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  • #349,861
  • Dec 21, 2010 12:32pm Dec 21, 2010 12:32pm
Quoting mfoste1
i see this place hasnt changed much....


merry xmas and happy ny to all friends!

anyone gonna be in chicago for ny?
HAPPY HOLIDAYS, Matt !!
hang on to your bread......unless you want toast
  • #349,862
  • Dec 21, 2010 12:34pm Dec 21, 2010 12:34pm
Quoting mfoste1
www.babypips.com

thanks am going through the school... but since i am only doing it as part time while working full time, it is my second week only , i am asking for help as time is not on my side.

thanks in advance
  • #349,863
  • Dec 21, 2010 12:37pm Dec 21, 2010 12:37pm
Quoting alexxi
thanks am going through the school... but since i am only doing it as part time while working full time, it is my second week only , i am asking for help as time is not on my side.

thanks in advance
Go through the entire course from mfoste1's link. Do not spend any time here until you've done that.
  • #349,864
  • Dec 21, 2010 12:37pm Dec 21, 2010 12:37pm
Where should I cover my short ?

Any idea ?
  • #349,865
  • Dec 21, 2010 12:38pm Dec 21, 2010 12:38pm
Quoting bguguen
as theres literally 2 days left before the year ends, the USDX is about to form a nice Hangman figure on one of the bigger time frame, im praying to god its the start of USDX weakening and that will hopefully change things on EUR/USD side...

Another Issue is China support, its starting to make sense to reinvest on EZ as production in East Europe is becoming a possibility for the chinese, im sure...

Anyways im not in any trade at the moment, but i sure wouldnt want to see EURUSD to 1.25
When I was holding 30 positions of EUR/USD during September 2008 long over 1.5000 I remember telling my client I cannot see any way EUR/USD can go below 1.5000 since it recently hit the high at over 1.6000

When it hit 1.2500 or so within weeks (I forgot how long but it was not long)

I remember thinking well I was more than wrong. How was that possible ?

The point is NEVER let your Bias cloud your judgment. Have an opinion for sure but be ready to change it if things do not go towards your bias.

I have NO IDEA where EUR/USD will be mid January and I do not care. I trade day by day and each day is different.

You might be right and EUR/USD may be at 1.3500 during January. I am better off not forming an opinion that will affect my trading.

Have a Trade Plan. Having a Trade Plan also means staying out of the market when you have no reason to get in.

Those shorting EUR/USD today on raliies probably made money. My view is down for today and I will not even go long and ride it up since my view now is short.

The Trend is your Friend does work. Of course what Trend are you following ?

1 Minute
5 Minute
15 Minute
1 Hour

The shorter the time frame the more noise there is.

I am expert in getting in and out during the day so I only use 1 minute and 5 minute and 15 minute HOWEVER I also watch everything else as I have explained about money flow and correlation and on and on.

Take care

EUR/USD at 1.3083 and NOTICE EUR/JPY at 109.72

Gold is going UP and so is US Dollar Index which is opposite from the usual but Gold has Risk components to it.

There is much work and effort to trade Forex properly. There is no quick way to learn. No shortcuts and following only the charts and PA is not my way to go.
If your way works for you then stick with it.

The KEY Question do I Make Money Each Month YES or NO

Happy Trading as we SEE EUR/USD at 1.3077 and Look at EUR/JPY at 109.67 and there is the correlation in front of your eyes.
  • #349,866
  • Dec 21, 2010 12:39pm Dec 21, 2010 12:39pm
Quoting iflyjetzzz
Go through the entire course from mfoste1's link. Do not spend any time here until you've done that.
thanks for the reply, i know that and am going as fast as can.
but it would be nice if someone answers me on the 2 basic questions i asked...
  • #349,867
  • Dec 21, 2010 12:39pm Dec 21, 2010 12:39pm
Quoting iflyjetzzz
Go through the entire course from mfoste1's link. Do not spend any time here until you've done that.

hehe i wouldnt spend anytime here period! lol


too much bs to sift through
  • #349,868
  • Dec 21, 2010 12:39pm Dec 21, 2010 12:39pm
Quoting alexxi
thanks am going through the school... but since i am only doing it as part time while working full time, it is my second week only , i am asking for help as time is not on my side.

thanks in advance
Hi I am new as well, and seriously suggest that you learn, learn and learn some more and trade on demo account for at least 2 to 3 months profitably before you risk your own money.

