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EURUSD

  • #379,381
  • Feb 3, 2011 6:43pm Feb 3, 2011 6:43pm
Quoting knuckledrag
I've only suspended one person ( real prick,,,,, goading a vet into revealing to much personnel info), but I can't remember what his suspension said (overload wise).
Anyway, its easy to take things personal here. Its best for Twee to handle it, well, most times.
Sometimes the cocky twits just wont shut up glad your here for that.

Your not going to believe this (I didn't)
Mike again

I'd forgotten who I suspended
  • #379,382
  • Feb 3, 2011 6:46pm Feb 3, 2011 6:46pm
Quoting longshot_nl
my trade...
Nice TA, but it never runs so smoothly... if it drops further it probably just drops a bit before retracing 20% then plummet again or vice versa...

How much SL would you put on that?
  • #379,383
  • Feb 3, 2011 6:53pm Feb 3, 2011 6:53pm
Quoting knuckledrag
Your not going to believe this (I didn't)
Mike again

I'd forgotten who I suspended
Hehe, that is a good post... top 5 in FF, just after Jackos fight with the beginners last year...
  • #379,384
  • Feb 3, 2011 6:57pm Feb 3, 2011 6:57pm
hi all.... couldnt resist coming for a visit here before going to bed

still dont see any trade apart from aud which looks extremly atractive to me right now

too tired to read about it so taking the jump with a tight sl!
  • #379,385
  • Feb 3, 2011 7:01pm Feb 3, 2011 7:01pm
Quoting redsword11
sold gold

Attached Image (click to enlarge)
Click to Enlarge Name: gold.jpg Size: 136 KB



scalped for now
  • #379,386
  • Feb 3, 2011 7:04pm Feb 3, 2011 7:04pm
Quoting alexxi
hi all.... couldnt resist coming for a visit here before going to bed

still dont see any trade apart from aud which looks extremly atractive to me right now

too tired to read about it so taking the jump with a tight sl!
was lucky to b/e

not time yet
  • #379,387
  • Feb 3, 2011 7:06pm Feb 3, 2011 7:06pm
Quoting alexxi
hi all.... couldnt resist coming for a visit here before going to bed

still dont see any trade apart from aud which looks extremly atractive to me right now

too tired to read about it so taking the jump with a tight sl!
Are you out of your f*&king mind? Retrace is the way to spend your money. wait..................
  • #379,388
  • Feb 3, 2011 7:09pm Feb 3, 2011 7:09pm
Quoting knuckledrag
Are you out of your f*&king mind? Retrace is the way to spend your money. wait..................
you are completly right!
that is why i went out straight as it started moving up again
that is what happens when you come home from a beautiful dinner and get careless...

edit: also reading the rba report
  • #379,389
  • Feb 3, 2011 7:16pm Feb 3, 2011 7:16pm
which might be testing record high. Nothing else is moving. Good luck to all.
Taigen Profit This Month: na
  • #379,390
  • Feb 3, 2011 7:28pm Feb 3, 2011 7:28pm
Wrong board!
Taigen Profit This Month: na
  • #379,391
  • Feb 3, 2011 7:34pm Feb 3, 2011 7:34pm
Quoting ldre
Firstly thanks for the insight.I usualy make my own decisions but am learning too much from you and what to look out for.
My question,any pointers as to exits and knowing when to stick with it or early bail out?? I think I pretty much have the entries nailed down but even when am in major pips like today I get stuck on when to exit as in I do not know when it is over and stop you know.any help thanks.. BTW am using peaks and valleys to enter and move my stop lower
Hope its not too much too ask
Hey LDRE,

As a newbie myself, I can vouch for Clog's real time calls. The best advice he gave that I took on board - in my opinion - is the fact that EURUSD moves in 20 pip waves. So on an intraday basis, provided you have confidence in your levels (S/R, Fibs, Murrey Math, whatever) you can set targets based on a multiple of 20pips. I cannot tell you enough how much this is gold.

I used to be a scalper. 5-10pips here or there: 30+ trades a day.... trying to ride trend on short 15M/5M/1M.... profitability? Good until a BIIIIG wave against you wipes out winnings. With a 20 pip overview.... you can tie in higher timeframes and fundamentals to give you confidence in the 20 pip moves to the point that you can spot 40 and even 60 or 80 pip moves. Thus giving you opportunity to scale out. Open 3 positions... close 1 at TP +20 pips, close 2nd at +40 and let the rest ride moving the stop up after each 20 pip clearance.

Now of course you adjust these to your own style. It doesnt have to be 20 pips if you prefer to take 15. But if you knew that you were biased SHORT and the price was at 1.3780... you could have taken today's 170 pip move in chunks of 20. I know I did. Caught 60 on the way down.... simply by targeting 3x20 pips.

