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  • #981
  • May 13, 2011 9:31am May 13, 2011 9:31am
Daily Chart. A week is a long time in forex
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If you think you can or cannot do it you are correct
  • #982
  • May 13, 2011 10:25am May 13, 2011 10:25am
Quoting Olu
On the 4hrly. About to be confirmed. Already short from above...

If the neckline goes then a lot mor traders may jump in pushing the price lower still...
Olu
It appears the audusd is holding the 'neckline' as support. My target therefore is not for today. Nice hammer on the hourly chart

Olu
If you think you can or cannot do it you are correct
  • #983
  • May 13, 2011 6:21pm May 13, 2011 6:21pm
Thats a great question...and one that we must think about.

What do we want out of trading ?

Do we love the excitement ?

Do we need daily success...money ?

Are we trying to grow an account, compounded over a long term peroid ?

How do we determine what to buy ?

How much do we buy ?

Where do we get out if we are wrong ?

Where do we get out if we are right ?

We could go on and on but the most important question you have to ask yourself...do you have a plan...and what is the plan...and do you trade the plan.

If your short in this last paragraph, I can give you a very simple plan to follow as Olu can attest to for all markets where you will position yourself on the right side of the big trend.


good weekend,




golfer
  • #984
  • May 14, 2011 5:01am May 14, 2011 5:01am
Quoting golferfx
Thats a great question...and one that we must think about.

What do we want out of trading ?

Do we love the excitement ?

Do we need daily success...money ?

Are we trying to grow an account, compounded over a long term peroid...

Golfer..please do share...as one can never stop learning....and SEE the Markets in a DIFFERENT light...
AS i too have made a decsion to TRADE the DAILY TF..although i trade the 4 hr and 8 hr TF...at present using PASAR Levels and NOT TREND TRADING per say..BUT using Swing points

So it will be a great to learn from your Experience

thanks

baz
  • #985
  • May 14, 2011 4:41pm May 14, 2011 4:41pm
Quoting baz
Golfer..please do share...as one can never stop learning....and SEE the Markets in a DIFFERENT light...
AS i too have made a decsion to TRADE the DAILY TF..although i trade the 4 hr and 8 hr TF...at present using PASAR Levels and NOT TREND TRADING per say..BUT using Swing points

So it will be a great to learn from your Experience

thanks

baz
Stay on this thread. GolferFx always post trading nuggets here. But I think you have chosen wisely to trade the higher timeframes. If you trade the 8 hour I think it is still appropriate as well especially if you make trading decisions only when the candle closes/completes.

One thing you can do though is take some time out and thoughfully answer all the questions Golfer has asked. If you want you can post it on the thread. In fact I would say please post your answers on this thread. I will be doing the same too.

This goes to all the readers of the thread too. Post your replies to Golfer's questions. You will find out who you are as per trading.
If you think you can or cannot do it you are correct
  • #986
  • May 15, 2011 5:23am May 15, 2011 5:23am
Thanks Olu...hope this helps.

So, I am a trend follower. I want to be in markets that are showing a good trend and I use the big charts to help me with this. You can use it for long/short portfolio's or long only...hey it's your money.

I create a template with a 13, 34 ema... made popular by John Murphy and I will create a watchlist of all the markets I like to follow and every weekend I run thru the markets. I look for my favorite patterns and start to watch for a change in trends.

Once I have a cross in place I like to wait and buy/sell the first good pull back on the weekly chart...you can also dail down to the daily/4hr for an entry if you prefer...but the idea is to get in and hang on.

This is a very slow and boring way to trade and not many have the patience for it. If you can "get it" I think you will become a more successful trader in mind and spirit along with more income.


good weekend,


humble golfer
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  • #987
  • May 15, 2011 6:04am May 15, 2011 6:04am
Quoting golferfx
Thanks Olu...hope this helps.

So, I am a trend follower. I want to be in markets that are showing a good trend and I use the big charts to help me with this. You can use it for long/short portfolio's or long only...hey it's your money.

