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  • #4,021
  • Jan 14, 2011 11:50am Jan 14, 2011 11:50am
Quoting ezcurrency
AUDUSD large fall overnight … almost all positions SL hit....
500+ pips, sounds like you need to take a little off the table, but still have positions open. Maybe instead of 1 standard lot, do 10 mini's or, or 100 micro's. That way you can cash in chunks at a time and still have positions in the market.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #4,022
  • Jan 14, 2011 1:08pm Jan 14, 2011 1:08pm
Quoting MidKnight
Not me...suffice it to say that I'm extremely annoyed to lose out on all 3 legs I had short. My best entry was from 1.3282 that was taken out BE on today's rally. It may sound shocking to say this, but I had a MFE on the first leg of just over 400 pips but despite such great movement in my favour the entire trade idea is actually at a loss. How can that be, I hear you say. Because all my legs that were in profits have been taken out BE and this week I have taken a few shots at trying to put on more short legs. Each of those has been for BE or a...
I find that taking 2 trades with one TP at 1:1 can help get through those sorts of rough patches.
  • #4,023
  • Jan 14, 2011 4:39pm Jan 14, 2011 4:39pm
euro/usd ist totaly out of control. the chart is a mess. i think its no disgrace to admit you didnt established any positions there. has anybody noticed this giant double WW in the dollar index? WTF?
Attached Image (click to enlarge)
Click to Enlarge Name: dollarindex 4h.jpg Size: 62 KB
  • #4,024
  • Edited 7:15pm Jan 14, 2011 6:41pm | Edited 7:15pm
Quoting alpiner
euro/usd ist totaly out of control. the chart is a mess. i think its no disgrace to admit you didnt established any positions there. has anybody noticed this giant double WW in the dollar index? WTF?
that chart you posted is usdx not e/u.

Speaking of which. Anyone know where I can get a good chart of dollar index that I can mark up and analyse through out the week?

My MT4 provider and most others don't provide usdx and it's quite frustrating. I know there are addons that calculate it but none of them are as good as a real time chart.
  • #4,025
  • Edited 11:18pm Jan 14, 2011 11:17pm | Edited 11:18pm
Quoting hubbahubba
that chart you posted is usdx not e/u.

Speaking of which. Anyone know where I can get a good chart of dollar index that I can mark up and analyse through out the week?

My MT4 provider and most others don't provide usdx and it's quite frustrating. I know there are addons that calculate it but none of them are as good as a real time chart.

Hello hubbahubba,

I am having this chart as reference

http://www.fxstreet.com/rates-charts/usdollar-index/

I hope it's what you're looking for.

Have a nice day.
  • #4,026
  • Jan 15, 2011 12:43am Jan 15, 2011 12:43am
Quoting hubbahubba
that chart you posted is usdx not e/u.

Speaking of which. Anyone know where I can get a good chart of dollar index that I can mark up and analyse through out the week?

My MT4 provider and most others don't provide usdx and it's quite frustrating. I know there are addons that calculate it but none of them are as good as a real time chart.
Broco Mt4 has "DX_CONT"
  • #4,027
  • Jan 15, 2011 8:23am Jan 15, 2011 8:23am
Quoting ezcurrency
AUDUSD large fall overnight … almost all positions SL hit. Only one left (currently up 34 pips with SL at b/e) … This sucks after being up 500+ pips at one point … now locked in -140 pips. I think I need to keep the larger picture in mind.

Looking at the USDX monthly chart:
http://futures.tradingcharts.com/chart/US/M

Over the past 10 years its in an overall downtrend ... but basically in a range the past 2.5 yrs.

This week I've been shorting the USD against other pairs, so have some equity millipede 'soldiers' in long GBPUSD,...
---

Thanks for your post, it helps me a lot.

Edd
  • #4,028
  • Jan 15, 2011 4:15pm Jan 15, 2011 4:15pm
Quoting Tauru$
Hello hubbahubba,

I am having this chart as reference

http://www.fxstreet.com/rates-charts/usdollar-index/

I hope it's what you're looking for.

Have a nice day.
Thanks. I've looked at that one. I also use freestockcharts.com on occasion.

Had another look around for an MT4 indicator that calculates it and still could not find anything decent. Oh well. Just can't understand why most of the major brokers do not provide such an important real time chart.
  • #4,029
  • Edited 10:24pm Jan 15, 2011 9:06pm | Edited 10:24pm
Good afternoon, all

Thank you for your inputs.

I have read all your posts since my last entry.

I can definitely notice the difference in tone compared to last weekend. No one is passing the cheer anymore and there is a whiff of negativity (most likely derived from frustration) in the air.