Give that a go. And research Clog's BOX method for intraday. Early November 2010. He called a play-by-play live. I was there. Ignore the silly comments and fights between Clogs and the rest; it's all part of the fun and not to be taken too seriously. But the serious business starts with the 20 pips. Also look at Tarantula's trade setups, Magix and Redsworld's charts which are simple but effective in setting targets. Phanti is good too but he's crazy (sorry Phanti!)
A pip is only worth it if you know how much you risked to earn it
  • #379,392
  • Feb 3, 2011 7:49pm Feb 3, 2011 7:49pm
Quoting vlady1974
Hey LDRE,

As a newbie myself, I can vouch for Clog's real time calls. The best advice he gave that I took on board - in my opinion - is the fact that EURUSD moves in 20 pip waves. So on an intraday basis, provided you have confidence in your levels (S/R, Fibs, Murrey Math, whatever) you can set targets based on a multiple of 20pips. I cannot tell you enough how much this is gold.

I used to be a scalper. 5-10pips here or there: 30+ trades a day.... trying to ride trend on short 15M/5M/1M.... profitability? Good until a BIIIIG wave against you...
You seem to be unsure of certain things. Everyone has their own style. You need to have longer profit runs. A few changes in your approach would do wonders for you. Send me a PM and I will share a plan with you. I could post it here if you like however there are many many experts here who might want to disagree. Either way let me know.

Trading only technically and with price action is not dealing with other very important trading issues. I only comment having just read your post and understand what you are doing wrong.
  • #379,393
  • Feb 3, 2011 7:49pm Feb 3, 2011 7:49pm
vlady,

if this works for you and others, great. i'm glad you found what was missing in your trading. now, i have a MS in Computer Science and i worked on some very complex systems in my previous life. so I'm thinking... if things are so simple why isn't somebody writing an EA that incorporates these rules? it's simple enough.... we know where the s/r are (murray, pivots, etc), so the computer can place orders 20 pips at a time, SL etc etc.

One thing I know for sure. PHDs tried to figure the market out and failed miserably. so I don't know, just wondering if things are THAT simple....

for me trading is all about your analysis, charts, targets and your faith in them. if you know where the price is likely to go, and even if it moves against you at the very moment, then if you still trust your target, then you either hold and trade the other way, or if you don't like the risk, close and enter at a better price towards your initial target. or a variation of those. it's a lot to talk but i guess everybody does it their own way. good luck.

Quoting vlady1974
Hey LDRE,

As a newbie myself, I can vouch for Clog's real time calls....
  • #379,394
  • Feb 3, 2011 8:15pm Feb 3, 2011 8:15pm
Quoting Robert99
You seem to be unsure of certain things. Everyone has their own style. You need to have longer profit runs. A few changes in your approach would do wonders for you. Send me a PM and I will share a plan with you. I could post it here if you like however there are many many experts here who might want to disagree. Either way let me know.

Trading only technically and with price action is not dealing with other very important trading issues. I only comment having just read your post and understand what you are doing wrong.
Hi Robert,

Am always willing to learn. I'll PM you.
A pip is only worth it if you know how much you risked to earn it
  • #379,395
  • Feb 3, 2011 8:21pm Feb 3, 2011 8:21pm
Quoting Robert99
Send me a PM and I will share a plan with you. I could post it here if you like however there are many many experts here who might want to disagree. Either way let me know.
During the lull of trading night before NFP, I think we could all use something to occupy our time...

Why not just share with the group Robert...

Looking forward to it!

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #379,396
  • Edited 8:30pm Feb 3, 2011 8:24pm | Edited 8:30pm
Quoting attila
vlady,

if this works for you and others, great. i'm glad you found what was missing in your trading. now, i have a MS in Computer Science and i worked on some very complex systems in my previous life. so I'm thinking... if things are so simple why isn't somebody writing an EA that incorporates these rules? it's simple enough.... we know where the s/r are (murray, pivots, etc), so the computer can place orders 20 pips at a time, SL etc etc.

One thing I know for sure. PHDs tried to figure the market out and failed miserably. so I don't know,...

Hi Attilla,

I too am in IT, but I studied Accounting. You hit it on the head: to me the missing factor is people. We are by our nature, irrational. Irrational in a sense that when we factor in our beliefs about something (ie, technical, fundamental, emotional, financial, time constraints, etc etc), the result will not be the same for another trader.

What I was trying to share with LSDE was the approach or principle - which in of itself isn't a trading plan. It merely addressed his query of problems setting targets. I shared what I did because his question resonated with me. LSDE can disgard it or adopt/adapt it. Up to the individual and it isn't my "gospel" to preach. But that doesn't necessarily invalidate the approach.