I create a template with a 13, 34 ema... made popular by John Murphy and I will create a watchlist of all the markets I like to follow and every weekend I run thru the markets. I look for my favorite patterns and start to watch for a change in trends.

Once I have a cross in place I like to wait and buy/sell...
thanks for sharing your strategy...but as you say...." HANG ON "... this is the aspect of TRADING i have not Considered ...as i look at my trading as " BREAD and BUTTER "..looking for 1 to 2 trades per week ,and a profit target of +100 pips per trade...
i am just wondering Golfer , how would you analyse the EURO at present , as it LOOKS an UGLY CHART on the Monthly..
But once again thanks for your input and time...and maybe you will drop a a few more Golden Nuggets on the path for us .....

take care

baz
  • #988
  • May 15, 2011 2:10pm May 15, 2011 2:10pm
Hi Baz

I have uploaded the daily chart of the euro/usd. It has the 13/34 emas on it. This makes this chart longtermish. If you notice the gap between the 13 and the 34 emas were good reversal points and markets did not cros the 34ema down almost ever!

However now the market has crosed the 34ema to the downside and has kept going down. The 13 and the 34s are getting closer setting up for a cross. So it is in trouble. I will be looking for a small rertracement for a better sell and as golfer said 'hang on for dear life'

On the monthly chart we have a bearish engulfing scenario even though the candle has not closed. The last time we had a bearish engulfing on the monthly the market fell about 2000 pips in 5 months. Could you have held on for that long. That is my project Baz

By the way we had a weekly bearish engulfing candle week before the last. All these point to weakness for this pair over time but there might be wicked rallies thrown in

OLu
If you think you can or cannot do it you are correct
  • #989
  • May 15, 2011 2:42pm May 15, 2011 2:42pm
Quoting Olu
Hi Baz

I have uploaded the daily chart of the euro/usd. It has the 13/34 emas on it. This makes this chart longtermish. If you notice the gap between the 13 and the 34...

Hi Olu..
i dont see your chart..but i am also waiting for a retrace..
regards MAs...the problem is they will lag ,and can become difficult to use during Consolidation phases ...BUT as Golfer says ..he wants to Get on Board the TREND..and HangOn
Anyway ,i will plot them and see how the Market turns out..
Have a look at Hussins thread ...trades Daily TF as well..

http://www.forexfactory.com/showthre...44#post4611044

baz
  • #990
  • May 15, 2011 2:46pm May 15, 2011 2:46pm
Quoting Olu
Hi Baz

I have uploaded the daily chart of the euro/usd. It has the 13/34 emas on it. This makes this chart longtermish. If you notice the gap between the 13 and the 34...
also Olu..i think Golfer begins with the WEEKLy ( perhaps MONTHLY ?? )..and than after the Cross to look for a retrace on the Inferior Time Frames ...
Maybe Golfer can clarify ??

baz
  • #991
  • May 15, 2011 3:24pm May 15, 2011 3:24pm
Sorry for the confusion.

Yes, this is a WEEKLY template that I use for markets that I follow.

It is a excellent chart for seeing the cycles/trends.

You may use it even for current p/a..ie looking for pullbacks to enter new positions.

Hope this helps.



golferfx
  • #992
  • May 15, 2011 3:32pm May 15, 2011 3:32pm
Quoting golferfx
Sorry for the confusion.

Yes, this is a WEEKLY template that I use for markets that I follow.

It is a excellent chart for seeing the cycles/trends.

You may use it even for current p/a..ie looking for pullbacks to enter new positions.

Hope this helps.



golferfx
Hi GolferFx
Would you still think that the TREND is BULLISH as per the EMAs...and a retrace is taking place...?? or the MOVE is now over

baz

USD Spot.png
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  • #993
  • May 15, 2011 6:06pm May 15, 2011 6:06pm
Quoting baz
Hi GolferFx
Would you still think that the TREND is BULLISH as per the EMAs...and a retrace is taking place...?? or the MOVE is now over

baz

USD Spot.png


Yes, thats how I see it baz...until a change in direction I would hold my position.

