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  • #548,441
  • Oct 10, 2011 6:28am Oct 10, 2011 6:28am
Quoting hicomm
I have been trying to learn the ropes for a while now of which I guess I'm just beginning to get the hang of it & considering the fact that there are a lot of experienced traders here, I may not be so qualified to say that in my going through this thread, I sometimes get the feeling (Please correct me if I'm wrong) that some people call trades based on where they 'hope' or want price to go when it's so much easier to just look at the chart & follow it rather than 'predicting' it's movement.
Just my 2cents anyway.
Your comment is ok bro, everyone has different point of view,, maybe yes if trend trader, is follow trend, but even then, your entry will only work if trend continue, if you trade by following pa, it is always too late for entry, you think, reality is you need to use every tool available, to determine where pa "is" go, then enter, is too late if pa already gone there, so to predict, rr, calculated guess etc etc is what trading is all about, if you can follow pa and somehow make money good luck, but is not that easy I think
If you are new to Forex? Say Goodbye to your account!!
  • #548,442
  • Oct 10, 2011 6:32am Oct 10, 2011 6:32am
Close my Long @ 13510 for 80 pips now trying short @ 13597 SL 13607 Risk 1% Trailing stop 50 Pips
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If there was easy money lying around,no one would be forcing it into your
  • #548,443
  • Oct 10, 2011 6:32am Oct 10, 2011 6:32am
Quoting Callisto
...
Why are you so full of yourself? Need to prove something to nameless strangers on the internet?
Dunno about that floating loss part. I didnt have time to examine his entries, but buma, although he is 14, really isnt "full of himself" as you say. In fact, he encouraged you (the nameless stranger), to tear his analysis apart, as he is trying to learn as much as possible. Everyone should take an example from him.

T.
"I know one thing, that I know nothing." Sokrates
  • #548,444
  • Oct 10, 2011 6:36am Oct 10, 2011 6:36am
Quoting dswk
NY is close today...
Yes, but Japan Bank Holiday today, but pa is still move pretty good asia session.
If you are new to Forex? Say Goodbye to your account!!
  • #548,445
  • Oct 10, 2011 6:47am Oct 10, 2011 6:47am
Quoting KiwiTrada
Yes, but Japan Bank Holiday today, but pa is still move pretty good asia session.
either no movement or big movement while bankers day off...
Patience, Emotion Control and Discipline.
  • #548,446
  • Oct 10, 2011 6:47am Oct 10, 2011 6:47am
buy buy buy sell sell sell
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  • #548,447
  • Oct 10, 2011 6:48am Oct 10, 2011 6:48am
EU is bearish on long term... the bounce is a trap for bulls..

EUR/CHF is cooling off.. next its turn of EU

Big- and mid-sized banks may be forced to cling onto a wide variety of trades for at least two months, according to a leaked draft of the Volcker Rule, a key part of the sweeping bank reform law passed last year
  • #548,448
  • Oct 10, 2011 6:50am Oct 10, 2011 6:50am
Quoting johncen
been busy all day finally get a chance to sit down have a look at whats going on...
seems we waiting for NY to decide...but euro up about 200 pips already...also its a daily strong resistance here...if 3600 taken...I see 3640 70ish...
entered short during last spike up..3570...not a good number..but probably i will keep it..and see whether i can add some here...
I am also short at 3570. Looking to add additional short at 3645. Then I just leave them to run until we get back down to 3300. Won't close today, but reasonably confident by end of week.
  • #548,449
  • Oct 10, 2011 6:55am Oct 10, 2011 6:55am
Quoting hicomm
I sometimes get the feeling (Please correct me if I'm wrong) that some people call trades based on where they 'hope' or want price to go when it's so much easier to just look at the chart & follow it rather than 'predicting' it's movement.
Just my 2cents anyway.
IMHO you are being naive. React not predict is one of the trading myths around.

We are all predicting in one way or another. A M5 trader who spot a xx divergences in xx indicator and take a trade to take profits in EMA xxx is exactly the same as those who use a candlestick formation, Fibs levels, etc, etc and even the same as that FA trader who is betting on a monthly R test because a Central Banks is going to raise interest rates...

There is a key difference between reacting on your predictions and predicting your reaction. The key as some previous trader posted is on the r:r and having a consistent positive statistical edge. The rest are just tools and technicalities.

In simple words, there is no easier following (following what?) rather than predicting. You follow because you are predicting (expecting) price to go the place your TA, FA in whatever TF is telling you to.

The difference between success and failure is therefore in 2 key issues: 1) The ability to consistently predict price action based in a proven statistical edge (Whatever is you are using FA or TA as long as you got evidence that is statistical positive) and 2) the ability TO REACT to that signal at the right time entering a trade, closing with the right stops when is in the losing side of your statistical edge and exiting on the right targets or time.

In conclusion, you follow your prediction by reacting to a specific price condition that set your trigger, targets and stops so without prediction there is just random chasing trades.

sisse
Pending conversations? PM for a chat...I am mainly in OTM now
  • #548,450
  • Oct 10, 2011 6:59am Oct 10, 2011 6:59am
Just closed 53 pips on EURCHF.

EURUSD however still didn't give singnal. Since US is closed I'll likely keep out of it today.