Ofcourse it is disturbing to see your positions that were 200, 300+ pips erode away into nothing. The fact that such matter still disturbs a trader shows that they are still on the early levels of emotional hurdle.

A trader could have closed all his sell positions at the opening of the week to bank few hundred pips but watch the price move further down this week; you would feel the exact same feelings as now.

Ladies/Gents, you are letting the market effect your emotion. There is no need to get upset to something we have no control. We all participated accordingly and stayed true to our intentions. And that itself will bring profitability eventually. Market represents infinite space and time that is ever expanding.

This week was more or less this on the infinite timescale:

eurusd weekly

http://img560.imageshack.us/img560/1...01113721pm.jpg

Are you going to tell me that you will never encounter these in your continuous trading career?:

eurusd weekly

http://img716.imageshack.us/img716/1...01113721pm.jpg

This week represents a tiny tiny tiny speck of the whole picture. Just like the size of our earth is insignificant compared to rest of the universe. Insignificant.

Ofcourse this week meant the whole world to a trader if:

1. Spend -1800 pips reazlied loss to gain 4400 pips unrealized profit then to lose it all
2. Spent hours and hours staring at the chart throughout the whole week
3. In a rush to create profit

As mentioned in the P.S of my last post, I did not close any positions. Hence, I too am sitting on just below -600 pips realized loss. Should I change my strategy now? Should I question my whole belief?

But then again what is my belief?

My belief is that, sooner or later, I will catch those inevitable mega rides as long as I continously attempt in a constant frequency. My attempts are regulated by my price action interpretation which is also applied universally on all aspects of my trading decisions.

And thats it. My whole trading belief/system/method/ideology/philosophy rolled into 2 sentences that I know has proven profitable against the test of time because it is not based on swanky-super-duper indicator or ea but common logical sense. The same common logical sense that makes the world go around, help us fall in love, find success in business and we all have it on an intuitive level.

Continuing on..
  • #4,030
  • Jan 15, 2011 9:17pm Jan 15, 2011 9:17pm
For those traders who just spent half of the week glued to their trading platform, please refer to below eurusd 4hr chart.

eurusd 4hr

http://img171.imageshack.us/img171/9...01115743pm.jpg

For example:

http://img233.imageshack.us/img233/4952/60423116.jpg

http://img337.imageshack.us/img337/3784/67982590.jpg

http://img109.imageshack.us/img109/8956/93141282.jpg

Please learn how 'not' to trade all the time

So what do we do from now on?

http://img87.imageshack.us/img87/761...01120908pm.jpg

We continue what we started and it seems this exercise is going to take few weeks to finish. This is because we started in a pair that is ranging so we just have to ride it out.

From the looks of the monthly candle, the control is still with the sellers as price did not close over the open price of previous down candle. However, there have been numerous attempts from the sellers to push it down which were all met with same resistance from buyers. I doubt there is any selling power left until a critical news release. In my personal analysis eurusd is now currently a no trading pair for myself. One of the reasons why I trade multiple pairs as I would have to sit it out for a prolonged periods of time.

Having said that, there is a good chance that the up movement will continue on which means everyone including myself that are participating in this exercise to sit it out since we are only taking one direction for this exercise. We need to patiently wait until clear reasons (as per our price action interpretation) to change our monthly hindsight to UP. Also another reason why I trade both directions since one direction could have me sit out for a prolonged periods of time again.

Hope you can see the benefits of trading multiple pairs and both directions.

I have been standing on the sideline watching the emotions unfold amongst the traders who have been private messaging me and on the thread. I urge you to stay strong and be a warrior.

Sincerely,

Graeme

P.S I will start answering all the private messages this afternoon.
  • #4,031
  • Jan 15, 2011 10:25pm Jan 15, 2011 10:25pm
Quoting pipEASY
For those traders who just spent half of the week glued to their trading platform, please refer to below eurusd 4hr chart.

eurusd 4hr

http://img171.imageshack.us/img171/9...01115743pm.jpg

For example:

http://img233.imageshack.us/img233/4952/60423116.jpg

http://img337.imageshack.us/img337/3784/67982590.jpg...


Dear Graeme,


May I ask a dumb question:

What do we mean my constant frequency and spaced out?

Does constant frequency mean every four hour? Or this frequency refers to something else altogether?

BTW, your above two posts are top class. You are one super communicator!!

Grateful as always for your unselfish contribution.


