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  • #8,741
  • May 20, 2010 4:05am May 20, 2010 4:05am
OK Chris, lemmie help us push this thing down.........just added 13.5 Billion Zim Dollars to my EURUSD short.....now that should do it now Girlz & Boyz...............

Quoting clockwork71
Cool. I know how hard it is to do billions at a time, gotta "phase in". ;-)
  • #8,742
  • May 20, 2010 4:32am May 20, 2010 4:32am
Hi all, I'm undecided around the 1.24 to 1.26 area which line is the best support/resistance. I know it's a zone so that's the way I'll play it but fibonacci suggests to watch for 1.26.
Attached Image (click to enlarge)
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Position trader - Anything intraweek is just noise...
  • #8,743
  • May 20, 2010 8:57am May 20, 2010 8:57am
Quoting Arfer Daily
Hi all, I'm undecided around the 1.24 to 1.26 area which line is the best support/resistance. I know it's a zone so that's the way I'll play it but fibonacci suggests to watch for 1.26.

Truthfully, as I watch everything XXX/JPY act weak, I am noticing that EUR/USD isn't getting as hammered. Perhaps it may be best to wait for a rally to sell?
  • #8,744
  • May 20, 2010 8:57am May 20, 2010 8:57am
Quoting Danku
OK Chris, lemmie help us push this thing down.........just added 13.5 Billion Zim Dollars to my EURUSD short.....now that should do it now Girlz & Boyz...............

hehe

Kulu is from Zimbabwe - he probably can tell you how much that is exactly.
  • #8,745
  • May 20, 2010 8:58am May 20, 2010 8:58am
Ok, I have all my stops in place......I am going to be gone most of the day.

I have about 300 linear feet of fence to stain. I know, you are all jealous.

.....I actually know what it's like to watch paint dry.

Will check in this afternoon.
  • #8,746
  • May 20, 2010 3:20pm May 20, 2010 3:20pm
Good God. I leave for like 6 hours, and you guys tank the S&P by 3%? What in the world are you guys doing? lol
  • #8,747
  • May 20, 2010 3:26pm May 20, 2010 3:26pm
Hi
Sorry maybe i'm over react but What i see is Scary "Watch out next 24H"
Inserted Video
  • #8,748
  • May 20, 2010 3:30pm May 20, 2010 3:30pm
Oops. Lost 101 pips today trying to add to my EUR short.

Last night when I checked the charts I noticed that the EUR had retraced and formed a Double Bar PIN on the daily, but had formed a short PIN on 4hr right at intermediate resistance.

So I placed a sell order below the PIN, and a stop of 101 pips.

This morning when I went to work I was up about + 40, so I was expecting it to continue to decline, but instead it popped up to almost 1.2600 before retracing to 1.2500.

I have attached a chart of my entry.

Did anyone else short or add to anywhere?
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD 4H.jpg Size: 105 KB
  • #8,749
  • May 20, 2010 3:38pm May 20, 2010 3:38pm
Quoting jharvey407
Oops. Lost 101 pips today trying to add to my EUR short.

Last night when I checked the charts I noticed that the EUR had retraced and formed a Double Bar PIN on the daily, but had formed a short PIN on 4hr right at intermediate resistance.

So I placed a sell order below the PIN, and a stop of 101 pips.

This morning when I went to work I was up about + 40, so I was expecting it to continue to decline, but instead it popped up to almost 1.2600 before retracing to 1.2500.

I have attached a chart of my entry.

Did anyone else short or add to...
Hi jharvey407,

I was very tempted to add to my shorts exactly where you did but luckily for me I was holding out for 1.2500 - I have now sold again so fingers crossed we're going back down!

My H4 chart is currently showing a nice pin bar forming which might give you reason to enter again!

Regards,

Dan
  • #8,750
  • May 20, 2010 3:46pm May 20, 2010 3:46pm
Quoting egkid
Hi
Sorry maybe i'm over react but What i see is Scary "Watch out next 24H"
Hi egkid,

Just listened to that Beethoven clip and I have to say: captures the mood of the market perfectly! Love it!!

