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  • #399,301
  • Mar 2, 2011 11:53am Mar 2, 2011 11:53am
Quoting FibbinArchie
and trade management styles evolve, mine certainly is still evolving, I would say that your rigid mechanical approach to mm is the best way to go however...

Bottom line is that we must all follow our own path, through trial and error...
Yeap agree, we must all follow our own path, through trial and error, there is not shortcuts or one size fit all in finding the right approach in trading .

Best of luck in your trading.

sisse
Pending conversations? PM for a chat...I am mainly in OTM now
  • #399,302
  • Mar 2, 2011 11:56am Mar 2, 2011 11:56am
bb for the close, good luck PTL...
Look Sharp/Trade Tight
  • #399,303
  • Mar 2, 2011 11:57am Mar 2, 2011 11:57am
Quoting sisse
Yeap agree, we must all follow our own path, through trial and error, there is not shortcuts or one size fit all in finding the right approach in trading .

Best of luck in your trading.

sisse
and the same to you...
  • #399,304
  • Mar 2, 2011 11:58am Mar 2, 2011 11:58am
Quoting navhin
hope Bernanke saves the US dollar...
Ben will not save the dollar. It is not in his makeup. He will do everything to bring it down.
  • #399,305
  • Mar 2, 2011 12:08pm Mar 2, 2011 12:08pm
A small drop before to gain strength and continue UP
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu m15.gif Size: 144 KB
Click to Enlarge Name: eu h1.gif Size: 142 KB
  • #399,306
  • Mar 2, 2011 12:10pm Mar 2, 2011 12:10pm
Quoting gatorinla
with a sore ass or sex?

STOP you making me cry!
  • #399,307
  • Mar 2, 2011 12:14pm Mar 2, 2011 12:14pm
Quoting fldash
sisse, what are your thoughts on EU through the rest of today and tomorrow... Not a lot of profit taking by longs at the London close...
Well, first from a strictly TA point of view, right now there is a first attempt to reject last swing high (major reversal signal) on H4 (a close below 1.385x) but is very late and timid to even consider tradable.

As you said not much profit taking but also remember that this is coming from last week swing longs from last Friday and today fresh rejection of daily lows in an uptrend (daily) and monthly Resistance at 1.392x and key FA R (debt crisis cap at 1.40xx) are within daily range reach for tomorrow (so those are the clear profit taking areas).

If daily close above 1.386x will make a confirm clean break on daily. However, a close on highs so close to last swing high with key R levels around the corner and with massive FA (ECB and NFP) will let the doors wide open for bears (me...lol). So in other words, quick intraday longs around today close but with EXTREME tight stops on rejection of today daily highs.

If daily close below 1.386x around. 1.384x is my intraday longs area first (this will be tradable intraday) with the same extreme tight stops on rejection of today daily highs.

Areas to look for potential reversal tomorrow and Friday if FA triggers are the key 139.2x and the overshoot 1.390x...

sisse
Pending conversations? PM for a chat...I am mainly in OTM now
  • #399,308
  • Mar 2, 2011 12:15pm Mar 2, 2011 12:15pm
Quoting PayTheLimit
3875 in the way of new highs, 3848/59 support..
Hi. Can you share the indi that draws the s/r and the boxes? Or at least tell me where you got it from? Thank you.
If you're not part of the solution then you're part of the problem.
  • #399,309
  • Mar 2, 2011 12:17pm Mar 2, 2011 12:17pm
I am currently holding this trade with enormous drawdown of 860 pips. I havnt done single trade from last one and half month even though my hands had been getting too much itch to jump in again. I think I am getting to learn NOT to trade and just see the market screw my account. Thankfully the good thing I have learned is to keep risk to minimum and trade on larger time frame. Still learning
  • #399,310
  • Mar 2, 2011 12:19pm Mar 2, 2011 12:19pm
Quoting PayTheLimit
3875 in the way of new highs, 3848/59 support..
Jawohl ...


http://www.forexfactory.com/images/attach/png.gif 2001-03-02_18h59_EURUSD _ min010 _ pivotchart with 4 Hours PP.png (19.3 KB)


http://www.forexfactory.com/images/attach/png.gif 2001-03-02_18h59_EURUSD _ min060 _ pivotchart with Daily PP.png (18.6 KB)


http://www.forexfactory.com/images/attach/png.gif 2001-03-02_18h59_EURUSD _ min240 _ pivotchart with Weekly PP.png (17.1 KB)

Can be easily observed here ...


