EURUSD

Hi Jaylovin,

was not as good as it could have been. Had too many things on my business schedule to trade focused.

First I missed a good/safe entry for the way down, then for the way up.

On the way up I hoped for a good retracement to get a good entry but it did not happen.

So I did all the way down and up only scalping.

But anyway - green is green :-)


Wish you a nice weekend (especially with your EW lecture) :-)

I don't think you are a member of any exclusive club here my friend...As well as hearing similar stories from other traders, have been here myself.

I cannot say what it is for you, but I can tell you a little about what it was for me.

I started a couple of forex accounts, needing to fund a few times over thinking this game was gunna be as easy as all the advertising...if ya been around for more then a week, you already know, it ain't.

So, you make your mind up, adjust your money management, select your time frames get a couple right get a couple wrong and at the end of the week, how much change in the account?

Well, for me, it was a hobby. I didn't need the money, I just loved the thrill of the trade. The tech side of things, the charts, indies, flashing lights and shiny objects. In this, I hadn't taken the time to define myself as a trader. I called myself a trader, but all the while had it in my mind that I was a hobbyest at that.

Over time, I had decided with the help of a few friends that I met through the factory, to go to the next step, take the thing that I wanted to do, and do a lot more of it. See if I could walk into this world and find the security and lifestyle that I believed possible.

Well...lemme tell ya this...It ain't that easy.

Having all of the bad habits from before, and now having to commit myself to taking profit and not only growing an account, but also making enough to write myself a paycheck off of it. Hadn't ever done it before, so I really didn't know how or what to do.

I love the factory, for a lot of reasons. I got a good start here, I have met a lot of really kewl people, and it provides me with a social outlet that I am somewhat accustomed having been in the workplace, chatting with like minded individuals...

Problem is...like market itself, the turnover here is huge. Ya never really see people around long enough to learn how to maintain and sustain a living through markets and even if ya did, is the life they live or expectations going to be comparable to your own? No...

Where am I going with this?

Well, I will say this. Trading is easy. Push a button, you are in a trade, push a button, you are out of that trade.

Where the problem lies if you have no idea of what you are working for, no sense of balance, no goals or needs to be covered, you end up floundering around until you become one of those who either cashes out of market because you are not making money, or ya eventually get consumed.

You have to know what you want, you have to set your targets, you have to define yourself as a trader...from here, you will begin to understand the balance in taking profit and cutting losses. It is only when you know who you are that you can begin to become who you want to be.

Just my dos centavos...

just a quick point on position sizing discipline guys...

I put in a good few hours of hard work scalping today, did ok and had probably racked up a good 50 or so pips...

but then I started swinging for the fences and shorted just over 42xx, but the point is that the position was over leveraged compared to my regular lot size, of course the reason I did it is because I had 10, 15 green trades on the bounce so I was invincible...

so how did it pan out? yep, you guessed it, managed to piss away the entire day's profit and am closing the day about 2 pips above break even...

over leveraging- DON'T DO IT!! and what's more, if you lose the money, don't lose the lesson...

enjoy your weekend...

if this doesn't move anywhere above 1.4248 and starts to drop on sunday night... we could already have completed wave 1 and 2 for the trend down... will post a chart explaining myself manana...

other option as elliott wave says 5th wave in a leading diagonal - very very informal:

According to Elliott, diagonal triangles form when market action has moved "too far, too fast" and represent exhaustion of the trend. The 5th wave of the diagonal will frequently spike sharply above the upper trendline of the triangle in what Elliott called a "throw-over." A trader should be alert to a diagonal triangle formation, as it signals an impending and sharp trend reversal



i guess my point is we saw a major spike today upwards after NFP though didn't overshoot the channel...

goodnight all

i have a different rule. a much harsh one. i have a trade size i am comfortable with but i only trade 20% of that, believe it or not. over leveraging is a sure account killer.

also the best way to eliminate all that pesky emotion that prevents you from trading efficiently...

[quote=Magix;4516784]I don't think you are a member of any exclusive club here my friend...As well as hearing similar stories from other traders, have been here myself.

I cannot say what it is for you, but I can tell you a little about what it was for me.