Regards,
TradeStar
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #4,032
  • Jan 15, 2011 10:31pm Jan 15, 2011 10:31pm
Thank you master Graeme!!
Though i late joined to your thread, after reading your first few posts I found them Gold. Since then i was so eagerly following your every post with great interest.Also highly appreciate your efforts with the whole thread and every thing.


Though this is how strong, I am going to fight till the end.
Again,thank you master Graeme.

Have a Nice year!!
  • #4,033
  • Jan 15, 2011 10:44pm Jan 15, 2011 10:44pm
Quoting TradeStar
Dear Graeme,


May I ask a dumb question:

What do we mean my constant frequency and spaced out?

Does constant frequency mean every four hour? Or this frequency refers to something else altogether?

BTW, your above two posts are top class. You are one super communicator!!

Grateful as always for your unselfish contribution.


Regards,
TradeStar
Apologies to address you on the same post but thank you, Quitepips for the warm compliments. I encourage you on and please feel free to ask any questions.

Tradestar - It is a great question. Constant frequency is basically a set of action that you perform on a constant 'manner' over a given period of time.

In other words, no one needs to watch one pair fluctuate any more than necessary. The only times to watch is when there is a stall and you would start probing towards the intended direction. The rest is ignored. For my examples I have used 4hr charts and this is what I use mainly for the purpose of probing. I look for stalls of more than 2 candles that are preferably less than 50 pip range. Why? Because it will breakout sooner or later from that tight wedge, IT IS INEVITABLE. If a candle represents 4hrs of time then a preferred stall in my vision is minimum 8 hours. That is enough time for me to catch a glimpse of it when it does happen. And once I know that some pair is going through a stall I will watch and follow the flow of its breakout. Simple, logical, and common sense. To do this you will need to use price alert to your cell phone. Please use VPS server. These days I find mobile4x sms alerts useless as there are 2 or 3 hour lags. Alerts from your VPS server is instantaneous with less than 5 seconds of lag.

The reason I have mentioned the above is that there are traders spending countless hours infront of the computer screen when in trading increased productivity does not increase profitability.

I encourage everyone to learn not to stare at the charts and even a glimpse every 8 hours is suffice. If you missed a good move while you were away, always remember that what you thought you have missed is only a tiny tiny tiny tiny speck compared to the greater picture of the market. In other words, there will be always more.

Sincerely,

Graeme
  • #4,034
  • Jan 16, 2011 1:05am Jan 16, 2011 1:05am
  •  acim
  • | Joined Jan 2010 | Status: I'd rather be stacking :-P | 46 Posts
Quoting pipEASY
I encourage everyone to learn not to stare at the charts .....
Sincerely,
Graeme
Thank you Graeme for your selfless, persistent effort in imparting your knowledge. (you are a "rare breed" .... lol)

Hope this will help some ...... I've been using this simple "indicator" for years to alert me when price reaches certain level. It can be used to eliminate "staring" at the charts when close by. Otherwise one can use Graeme's suggestion.

It has 2 lines that you have to double click to "activate" them, and than you can move them. Nice feature is that you can use it as horizontal lines or as trendlines (after you double click any of 2 lines ...... 3 dots will apear - work with then just like you would with any trendline in MT4 ...... click on the middle dot to move the whole TL and click on dots at the end to change TL angle)

Put it in indicator folder and put sound file into "sound" folder so you can "hear" which pair touched your line (it can be disabled - you still have a pop-up alert window). I used to have much more pleasant woman's voice for alerts, but I have lost it. The present one is not that "pleasant"...... couldn't find "woman's alerts" anywhere on the web. (one can make his own I guess)


http://www.forexfactory.com/showpost...63&postcount=3



Some traders might find indicator below useful. You can chose up to 6 levels (price lines) to be drawn on MT4 charts for you (e.g. price with last 2 numbers ending in "00" .... "50"" ..... 25 .... 75 etc or any other numbers) ..... so you have those "even" numbers on your charts drawn for you. (You can choose not to show labels, change colors and type of lines)



http://cdn.forexfactory.com/attachme...7&d=1243161068



Cheers :-)
  • #4,035
  • Jan 16, 2011 2:46am Jan 16, 2011 2:46am
Hey anyone, I was reading this thread at work on Friday last and I thought I saw a useful piece of software to download that sorts a thread and lets you extract the posts from an individual poster. I can't seem to find it now I wonder if anyone knows of it, thanks in advance.

Alex
  • #4,036
  • Edited 4:01am Jan 16, 2011 3:10am | Edited 4:01am
Quoting pipEASY
Good afternoon, all

Thank you for your inputs.

I have read all your posts since my last entry.