I studied martial arts as well. A punch is a punch and a kick is a kick - if it has been fully integrated into your automatic human expression. But if you're learning or changing/adapting, then no a punch is not just a punch and a kick not just a kick... there's an entire universe filled with different approaches. Pick one/any one .... if it starts to work and fits your style and personality AND YOU PRACTICE... then it becomes you... so to with trading styles - in my opinion. Hence why I no longer believe in EAs and automatic algorithms as these things don't learn or adapt. People do.

p.s. Just to add to the "if things are so simple why isn't somebody writing an EA that incorporates these rules".... I work with Databases. How many ways can you write a SQL connection string? I can't even count the number of different ways... and yet I can "describe" it here and now... just as I can easily say: TP +20 pips. But in of itself could mean totally different methods of how to get to 20 pips. Hence impossible to automate. I'm sure one day... one day. But not holding my breath.
A pip is only worth it if you know how much you risked to earn it
  • #379,397
  • Feb 3, 2011 8:25pm Feb 3, 2011 8:25pm
i posted this 8 hours ago. the targets are still valid. it went a little lower than I thought but hey, i gave both the low and the possible northbound targets while the price was in a down move at the time. so anyway. here it is.

http://www.forexfactory.com/showpost...stcount=379215
  • #379,398
  • Feb 3, 2011 8:29pm Feb 3, 2011 8:29pm
Here's a screen shot of an Angular Indicator. It Replots on every new high or low per the given time-frame. I programmed it to plot price retracements every 12.5 Degree's This correlates somewhat with Murrey Math and provides many more stall points (S/R) As far as market up or down well that's the creative abstract part on the trader. I have to this day not found a suitable Oscillator to use for buy sell. And that has been my biggest delima for years. I am not the type to want to follow multiple time frames I like a simple in/out opportunity formula.
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"Look Left Think Right"
  • #379,399
  • Feb 3, 2011 8:29pm Feb 3, 2011 8:29pm
neural networks do allegedly, but apparently still no good enough. i guess there's no substitute for the "gut feeling".

Quoting vlady1974
Hence why I no longer believe in EAs and automatic algorithms as these things don't learn or adapt. People do.
  • #379,400
  • Edited 8:37pm Feb 3, 2011 8:33pm | Edited 8:37pm
Quoting Magix
During the lull of trading night before NFP, I think we could all use something to occupy our time...

Why not just share with the group Robert...

Looking forward to it!

I make the following assumptions based on my observations of his trading style. The trading concerning movements of 20 pips I have no comment on since I never verified this for myself. I assume our friend has some skills using price action and technicals. That being the case having a good entry should put him in a good position. Then he needs to place his stop NOT to be moved in case his Trade Plan was wrong. Once he sees he made a good entry he should lower his stop to lock in at least 10 or 15 pips of profit. That way when he gets a good run he can get bigger profit runs. Today when I saw no movement UP in EUR/USD with good data out of Europe price action was giving a warning. I was not surprised by Trichet being less hawkish and even better jobless claims did not help the Dow. We alll saw what EUR/USD did in 15 minutes after Trichet spoke.

I just feel bad habits have been developed and a different style might prove useful. I can repost something I posted this morning in another thread here that will fill out my thoughts and trading style.

The point being that everyone has their own style and mine might only work for me however there are certain rules that work for everyone.

I will hit the send button and come back on edit to add my other post.

Quote:
Originally Posted by CindyXXXX http://www.forexfactory.com/images/buttons/viewpost.gif
Thanks Robert - I'm really hoping to get a whole range of creative ideas flowing from various people and to see people thinking like entrepreneurs taking advantage of opportunities instead of the normal "technical analysis" routine that seems to be bread into most of us who never had anywhere else to turn but to the old MT4 platform and technical studies.

I think with a bit of participation it could be a really interesting thread but I know its hard to break people away from the comfort zone of their charts.

Personally I find myself when I'm...

These comments are from my own experiences trading forex now for close to 5 years. I trade as a fundamental fx trader. I use a formula that works. It is my own formula. I use technicals for proper entry and exit. I only trade having a trade plan. I have risk management to control my capital losses. I win over 60% of all my fx trades.

I understand the geopolitical and the economic issues. I spend 3 hours a day reading new material. I focus on my goals which is to make money and not to make my ego stronger. I do not trade my fear or my greed. I do not overtrade. I am careful to not trade before major news such as the press conference today at 8:30 AM EST that Trichet held.

No chart told you he would be less hawkish than before. EUR/USD now trades at 1.3627 and some were calling it to continue up from 1.3800 using the charts. Some of these were major signal services.

Forex is about supply and demand. The second part is about taking money from retail trader's who have no clue about what they are doing. If 90% lose trading forex then guaranteed 75% of these who lose trade just using charts. They do not look at fundamentals. Some trade accounts with less than $5000 US, others really think Price Action and Technicals alone will result in profits. There may be some with the right temperment who might win just using PA and TA but they surely need to use risk management as well. I have invested much time and energy learning. Trading forex for me is a way of life.

I hope some of my thoughts prove helpful. I am willing to share with anyone interested my trade lessons learned. It will not have an effect on my results.

Be careful on Friday with NFP and the Egypt situation and the coming weekend.

Good evening and good trading.

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