But I am not in eur/usd.

I'm short usd/sgd.





golfer
  • #994
  • May 15, 2011 6:18pm May 15, 2011 6:18pm
Quoting golferfx
Yes, thats how I see it baz...until a change in direction I would hold my position.

But I am not in eur/usd.

I'm short usd/sgd.
golfer
Thanks GolferFx. This clarifies everything

Olu
If you think you can or cannot do it you are correct
  • #995
  • May 15, 2011 11:15pm May 15, 2011 11:15pm
Quoting golferfx
Yes, thats how I see it baz...until a change in direction I would hold my position.

But I am not in eur/usd.

I'm short usd/sgd.





golfer
Yes thank you for clarification.... because as yo will also be aware.... it seems the News channells and traders are NOW $$ BULLISH...and predicting plenty of problems regards the "" PIGS "... countries...
i will keep these Mas on the WEEKLY and see how they perform ...

thanks

take care

baz
  • #996
  • May 15, 2011 11:23pm May 15, 2011 11:23pm
Quoting golferfx
Yes, thats how I see it baz...until a change in direction I would hold my position.

But I am not in eur/usd.

I'm short usd/sgd.





golfer
wow... just looked up this pair...FOR THE FIRST TIME...
At what point was your entry Golfer ...???
No wonder you have to play GOLF...!!!

baz

baz
  • #997
  • May 16, 2011 4:12pm May 16, 2011 4:12pm
[quote=baz;4619922]wow... just looked up this pair...FOR THE FIRST TIME...
At what point was your entry Golfer ...???
No wonder you have to play GOLF...!!!

baz



Coming up to a year my friend.

I've been taking off positions on the way down.

It's been a great trend.

Did you know Jim Rogers lives in Signapore.

The ETF is EWS.



good hunting,


golfer
  • #998
  • May 16, 2011 4:27pm May 16, 2011 4:27pm
[quote=golferfx;4622178]
Quoting baz
wow... just looked up this pair...FOR THE FIRST TIME...
At what point was your entry Golfer ...???
No wonder you have to play GOLF...!!!

baz



Coming up to a year my friend.

I've been taking off positions on the way down.

It's been a great trend.

Did you know Jim Rogers lives in Signapore.

The ETF is EWS.



good hunting,


golfer
thanks Golfer... yes ,i knew about JIm Rogers... i watched a Video of an interview he gave...in front of an audience in the states ( american university..it may have been on television..he was wearing a graduation cap )

anyway thanks...
and also looking at the EURO..the weekly is in BULLISH TREND as per the MAs...BUT my Mind Says ( SEEs ) ,its in a BEARISH MODE ..looking at the WEEKLY PRICE BARS ( BEARISH ENGULFING of a RESSISTANCE LEVEL )..
How do you get round this Contradiction ???

baz
  • #999
  • May 16, 2011 7:10pm May 16, 2011 7:10pm
Hi Baz, I deem it necessary to comment on something I observed about you. EXTREME HUMILITY is what you demonstrate. You have over TEN vouches and I'm very aware that guys like you are almost demi-gods here on FF yet you abase yourself so much. I truly respect the character of your person Baz. Promotion & honour await you pretty soon. Astonished would you be about the height that God has destined to take you.
  • #1,000
  • Edited 12:56am May 17, 2011 12:38am | Edited 12:56am
Quoting forexcompoun
Hi Baz, I deem it necessary to comment on something I observed about you. EXTREME HUMILITY is what you demonstrate. You have over TEN vouches and I'm very aware that guys like you are almost demi-gods here on FF yet you abase yourself so much. I truly respect the character of your person Baz. Promotion & honour await you pretty soon. Astonished would you be about the height that God has destined to take you.
thank you for your kind words... in LIFE we never stop learning.... and helping each other... our ways may be different ..but the Goal is always the same...
anyway take care



" “To know the road ahead, ask those coming back.” – Chinese Proverb "


baz
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