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14 Year Old Forex Trader's Lessons

  • #2,001
  • Oct 10, 2011 11:53am Oct 10, 2011 11:53am
Accumulation
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  • #2,002
  • Oct 10, 2011 12:08pm Oct 10, 2011 12:08pm
Moved SL to BE
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  • #2,003
  • Oct 10, 2011 12:17pm Oct 10, 2011 12:17pm
Took 50% off the table +33 pips
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  • #2,004
  • Oct 10, 2011 12:40pm Oct 10, 2011 12:40pm
Copy from EurAnalysis thread:

I just closed my short positions for +33 and +30 pips. According to some pretty fibs levels price should freshly touch the 1.3620 level, so that might be a good exit area for you (before the Asian open).

I found asians to be very risky so that they like buying risky assets. I rather prefer to be out of the market with some profits and to look for possible setups on the london open than to carry the emotions during the asian market.

I'm going to have lunch with my mother now. Have a good day y'all

EDIT: Buma, sorry for the stereotype . You are risky though

Pbh
  • #2,005
  • Oct 10, 2011 1:18pm Oct 10, 2011 1:18pm
Good morning to you all.

I left 1/4 in from last night, now I closing that at + 70.

I see you in a bit.

mla
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"The Heart is the hub of all dances; go there and chill out"
  • #2,006
  • Edited 1:59pm Oct 10, 2011 1:24pm | Edited 1:59pm
Quoting mla
Good morning to you all.

I left 1/4 in from last night, now I closing that at + 70.

I see you in a bit.

mla
was it long or short mla?

EDIT: whether long or short, it's great. I'm off to sleep now. Want to be awake for the London session, se ya'll around.
  • #2,007
  • Oct 10, 2011 2:23pm Oct 10, 2011 2:23pm
Quoting Pbh
was it long or short mla?

EDIT: whether long or short, it's great. I'm off to sleep now. Want to be awake for the London session, se ya'll around.
Long, my friend, long.

mla
"The Heart is the hub of all dances; go there and chill out"
  • #2,008
  • Oct 10, 2011 2:25pm Oct 10, 2011 2:25pm
Quoting PipTrapper
Red,

Based on the fact that banks and bond markets were closed today, you may very well get your recovery opportunity sooner than you expected.
Today was nothing more than games. Covering of many shorts and most retail bulls jumping on the bandwagon for a ride. It's a bubble.

PT
I agree 110% I have often noticed that the market rallies on holidays, often countertrend, the next day the pro's come back and the market gets slammed the other way.

I would not be surprised if the eur/usd does not even break today's high, but that is just pure speculation, we have however stalled at resistance through 1.37.

interesting day tomorrow me thinks
  • #2,009
  • Oct 10, 2011 2:37pm Oct 10, 2011 2:37pm
Quoting the redlion
i dont think stops are the lesson of the day.

i think arrogance, ego, pride and not paying attention to what the market was doing is the lesson of the day.

100% success rate over 6 months, got to my head.
to believe that the market is wrong or not recognize that there are times i must not trade. i think my bias clouded my objectivity of price movement.

if my attempt is not successful i will gladly take the loss, if a legitimate reversal is in place, i am in the wrong bus, However if this is one of those funny days, the market will show...

Illuminating
mla
"The Heart is the hub of all dances; go there and chill out"
  • #2,010
  • Oct 10, 2011 2:38pm Oct 10, 2011 2:38pm
Quoting Pbh
Took 50% off the table +33 pips
I like how you nimble


mla
"The Heart is the hub of all dances; go there and chill out"
  • #2,011
  • Oct 10, 2011 7:26pm Oct 10, 2011 7:26pm
Quoting mla
Good morning to you all.

I left 1/4 in from last night, now I closing that at + 70.

I see you in a bit.

mla
extreme man nice.
Have I got something on my face, SOLDIER?
  • #2,012
  • Oct 10, 2011 7:29pm Oct 10, 2011 7:29pm
Quoting the redlion
Me being the one to speak about black swans and possibilities, well, seems i have experienced the black swan for now, my position is net 100+ pips underwater.

here is what will determine my skill and my composure, due to my job i sometimes leave trades unattended, maybe i need to rethink that thought, much to analyze.

however, i am not to panic, i will attempt to salvage my position at due time when the market permits, and will post here my success or failure on this endeavor.

here is my plan, no panic still bullish reversal unconfirmed due...
Red, you know one thing i admire and truly respect about you? Your ability to stay calm under the state of crisis. I mean you do trade this live, and that is just amazing. I think it is best just to exit the trade red. You can always cover the loss on another trade right? Lol, you were 100+ plus, i was i donno thousands plus gold, but it was calculated, that i wanted to lose that much.

