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  • #404,021
  • Mar 10, 2011 6:11am Mar 10, 2011 6:11am
Quoting sisse
Nothing new in the UK.

Oh come on mate thats exactly the point. I was there too trading the ES and if you remember, it was a low volume bars late before the close on a intraday retrace to major daily and weekly S. I was very tempted to take a long there as it was 100% vaild but floor was closing in a few mins so pointless to take a trade on globex...

if you were smart enough or lucky enough to take a short on that massive S at the close and get paid for a technical/fat finger problem you were one of the few, in my case I was lucky not to take...
lol, did they ever get to the bottom of that? cat jumped on the keyboard and sold X billion P&G...
  • #404,022
  • Mar 10, 2011 6:15am Mar 10, 2011 6:15am
Quoting FibbinArchie
lol, did they ever get to the bottom of that? cat jumped on the keyboard and sold X billion P&G...

yes i remember that evening with the 1000 point spike down on the DOW.
rat
  • #404,023
  • Mar 10, 2011 6:16am Mar 10, 2011 6:16am
1st post hi guys/girls been learning forex for past 6 months and currently testing my strategy but i think drawn it right but seem so far 38.2 has been tested and held

there was an early entry sign i could of gone short at around 1.4012 based on macd/rsi diverangce on H1 but i decided to hold off wait for the daily chart

im short 1.39048 SL 1.40048 reason for my entry was macd/rsi diverangce on daily chart and also news about portugal bond rates yesterday
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  • #404,024
  • Mar 10, 2011 6:16am Mar 10, 2011 6:16am
it's doing as the doctor prescribed. we'll retrace on h4 right around here, and then more down.

Quoting attila
well... we are retracing on daily right now as it bumped off that trend line. theoretically the up trend is still intact as we speak but I believe we'll continue down towards 3600. my daily chart was topped at 1.40. I don't think we'll make it back there any time soon.
  • #404,025
  • Mar 10, 2011 6:16am Mar 10, 2011 6:16am
Quoting rattyo
This is correct. To be trading this pair short now your stop needs to be above 13940 yesterdays high, even then you may get banged out the trade later when the US sess starts.

Theres people here going on about 13865 SL resistance is at bla bla 13850 etc. 13807 is the key etc bla bla.

its bullshit. if your trading this short stop above 13940 end of story otherwise your gambling.

if you cant afford to stick your stop above 13940 then your in the wrong game. you wont last long in this bussiness


forget your 61.8824656787% fib retrace...
I see no reason to have a stop any higher
then 66 or so,you can always get back in.
Its about making money,not always being right.
You can remain irrational longer than you can remain solvent.
  • #404,026
  • Mar 10, 2011 6:17am Mar 10, 2011 6:17am
Quoting rattyo
This is correct. To be trading this pair short now your stop needs to be above 13940 yesterdays high, even then you may get banged out the trade later when the US sess starts.

Theres people here going on about 13865 SL resistance is at bla bla 13850 etc. 13807 is the key etc bla bla.

its bullshit. if your trading this short stop above 13940 end of story otherwise your gambling.

if you cant afford to stick your stop above 13940 then your in the wrong game. you wont last long in this bussiness


forget your 61.8824656787% fib retrace...



Oh man, complete bullsh!t

Depends mainly on TF you trade. Trading on 5min or 1min with a SL now above 394 is more than laughable, or not?
  • #404,027
  • Mar 10, 2011 6:18am Mar 10, 2011 6:18am
Another break high M15. Shorter need to be aware
  • #404,028
  • Mar 10, 2011 6:19am Mar 10, 2011 6:19am
Quoting jezek5
I see no reason to have a stop any higher
then 66 or so,you can always get back in.
Its about making money,not always being right.
That's the problem with most of these debates, we're all coming from different angles, different account sizes, risk tolerances, time frames, trading styles, profit objectives, etc. etc. etc.
  • #404,029
  • Mar 10, 2011 6:20am Mar 10, 2011 6:20am
Quoting wvanja
I am still shorting.This week low 3830-50 and 3930 as for today alredy
Got my price.Half of last short closed.Remaing targetin 3750-70
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  • #404,030
  • Mar 10, 2011 6:20am Mar 10, 2011 6:20am
Quoting infinitus
Oh man, complete bullsh!t

Depends mainly on TF you trade. Trading on 5min or 1min with a SL now above 394 is more than laughable, or not?

