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  • #365,561
  • Jan 16, 2011 1:22pm Jan 16, 2011 1:22pm
Quoting FibbinArchie
But he is a very good trader and come on, you'd miss him on here if he went to another thread...
Let it be, MikeJ is my little internet stalker, I called a 440 pip trade last week while he kept on shorting it., typical noobie he can't identify a trend and keeps on fighting it.

I love guys like MJ, they provide entertainment here while they publicly blow up their account, makes for a great contrarian indicator.

Price now 3389
  • #365,562
  • Jan 16, 2011 1:26pm Jan 16, 2011 1:26pm
"I should say that a chart helps those who can read it or rather who can assimilate what they read. The average chart reader, however, is apt to become obsessed with the notion that the dips and peaks and primary and secondary movements are all there is to stock speculation. If he pushes his confidence to its logical limit he is bound to go broke.” – Jesse Livermore
The Thief of Wall Street
  • #365,563
  • Jan 16, 2011 1:31pm Jan 16, 2011 1:31pm
when green line crossed the blue from the downside, it's a good long signal
Attached Image (click to enlarge)
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  • #365,564
  • Jan 16, 2011 1:31pm Jan 16, 2011 1:31pm
A good week seems to be ahead of us! I see many signs of a spike in volatility this week. While this may come in any direction, it is certain that a lot will be won and a lot will be lost. Good luck!
  • #365,565
  • Jan 16, 2011 1:33pm Jan 16, 2011 1:33pm
Quoting kaspopsicle
Es ein Archloch wot i think it is or a Football team?
asshole.
Hero calls followed by margin calls...
  • #365,566
  • Jan 16, 2011 1:34pm Jan 16, 2011 1:34pm
Quoting Chicky
"I should say that a chart helps those who can read it or rather who can assimilate what they read. The average chart reader, however, is apt to become obsessed with the notion that the dips and peaks and primary and secondary movements are all there is to stock speculation. If he pushes his confidence to its logical limit he is bound to go broke.” – Jesse Livermore
Charts are very helpful since they are that pulse in the market just like an instant Xray. Now of course each Xray is different so put more value in a 1 hour Xray than a 5 Minute one.

Now the Patient/Trader digests some foods mixed with lead and the Xray changes.

The Lead might be China raising rates or Trichet being Hawkish or Gold dropping $100 US or whatever.

Jesse eventually went broke I think so who knows what.
  • #365,567
  • Jan 16, 2011 1:35pm Jan 16, 2011 1:35pm
wave 5 is an expanding triangle. the bears are holding very strong. the bulls are temporarily strong but losing power with repeated attempts to break the strong resistance level. the bulls will eventually break the bear's strong resistance level but with little power left to move beyond. the price will rise a little above the resistance level and then fall again.
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  • #365,568
  • Jan 16, 2011 1:36pm Jan 16, 2011 1:36pm
Quoting cloggie
Let it be, MikeJ is my little internet stalker, I called a 440 pip trade last week while he kept on shorting it., typical noobie he can't identify a trend and keeps on fighting it.

I love guys like MJ, they provide entertainment here while they publicly blow up their account, makes for a great contrarian indicator.

Price now 3389
440 Pip trade. Which trade was that then.?
rat
  • #365,569
  • Jan 16, 2011 1:39pm Jan 16, 2011 1:39pm
Quoting PhAnTi'
asshole.
Nah... it is a football team!
  • #365,570
  • Jan 16, 2011 1:40pm Jan 16, 2011 1:40pm
Quoting Robert99
Charts are very helpful since they are that pulse in the market just like an instant Xray. Now of course each Xray is different so put more value in a 1 hour Xray than a 5 Minute one.

Now the Patient/Trader digests some foods mixed with lead and the Xray changes.

The Lead might be China raising rates or Trichet being Hawkish or Gold dropping $100 US or whatever.

Jesse eventually went broke I think so who knows what.
That was not to emphasis anything against charts or chartists. I too am a chartist.

Jesse was a brilliant scalper turned later to a fundy. With the kind of risk apetite he had, bound to go broke several times and he did go broke many times in his career.

One thing to remember is that he was not a currency trader and therefore one should filter methods and tactics suggested even by a an operator of his class.
The Thief of Wall Street
  • #365,571
  • Jan 16, 2011 1:41pm Jan 16, 2011 1:41pm
Quoting PhAnTi'
asshole.
Thankyou , my German speak seems to improve .
All systems of divination, like music itself,work through patterns.
  • #365,572
  • Jan 16, 2011 1:42pm Jan 16, 2011 1:42pm
Quoting rattyo
440 Pip trade. Which trade was that then.?
long from 29xx on the Sunday or Monday, not sure of exact details, but Thursday's sharp rally certainly paid out a few pips...
  • #365,573
  • Jan 16, 2011 1:45pm Jan 16, 2011 1:45pm
Quoting Chicky
That was not to emphasis anything against charts or chartists. I too am a chartist.