Regards,

Dan
  • #8,751
  • May 20, 2010 6:44pm May 20, 2010 6:44pm
Quoting jharvey407
Oops. Lost 101 pips today trying to add to my EUR short.

Last night when I checked the charts I noticed that the EUR had retraced and formed a Double Bar PIN on the daily, but had formed a short PIN on 4hr right at intermediate resistance.

So I placed a sell order below the PIN, and a stop of 101 pips.

This morning...

This was one of those "shit happens" trades. I think we are ready for a bounce, and today they got it because there were rumors of intervention coming from ECB. Nonsense, but it's the "rumor."

The BoJ has learned the hard way that intervention doesn't work. The EUR/USD is an even larger part of the forex market. To truly move this in s meaningful way would take several CB's at the same time.

I am waiting for a short set up......
  • #8,752
  • May 20, 2010 10:11pm May 20, 2010 10:11pm
Don't forget tomorrow is options-expiration Friday.
  • #8,753
  • May 20, 2010 11:45pm May 20, 2010 11:45pm
Hi CW:

Couple of questions from a newbie...

a. Do you actually use the MACD? Because I see it on your charts....

b. You mentioned early on that your Stop Loss is based on the last SR on a 4H TF. But those were early posts to this thread; how is this method holding up? Are you using a different SL method now, like a trailing SL maybe?

c. Personally I find it hard to stop myself from closing a position if it's in profit, especially if the price is at a minor SR and it appears that it's stalling. How do you do it?

Thanks!
  • #8,754
  • May 21, 2010 12:55am May 21, 2010 12:55am
Quoting albertsy2
Hi CW:

Couple of questions from a newbie...

a. Do you actually use the MACD? Because I see it on your charts....

b. You mentioned early on that your Stop Loss is based on the last SR on a 4H TF. But those were early posts to this thread; how is this method holding up? Are you using a different SL method now, like a trailing SL maybe?

c. Personally I find it hard to stop myself from closing a position if it's in profit, especially if the price is at a minor SR and it appears that it's stalling. How do you do it?

Thanks!
Not answering for chris, but here is what I think
a. Yes we use the MACD for divergence and that's it. No MACD cross or anything like that. Strictly used for divergence

b. From talking and watching chris' trades, yes he uses the previous SR for stops

c. This is a tough one. My suggestion is "do what you are comfortable with." There are some of us that can hold them for over 6 months and some of us that can't. It's a matter of comfort and your own personality and style of trading. You see Chris can hold a trade for a while and say end up taking, ummmm ... 800 pips. Me on the other hand cannot hold a trade for that long. So, I take profit as we move down (full profit) and then re enter on retracements (again because I don't like to see unrecognized profits of say 300 pips go down to 100 or even less pips before the final drop) But when it's all said and done, we both might get about the same number of pips on the trade. But Chris made one trade and I made 4 or 5 over the course of 6 months or whatever period it takes to reach final target based on the same technical analysis.

But how do you know what type of trader you are? Experience. You just have to try holding and take your temperature when you go from up 200 points to being 10 pips or even negative before price finally moves your way. If you had a fever during that time when you gave up those paper profits, then maybe you are the take 200 pips and wait for a retracement type trader. But again, understand that that retracement might not come.

Again, I am not speaking for Chris but this is what I've noticed from experience. Trust me I have tried both ways. Been up 400 pips on just to be taken out at +50 or +100 pips eventually.

Hope this helps explain some of your question. I happened to be up and saw your questions.