I can definitely notice the difference in tone compared to last weekend. No one is passing the cheer anymore and there is a whiff of negativity (most likely derived from frustration) in the air.

Ofcourse it is disturbing to see your positions that were 200, 300+ pips erode away into nothing. The fact that such matter still disturbs a trader shows that they are still on the early levels of emotional hurdle.

A trader could have closed all his...
Nicely put it Sir, 'Market represents infinite space and time that is ever expanding'.

We may have lost some pips but I am sure the same market going to reward us with much more pips

'My belief is that, sooner or later, I will catch those inevitable mega rides as long as I continously attempt in a constant frequency'.

Are we ready to take that reward? or let the emotion take control us?

Answer is with us. Let's listen to Master Graeme and continue our journey together.
-happyTrading, maaj-
  • #4,037
  • Jan 16, 2011 4:57am Jan 16, 2011 4:57am
Quoting hubbahubba
that chart you posted is usdx not e/u.

Speaking of which. Anyone know where I can get a good chart of dollar index that I can mark up and analyse through out the week?

My MT4 provider and most others don't provide usdx and it's quite frustrating. I know there are addons that calculate it but none of them are as good as a real time chart.
Hi

I use the following link for my dollar index chart. If you sign up which is free then you can also add s/r lines or whatever you want and save the template. Updates in realtime and has timeframes from 1 min up to daily.

http://www.forexpros.com/quotes/us-d...advanced-chart

Hope it helps
  • #4,038
  • Jan 16, 2011 7:45am Jan 16, 2011 7:45am
Hello, Mr Graeme!

I started this week trying to trade less by swtiching to 4hr charts with price alerts. my plan was to trade only when price made a new high/low. this should have been a sound plan, right? but I got burned real quick. I lost almost 20% of my account in two days. I did enter much fewer trades than before, but I did add 3 more pairs to my trading busket. but it just happened that none of my trades survived to the next day. I couldn`t believe it, I thought the market must have gone crazy. but that wasn`t the case, the market looked just normal like any other weeks. I stopped trading for a day and came back and switched back to my good old 1hr time frame and made it all back with a bit extra to spare, but I got greedy at that point and began to imagine how much more the market could give me, and instead gave back a chunk of my profit to the market. by the time I cashed in most of my positions, I`m still down 5% for the week. I feel that there are a few lessons to be learnt from this week`s experience, but I`m too emotionally drained to think about it for the time being.

I think I`m overtrading but it has been working for me so far, I`m up 50% in November, and I have another 40% gain for this month despite this week`s misendeavour. but I feel I`m a bit emotionally drained by the ups and downs of trading. that`s why I switched to 4hr but obviously I must have done sth wrong.

I hope you`ll give us more examples in the future of how to trade on higher time frames. I think I won`t try it again until I get the hang of it on demo.

btw, I`m sorry about the flooding in Australia. it looked really awful on TV I can`t imagine the terror people must have felt. I hope you were not affected by this disaster.
Good Health and Happy Trading
  • #4,039
  • Jan 16, 2011 10:22pm Jan 16, 2011 10:22pm
Quoting adowland
Hey anyone, I was reading this thread at work on Friday last and I thought I saw a useful piece of software to download that sorts a thread and lets you extract the posts from an individual poster. I can't seem to find it now I wonder if anyone knows of it, thanks in advance.

Alex
The software you are inquiring about was pirated from a private group without the author's consent, and it was apparently removed by the administrators of FF after they were notified of the situation. I am just relaying second hand info.
  • #4,040
  • Edited 2:40pm Jan 17, 2011 2:26pm | Edited 2:40pm
Good morning all,
i thought i might just share my attempts of hitching a ride on the euro express from last night.
in keeping with the current plan at hand, only euro and only 1 direction - DOWN - i set an alert for 1.3310,
once closed below i entered my first poistion, then i entered another at 1.3295, followed by a pull back of more than my 25 pip stop my second position was taken out.
my third position was added at 1.3290
a fourth at 1.3270
a fifth at 1.3258

my first and third position's had stops moved to BE

following the rally all my position's where taken out.

all up 2 positions at BE
and 3 positions for a loss of 75pips.

i wont be probing again until the euro 4hr closes below the 200EMA
i will be setting an alert for 1.3235

cheers
geoff

ps,
just to add to this,
for the month of january, on the euro short challenge,
i have a total loss of 522 pips
i have taken a total of 65 positions short on this pair.
so on average per position i have a loss of 8 pips.
this is with 5 positions closed along the way for healthy profits to ease the burden until the big move comes along.

cheers
geoff
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