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14 Year Old Forex Trader's Lessons

  • #821
  • Sep 27, 2011 5:07am Sep 27, 2011 5:07am
Quoting bumapatria
mla is an australian if im not wrong
I am Italian/Australian born in the UK.

mla
"The Heart is the hub of all dances; go there and chill out"
  • #822
  • Sep 27, 2011 5:15am Sep 27, 2011 5:15am
[quote=bumapatria;4990775]You meant double bottoms my friend
i get confused too sometimes..

Hi Bumapatria, no I wasn't confused, the double tops occurred at approx 7.30am UK time on the GBUSD and EURUSD.

The main trading times are 7-10.30am UK time, and from approx 1pm-4pm UK time-this is where there are the most traders at the market-other times tend to be quieter. If you trade within these times then I would make a bet that you would have a higher success rate (although yours might be high already).
  • #823
  • Sep 27, 2011 5:16am Sep 27, 2011 5:16am
Quoting mla
I am Italian/Australian born in the UK.

mla
wow.. .cool...

imo, the eur might shoot up quite a bit, gold and silver is rising.
trading those for now with basic sup/dem stuff.

eur looks like dangerzone to me.
Have I got something on my face, SOLDIER?
  • #824
  • Sep 27, 2011 5:17am Sep 27, 2011 5:17am
[quote=bootsyjam;4990829]
Quoting bumapatria
You meant double bottoms my friend
i get confused too sometimes..

Hi Bumapatria, no I wasn't confused, the double tops occurred at approx 7.30am UK time on the GBUSD and EURUSD.

The main trading times are 7-10.30am UK time, and from approx 1pm-4pm UK time-this is where there are the most traders at the market-other times tend to be quieter. If you trade within these times then I would make a bet that you would have a higher success rate (although yours might be high already).
Call me buma friend,

which timeframe are you looking at?
Have I got something on my face, SOLDIER?
  • #825
  • Sep 27, 2011 5:42am Sep 27, 2011 5:42am
Hi Buma,
I draw my S/R levels on 4 hour/1 hour charts, and also have 15 minute charts for intraday levels.

I trade off the 1 hour/4 hour S/R levels, and look at 15 min charts for intraday levels, and use 5 min and 1 min charts to fine tune my entries.

I don't just enter automatically on an S/R level, I want to see how price is reacting to it first, and will open a position as close as I can to what I perceive to be the top/bottom.
  • #826
  • Sep 27, 2011 5:48am Sep 27, 2011 5:48am
Quoting bootsyjam
Hi Buma,
I draw my S/R levels on 4 hour/1 hour charts, and also have 15 minute charts for intraday levels.

I trade off the 1 hour/4 hour S/R levels, and look at 15 min charts for intraday levels, and use 5 min and 1 min charts to fine tune my entries.

I don't just enter automatically on an S/R level, I want to see how price is reacting to it first, and will open a position as close as I can to what I perceive to be the top/bottom.
learn supply & demand. You'll be surprised how much your eyes would be opened, and how many pips you'll earn.
Have I got something on my face, SOLDIER?
  • #827
  • Sep 27, 2011 6:00am Sep 27, 2011 6:00am
Already there mate, shorted GBUSD at double top and went long GBUSD at .5534
Happy trading and good luck
  • #828
  • Sep 27, 2011 6:01am Sep 27, 2011 6:01am
my judgement of the PA on the euro at the moment is that we are getting ready to break higher, but i could well be wrong....

h2
  • #829
  • Sep 27, 2011 6:04am Sep 27, 2011 6:04am
Quoting bumapatria
learn supply & demand. You'll be surprised how much your eyes would be opened, and how many pips you'll earn.
How do you determine supply and demand levels?

I think she just closed above the lower high of the last bear leg. She could reach at least 3566 (only if she wants to)
"The Heart is the hub of all dances; go there and chill out"
  • #830
  • Sep 27, 2011 6:06am Sep 27, 2011 6:06am
Quoting highlander2
my judgement of the PA on the euro at the moment is that we are getting ready to break higher, but i could well be wrong....

h2

Me too, but then we could be both wrong.

Cheers
mla
"The Heart is the hub of all dances; go there and chill out"
  • #831
  • Edited 7:18am Sep 27, 2011 6:54am | Edited 7:18am
Quoting mla
I switched to 1m TF from 5mTF, entered @1.3487 with SL 1.3479 and now my
SL is @ BE.

I do not know why but I feel this is going to go higher, that is why this time I am not covering partial profits.

mla
Covered half @ 1.3570; +83 pips
moved my SL to 1.3556

Initial risk 8 pips, very good R/R, I bought just @ the bottom, just luck I guess.
Last 3 day I have been working very hard, one particular day I worked from 6 am until midnight, the following days I was f up, and I noticed that is not good for my trading, earlier today I made 3 mistakes.
So I have decided to work less and perform better. I am turning my mac off and I thank you all for the ride.

mla
"The Heart is the hub of all dances; go there and chill out"
  • #832
  • Sep 27, 2011 6:56am Sep 27, 2011 6:56am
Quoting mla
Covered half @ 1.3570; +83 pips
moved my SL to 1.3570

