Hey ATC, you were right about that PPZ on AUD/NZD.
james16 Chart Thread
- #79,643
- Nov 9, 2010 9:28pm Nov 9, 2010 9:28pm
- Joined May 2010 | Status: HCR-LCS SFP | 6,026 Posts
even a blind squirrel finds a nut every now and then....still learning here PB....keep up the great work ...."we can do it"
Yeah, the great work of showing people how not to REVENGE trade.
- #79,647
- Nov 9, 2010 11:37pm Nov 9, 2010 11:37pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
practicing...
Did I draw the Support/Resistance level correctly?
Attachment
One more: If it breaks through the Resistance level, will it go up?
Attachment
If it breaks your box and can close above it , it will likely pullback and find some sort of support. You can't ever know for sure, but once you can define these levels you can make much smarter decisions and logical trade plans
Best
Mike
- #79,648
- Nov 9, 2010 11:46pm Nov 9, 2010 11:46pm
Bingo nice levels and boxing too
If it breaks your box and can close above it , it will likely pullback and find some sort of support. You can't ever know for sure, but once you can define these levels you can make much smarter decisions and logical trade plans
Best
Mike
- #79,649
- Nov 10, 2010 12:21am Nov 10, 2010 12:21am
Adi, I'm in this one too. 1.3000 area is a logical target. I think we need to be aware of the 1.3300 area as the FTA well. The bar has pretty much done as expected, retraced to the BRN and previous bar lows, and moved to FTA.
I took this one too.
Entered on 1,3436 and price started going my way. Later I thought a bit and realised that confluence of this PA is not very strong and there are huge PPZ on daily, so I moved to BE 1,3426. And, at night, my TP (1,3339) was hit.
And here goes a joke:
Question: What can be worse than trading on Friday?
Answer: Trading on Friday 13th.
Albinas
- #79,650
- Nov 10, 2010 1:00am Nov 10, 2010 1:00am
- | Joined Feb 2010 | Status: Make Them Pay | 1,103 Posts
Anything can happen.
- #79,651
- Nov 10, 2010 1:20am Nov 10, 2010 1:20am
- | Joined Feb 2010 | Status: Make Them Pay | 1,103 Posts
Anything can happen.
- #79,654
- Nov 10, 2010 3:16am Nov 10, 2010 3:16am
Welcome Ghost
I wish I found PA trading in my first year
Enjoy and ask questions we have a great group of guys/gals around here
Mike
i have tried a couple of CFD and Forex accounts (currently started that Alpari UK contest) but am having trouble understanding how these Forex accs work? in SB acc if i place an order for £1 per pip and make 50 pips it's £50, but in Forex i get some crazy amount?? how do they work this out??
As for PA do u/anyone have any material u can point me to to refine my strategy, it seems to workin anyway but there's always room for improvment! i've tried to include the usual indicators: MACD, RSI, STO, price action etc but they all have mixed results, surely must be another way to verify ??
also am looking automate a bot or wateva it is called, where's best place to learn that? anyway happy trading all.
- #79,655
- Nov 10, 2010 3:53am Nov 10, 2010 3:53am
- | Joined Jul 2010 | Status: MAKE IT HAPPEN | 2,220 Posts
- #79,656
- Nov 10, 2010 4:03am Nov 10, 2010 4:03am
- Joined Aug 2010 | Status: Tööröh | 14,292 Posts
Hero calls followed by margin calls...
- #79,658
- Nov 10, 2010 4:14am Nov 10, 2010 4:14am
- | Joined Mar 2008 | Status: shoe shine boy | 1,146 Posts
- #79,659
- Edited 5:05am Nov 10, 2010 4:54am | Edited 5:05am
hi and thanks mbqb11 , john225, i currently trade on Spreadbetting acc as it's nice and simple ie: £1 per pip equals £1 per pip. Today i did a SELL on EUR/USD, AUD/USD, GBP/USD, made 5 pips and got out lol! but a gain better than a loss! i only tend to trade an hour a day due to work.
i have tried a couple of CFD and Forex accounts (currently started that Alpari UK contest) but am having trouble understanding how these Forex accs work?...
1.DEMO ACCOUNT
If you're a beginner i suggest you to trade on a demo account, at least until you figure out the basics (preferably until you become profitable on the demo).
2.PROPER MONEY MANAGEMENT
I dont know exactly what you meant with crazy amounts, but i suggest you to not risk more than 3% of your account (i for example risk only 1-2% and im happy with it). Here you have a position size calculator: link To have a proper money management is one of the most important things in trading. Cause if your risk is too big you can lose your account pretty quickly.
3.READ THIS THREAD
Stay here and begin reading this thread from the begining. You will learn a ton of new useful stuff which will really help you improving as a trader. Belive me PA rocks
I know that the thread is huuuuge, but read at least the first post (which is the most important) and the first couple hundred pages, and then you can follow this thread and ask guys here for help, if you dont understand something. They are great and they will help you. Thanks god for them.
4.AN EXTRA ADVICE
Be careful with the indicators. Just look at Jarroo's signature and you will see why. (˝Indicators show the past. Price Action "Indicates" the future.˝ )
Use them only as an extra confluence, never alone. And i dont suggest you to let the bot to trade with your money (if its that what you mean). It can make you some profit, but sooner or later it will blow your account. Believe me.This is it for now. Happy trading gh0stjpy.
ppfx