The last thing you want to do is see this as a get rich quick scheme, it isn't and what you will end up doing is just losing all your hard earned cash.
  • #349,869
  • Dec 21, 2010 12:44pm Dec 21, 2010 12:44pm
Quoting T@rantula
Well guys, im a little bit late. I was monitoring PA during late Asia and just before London open I shorted 3190.

My targets are 3160-3150 ( already hit)

3120

3090.

Now.... If we close this H4 candle below 3190 .... we could easily see 3030 level tested.

My intraday bias is bearish...thats why Im short. Although we might see 3190 levels tested. London noon is the key ( watch H4 chart)

Well guys...needles to say...PA rules.
  • #349,870
  • Dec 21, 2010 12:44pm Dec 21, 2010 12:44pm
Quoting chrisl
Hi I am new as well, and seriously suggest that you learn, learn and learn some more and trade on demo account for at least 2 to 3 months profitably before you risk your own money.

The last thing you want to do is see this as a get rich quick scheme, it isn't and what you will end up doing is just losing all your hard earned cash.
for the moment i am doing ok, cant complain as long as i am not losing i am happy.

and obviously i agree with you that i should learn as much as possible... that was why i posted 2 questions here so i can learn!!!

regarding demo account on my real account i make and lose but in total i am ok , as soon as i see that i am losing i will go to demo. but it all depends on volume.
  • #349,871
  • Dec 21, 2010 12:45pm Dec 21, 2010 12:45pm
Quoting Forexpro30
Since as we can see USD/JPY is getting weaker by moving towards 84.00 (Now at 83.83) then EUR/JPY is moving up(Now at 109.94)

Meanwhile EUR/USD is at 1.3112

It could go on it's own down to test 1.3100 so at times like this EUR/JPY might have no effect immediately on EUR/USD.

It is a matter of observation and experience.

Before I figured it out I sometimes went long or short both EUR/USD and EUR/JPY thus almost trading the same currency and doubling my risk.

Meanwhile id Dow drops 20 it also will bring EUR/USD down as explained before....
Taking notes thankyou buddy
making green pips large and red pips small this is my goal.
  • #349,872
  • Dec 21, 2010 12:48pm Dec 21, 2010 12:48pm
The financial markets reflect an ongoing supply and demand relationship. Unfortunately, when the average person enters the world of trading operating in these markets becomes a kind of “art” based on subjective indicators and oscillators, news-driven perceptions and pictures of conventional price patterns that are more valuable with a frame around them on a person’s wall than they are in his financial statement!

Traders need to remember that the markets are nothing more than pure supply and demand at work, with human action reacting to that ongoing supply and demand relationship. This is ultimately what determines price, and opportunity emerges when this simple and straightforward relationship is out of balance.

When was the last time the company you work at / own used a moving average to decide when to buy supplies?

Do we use an Elliott Wave to figure out whether we're getting a good price on a car or house?

Business works on supply & demand.

Noted economist Adam Smith suggested hundreds of years ago that when supply exceeds demand at a price level, prices will decline and vice-versa. It's still the same - just like gravity.

When as traders we simply look at the ongoing supply and demand relationship, identifying where prices are most likely to turn is really not that difficult.

The chart below shows (the Stan Weinstein method) what typically happens in the market and why some traders win and most traders lose.
Attached Image
  • #349,873
  • Dec 21, 2010 12:48pm Dec 21, 2010 12:48pm
Quoting Forexpro30
By the logic of myself and maybe Elliott wave I would have to decide if I accept Elliott Wave that everything is predetermined ?

Is Elliott Wave showing how things stand now or how things will stand ?

How do they know what will happen in the Future ?

I surely do not.

Will North Korea attack South Korea ?
Will Iran get bombed ?

I do know that EUR/USD is now 1.3111 and EUR/JPY is 109.82

Did Elliott Wave Know that ?

Not trying to be a wise guy. I really want to learn. Maybe I will scrap my methods of earning 10% a month...
Hi Forexpro,

thanks for your view. I can accept it. Even under Elliotticans it is a topic of discussion, if news (at least the biggies like war etc.) might not change the waves.

We can see Elliott Wave pattern in the market. Can we agree on that? If yes, then my following reasoning:

Elliott wave pattern are created by changes in social mood.

