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  • #367,721
  • Jan 19, 2011 3:19am Jan 19, 2011 3:19am
Quoting fxstarter
Will take a risk and enter long. Target .3785
buying in one of the strongest resistance areas of the last months is indeed ''taking a risk''
Hero calls followed by margin calls...
  • #367,722
  • Jan 19, 2011 3:19am Jan 19, 2011 3:19am
Quoting suthmo
Long here, I see 4H ABC wave we are at the last pullback of wave B wave A is 600 pips long TARGET 3850 Could go 250 pips next 4/8 hours
Bit ambitious with the 250, but not bad...
  • #367,723
  • Edited 3:22am Jan 19, 2011 3:20am | Edited 3:22am
Quoting fr600
It will reduce my account by 8~10%, I guess I can afford that loss for once. I made mistakes for not averaging when I had a chance.

I'm just wondering what's the probable outcome...
No one knows the outcome. It could go all the way to 1.51xx......it's possible. For that reason you should set a realistic stop loss. If your SL get's hit, your account diminishes by 10% (more or less). Assuming you lose the next 7 trades with more or less the same loss, mister margin call will pay you a visit, and you lose everything. You think you won't lose 7 or 8 in a row? It can happen, believe you me!!

Take you time man, set your stop loss at NO MORE than 2% of your equity. Take the small wins and your account will grow quicker than you can imagine. Or....go for the big wins, and lose your account. Your choice. Remember the story about the tortoise and the hare? It wasn't the hare that won the race!!

Good luck
Doing what you like is Freedom. Liking what you do is Happiness.
  • #367,724
  • Jan 19, 2011 3:21am Jan 19, 2011 3:21am
Quoting AlexC
At what time do these options expire?
AlexC: Its always 10am Eastern
  • #367,725
  • Jan 19, 2011 3:21am Jan 19, 2011 3:21am
Quoting PayTheLimit
couple of levels I'll be watching early....
if 3440 holds, I could see 3483/84, if...that is...
Attached Image (click to enlarge)
Click to Enlarge Name: chart1.gif Size: 15 KB
Look Sharp/Trade Tight
  • #367,726
  • Jan 19, 2011 3:22am Jan 19, 2011 3:22am
Quoting Hda
AlexC: Its always 10am Eastern

Thanks HDA
  • #367,727
  • Jan 19, 2011 3:26am Jan 19, 2011 3:26am
Quoting gsantri
0.6 vol closed for 67 pips, remaining profit locked +43.
Closed for 77 pips.
  • #367,728
  • Jan 19, 2011 3:27am Jan 19, 2011 3:27am
Quoting AlexC
Thanks HDA
AlexC: Youre welcome
  • #367,729
  • Jan 19, 2011 3:28am Jan 19, 2011 3:28am
Quoting realjumper
No one knows the outcome. It could go all the way to 1.51xx......it's possible. For that reason you should set a realistic stop loss. If your SL get's hit, your account diminishes by 10% (more or less). Assuming you lose the next 7 trades with more or less the same loss, mister margin call will pay you a visit, and you lose everything. You think you won't lose 7 or 8 in a row? It can happen, believe you me!!

Take you time man, set your stop loss at NO MORE than 2% of your equity. Take the small wins and your account will grow quicker than you...
Thanks man. I did well for the past two weeks (all small trades, either +ve or BE), but this one time I got stuck. I set the SL so high because I'm a little too optimistic that it will come back before hitting 1.36. If it doesn't, I'll have to pay the price.
  • #367,730
  • Jan 19, 2011 3:29am Jan 19, 2011 3:29am
Quoting fr600
Thanks man. I did well for the past two weeks (all small trades, either +ve or BE), but this one time I got stuck. I set the SL so high because I'm a little too optimistic that it will come back before hitting 1.36. If it doesn't, I'll have to pay the price.
yes ! thank you god!

im not alone
Hero calls followed by margin calls...
  • #367,731
  • Jan 19, 2011 3:29am Jan 19, 2011 3:29am
Quoting fr600
It will reduce my account by 8~10%, I guess I can afford that loss for once. I made mistakes for not averaging when I had a chance.

I'm just wondering what's the probable outcome...

You need to do yourself a favor and read up on risk management. You really shouldn't risk more then 1% of your account when you are first starting out. Set your SL accordingly, if you feel the need for a SL that large then reduce your position size accordingly. Capital preservation is key in becoming succesful in this business, you need to be able to trade another day. Forex is not a get quick rich scheme.

Prepare yourself an excel sheet with appropriate position sizes for the SL's you intend on using.

When I enter a trade, I know how much I am willing to pay to be proven wrong, having losses is the cost of doing business and should at no time jeopardise your account.

Do you know the statistical average of your strategy? Do you know the average losing streak over a year's worth of trading? That losing streak should never cause you to have a peak to valley drawdown in excess of 5-10% in your equity curve, that way you can absorb 10-20 losing streaks in a row, trading is not about averaging out the winners, it is solely about being consistent. IF you calculate the losing streaks and set your SL accordingly you will quickly find out that even a 1% risk is too large to sustain yourself in this business.

