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  • #320,321
  • Nov 5, 2010 11:59am Nov 5, 2010 11:59am
Quoting gatorinla
murry agreed so it helped. here it is in tenths.... we moved just about 4 pips since 4280.. so allow this... the one spike you see above 42xx went to the mid point between the lines. as said this level is lower atm.. but you can see where we stopped the last down move. keep in mind it floats... so most touches are exact atm of touch
that's why i'm taking a very close look if we reach 4077 now. it appears to be in doubt.
  • #320,322
  • Nov 5, 2010 12:04pm Nov 5, 2010 12:04pm
should i keep the shorts throughout the week?

anyone else short? and keeping them?
  • #320,323
  • Nov 5, 2010 12:09pm Nov 5, 2010 12:09pm
Quoting nooblaster
should i keep the shorts throughout the week?

anyone else short? and keeping them?
id depends on where you entered. there is a speech of bernanke soon, but that shouldn't influence pa as much. so, if your sl is at be and you took a partial profit, why not take the risk?
  • #320,324
  • Nov 5, 2010 12:13pm Nov 5, 2010 12:13pm
Quoting TradeForexFx
All the time we see traders posting 50+ pip and even 100+ pip trades....
you have no idea (or do you?) how often i am sitting here with my plan and analysis just to see pa go the other way, because someone wants to buy lower/sell higher and think, "well, if i took that movement, i'd be finished for the day in 10 minutes"...
  • #320,325
  • Nov 5, 2010 12:14pm Nov 5, 2010 12:14pm
Quoting TradeForexFx
All the time we see traders posting 50+ pip and even 100+ pip trades....
You make a very valid point, however, the poster made it seem like he has never taken a loss at the end of the day.

It is very possible to average 20 pips per day. PER DAY THAT YOU TRADE. One could easily trade 3 days per month with a winner of +100 pips, loss -20 and loss of -20 and average 20 pips per day.

I'm still waiting on 20 pips per day, everyday...
  • #320,326
  • Edited 12:43pm Nov 5, 2010 12:15pm | Edited 12:43pm
Technically rising channel remains intact atm, quite an evil looking daily candle , will be interesting to see where we close the day.
Attached Image (click to enlarge)
Click to Enlarge Name: eu channel nov10 nfp.jpg Size: 326 KB
  • #320,327
  • Nov 5, 2010 12:18pm Nov 5, 2010 12:18pm
What are the reasons we are not seeing the AUD sell off like the EUR?
  • #320,328
  • Nov 5, 2010 12:19pm Nov 5, 2010 12:19pm
Quoting usapgapro
What are the reasons we are not seeing the AUD sell off like the EUR?
Look at the price of gold, Australia is a major producer of it. If your product is expensive, your currency will be expensive.
  • #320,329
  • Nov 5, 2010 12:21pm Nov 5, 2010 12:21pm
Quoting zaphy
Look at the price of gold, Australia is a major producer of it. If your product is expensive, your currency will be expensive.
Thanks. Already took that into consideration. Is there anything else or is the main driver commodity prices?
  • #320,330
  • Nov 5, 2010 12:29pm Nov 5, 2010 12:29pm
Quoting usapgapro
Thanks. Already took that into consideration. Is there anything else or is the main driver commodity prices?
I'm not an economist, I'm sure there are more qualified people here to answer the question, but (1) China is growing at an enviable pace requiring raw materials (2) Australia has a mining industry, and (3) there is going to be 600B fresh new dollars in the world all of which will chase whatever is available. If you look up the sectors which are up right now, basic materials and industrials are both up.
  • #320,331
  • Nov 5, 2010 12:30pm Nov 5, 2010 12:30pm
I'd say if the daily candle closes within yesterday's O/L range we're in business to resume trip to 4370 / 4400 area. For now 30min chart channel is holding up; all eyes on 4020.
  • #320,332
  • Nov 5, 2010 12:32pm Nov 5, 2010 12:32pm
Quoting zaphy
I'm not an economist, I'm sure there are more qualified people here to answer the question, but (1) China is growing at an enviable pace requiring raw materials (2) Australia has a mining industry, and (3) there is going to be 600B fresh new dollars in the world all of which will chase whatever is available. If you look up the sectors which are up right now, basic materials and industrials are both up.
Again thanks for your response. I will do research on those topics and see what I can come up with.
  • #320,333
  • Nov 5, 2010 12:44pm Nov 5, 2010 12:44pm
Quoting usapgapro
Again thanks for your response. I will do research on those topics and see what I can come up with.
Aussie follows the S&P intraday. The intraday correlation is quite high.

