there. Chances are it continues south to the bottom of the channel 3100 or lower... but it ain't going there in a straight line.
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  • #14,532
  • Edited 8:49am Apr 22, 2010 7:42am | Edited 8:49am
So it is... Disaster.... I wont be here some time. Have to study and i thing that some posting from such.... like me... is not very suitable. So i will be only watching... Good trading...
Btw, we say good bye with my girlfriend some days ago...

Finally : the DD is 16,5%
  • #14,533
  • Apr 22, 2010 7:47am Apr 22, 2010 7:47am
Quoting auxesis
Fana your view of the market is very limited and your impressing your views on the market, why do you say it's overbought.

The green area is where I'd think possible big buyers at, if they exist? won't know until it gets there, if it gets there. Chances are it continues south to the bottom of the channel 3100 or lower... but it ain't going there in a straight line.
The news out of Europe is terrible today. I wouldn't share any thoughts on how low, but the euro is on the ropes now. Greece and Ireland both have bigger budget problems than originally thought -- surprise! Looking for a better price to take it south, perhaps after it squares back to around 3400, but the squaring up process has not started yet.
  • #14,534
  • Apr 22, 2010 7:51am Apr 22, 2010 7:51am
Quoting Fana
So it is... Disaster.... I wont be here some time. Have to study and i thing that some posting from such.... like me... is not very suitable. So i will be only watching... Good trading...
Btw, we say good bye with my girlfriend some days ago...
Fana,

Sorry to hear, but here's another lesson about trading........ when your mental state is not 100% stay out of the markets. Not saying that either is connected, but it's not wise to trade when you are not feeling top notch.

regards,
  • #14,535
  • Apr 22, 2010 8:54am Apr 22, 2010 8:54am
eyes open e/u 3287 area of interest backing out to weekly chart.
  • #14,536
  • Apr 22, 2010 8:56am Apr 22, 2010 8:56am
So from 4,5% i made 16,5%DD.... rescue is very dangerous.... But good lesson. See you... God bless. Fana
  • #14,537
  • Apr 22, 2010 9:01am Apr 22, 2010 9:01am
dont count ur p/l while trading , just trade ur best ,
at the end of the day there will be time to count ...
To Live is the rarest thing in the world , Most people exist , that is all
  • #14,538
  • Apr 22, 2010 9:19am Apr 22, 2010 9:19am
Fana,

I'm not experienced or skillful enough to help you with the rescue. I just want to point out that the begining of thist leg south was just after some headlines came out from Eurostat about Greece, Spain and Ireland. These headlines stated what GEfx told us in his post. I think you should keep a good eye on fundametnals also. I hope you don't get motivation problems after this loss.

For those that are riding south, may the pips be with you
As for me, I intend to re-read the thread. As fti said, after some practice things should be understood more easily. Time to read, think and digest.

Regards, MyTbo
  • #14,539
  • Apr 22, 2010 9:21am Apr 22, 2010 9:21am
Just reviewed some of the posts from this morning and am a little concerned about Fana, but also about the recommendations he received today. I do not want to open a can of worms here, nor am I absolving him of his trading sin. Why not just recommend that he kill the trade that is clearly against the trend, and flip it? In retrospect, was there too much focus on rescue? I know he seemed determined to rescue his ill-advised trade, but being down 4.5% seems to exceed anyones loss limit. Just wanted to ask the question.
  • #14,540
  • Apr 22, 2010 9:30am Apr 22, 2010 9:30am
Quoting GEfx
Just reviewed some of the posts from this morning and am a little concerned about Fana, but also about the recommendations he received today. I do not want to open a can of worms here, nor am I absolving him of his trading sin. Why not just recommend that he kill the trade that is clearly against the trend, and flip it? In retrospect, was there too much focus on rescue? I know he seemed determined to rescue his ill-advised trade, but being down 4.5% seems to exceed anyones loss limit. Just wanted to ask the question.
I second GEfx, those are the kind of crazy rescues I am talking about.
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