Always plan for the worse, the reality will be far better that way.
  • #367,732
  • Jan 19, 2011 3:31am Jan 19, 2011 3:31am
Question:
When is the best time for the 4Hr candle to open?
Different brokers have different times.
  • #367,733
  • Jan 19, 2011 3:33am Jan 19, 2011 3:33am
Quoting fr600
Thanks man. I did well for the past two weeks (all small trades, either +ve or BE), but this one time I got stuck. I set the SL so high because I'm a little too optimistic that it will come back before hitting 1.36. If it doesn't, I'll have to pay the price.
We've all been there man!!

Look at it this way: If you can take just 25 pips per day, every day....that amounts to about 6,500 pips in 12 months. You may not be able to live off that right now, but how much healthier would your account be with 6,500 pips locked in.....and......how much would your 2% SL be worth now??

Like I say, take your time.....look after the cents (or pennies), and the dollars (or pounds) will look after themselves!
Doing what you like is Freedom. Liking what you do is Happiness.
  • #367,734
  • Jan 19, 2011 3:34am Jan 19, 2011 3:34am
Quoting PhAnTi'
cross 3450 to get to 3435-40

http://cdn.forexfactory.com/images/attach/png.gif 2011-01-19_10h29_GBPUSD _ min015 _ 1100 x 800 (BarChart).PNG (27.9 KB)


Och Jooh ... oder bestenfalls 1.3416 ...

Aber wer will das schon ...

Major move of the day has been done ... the rest is bones without much meat ... we have switched off our machines in EU (+0.26% profit) ... done our daily work already ... zumindest in diesem Paar ... only Sterling pairs ... but semi-auto via white noise box ... we are selling Sterling ...

Bis rollover ...


Und tschüss ... tot siens



;-)
Attached Image (click to enlarge)
Click to Enlarge Name: 2011-01-19_10h29_GBPUSD _ min015 _ 1100 x 800 (BarChart).PNG Size: 28 KB
2013-07-31 Today's Phrase of the Day: Hold off from any recycle bin experts
  • #367,735
  • Jan 19, 2011 3:34am Jan 19, 2011 3:34am
Quoting AlexC
Question:
When is the best time for the 4Hr candle to open?
Different brokers have different times.

This has been a huge debate in Forex. I personally line up all my candles to London, that way I get a fresh 4 hour candle at the London open and the daily will start at midnight giving me daily pivots set to London.

London is my primary session and I want everything lined up there. I do note NY roll as that is the handover to the Far East desks and used for swaps.

You should line up your candles appropriate to your trading times and sessions.
  • #367,736
  • Jan 19, 2011 3:35am Jan 19, 2011 3:35am
Quoting cloggie
You need to do yourself a favor and read up on risk management. You really shouldn't risk more then 1% of your account when you are first starting out. Set your SL accordingly, if you feel the need for a SL that large then reduce your position size accordingly. Capital preservation is key in becoming succesful in this business, you need to be able to trade another day. Forex is not a get quick rich scheme.

Prepare yourself an excel sheet with appropriate position sizes for the SL's you intend on using.

When I enter a trade, I know how much I am...

Thank you so much. To be honest, I'm not new, it's been more than a year. But I was on a break for 2 months and I guess I have forgotten everythign I have learned in the past. Maybe it's time to start from scratch. But again, guess what? I thought I already have.
  • #367,737
  • Jan 19, 2011 3:36am Jan 19, 2011 3:36am
Quoting mercy seat
http://cdn.forexfactory.com/images/attach/png.gif 2011-01-19_10h29_GBPUSD _ min015 _ 1100 x 800 (BarChart).PNG (27.9 KB)


Och Jooh ... oder bestenfalls 1.3416 ...

Aber wer will das schon ...

Major move of the day has been done ... the rest is bones without much meat ... we have switched off our machines in EU (+0.26% profit) ... done our daily work already ... zumindest in diesem Paar ... only Sterling...
dont agree
Hero calls followed by margin calls...
  • #367,738
  • Jan 19, 2011 3:36am Jan 19, 2011 3:36am
Quoting cloggie
This has been a huge debate in Forex. I personally line up all my candles to London, that way I get a fresh 4 hour candle at the London open and the daily will start at midnight giving me daily pivots set to London.

London is my primary session and I want everything lined up there. I do note NY roll as that is the handover to the Far East desks and used for swaps.

You should line up your candles appropriate to your trading times and sessions.
Thanks Cloggie.
That makes sense.
  • #367,739
  • Jan 19, 2011 3:39am Jan 19, 2011 3:39am
Quoting cloggie
Capital preservation is key in becoming succesful in this business, you need to be able to trade another day. Forex is not a get quick rich scheme.
Absolutely.......that should be printed and stuck to the monitor, so that it never escapes the mind!!
Doing what you like is Freedom. Liking what you do is Happiness.
  • #367,740
  • Jan 19, 2011 3:39am Jan 19, 2011 3:39am
Quoting PhAnTi'
dont agree
No problem ... see you later ... and ... good luck!
2013-07-31 Today's Phrase of the Day: Hold off from any recycle bin experts
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