Also, worthy of note, my mentor from BX says that their statistic is 41 pips a day, on average, for a veteran trader in trending markets. Recently it has been more difficult, and the number is down.
  • #320,334
  • Nov 5, 2010 12:46pm Nov 5, 2010 12:46pm
Quoting tonyo524
Some advice! If you are not the type to carry a trade over the weekend, I would be skeptical of any longs. Look at that daily bar, that 50% fib is a strong magnet, and we are heading right for it.
May be a chance to get out before closing!
All that is left in FF is just plain garbage. "Cloggie"
  • #320,335
  • Nov 5, 2010 12:50pm Nov 5, 2010 12:50pm
Quoting usapgapro
You make a very valid point, however, the poster made it seem like he has never taken a loss at the end of the day.

It is very possible to average 20 pips per day. PER DAY THAT YOU TRADE. One could easily trade 3 days per month with a winner of +100 pips, loss -20 and loss of -20 and average 20 pips per day.

I'm still waiting on 20 pips per day, everyday...
20 pips a day is very feasible. Eu moves average 150 pips a day give or take a few, just have to use your trendlines, bb's fibs, and pivots. Watch price action for pullbacks, determine your stop according to MM os S/R levels, and pull the trigger. FXCM has 2.3 to 2.7 spreads generally. If you take in account fractional pips, that means the market has to move at least 23 to 27 moves to put you at break even!
All that is left in FF is just plain garbage. "Cloggie"
  • #320,336
  • Nov 5, 2010 12:51pm Nov 5, 2010 12:51pm
Quoting GulfCoastPip
Down ... not quite a tank, but down (5 minute chart). Still short on the 5 min from like 40 minutes ago.
+123 pips on that trade (from last night / held for quite a few hours).
  • #320,337
  • Nov 5, 2010 12:57pm Nov 5, 2010 12:57pm
Quoting tonyo524
20 pips a day is very feasible. Eu moves average 150 pips a day give or take a few, just have to use your trendlines, bb's fibs, and pivots. Watch price action for pullbacks, determine your stop according to MM os S/R levels, and pull the trigger. FXCM has 2.3 to 2.7 spreads generally. If you take in account fractional pips, that means the market has to move at least 23 to 27 moves to put you at break even!
Guess I'm lucky, IG Markets, UK based broker, I get 1 to 2 pip spread, under normal conditions, does make life easier...

Btw, what's your tp on your short? I'm looking at reasonably strong support around 3800...
  • #320,338
  • Nov 5, 2010 1:01pm Nov 5, 2010 1:01pm
Quoting usapgapro
I'm still waiting on 20 pips per day, everyday...
This is possible and I'm sure several people here do achieve this goal. The only issue (in manual trading) for me to close every day on the plus side is self control. My best day during last weeks is 289 pips. Unfortunately, I made so many mistakes the following days, I gave away 300 pips. When analysing my loosers, I usually find I could avoid 90% of them (10% only are "normal" loosers). It's just a matter of not entering too quickly, too late, be in the right trend, having valid targets, etc. I became an expert for closing trades at BE instead of +30, buying tops, selling bottoms, closing a looser just before it reverts and such things. I think I now have the tools and knowledge to correct all my mistakes, I just need to improve my self-control. I didn't became an expert in trading, but I know I have enough knowledge to keep any week on the positive side if I trade carefully. I'll still make errors and there's room for me to improve even more, of course !

Timing and self-control, this is just what I'm missing now to average 400 pips a week (something like +500 -100). I'm working on that but I recognize it's the hardest part of the job. Hopefully, I'm doing better day after day.

I know people making 5-10 000 pips/month. Consistently. Each and every month. It's just a matter of hard work and discipline.
Don't just be a sheep : make your own idea of it.
  • #320,339
  • Nov 5, 2010 1:01pm Nov 5, 2010 1:01pm
Quoting FibbinArchie
Guess I'm lucky, IG Markets, UK based broker, I get 1 to 2 pip spread, under normal conditions, does make life easier...

Btw, what's your tp on your short? I'm looking at reasonably strong support around 3800...
I'm using FXPRO out of Greece and am getting 1 to 2 pip spread as well. More often than not it is inside 1.5 pip. I cannot complain about them one bit, amazing broker.
  • #320,340
  • Nov 5, 2010 1:03pm Nov 5, 2010 1:03pm
Quoting usapgapro
I'm using FXPRO out of Greece and am getting 1 to 2 pip spread as well. More often than not it is inside 1.5 pip. I cannot complain about them one bit, amazing broker.
Makes life so much easier if you have a half decent broker...
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