If news could effect the outcome of social mood, would that be not a far more radical view of the harmony of the universe than to state, that news can not effect social mood (aka elliott wave patterns)?

Because if you think that news can effect social mood, then these events news (dozens a day) must be so perfectly determined that they create the Elliott patterns we see in the markets.

If you argue, that the state of social psychology is caused by that events/news, then you argue that events/news are patterned.

Would that not be deterministic? And would then free will not exist? If that would be the case we were not able to make money from the wave principle.

But one could. I am one of many which trade with the wave principle.

And Prechter once said:
""On the other hand, if social psychology guides the tenor of social actions, then it is only mass psychology, which is apparently a process governed by the unconscious mind, that need be patterned to produce structure in markets."

Sorry, that was my revenge LOL :-)

Many pips to the believers and non-believers
  • #349,874
  • Dec 21, 2010 12:48pm Dec 21, 2010 12:48pm
Quoting Forexpro30
I remember thinking well I was more than wrong. How was that possible ?

The point is NEVER let your Bias cloud your judgment. Have an opinion for sure but be ready to change it if things do not go towards your bias.
It sounds like your style matches Cloggies ... I say that with the greatest respect
  • #349,875
  • Dec 21, 2010 12:50pm Dec 21, 2010 12:50pm
Quoting Forexpro30
When I was holding 30 positions of EUR/USD during September 2008 long over 1.5000 I remember telling my client I cannot see any way EUR/USD can go below 1.5000 since it recently hit the high at over 1.6000
You like to analyse....you like to write...and well we were on the same boat although many called longs.

I agree.
  • #349,876
  • Dec 21, 2010 12:51pm Dec 21, 2010 12:51pm
Quoting paul1
Taking notes thankyou buddy
Me too Paul ... 7 pages so far just today
  • #349,877
  • Dec 21, 2010 12:51pm Dec 21, 2010 12:51pm
Quoting chrisl
Hi I am new as well, and seriously suggest that you learn, learn and learn some more and trade on demo account for at least 2 to 3 months profitably before you risk your own money.

The last thing you want to do is see this as a get rich quick scheme, it isn't and what you will end up doing is just losing all your hard earned cash.
I demo traded for the first three years in Forex. I had demo profits each month.

When I first traded I started with $10,000 US Dollars later increasing it to $25,000 US Dollars. I worked my way up to $100,000 US Dollars trading for third parties.

When you do not trade your own funds you trade differently.

My wealthy friend managed funds trading commodities and the fund was over $1,000,000 US

He did not trade his own funds. I traded some of his funds for him. He was my mentor in the pyschology of trading.

NEVER trade your fear or your greed.

Always use a Stop Loss

Do Not Overtrade

When you are losing walk away for awhile.

When you are winning BIG walk away for awhile and calm down.

THE MARKET IS ALWAYS RIGHT so PLEASE LOSE YOUR EGO !!!

I am going out now for a late lunch as my trading has ended for today. I will see if Asia and early Europe brings EUR/USD back over 1.3100

I will have a new look at the charts to see what everyone else is seeing.

I will start fresh around 2:00 AM on Wednesday keeping in mind Xmas is near.

Ho Ho Ho
  • #349,878
  • Dec 21, 2010 12:53pm Dec 21, 2010 12:53pm
Quoting Forexbiz
Price attempting to remain below 3123 - IF so next short term target may
be 307X IF USD strength and EUR weakness maintains - * Lock in profits
or at B.E. because if price remains here to long may bounce
Price was able to close below 3123 and approaching short target of 307X

long term analysis attached be sure to lock in profit/pull backs while looking
for re-entrys
Attached Image (click to enlarge)
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"Your Best trade is a loss with minimum risk"
  • #349,879
  • Dec 21, 2010 12:55pm Dec 21, 2010 12:55pm
bear strong too many times & atlast doing the job nicely but this too strong in nature may end soon as always see before good failures & strong bounce possible .will tp before 3063 & may long to see .
fontu
fontu
Attached Image (click to enlarge)
Click to Enlarge Name: eu2.gif Size: 9 KB
Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #349,880
  • Dec 21, 2010 12:57pm Dec 21, 2010 12:57pm
Quoting priceaction
The chart below shows (the Stan Weinstein method) what typically happens in the market and why some traders win and most traders lose.
thank you for the info and forexpro30
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