High velocity trading

Let's review USDX W1 chart to see what's up in store soon.

I think this week's close is very important. Depending on this, we either make it or break it. Also I figure before taking on 90, we need to test and crack above 83 on USDX.

Anyhow here's the chart, for what's it worth.

http://img29.imageshack.us/img29/222...w122092011.png

i trade most time on d1 and h4 tf.

As i red in your first post, you work for an oil company as a trader. Can i ask you how you got this job ? Do you have any special education in trading or you learned everything by yourself ? Do you have any recommendation to become a good trader ?

Im asking the question because i would like to get a training but there is no training of forex where i live...i have to read...read...read over the internet and test test test!

Feel free to answer...or not!

Happy trading!

Black I do work for an oil company, right now as a top exec, I manage one of the oilfields that the company has in it's portfolio. However, I'm also responsible for the group's sales and do trading, especially to hedge against seasonal factors. How I got that job is a long story, but I started out at a very low level as an analyst and went all the way to the top on my own, with no push.

To become a good trader, you gotta have a good mentor, who is a real trader with a decent track record. You gotta have patience and dedication. You probably need over 10 000 hours of screen time. You also need to be able to project future events and how they affect the markets. I find it also useful to stay it good physical shape as well overall - the deal here is that you gotta be able to stay concentrated for long hours behind the screen - and that requires a lot of energy and stamina.

Your system and rules are gotta be very simple. You have to keep track of your trades. You gotta manage risk reward ratio. Cut losses early and without hesitation and let profits run. Build your confidence. Analyse patterns. Read and study a lot. Don't waste time on news and funnymentals. Don't waste time arguing with other traders. You gotta be able to work out your own gameplan.

Something like that. There are other important bits and pieces, for instance, you gotta have a trustworthy broker. I also find that it helps me to trade in a very quite environment, so that nobody disturbs you from doing your own thing.

Discipline, patience, dedication, lots of energy, keeping record of trades - are the most critical I'd say.

Strategies are numerous, lots of them are profitable. But a lot of traders fail due to lack of patience. Patience with the markets is a virtue. So you gotta learn to handle this part.

Anyhow, I think that covers the basics, also gotta catch some sleep before busy day at the office tmrw!

Great choice of timeframes Steve. If you were trading H4 on EU on 22nd there was a very nice WP rejection with a long-wicked red candle. That's your signal to go short with SL @ candle high. Now you would be @ + 250 pips per one lot. Awesome result and very tradeable setup, one just has to be patient and wait for setup to be completed and validated. H4 candles can change during last 10-15 minutes before closing - so that's why I say patience is required. Gotta sit through the whole 4 hours and then probably you only have 10-15 minutes for a proper (good risk-reward) entry. If it wasn't for that fact trading FX would be too easy and 99% will succeed. However most fail because they simply run out of patience.

Thanks for this amazing answer! This give me hope that YES...reading and testing can lead me to become a good trader! Sometime i feel that forex market is almost unpredictable...so unprofitable... but story like yours show me that yes we can beat it!

Have a good sleep!

dear ruffryders ,
you mean the long short candle,and the next candle you make a trade?
I trade 2 years every day 6 hours, but i dont have a mentor. In the next month, i was go on live micro acount.
I like to trade silver, brent, i trade the slurpee system. is lindencourt .
thanks what you do .

Looking toppy..RR... as per R3 on 1/4 ranges and other,... Got some pips out EU.... just closed ... buy last nite ..at 3446 and 3400..based on toppy this and DXY.....

R.R....4 hr and 1 hr.. looking even more toppy..

So TRUE.. i have to keep my self in Check all the time..

Lower Hi..? ? ?

dear ruffriders.
xag USD.
In the D1 and W 1 is with 32.25 a restate, so where he has bounced off.
In the W1 one sees good how it went then go long the last 3 Months.

Can this happen again, or does it further go down?

steve

UDCAD..4 hrTurning down from 0350.. again.. note diversion on RSI

USD CAD 10380 does look like a top for now, but I'd wait for today's close. I'm not trading any currencies. Only had Silver and Gold shorts, silver closed out @ 33 and gold will keep 50% going and try for 1580 (that's correct!)

Hi RuffRyders,

Do you have any advice on Gold ?

If i look the previous high over 1900, gold went down to 1702 before going up again to 1920.

Price at 1689 acutally. Do you think there is still correction going on below this level ?

Any advice will help me understand what is going on with gold!

The fundamentals still have the power to keep gold rising but i know that the stonger dollar bring it down.

http://www.dvdripmu.com/golddrop.jpg

PS: Im still learning...so i attached a graphic just to show what i mean but please dont laugh at my
christmas tree!

Cheers,

silver.
sl is by 33.58.
over 200 pips

http://img683.imageshack.us/img683/2...d123092011.png

Guys here's the D1 XAU USD chart. We are below MP/WP also TL broke @ 1782. Now we are below 1700. Next up is 1650. Can it provide support?

The real question here is what will happen on BRENT, once it reached 100. Will it retrace? Or will it crack 100 and go lower possibly to 94-96 area?

Also lets look at GOLD quarterly levels for a sec.


1744.0000R3
1660.0000R2
1580.0000R1
1496.0000quarter pivot
1416.0000S1
1332.0000S2
1252.0000S3

As you can see quarter pivot is 1496. This is the dragging force behind this move. Can we reach 1500 before end of September. Surely not. But 1580-1600 is a real possibility.

In this kind of market one can only short sell into rallies. Is this move here to stay or will it be completed soon? Hard to say, although if DJI crashes below 10 000 points, I think this will be a sign of severe depression in US is 2012-2013, so gold should rally on that news.

So currently need to track stock markets and BRENT prices.

http://www.forexbrace.com/images/sto...ck_Pattern.png

Guys, also to me XAU USD D1 red candles look very much as three black crows pattern. Today's session is not over yet, however right now we are half way through and into US open and the candlestick pattern looks REALLY BAD for GOLD.

If gold closes 1640-1660 today, 1500 might be very well the next target!

Thank you for the clear information RuffRyders.

After my post i analyse gold and i also come to the fact that gold can reach 1600 very possibly before end of September.

But as i red on several post...we are friday and not much trader want to take position and hold it for the week end.

I think i will stay out for today and see what is going on on monday.

I will keep an eye on DJ and Brent!

(Do you trade crude also are you only trade Brent ? If you only trade Brent...can you explain me why ? Thank you very much)

Looking to do the following:

GU LONG @ 5522 SL 20 TP OPEN
EU LONG @ 3585 SL 25 TP OPN
USD CAD SHORT @ 0212 SL 30 TP 0127