I started a couple of forex accounts, needing to fund a few times over thinking this game was gunna be as easy as all the advertising...if ya been around for more then a week, you already know, it ain't.

So, you make your mind up, adjust your money management, select your time frames get a couple right get a couple wrong and at the end of the week, how much change in the account?

Well, for me, it was a hobby. I didn't need the money, I just loved the thrill of the trade. The tech side of things, the charts, indies, flashing lights and shiny objects. In this, I hadn't taken the time to define myself as a trader. I called myself a trader, but all the while had it in my mind that I was a hobbyest at that.

Over time, I had decided with the help of a few friends that I met through the factory, to go to the next step, take the thing that I wanted to do, and do a lot more of it. See if I could walk into this world and find the security and lifestyle that I believed possible.

Well...lemme tell ya this...It ain't that easy.

Having all of the bad habits from before, and now having to commit myself to taking profit and not only growing an account, but also making enough to write myself a paycheck off of it. Hadn't ever done it before, so I really didn't know how or what to do.

I love the factory, for a lot of reasons. I got a good start here, I have met a lot of really kewl people, and it provides me with a social outlet that I am somewhat accustomed having been in the workplace, chatting with like minded individuals...

Problem is...like market itself, the turnover here is huge. Ya never really see people around long enough to learn how to maintain and sustain a living through markets and even if ya did, is the life they live or expectations going to be comparable to your own? No...

Where am I going with this?

Well, I will say this. Trading is easy. Push a button, you are in a trade, push a button, you are out of that trade.

Where the problem lies if you have no idea of what you are working for, no sense of balance, no goals or needs to be covered, you end up floundering around until you become one of those who either cashes out of market because you are not making money, or ya eventually get consumed.

You have to know what you want, you have to set your targets, you have to define yourself as a trader...from here, you will begin to understand the balance in taking profit and cutting losses. It is only when you know who you are that you can begin to become who you want to be.

Just my dos centavos..

One hell of a dos centavos there ...thanks MAg..

closed @ 4148
loss -20 pips

Been there, done that plenty more times than I'd like to admit. Although it has been awhile since the last time.

FA, I know you didn't say it but there are some who believe when they have winnings on the day that "they are playing with house money".

Any money in my account (i.e. balance with closed trades) is my money.

So whether I am up big or not that day anything I have added to my balance is just as valuable as what was in the account the previous day.

Have a good one.

nice one Sun... was really trying to emphasize the importance of maintaining discipline, and how letting it slip even on just one trade can unravel a lot of hard work...

here's to hoping we get some of those larger range days we had late last year/jan within the next few weeks

Every Friday night, a couple of my trading buddies use to meet up and trade together. There was one amongst us, the 'elliot wave guru' who use to forecast with precision. So we normally take his advice and follow his 'tips'. Last night, I had already 38 pips in my bag during the 2nd downward move but 'cos of his assurance that it'll go down further, I stuck to his recommendation. Bingo, I saw my 38 pips vanishes in front of my very own eyes. Damn it. It's my own stupidity, I knew the overall trend is up, why the hell I ignore the reversal!

I guess it's best to listen to yourself (your own trading strategy) and not too much noises when at times are rather confusing. I'm not trying to blame my friend for that....I blame myself for leaving the money on the table and not take it when I could. Arrrrrrgh!

-651.79% ? your are worse than me , i hope it not full lot

most of us do this mistake best way is secure some profit by moving SL maybe around +20 so u will have some think,. i do this 50% of the time , 50% of the time end up water.

There is one more indictaor which we need to consider to use is APRIL FOOL indicator.

Great Rant Magix! I think anyone that has been in the Market for more than 2 years will identify with all you said!! Bravo.

what is the price range we are looking at Monday (Sunday) opening ?

whats wrong with what is happening these days?

I know I'm new here and what I have to say means about nothing until I've proven myself but my gannish timing method seams to be telling me that the market is going to change. I'm talking about on the daily charts so I am looking for the market to move down at least a couple of days from right about this price level.
If the chart I loaded shows up the orange lines are lines that indicate a possible change in market.

If you say so then where is the ABC correction wave ? Elliot Wave theory require ABC correction after completing the 1-2-3-4-5 impulsive wave !