Initial risk 8 pips, very good R/R, I bought just @ the bottom, just luck I guess.
Last 3 day I have been working very hard, one particular day I worked from 6 am until midnight, the following days I was f up, and I noticed that is not good for my trading, earlier today I made 3 mistakes.
So I have decided to work less and perform better. I am turning my mac off and I thank you all for the ride.

mla
pic
mla
Attached Image (click to enlarge)
Click to Enlarge Name: 1.png Size: 35 KB
"The Heart is the hub of all dances; go there and chill out"
  • #833
  • Sep 27, 2011 7:08am Sep 27, 2011 7:08am
We have finally made it to our next target at 1.3595 area.
This is mostly due to some bullish activity in the equity markets.
Asia took the lead this morning followed by European markets.
The NY equity indices are still trading in futures right now but it looks like they are pushing the open into positive territory.
Typically and in absence of other divergent factors, when the equity markets rally, the risk currencies (EUR & GBP) follow.

If this momentum continues into the NY session, we should manage to reach our ultimate target to place a new short position at or above the falling channel resistance.
Attached Image (click to enlarge)
Click to Enlarge Name: eu-h1.gif Size: 32 KB
Those who say it cannot be done should not interrupt those who are doing it
  • #834
  • Sep 27, 2011 7:13am Sep 27, 2011 7:13am
Quoting PipTrapper
We have finally made it to our next target at 1.3595 area.
This is mostly due to some bullish activity in the equity markets.
Asia took the lead this morning followed by European markets.
The NY equity indices are still trading in futures right now but it looks like they are pushing the open into positive territory.
Typically and in absence of other divergent factors, when the equity markets rally, the risk currencies (EUR & GBP) follow.

If this momentum continues into the NY session, we should manage to reach our ultimate target to place a new...
heres the sit-rep for me: I just got good buys from gold and silver, bounces from a trendline, but i know that in the us session us bulls are going to play. A lot of them will. Making nice bear flags in XAU and XAG and heres the chart for me in the EU. Im seeing resistance aka supply in 3678-3700. i will also attach my ichimoku chart that also falls into convergence with supply/resistance at 3706.

Lookign to short the babe there:
Attached Image(s) (click to enlarge)
Click to Enlarge Name: sd.gif Size: 16 KB
Click to Enlarge Name: ichi.gif Size: 21 KB
Have I got something on my face, SOLDIER?
  • #835
  • Sep 27, 2011 7:15am Sep 27, 2011 7:15am
Quoting PipTrapper
We have finally made it to our next target at 1.3595 area.
This is mostly due to some bullish activity in the equity markets.
Asia took the lead this morning followed by European markets.
The NY equity indices are still trading in futures right now but it looks like they are pushing the open into positive territory.
Typically and in absence of other divergent factors, when the equity markets rally, the risk currencies (EUR & GBP) follow.

If this momentum continues into the NY session, we should manage to reach our ultimate target to place...
Hi PT

Nice analysis.

Are you in this trade?

mla
"The Heart is the hub of all dances; go there and chill out"
  • #836
  • Sep 27, 2011 7:19am Sep 27, 2011 7:19am
heres what i see on the XAG and XAU. Resistance. Pinbar, shooting star on silver, im going to expect some major selling here. Expect, predict, we dont know anything,, but heres my prediction.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: xau.gif Size: 21 KB
Click to Enlarge Name: xag.gif Size: 18 KB
Have I got something on my face, SOLDIER?
  • #837
  • Sep 27, 2011 7:26am Sep 27, 2011 7:26am
now its just a matter of time when eur/usd starts to move.

gold and silver usually gets the headstart.
Attached Image (click to enlarge)
Click to Enlarge Name: matter of time.gif Size: 66 KB
Have I got something on my face, SOLDIER?
  • #838
  • Sep 27, 2011 7:43am Sep 27, 2011 7:43am
Quoting mla
Hi PT

Nice analysis.

Are you in this trade?

mla
Thanks mla,

I am only taking position trades on this strategy. No day trading for me for now as I am trying to build a nice cluster of winning long term positions.

I am waiting for a move up to the resistance range (1.3650-1.3700) to look for short signals. Then I will be in with a couple of lots short. My short term target area is just below 1.30 where I plan on taking some money of the table but leaving my other already existing shorts in place as my ultimate long term target is below 1.20
Those who say it cannot be done should not interrupt those who are doing it
  • #839
  • Sep 27, 2011 7:52am Sep 27, 2011 7:52am
When you have a chance, drop by and have a look in my thread EurAnalysis to see what I am doing. It is a long term thing but you might like it.
Those who say it cannot be done should not interrupt those who are doing it
  • #840
  • Sep 27, 2011 7:57am Sep 27, 2011 7:57am
I'm looking at a retrace and break of the highs on eurusd and gbusd but with stoch divergence showing on the 15min chart, preferably replicated on 5 min and 1 min chart to fine tune entry.

Price is at resistance levels on both pairs.

Same with gold and silver buma so nice call-lovely stoch divergence on silver 15 min chart at price resistance level set back in May 2011.
Only problem is that silver is not an orderly market right now, who knows what the big players are up to-will they drive it even lower before hoovering up more physical, or have they hoovered up enough and are looking for prices to rise...
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