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14 Year Old Forex Trader's Lessons

  • #941
  • Sep 29, 2011 3:18am Sep 29, 2011 3:18am
Quoting PipTrapper
Everybody knows that Germany will pass this vote.
The only question is how many from Merkel's party are going to vote against it.
Any more than 10 or 11 is bad news for Merkel, and since Merkel is the driving force behind this, bad news for her is bad news for everyone.

.
I see. So if she breaks the bullish TL and then forms a lower high, could be a nice way to get in, maybe for a nice ride, you never know.

mla
"The Heart is the hub of all dances; go there and chill out"
  • #942
  • Sep 29, 2011 3:21am Sep 29, 2011 3:21am
Quoting mla
I see. So if she breaks the bullish TL and then forms a lower high, could be a nice way to get in, maybe for a nice ride, you never know.

mla
That's what I am waiting for. A lower high after whatever high it makes this morning.
Mind you, this little rally could continue for the rest of the day into the NY session, but it doesn't look that way yet.
This is just speculation over the German vote. Once that's over, the market will again focus on the underlying problems.

ADD: Buy the rumor, sell the news.
Those who say it cannot be done should not interrupt those who are doing it
  • #943
  • Sep 29, 2011 3:41am Sep 29, 2011 3:41am
Quoting PipTrapper
That's what I am waiting for. A lower high after whatever high it makes this morning.
Mind you, this little rally could continue for the rest of the day into the NY session, but it doesn't look that way yet.
This is just speculation over the German vote. Once that's over, the market will again focus on the underlying problems.

ADD: Buy the rumor, sell the news.
Are you monitoring the 5m TF?

mla
"The Heart is the hub of all dances; go there and chill out"
  • #944
  • Sep 29, 2011 3:45am Sep 29, 2011 3:45am
Quoting mla
Are you monitoring the 5m TF?

mla
No.
Shooting star on M30. Waiting for confirmation on H1 at top of the hour.
Attached Image (click to enlarge)
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Those who say it cannot be done should not interrupt those who are doing it
  • #945
  • Sep 29, 2011 4:06am Sep 29, 2011 4:06am
Quoting PipTrapper
No.
Shooting star on M30. Waiting for confirmation on H1 at top of the hour.
OK, we have different views I am looking at the 5m TF.

I think the market now is waiting, not sure. But if she goes back to test the extreme high I would consider.

Are you short now? if yes I hope she goes down, because I made my money up.

mla
Attached Image (click to enlarge)
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"The Heart is the hub of all dances; go there and chill out"
  • #946
  • Sep 29, 2011 4:17am Sep 29, 2011 4:17am
Hey MLA, good work with the pips made already, you must be very happy indeed!
Am short GU at 5700 and EU at 3670, not purely from previous S/R being hit but due to big stoch divergence on 30 min charts and divergence is forming on 1 hour charts too.So let's see....
  • #947
  • Sep 29, 2011 4:28am Sep 29, 2011 4:28am
Quoting bootsyjam
Hey MLA, good work with the pips made already, you must be very happy indeed!
Am short GU at 5700 and EU at 3670, not purely from previous S/R being hit but due to big stoch divergence on 30 min charts and divergence is forming on 1 hour charts too.So let's see....
Hi Bootsjam,

Thanks for your input, I am happy because I recognised what I was doing wrong and acted on it making pips (see post 923)

Feel free to show your charts, I think it will be good for you.

Cheers
mla
"The Heart is the hub of all dances; go there and chill out"
  • #948
  • Sep 29, 2011 4:40am Sep 29, 2011 4:40am
Lets try to not have a direction, just respect and follow her, trying to get in at a convenient price that she is unlikely to return before we capture some profit.

cheers
mla
"The Heart is the hub of all dances; go there and chill out"
  • #949
  • Sep 29, 2011 5:02am Sep 29, 2011 5:02am
Exited my positions at approx 1:1 RR as Bundestag vote is underway, might as well toss a coin with that news coming out.
MLA, I draw the yellow horizontal lines to show areas of S/R that appear on the hourly chart. Dotted red lines are areas of S/R that show up on 4 hour/daily charts, so are significant.
I get interested when prices approach these lines, and start to look for divergence to show an indication of the likelihood of the price reversing, rather than just setting limit entry orders, prices can and do blow through these after all!

I exited the euro and gb $ positions as the German vote is huge, i'd be confident of a solid retrace under normal market conditions, but this news is way too big to mess with.
Murphy's law dicates that prices will shoot down approx 200 pips now I've done that

EDIT
Have just realised there is no horizontal line for the 1.3680 area. There should be, but it's in plain view so I didn't draw it on there as the triple top looks obvious and I get annoyed with the lines sometimes!
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  • #950
  • Sep 29, 2011 5:12am Sep 29, 2011 5:12am
Wow the price action on the 1 min chart was telling a story, price tried to break up over 3680 and got smacked down hard straight away, interesting to see who will win this tussle
  • #951
  • Sep 29, 2011 5:13am Sep 29, 2011 5:13am
Quoting bootsyjam
Exited my positions at approx 1:1 RR as Bundestag vote is underway, might as well toss a coin with that news coming out.
MLA, I draw the yellow horizontal lines to show areas of S/R that appear on the hourly chart. Dotted red lines are areas of S/R that show up on 4 hour/daily charts, so are significant.
I get interested when prices approach these lines, and start to look for divergence to show an indication of the likelihood of the price reversing, rather than just setting limit entry orders, prices can and do blow through these after all!