BR
  • #548,451
  • Oct 10, 2011 7:02am Oct 10, 2011 7:02am
Quoting Tom_D_Trader
Dunno about that floating loss part. I didnt have time to examine his entries, but buma, although he is 14, really isnt "full of himself" as you say. In fact, he encouraged you (the nameless stranger), to tear his analysis apart, as he is trying to learn as much as possible. Everyone should take an example from him.

T.
I think you came in a bit late, go back a few pages and see how many posts like this were made. But you are right about the learning part, none of us neve stop learning, we just don't try to push our views on everybody else. You say 'encourage' I say 'challenged' so here is what I saw -

He has learned a bit about 'suppy & demand' levels, drew a few colored boxes on a 5-minutes chart and told everyone it was going to drop from there, however it continued up another 111 pips. Actually, there was accumulation area, so it was an excellent breakout area if you were not biased for a short. There was no entry on a stop, no stop loss, no position size, only "I'm right, everybody needs to go short", well, that's what I'm reading.

As you most probably know by now, discretionary scalping when you are learning is about the worst way to get educated in Forex. With a small account, even the spread will eat you up before long. I have given that up long ago; now I trade 12-hours chart, check for signals twice per day, no stress, lot of time to read this stuff, but how you can scalp & post all day is beyond me, and why would you?

What if it comes back to his entry later today, or worse, even lower? What has he learned? That it is OK to disregard stops, position sizing, money management, because it will come back and make me look like a gun trader and super analyst!

Quoting bumapatria
im 14 im dumb. i post in 3 pages for people who disregard me. why me so cookoo? do people listen these days? still wanna long?
learn price learn psychology. would people long at a bearish zone where bears enter...
yea... why not... yeah.. u know coz.. um.. NO.
i really really hope no one is long now. really i do. unless u wanna trade the trade balance. or have some other legitimate reason.
does anyone have any reason to long here? if they do i wann know coz i love criticism of my pov.
OPPORTUNITY IS NOWHERE
  • #548,452
  • Oct 10, 2011 7:04am Oct 10, 2011 7:04am
Quoting amir_mehdi
buy buy buy sell sell sell
http://www.bloomberg.com/news/2011-1...expansion.html

Pathetic. Last week, after downgrade of Italy and problems with Dexia, was full of doomsday news. Like if anyone knew what is going to happen.

T.

PS: Great joke. Old one, but great indeed.
"I know one thing, that I know nothing." Sokrates
  • #548,453
  • Oct 10, 2011 7:04am Oct 10, 2011 7:04am
Quoting tp0440
Just closed 53 pips on EURCHF.

EURUSD however still didn't give singnal. Since US is closed I'll likely keep out of it today.

BR
http://www.marketwatch.com/

NYSE and Nasdaq will trade as usual, while the bond market's taking Columbus Day off.
OPPORTUNITY IS NOWHERE
  • #548,454
  • Oct 10, 2011 7:10am Oct 10, 2011 7:10am
Quoting Callisto
http://www.marketwatch.com/

NYSE and Nasdaq will trade as usual, while the bond market's taking Columbus Day off.

Thanks!

I was kinnda expecting bear on EUR today, but if I borrow a phrase:
"FX is like a box of chocolades..." ;-).

BR
  • #548,455
  • Oct 10, 2011 7:12am Oct 10, 2011 7:12am
Quoting Callisto
I think you came in a bit late,...
Ok, you made quite a point here. Learning is right, but forcing ideas/thoughts/opinions is wrong. I am going to read it through once I get home. Bastards at work are monitoring where I am browsing, so I can stay connected only for few mins .

T.
"I know one thing, that I know nothing." Sokrates
  • #548,456
  • Oct 10, 2011 7:13am Oct 10, 2011 7:13am
Quoting ultra_knight
EU is bearish on long term... the bounce is a trap for bulls..

EUR/CHF is cooling off.. next its turn of EU

Big- and mid-sized banks may be forced to cling onto a wide variety of trades for at least two months, according to a leaked draft of the Volcker Rule, a key part of the sweeping bank reform law passed last year
any SL position now will not be a big problem .. maybe small
  • #548,457
  • Oct 10, 2011 7:15am Oct 10, 2011 7:15am
Quoting FXConveyor
I am also short at 3570. Looking to add additional short at 3645. Then I just leave them to run until we get back down to 3300. Won't close today, but reasonably confident by end of week.
it realli depends on where we close today..
above or below 3600
Patience, Emotion Control and Discipline.
  • #548,458
  • Oct 10, 2011 7:21am Oct 10, 2011 7:21am
Quoting Tom_D_Trader
Ok, you made quite a point here. Learning is right, but forcing ideas/thoughts/opinions is wrong. I am going to read it through once I get home. Bastards at work are monitoring where I am browsing, so I can stay connected only for few mins .

T.
Wrong is right, E-specially if you are forcing those opinions on the market

Hey, I work 12-hour shifts and can use computer as much as I want, even figured out how to run MT4 from USB, easy to watch charts as well
OPPORTUNITY IS NOWHERE
  • #548,459
  • Oct 10, 2011 7:26am Oct 10, 2011 7:26am
It's the fundies. It's the mentioning of a specific time of Merkosy.
Big players are shiftig positions. Best entries often in Transition Phase.

Buy the dips.....for now.


tp
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  • #548,460
  • Oct 10, 2011 7:32am Oct 10, 2011 7:32am
Quoting Motion
Hi everyone, don't think it's that wise to hold shorts. Action at 3637 means alot.
3637 on point. let's see where this hour closes.
Don't just beat the markets, leave bruises.
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