Attached Image(s) (click to enlarge)
Click to Enlarge Name: 2001-03-02_18h59_EURUSD _ min010 _ pivotchart with 4 Hours PP.png Size: 19 KB
Click to Enlarge Name: 2001-03-02_18h59_EURUSD _ min060 _ pivotchart with Daily PP.png Size: 19 KB
Click to Enlarge Name: 2001-03-02_18h59_EURUSD _ min240 _ pivotchart with Weekly PP.png Size: 17 KB
2013-07-31 Today's Phrase of the Day: Hold off from any recycle bin experts
  • #399,311
  • Mar 2, 2011 12:19pm Mar 2, 2011 12:19pm
Quoting jillsaab
I am currently holding this trade with enormous drawdown of 860 pips. I havnt done single trade from last one and half month even though my hands had been getting too much itch to jump in again. I think I am getting to learn NOT to trade and just see the market screw my account. Thankfully the good thing I have learned is to keep risk to minimum and trade on larger time frame. Still learning
You clearly need to learn the concept of cutting your losses. Lose some now to fight another day. Even on daily chart trades, my pips in losses are locked in around 100-150. Accept that you were wrong in your analysis and move on.
  • #399,312
  • Mar 2, 2011 12:22pm Mar 2, 2011 12:22pm
Quoting FibbinArchie
and trade management styles evolve, mine certainly is still evolving, I would say that your rigid mechanical approach to mm is the best way to go however...

Bottom line is that we must all follow our own path, through trial and error...
Yup. This is part of our job description. To learn and adjust as the markets do.

The markets sure don't act like they did even 5 years ago, just looking at the charts.

My guess is, the introduction of retail traders happened and that's what got everything all jacked up.
  • #399,313
  • Mar 2, 2011 12:23pm Mar 2, 2011 12:23pm
Jill,

My dear, the market is not screwing your account.....you screwed it by allowing a drawdown of that size to develope. Not to sound to blunt, but thats the cold hard fact. I wish you the best.....sometimes those hard learned lessons are the best. Good future trades to you.

______________________
  • #399,314
  • Mar 2, 2011 12:23pm Mar 2, 2011 12:23pm
Quoting jillsaab
I am currently holding this trade with enormous drawdown of 860 pips. I havnt done single trade from last one and half month even though my hands had been getting too much itch to jump in again. I think I am getting to learn NOT to trade and just see the market screw my account. Thankfully the good thing I have learned is to keep risk to minimum and trade on larger time frame. Still learning
what do you think you should do?
  • #399,315
  • Mar 2, 2011 12:27pm Mar 2, 2011 12:27pm
Quoting jillsaab
....... Thankfully the good thing I have learned is to keep risk to minimum and ..
Not if that big loser is still open.

Who really knows when price will return to your entry level?
  • #399,316
  • Mar 2, 2011 12:27pm Mar 2, 2011 12:27pm
Quoting SunTrader
Interesting WSJ article:
Why the Dollar's Reign Is Near an End

http://online.wsj.com/article/SB1000...googlenews_wsj


"Liquidity being the most precious of all commodities in a crisis".


Of course, short term is all that matters for trading - not what will happen years from now.
Thanks for the article - it won't take years from now



Chinese Centralbank:
All Chinese Exporters and importers will still account for in this year's transactions with their foreign partners may Yuan, said the central bank in Beijing. "The market demand for cross-border use of the yuan rises, " she said. Specifically, the previously strictly regulated yuan will gradually converted into a freely convertible currency world.

Test, it has been in the past year 67 000 enterprises in 20 provinces allowed to run their business abroad in yuan. The trade amount was equivalent to about 56 billion euros. Now, however, could soon all companies issue their invoices in yuan, and abroad they could pay with their own currency.

This would be especially a blow to the dollar. Because so far Chinese companies usually trade in the U.S. currency. This means, however, that the People's Republic is directly affected by the decisions of the U.S. central bank. For example, China gets the oil prices from rising, since its currency has been largely linked to the dollar. Europe's currency in recent weeks, however, presented significantly against the dollar, so that price increases for raw materials arrive here only dampened. While China is now replaced by the dollar, it will get out of this Babylonian captivity, in order to reduce inflationary pressure.
Attached Image
  • #399,317
  • Mar 2, 2011 12:29pm Mar 2, 2011 12:29pm
Jill,

Larger time frames are not what you need, you need better MM (Money Management). Cut the losers, or they will cut your account down to nothing. As one just said, cut the losers & trade another day.

I feel your pain.........I have been their & its not much fun.

___________________
  • #399,318
  • Mar 2, 2011 12:31pm Mar 2, 2011 12:31pm
Quoting acetrader
Jill,

Larger time frames are not what you need, you need better MM (Money Management). Cut the losers, or they will cut your account down to nothing. As one just said, cut the losers & trade another day.

I feel your pain.........I have been their & its not much fun.

___________________
Right of passage all traders must go through.
  • #399,319
  • Mar 2, 2011 12:31pm Mar 2, 2011 12:31pm
Quoting gatorinla
3883.2 ... is when st bulls come back... they aint here w/o it
s/l here.
those who can, do. those who cant, talk about those who can
  • #399,320
  • Mar 2, 2011 12:31pm Mar 2, 2011 12:31pm
I have just a general question regarding what you guys use in intraday trades as the point to cut your losses and look to the next trade... I'm short EU at 3855, I know I should have sold on new high (breakout) but I didn't, which has actually helped me because I'm not losing less. I had to make a judgement call on placing that stop when looking at the intraday pip range and that it was already over average range.

So do you always place stops just on other side of s/r or do you use pip limits...

Thanks to anyone who answers.
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