Jesse was a brilliant scalper turned later to a fundy. With the kind of risk apetite he had, bound to go broke several times and he did go broke many times in his career.

One thing to remember is that he was not a currency trader and therefore one should filter even methods and tactics suggested by a an operator of his class.
Whatever method that you trade.

Pyschology
Risk Management
Fundamental
Technical
Price Action
Capital

That is my order of importance. What is yours if you care to share.
  • #365,574
  • Jan 16, 2011 1:46pm Jan 16, 2011 1:46pm
Quoting bbakker
Nah... it is a football team!
Thanks, B. thats what i thought earlier...wing 'alf for Spammerz. com. Ooops.!
All systems of divination, like music itself,work through patterns.
  • #365,575
  • Jan 16, 2011 1:46pm Jan 16, 2011 1:46pm
Quoting Robert99
Whatever method that you trade.

Pyschology
Risk Management
Fundamental
Technical
Price Action
Capital

That is my order of importance. What is yours if you care to share.
i need some help with fundies in time to time.
  • #365,576
  • Jan 16, 2011 1:48pm Jan 16, 2011 1:48pm
Quoting Robert99
Whatever method that you trade.

Pyschology
Risk Management
Fundamental
Technical
Price Action
Capital

That is my order of importance. What is yours if you care to share.
All the same ....................and in that particular order.

ps. 1% plus or 1% minus, that's all I do.
The Thief of Wall Street
  • #365,577
  • Jan 16, 2011 1:49pm Jan 16, 2011 1:49pm
Quoting Robert99
Whatever method that you trade.

Pyschology
Risk Management
Fundamental
Technical
Price Action
Capital

That is my order of importance. What is yours if you care to share.
Psychology
Risk Management
Demand and Supply
Price Action
Technical
Funnymentals

Don't know what you mean by capital, but if you mean account preservation, then that is part of the risk management
  • #365,578
  • Jan 16, 2011 1:50pm Jan 16, 2011 1:50pm
Quoting kaspopsicle
Thanks, B. thats what i thought earlier...wing 'alf for Spammerz. com. Ooops.!
lol
  • #365,579
  • Jan 16, 2011 2:00pm Jan 16, 2011 2:00pm
Anyone an idea what caused the EUR rally? I am using currency strength meter
and indeed it was not just USD weakness that let the price of EUR in USD raise
it was a sharp raise in relative strength of EUR.
But what caused it?
Ok the differentials UST 2y 10 y started looking dangerous Euribor fell sharply
and some more data from credit market in favor of EUR.
But someone, a CB must have bought Euro in large. It is strange that such happens when the Eur shorts are maximally. We had the same positioning before and EUR fell . Now we have many EUR bulls and many USD bears.
Something is wrong here that was not a sentiment change it was orchestrated.
  • #365,580
  • Jan 16, 2011 2:05pm Jan 16, 2011 2:05pm
Quoting bbakker
Psychology
Risk Management
Demand and Supply
Price Action
Technical
Funnymentals

Don't know what you mean by capital, but if you mean account preservation, then that is part of the risk management
I have gone through various stages in my trading career and I find from practical experience that is much easier to trade a $100,000 US Dollars account than a $5000 US Dollars account.

I would NEVER again trade Forex with less than $10,000 US Dollars.

I had my best results trading a demo account above One Million.

There is a very good reason for this. Because of the nature of Forex especially if you use 100-1 leverage which I learned upon since day one of first demo trading and then real trading the drawdowns on a $500 Mini account or a $5000 US Dollar account usually leads to margin calls or substantial losses.

If I were to ever trade again a $10,000 US Dollars account my maximum exposure would be 3 positions of $100K.

With FXCM UK one contract uses $750 so 3 positions is $2250 and you have $7750 in your account less your drawdown. If you have a maximum Stop Loss of 50 PIPS your maximum drawdown is $1500 and your Equity is $6250.

I also would NEVER have 3 positions opened at 50 PIP drawdown as I scale in my positions in increments of 25 PIPS so I can get out of my oldest position with a maximum loss of 50 PIPS or 5% ($500) of my trading funds.

With a $100,000 US Funds account you can scale in better and still make a nice profit if you get the Trend correct with minimum risk.

That is why I include Capital last.
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