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  • #424,641
  • Apr 19, 2011 10:05pm Apr 19, 2011 10:05pm
Quoting thelws
In my opinion, its not that reliable to base your trade jsut on correlation. As much as a guide it is, it is just a guide. If you are trading fundamentals with a 200 pip stop, then you are still fine. You still have about a 100 pip allowance to be proven wrong.

But from a short term technical standpoint you are wrong. If you look at the daily chart, you will notice how price bounced on a support and went staright up. Granted, right now we are seeing some hessitation but it is not enough signal to short. At least not until we see more price movement....
If you look at oil's monthly chart with bollinger bands - you realize that now it's over top bollinger band. It cannot go higher than this month's high even if it bounces on support. It must wait until new month begins. It's just bollinger band rule - 96% inside - 4% outside. For me - even from short term technical standpoint - it's sufficient data. And btw - I don't use stops on my trades. 200 pips was just example that I'm not minus 5 pip stop loss trader. Believe it or not, I didn't close trade in red for long time. My worst closed trades are 0.00.
  • #424,642
  • Apr 19, 2011 10:07pm Apr 19, 2011 10:07pm
Price closed above supertrend indicator along with 4h stochs divergence.
Attached Image (click to enlarge)
Click to Enlarge Name: mt4 chart xx - zoom out.jpg Size: 158 KB
The trend is my friend? The world casino is my friend!
  • #424,643
  • Apr 19, 2011 10:07pm Apr 19, 2011 10:07pm
Quoting thelws
You are already too late to buy. Buying now is taking a risk because we are at a resistance zone. Although the trend is still upward bias, it is not enough confirmation to buy here.

Wait and see.
Thank you, sir.
  • #424,644
  • Apr 19, 2011 10:07pm Apr 19, 2011 10:07pm
Quoting behman8850
If I want to buy, what should be the price and what should be a reasonable TP, Wormboy?
Wait for this candle on the 4H to close, if it closes above 1.4399 then a BUY is advisable(its still risky though), the SL will be 4324 TP: 4519.

Its a risky trade, just telling you what I would do if I wanted to enter. I will not be taking the trade, I have my longs in place since yesterday.

Every trade is yours to open and close.
  • #424,645
  • Apr 19, 2011 10:07pm Apr 19, 2011 10:07pm
Quoting thelws
In my opinion, its not that reliable to base your trade jsut on correlation. As much as a guide it is, it is just a guide. If you are trading fundamentals with a 200 pip stop, then you are still fine. You still have about a 100 pip allowance to be proven wrong.

But from a short term technical standpoint you are wrong. If you look at the daily chart, you will notice how price bounced on a support and went staright up. Granted, right now we are seeing some hessitation but it is not enough signal to short. At least not until we see more price movement....

What? I gotten out of bed during Asia session, which I rarely do, Asia hits a double (hint) and by alarm goes off to join the party, evey correlated market out there is pointing in the same direction, which is rare.

This is an absolute no brainer correlation trade, one we haven't seen since Jan. Please do your research first before spouting nonsense like everyone else on this thread.
  • #424,646
  • Apr 19, 2011 10:08pm Apr 19, 2011 10:08pm
At 44 it will slow..already had a big move and we are barely in the asia session
  • #424,647
  • Apr 19, 2011 10:08pm Apr 19, 2011 10:08pm
Quoting behman8850
I have bought 4 lots at 1.4365 TP 1.4440. Keeping those 4 sell lots as they are. Pl. advise.

I solely believe that if you don't know basic maths you will never succeed... Like me, I am not such a good trader (predicting the market) but I do know risk and how to adjust the 2 variables you actually can adjust (lot sizes and risk/reward).

I would suggest you to read some of the poker articles and don't believe everything you read, it have to make sense for you!!!

Forex Factory will not make you a successful trader, you will.
  • #424,648
  • Apr 19, 2011 10:09pm Apr 19, 2011 10:09pm
Alright guys, there's no need to be so personal here. If you're short and make money, i'm glad for you. If it doesn't, i hope you know why.

Cloggie, i suspect a short might not be a bad position on a monthly/yearly chart. heh. let's get a drink *pat*
Make it rain baby
  • #424,649
  • Apr 19, 2011 10:11pm Apr 19, 2011 10:11pm
Here is why I believe it is short. If you have a different opinion and can show with an explanation why I will appreciate it.

http://a4.sphotos.ak.fbcdn.net/hphot..._3638324_n.jpg
http://a3.sphotos.ak.fbcdn.net/hphot..._3388878_n.jpg
http://a5.sphotos.ak.fbcdn.net/hphot..._6950959_n.jpg

I try to make educated decisions. For what its worth I caught the entire first run down from 4500 and the entire move up from the wick of the hammer. I now think it will go down. Input, please.
  • #424,650
  • Apr 19, 2011 10:11pm Apr 19, 2011 10:11pm
Quoting behman8850
Larsen, Are you still doing your Set and Forget system? Can you explain here. It seems interesting!