I...
Good, you never going go broke booking profits.

Cheers
mla
"The Heart is the hub of all dances; go there and chill out"
  • #952
  • Sep 29, 2011 5:17am Sep 29, 2011 5:17am
Quoting bootsyjam
Wow the price action on the 1 min chart was telling a story, price tried to break up over 3680 and got smacked down hard straight away, interesting to see who will win this tussle
Is the vote out yet?

mla
"The Heart is the hub of all dances; go there and chill out"
  • #953
  • Sep 29, 2011 5:18am Sep 29, 2011 5:18am
yeah they voted to expand the EFSF
http://www.guardian.co.uk/business/b...many-efsf-vote

In favour: 523 MPs
Against: 85
Abstentions: 3

What more proof do you need that politicians no longer represent their people, but that's another topic entirely
I should have added that I was also short the GBUSD and exited that as well. Not overly happy at the time of writing-grrrrr
  • #954
  • Sep 29, 2011 5:24am Sep 29, 2011 5:24am
USD is gaining ground after the passing of the EFSF vote in Germany.

The EUR tried to penetrate deep into the sell zone but was met with aggressive rejection twice in the last three hours.

Is this a case of buy the rumor / Sell the news?

We shall see once NY starts trading.

Keep in mind that we have US unemployment claims and Final q/q GDP reports at 8:30am EST
Later at 10am EST we have US Pending Home Sales.

I opened a short at 1.3642 and I'm holding it.
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Those who say it cannot be done should not interrupt those who are doing it
  • #955
  • Sep 29, 2011 5:38am Sep 29, 2011 5:38am
Am long uschf-reduced lot size as wider stop loss as based on longer TF charts.
Was long earlier, target got hit, now rentering as pricer tested lower levels and bounced up again with good old divergence showing so let's see.
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  • #956
  • Sep 29, 2011 5:39am Sep 29, 2011 5:39am
30 min chart of USCHF

Stop at 8911, Target 9015
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  • #957
  • Sep 29, 2011 5:40am Sep 29, 2011 5:40am
Quoting PipTrapper
USD is gaining ground after the passing of the EFSF vote in Germany.

The EUR tried to penetrate deep into the sell zone but was met with aggressive rejection twice in the last three hours.

Is this a case of buy the rumor / Sell the news?

We shall see once NY starts trading.

Keep in mind that we have US unemployment claims and Final q/q GDP reports at 8:30am EST
Later at 10am EST we have US Pending Home Sales.

I opened a short at 1.3642 and I'm holding it.
Modern markets are all over the place, one day up, on day down up,down.
There is not really a logical structure I think, is all driven by sentiments like fear, greed....
That is why I think is difficult for a position trader to make money, they can make a good profit today to be eating up tomorrow, Isn't it better to make money both days? Of course is a bit harder, but I think it pays better.

What do you think guys?

Cheers
mla
"The Heart is the hub of all dances; go there and chill out"
  • #958
  • Sep 29, 2011 5:51am Sep 29, 2011 5:51am
Quoting mla
Modern markets are all over the place, one day up, on day down up,down.
There is not really a logical structure I think, is all driven by sentiments like fear, greed....
That is why I think is difficult for a position trader to make money, they can make a good profit today to be eating up tomorrow, Isn't it better to make money both days? Of course is a bit harder, but I think it pays better.

What do you think guys?

Cheers
mla
I think it all depends what works for the individual trader.
Everyone has their system which works or doesn't.
Yours seems to be working for you mla and mine is certainly working for me.
Yes I may end up taking a loss on my positions but I've been playing this game for many years and overall on an average I am seeing just over 30% returns every quarter.
On the move down from 1.45, I had a sell at 1.4450 and another one at 1.4250 and I closed those in huge profit at 1.38 area. So if I lose this move, I am still up this month.
Those who say it cannot be done should not interrupt those who are doing it
  • #959
  • Sep 29, 2011 5:52am Sep 29, 2011 5:52am
Where is the Boss of the house?

She's probably got a date.

mla
"The Heart is the hub of all dances; go there and chill out"
  • #960
  • Sep 29, 2011 5:54am Sep 29, 2011 5:54am
Quoting mla
Where is the Boss of the house?

She's probably got a date.

mla
LOL. Still sleeping. Hung over from too many pips.
Those who say it cannot be done should not interrupt those who are doing it
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