Kulu
  • #8,755
  • Edited 2:39am May 21, 2010 2:38am | Edited 2:39am
Quoting kulu
Not answering for chris, but here is what I think
a. Yes we use the MACD for divergence and that's it. No MACD cross or anything like that. Strictly used for divergence

b. From talking and watching chris' trades, yes he uses the previous SR for stops

c. This is a tough one. My suggestion is "do what you are comfortable with." There are some of us that can hold them for over 6 months and some of us that can't. It's a matter of comfort and your own personality and style of trading. You see Chris can hold a trade for a while and say end up taking,...
Very well put, I am one of those traders that cant hold on to the trade very long. Its a hard habbit to break. It is even harder to break if you were day trading before you moved into a longer term type trading method. I have been taking profits and getting back in using 100 levels as stall points. If I see them go through a 100 level it must hold that level. If it comes back through ten pips I get out and wait for another retracment with perfect price action in order to take another trade. If im ever unsure I just wait. Thats hard to do too, but easier for me then watching my 100 pip gain go to ten. I hope to break the habbit sooner then later.
  • #8,756
  • May 21, 2010 4:18am May 21, 2010 4:18am
Hey jharvey, i was short and got hammered....actually of the 3 shorts i have had this week, i have only gained on 1 and the other i got hammered........as Chris said...SHIT HAPPENS or did he say SHIT HAS HAPPENED

Quoting jharvey407
Oops. Lost 101 pips today trying to add to my EUR short.

Last night when I checked the charts I noticed that the EUR had retraced and formed a Double Bar PIN on the daily, but had formed a short PIN on 4hr right at intermediate resistance.

So I placed a sell order below the PIN, and a stop of 101 pips.

This morning...
  • #8,757
  • May 21, 2010 4:58am May 21, 2010 4:58am
Chris, i just PMed you.........cheers

Quoting clockwork71
Good God. I leave for like 6 hours, and you guys tank the S&P by 3%? What in the world are you guys doing? lol
  • #8,758
  • May 21, 2010 6:03am May 21, 2010 6:03am
Quoting Danku
Hey jharvey, i was short and got hammered....actually of the 3 shorts i have had this week, i have only gained on 1 and the other i got hammered........as Chris said...SHIT HAPPENS or did he say SHIT HAS HAPPENED
Yeah... I've just had 3 shorts go against me. Two on the EUR and one on AUDCAD. In my case it's from me trying to hard to find entries, instead of waiting for them.I've just given about 300 pips back to the market.

Lesson learned! I need to remind myself that this is long term trading, which means it takes long for the signals to form too.

I'm still up for the month, and my main EURUSD short is still in the profit so it's not all bad. It's just going to take me awhile to adjust to the slower paced trading.

This weekend I will review all of my trades and see where I made my mistakes.

Good trading all!
  • #8,759
  • May 21, 2010 6:06am May 21, 2010 6:06am
hey albertsy2......
The last two questions are abit too technical for my little brain but with reagrds to MACD.........apart from using it for Divergence, there is a MACD from the 4-hour MACD Startegy that also works nicely for when it forms certain patterns like Bounce of Zero (BOZ), Round Top (RT) etc etc

Couple of questions from a newbie...

a. Do you actually use the MACD? Because I see it on your charts....
  • #8,760
  • May 21, 2010 6:21am May 21, 2010 6:21am
When things go wrong I sometimes despair completely but then I go and take an entry like this. Whether it will carry on down with the long term trend or this is just a pullback before it breaks through I don't know.

I think my problem is overtrading. I thought about just sticking to one pair, eurusd like Jacko but then I thought no. That's not the problem, the problem is trading everything that looks good all at the same time and when it all goes right it's like an orgasm. When it all goes wrong it's like a knife in the gut.

My new resolve is to only have one trade at risk (meaning not at breakeven or better) before even looking for another trade. I know this way I will miss good opportunities that would have made me big money but I think from a psychological perspective this will help me focus on what I am doing and relax (and who knows maybe enjoy it) a bit more.

First chart is daily, nice third touch at horizontal s/r. Second is 4 hour for the entry.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: eurnzd4hour210510.gif Size: 28 KB
Position trader - Anything intraweek is just noise...
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