No I am not, but its a good way for those with less time to be looking at the markets though, It was based on MACD and pure backtested results I think.. Made me a good amount ...

I dont think it made money because of the system though (more because of the money management), around 65% winners....
  • #424,651
  • Apr 19, 2011 10:12pm Apr 19, 2011 10:12pm
Quoting FxPlayboy
Alright guys, there's no need to be so personal here.

I know I started it here tonight, but that was on the back of the idiot 200 post from talentless earlier today, just getting really fed up with the loudmouths that can't trade trying to drag every noobie down with them.

I get like that every once in a while on this thread. It just boggles the mind why so many fail in this business when there is no need to.
  • #424,652
  • Apr 19, 2011 10:13pm Apr 19, 2011 10:13pm
Quoting johnnyrei
If you look at oil's monthly chart with bollinger bands - you realize that now it's over top bollinger band. It cannot go higher than this month's high even if it bounces on support. It must wait until new month begins. It's just bollinger band rule - 96% inside - 4% outside. For me - even from short term technical standpoint - it's sufficient data. And btw - I don't use stops on my trades. 200 pips was just example that I'm not minus 5 pip stop loss trader. Believe it or not, I didn't close trade in red for long time. My worst closed trades are...
Its good to hear you have a system in place. If you're confident in your system then by all means follow it. I know that 2 people can take directly opposite trades every time and both make money because that is what happened to me and my friend at one point in time.

However, one thing we both had is a very strong sense about when we were wrong. So that we can cut loss quick and enter again another time.

So I will applaud you for having a strategy in place which I belive should have a statistical edge over the market. However I will caution you about your no stop loss rule. You will blow your account one day. The longer you trade, the more likely it will happen. And this comes from experience.
  • #424,653
  • Apr 19, 2011 10:14pm Apr 19, 2011 10:14pm
My outlook for Wednesday:
Attached Image
  • #424,654
  • Apr 19, 2011 10:17pm Apr 19, 2011 10:17pm
Quoting cloggie
I know I started it, just getting really fed up with the loudmouths that can't trade trying to drag every noobie down with them.

I get like that every once in a while on this thread. It just boggles the mind why so many fail in this business when there is no need to.
How noble!!

Good night sweet heart!!
  • #424,655
  • Apr 19, 2011 10:17pm Apr 19, 2011 10:17pm
4450 potencial resistence
  • #424,656
  • Apr 19, 2011 10:19pm Apr 19, 2011 10:19pm
WEEKLY top 1.4460 here...
  • #424,657
  • Apr 19, 2011 10:19pm Apr 19, 2011 10:19pm
Quoting thelws
Its good to hear you have a system in place. If you're confident in your system then by all means follow it. I know that 2 people can take directly opposite trades every time and both make money because that is what happened to me and my friend at one point in time.

However, one thing we both had is a very strong sense about when we were wrong. So that we can cut loss quick and enter again another time.

So I will applaud you for having a strategy in place which I belive should have a statistical edge over the market. However I will caution...

Thank you for your advice, but I will say - different people - different trading methods. For my stop loss is emotional matter. When I was placing stop losses before - I was doing lots and lots of losing trades. Putting a stop loss was for me like confirmation that I'm not 100% sure about my entries. Since I stopped using it it made me more confident and intuitive and profitable so far.
  • #424,658
  • Apr 19, 2011 10:20pm Apr 19, 2011 10:20pm
Quoting Julexo
4450 potencial ressitence

4465. that should put talentlessfx 300 pips underwater and then maybe he will finally publicly admit what we all know allready, what a d!ckhead he really is.
  • #424,659
  • Apr 19, 2011 10:20pm Apr 19, 2011 10:20pm
Quoting cloggie
I know I started it here tonight, but that was on the back of the idiot 200 post from talentless earlier today, just getting really fed up with the loudmouths that can't trade trying to drag every noobie down with them.

I get like that every once in a while on this thread. It just boggles the mind why so many fail in this business when there is no need to.

We know you always got a heart protecting the new traders. Cheer up buddy and get some rest for LOpen
Make it rain baby
  • #424,660
  • Apr 19, 2011 10:22pm Apr 19, 2011 10:22pm
Since I am down under I just as well make a Flat White,

with some help from Rolling stones.

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