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  • #435,801
  • May 4, 2011 11:35pm May 4, 2011 11:35pm
So how far do we think she will go? Will 4880 prove at least short term resistance again or will yesterdays obliteration clear the way for next fib target in the 1.4985-1.5 region?? Hmmmmm.....
  • #435,802
  • May 4, 2011 11:35pm May 4, 2011 11:35pm
Very well said redlion.
  • #435,803
  • May 4, 2011 11:43pm May 4, 2011 11:43pm
keeping shorts？The price has touched 4865 excatly.
Quoting gatorinla
another 1/4 pending at 4865
bbl
  • #435,804
  • May 4, 2011 11:43pm May 4, 2011 11:43pm
short @65
  • #435,805
  • May 4, 2011 11:44pm May 4, 2011 11:44pm
Quoting Jazznos
Thanks again Redlion for all that... Not sure Im following but i dont use any of those kinds of averaging strategies when i trade. I was never taught it but i did read stuff saying to NEVER average down (or something like that) ages ago, so it warned me off all of it... That being said it may be something i need to look into. Trade management Im still pretty much of a newbie in so a lot more to develop and know.

For those who havent seen it this MM article is the best Ive read: http://www.fxstreet.com/education/fo...ng/2008/01/08/

It...
the reason they say that is because to attempt a rescue you need to be skilled in spotting turning points, and you need to be in control of your emotions, as to not snowball your way into a blown account. im still trying to master this. so far ive have gotten my self out of some bad judgement trades.
so if you are still new and experimenting with the market and not confident on your abilities to ride the trend to rescue counter trend can effectively chop off your head.
however if this technique is mastered it is very powerful (very sharp double edge sword)

as far as scaling in and averaging down entries is lot less riskier.

for example right now i think euro might be bullish so i go all in with 5 lots moves the otherway and im left with an underwater position. conventionally what are my options. liquidate or wait it out. what if the market does not return. i take a big loss. then the market goes the right way and i kick my self in the ass. sounds familiar?

now i think the market my continue bullish i put in a scout 1 lot, goes the wrong way. i have substantially smaller loss than i would have had i gone all in. so the market reasumes its bullish way and i add 2 lots so now i have 3 lots at a better average price than the first senarion, now the market continues goin my way i add another 2 so i have my 5 lots at a better average price, with not so much worry about my screwed up ill timed position.

makes sense?
AVT INVENIAM VIAM AVT FACIAM
  • #435,806
  • May 4, 2011 11:45pm May 4, 2011 11:45pm
Quoting fatpanda
keeping shorts？The price has touched 4865 excatly.
  • #435,807
  • May 4, 2011 11:53pm May 4, 2011 11:53pm
Quoting the redlion

makes sense?
Yup, am getting it... Scaling in is another thing I have no practice in. Timing would appear to be everything there too so youre SL isnt taken out on retracements where youre original one is well and truly fine... Its sounding a tad dicey, as you said, you could easily take a major bath effing around with all that stuff... Something for me to look at down the track perhaps, once Im consistent with what im doing
  • #435,808
  • May 4, 2011 11:54pm May 4, 2011 11:54pm
for me it is time for short
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  • #435,809
  • May 4, 2011 11:55pm May 4, 2011 11:55pm
Quoting Jazznos
Yup, am getting it... Scaling in is another thing I have no practice in. Timing would appear to be everything there too so youre SL isnt taken out on retracements where youre original one is well and truly fine... Its sounding a tad dicey, as you said, you could easily take a major bath effing around with all that stuff... Something for me to look at down the track perhaps, once Im consistent with what im doing
i never use stop losses, they are vulnerable points left in the battlefield

if youre actively managing your positions and troubleshooting them.
no need for stop losses.
AVT INVENIAM VIAM AVT FACIAM
  • #435,810
  • May 5, 2011 12:01am May 5, 2011 12:01am
Quoting the redlion
i never use stop losses, they are vulnerable points left in the battlefield

if youre actively managing your positions and troubleshooting them.
no need for stop losses.
How do you protect yourself in the case of something unforeseen? Some guy runs into the lampost that carries your comunication lines etc extreme I know but if, then when...

A
  • #435,811
  • May 5, 2011 12:02am May 5, 2011 12:02am
thats why i love this forum

even if you think im completely full of crap and my methodology is not for you.

now you are aware that it exists and you might look into it in the future, play with it.

and decide you could not trade any other way. lol

i learned this from a market maker, he was the head dealer at the singapore Central Bank and was in charge of managing their foreing exchange risks.

if you care to read on it, go to discussion forum
technical analysis fallacy by FTI. he is the reason that after just 4 months trading forex, i am consistently profitable. and being 25 years old i got a long road to perfect this cat skinning business
AVT INVENIAM VIAM AVT FACIAM
  • #435,812
  • May 5, 2011 12:04am May 5, 2011 12:04am
Quoting the redlion
i never use stop losses, they are vulnerable points left in the battlefield

if youre actively managing your positions and troubleshooting them.
no need for stop losses.
Were you in the SEAL team that got bin Laden?

I cant imagine trading without em, seems suicidal to me, but I do get there are benefits to doing that. God knows i would have avoided being stopped out out a helluva lot of trades that came good that way...
  • #435,813
  • May 5, 2011 12:07am May 5, 2011 12:07am
Selling at the top - more selling under bottom of this channel:
Attached Image
  • #435,814
  • May 5, 2011 12:10am May 5, 2011 12:10am
Quoting Pipwanderer
short @65
+8
  • #435,815
  • May 5, 2011 12:14am May 5, 2011 12:14am
Quoting Pipwanderer
+8
went long risk is to high to sell in this buying market
  • #435,816
  • May 5, 2011 12:17am May 5, 2011 12:17am
Quoting the redlion
thats why i love this forum

even if you think im completely full of crap and my methodology is not for you.

now you are aware that it exists and you might look into it in the future, play with it.

and decide you could not trade any other way. lol

i learned this from a market maker, he was the head dealer at the singapore Central Bank and was in charge of managing their foreing exchange risks.

if you care to read on it, go to discussion forum
technical analysis fallacy by FTI. he is the reason that after just 4 months trading forex,...
Oh man very nice! It took me 5 years to be consistently profitable.. never gave up and glad I didn't lol.
  • #435,817
  • May 5, 2011 12:20am May 5, 2011 12:20am
if you care to read on it, go to discussion forum
technical analysis fallacy by FTI. he is the reason that after just 4 months trading forex, i am consistently profitable. and being 25 years old i got a long road to perfect this cat skinning business[/quote]


4 months huh... that is amazing, I want to head this way, just how important is it to have a mentor in this buisiness?

Regards for your posts they are positive and informative.

A
  • #435,818
  • May 5, 2011 12:20am May 5, 2011 12:20am
If it breaks 4875 it will go up for a while or else it may turn down. for a short while..
MM
  • #435,819
  • May 5, 2011 12:20am May 5, 2011 12:20am
Again with the shorts you guys! What is up with that? Why do you want to play Frogger in this market when you could have been long since the low and just ride the elevator all the way up?
  • #435,820
  • May 5, 2011 12:22am May 5, 2011 12:22am
Quoting Mymoney
If it breaks 4875 it will go up for a while or else it may turn down. for a short while..
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