Spot on Markus. Most retailers though are forced to trade the lower TF's due to their leverage constraint without having a clue how to trade the lower TF's. Making money in scalping as a retailer is far from easy as everyting is stacked against you, for the average retail broker you need to overcome 5-6 pips of spread to start of with on a turn, that means you need to be d@rn good to make it as a scalper and few are.
  • #404,031
  • Mar 10, 2011 6:21am Mar 10, 2011 6:21am
I have opened long @ 114.70 S/l 114.21


TP 115.30 depending on PA
  • #404,032
  • Mar 10, 2011 6:21am Mar 10, 2011 6:21am
Quoting FibbinArchie
lol, did they ever get to the bottom of that? cat jumped on the keyboard and sold X billion P&G...
Yes, a firm sold $4.1 billion in ES contracts in 20 minutes !!!! they wipeout out $US1 trillion in a blink.

sisse
Pending conversations? PM for a chat...I am mainly in OTM now
  • #404,033
  • Mar 10, 2011 6:22am Mar 10, 2011 6:22am
Quoting FibbinArchie
That's the problem with most of these debates, we're all coming from different angles, different account sizes, risk tolerances, time frames, trading styles, profit objectives, etc. etc. etc.

But that's why this debate is so good, the "newer" traders reading this will start to think about their stops a bit more depending on thier circumstances. Most here have no choice though and have to use tight stops, thier limited account size and their excessive leverage forces them to.

Every week or so I pick a different subject to focus on, this week I have been on a "stop" hunt and guided a few on what they are doing wrong.
  • #404,034
  • Mar 10, 2011 6:24am Mar 10, 2011 6:24am
Quoting jezek5
I see no reason to have a stop any higher
then 66 or so,you can always get back in.
Its about making money,not always being right.

66 thats a nothing area! that could be breached in a flash and has no significance at all. back above yesterdays high 13940 then we are talking serious.


who long have you been doing this ? this is year 8 for me.

also this negativity on this pair has only started from NFP on fridays afternoon.
before then its been going up consistantly.

put your stop at 66 and your asking for trouble! it's like pigs sniffing at the trough.
rat
  • #404,035
  • Mar 10, 2011 6:25am Mar 10, 2011 6:25am
Quoting cloggie
But that's why this debate is so good, the "newer" traders reading this will start to think about their stops a bit more depending on thier circumstances. Most here have no choice though and have to use tight stops, thier limited account size and their excessive leverage forces them to.

Every week or so I pick a different subject to focus on, this week I have been on a "stop" hunt and guided a few on what they are doing wrong.
imo new traders should be focussing on developing skills rather than making money...
  • #404,036
  • Mar 10, 2011 6:26am Mar 10, 2011 6:26am
Quoting rattyo
66 thats a nothing area! that could be breached in a flash and has no significance at all. back above yesterdays high 13940 then we are talking serious.


who long have you been doing this ? this is year 8 for me.
I disagree with your my way or the highway view. Plus 1.386x is a lot more or less important than you think depending on your timeframe so...

sisse
Pending conversations? PM for a chat...I am mainly in OTM now
  • #404,037
  • Mar 10, 2011 6:26am Mar 10, 2011 6:26am
Quoting rattyo
66 thats a nothing area! that could be breached in a flash and has no significance at all. back above yesterdays high 13940 then we are talking serious.


who long have you been doing this ? this is year 8 for me.


put your stop at 66 and your asking for trouble! it's like pigs sniffing at the trough.
3 months here
  • #404,038
  • Mar 10, 2011 6:27am Mar 10, 2011 6:27am
Quoting cloggie
Spot on Markus. Most retailers though are forced to trade the lower TF's due to their leverage constraint without having a clue how to trade the lower TF's. Making money in scalping as a retailer is far from easy as everyting is stacked against you, for the average retail broker you need to overcome 5-6 pips of spread to start of with on a turn, that means you need to be d@rn good to make it as a scalper and few are.
Scalping is all about the system , not the trader. Brooding over a trade is pointless, you have to be able to react immediately in most cases which means relying on your system 99% of the time.
  • #404,039
  • Mar 10, 2011 6:30am Mar 10, 2011 6:30am
Quoting jezek5
Still chopping away at 66,strange flows thismorning.
I was watching 66 on the way down so
its only right to watch it on the way up.
You can remain irrational longer than you can remain solvent.
  • #404,040
  • Mar 10, 2011 6:31am Mar 10, 2011 6:31am
Quoting sisse
I disagree with your my way or the highway view. Plus 1.386x is a lot more or less important than you think depending on your timeframe so...

sisse

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