Red, i wish you all the best with that, and rescue it, youll become a much bigger idol for me

Good luck man
Have I got something on my face, SOLDIER?
  • #2,013
  • Oct 10, 2011 7:50pm Oct 10, 2011 7:50pm
As i have said yesterday on the Euranalysis thread, 3700 is the next key pssychological level of this pair. With that being said, the bulls DID NOT penetrate that level, it was their psychological reaction to take profits. And here are some lines to help you out. Same thing with the dow, i will show you soon
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Have I got something on my face, SOLDIER?
  • #2,014
  • Oct 10, 2011 8:02pm Oct 10, 2011 8:02pm
She looks like she is going at 3617 for a test.

mla
"The Heart is the hub of all dances; go there and chill out"
  • #2,015
  • Oct 10, 2011 8:02pm Oct 10, 2011 8:02pm
I never 'lose'.

Same thing with the dow jones, people are taking their profits, they do not want lose risky profit they made on the market to go away in a flash.

Here is my dow short with a tight stop loss,

and i added a stop loss to the short on the euro at 3700. The very psychological level.
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Have I got something on my face, SOLDIER?
  • #2,016
  • Oct 10, 2011 8:04pm Oct 10, 2011 8:04pm
Quoting mla
She looks like she is going at 3617 for a test.

mla
possibly on a lower timeframe...
mla can u show us?

in my perspective the real test or imbalance we can find is at the equilibrium level of both bulls vs bears war which is really at 3300.
Anything below means bears have won the battle. Anything above means bulls have won the battle.
Have I got something on my face, SOLDIER?
  • #2,017
  • Oct 10, 2011 8:15pm Oct 10, 2011 8:15pm
Quoting bumapatria
possibly on a lower timeframe...
mla can u show us?

in my perspective the real test or imbalance we can find is at the equilibrium level of both bulls vs bears war which is really at 3300.
Anything below means bears have won the battle. Anything above means bulls have won the battle.
Sure

mla
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"The Heart is the hub of all dances; go there and chill out"
  • #2,018
  • Oct 10, 2011 8:20pm Oct 10, 2011 8:20pm
Quoting mla
Sure

mla
its a correction in my perspective. Its people taking profits on this short scalp.

Last time this demand level got hit, we did not get the kind of volume we expected from buyers. Aka loss of momentum and that bears are in control.

yesterday, it was an old-school game of exploiting holidays. Of course people would go long on the euro, knowing not many will battle for usd longs.
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Have I got something on my face, SOLDIER?
  • #2,019
  • Oct 10, 2011 10:07pm Oct 10, 2011 10:07pm
Copy from the EurAnalysis thread:

Lovely day upcoming

We are still having some good comments coming around:

"FinMin Azumi: EZ stability will stop Yen rise"
*haha, really? From this stupid comment I expect no more interventions from the BoJ

"NAB Business confidence suprisingly resilient"
*surprisingly... I couldn't say it better

The main move of the market today, should be the one made after Trichet speaks. I'll be honest with you... I'm gonna miss this guy... He gave me a lot of trading opportunities in the past and I hope this time he won't disappoint me.

Therefore, I'm looking to buy

We all know what's behind the scenes, but the current sentiment is bullish. I want to give it a try with a tight SL and close it at london close, any breaking news could change my perspective.

If I get stopped out, I will look for better entries at the london close with a better understanding of the markets. Because right now, my point of view is really general.

That's all i got to say for the meanwhile

Pbh
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  • #2,020
  • Oct 10, 2011 10:40pm Oct 10, 2011 10:40pm
Quoting Pbh
Copy from the EurAnalysis thread:

Lovely day upcoming

We are still having some good comments coming around:

"FinMin Azumi: EZ stability will stop Yen rise"
*haha, really? From this stupid comment I expect no more interventions from the BoJ

"NAB Business confidence suprisingly resilient"
*surprisingly... I couldn't say it better

The main move of the market today, should be the one made after Trichet speaks. I'll be honest with you... I'm gonna miss this guy... He gave me a lot of trading opportunities in the past and I hope...
From psychological standpoint of the big game players, your analysis is highly possible yet not possible at the same time. Since the FED wants a weaker dollar, not a stronger one, perhaps they could do so here. What worries me about going long though, is the fact that it was all old-school stuff yesterday: exploitation. The bulls saw a weakness with the bears having to do with the holiday and what makes people buy yesterday was the 'excuses' of italian, french production, german, basically EZ numbers in the positive. They were playing tricks.

With the return of the bears, you really think you'll be able to get in a long? basically you are counter-trending the WHOLE trend. I am counter-trending that bullish trend yesterday. Long now is almost... risky. 3700 held as a profit taking level, and if it really doesnt pierce that the psychology of the market switches back from bullish to bearish.

all we have to do is wait for the open, see more precise entries, exploit any keywords etc. Pbh, tell me if u spot anything in the speeches later on.

till then.
Have I got something on my face, SOLDIER?
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