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EurAnalysis Kindergarten 24 replies

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  • #6,541
  • Oct 31, 2011 10:05am Oct 31, 2011 10:05am
Quoting PipTrapper
A primary dealer/broker based in NY, MF Global Finance, the owners of the advertised Forex dealer Interactive Brokers and a few other subsidiaries, has filed for bankruptcy citing losses on sovereign bonds as the cause.

MF GLOBAL FINANCE FILES BANKRUPTCY

[i][u]Game Over. And in the meantime, we get the following report from a media source: "CME’s acting like the MF Global thing just happened. They’re haphazardly locking traders out who clear with MF, blocking access...

Interactive brokers was trying to buy some assets of MF Global. Goldman has expressed some interest too a few days ago.

It's ugly, traders locked out of closing positions and can't get on the trading floor.
I don't care which way the market is going as long as it's going my way
  • #6,542
  • Oct 31, 2011 10:09am Oct 31, 2011 10:09am
I think self discipline might be an over-arching issue. But ironically, the period I was most successful with my forex trading was from October last year to April this year. I probably traded two to three times a month max yet managed to more than triple my account in that time. .... I need to return that form, I use a baseball analogy, it was like playing baseball without having to worry about the strike zone and I can just sit and wait for a fastball right down the middle of the plate, didn't matter how long it would take, it would have to come eventually and I didn't need to rush a swing in because there is no defined strike zone to compete against. ... I think taking up your suggestion is good, outside of the designated time frames that are part of my strategy, I just need to make sure I am not near a computer lol, and get out there and take a walk in this brisk cool weather in NYC. Thanks.

Quoting AaronWard
give yourself some kind of physical barrier... perhaps unplug your mouse, or turn off you computer when you don't have to look at it. Or practice deep breathing...

It's all about impulse control. What do you do in other areas of your life? Or is self discipline a problem wherever you look?
  • #6,543
  • Oct 31, 2011 10:10am Oct 31, 2011 10:10am
Quoting PipKiller
Interactive brokers was trying to buy some assets of MF Global. Goldman has expressed some interest too a few days ago.

It's ugly, traders locked out of closing positions and can't get on the trading floor.
Well Onanda, which I use, is Ltd., so ...
"I know one thing, that I know nothing." Sokrates
  • #6,544
  • Oct 31, 2011 10:10am Oct 31, 2011 10:10am
Thanks PT, alerts also sound like a great idea. Any free sites you suggest that do indicator alerts? Never tried coding before but open to it.

Quoting PipTrapper
Perhaps what you need to do is set up email alerts on your charts so that you can step away from the computer.
When price approaches the zone you are looking for, you will receive an email on your mobile device and then you can come back to the computer to see if you have a valid signal.

If that does not work for you (I have no idea what your trading system is), perhaps you can write an indicator that detects the conditions of your trading system and notify you. If you do not know how to program indicators, send me a pm and I may be able to help...
  • #6,545
  • Oct 31, 2011 10:18am Oct 31, 2011 10:18am
Quoting Blobik
I think it is just that I made decision not to enter trades other than scalping before 2-3 Nov,
Good call on that one. I was flat for hundreds of pips and I have no regrets.

Quoting Blobik
And my broker announced they are preparing to introduce microlots(), so I try not to jump into too many trades before I will be able to try smaller entries, so I don't wreck my account too soon .
That's excellent news. Who's the broker?

Quoting Blobik
Speaking of wrecking account, Alorente was not posting in a while - so perhaps he got a margin call . To bad, as right now it seems the uptrend might finally break into pieces...
I sent him a PM but have not heard back yet. However, remember that his trading style and risk management is tied to margin calls, so if he got margined, he only lost 5%. He uses multiple accounts for that purpose. He calls it Box Trading.
Those who say it cannot be done should not interrupt those who are doing it
  • #6,546
  • Oct 31, 2011 10:19am Oct 31, 2011 10:19am
Quoting nyfx718
and I keep breaking my rules and getting burned smh. I've been trading on and off this market for a few years but in many ways still a beginner. I realize what my major problem is and its that lack of discipline, not lack of knowledge or undertanding enough of the market. I'm not a scalper personality nor someone that will hold a trade for a week or longer. I'm somewhere in between but find that I get ansy to jump into a trade before I get the the line of things I am looking for because I either want to make money fast or try to make back a lose,...

You took the first step in indentifying your problem.

When I catch myself pissed off or "revenge" trading I immediatly close out any open position to stop any further bleeding and shut down my platform....... I'm done until I get my head back in the game.

I'll go watch a few webinars on phycology and my trading system to get the correct picture back in my head.

You can make the money back if you trade correctly and don't be greedy about it. Get your confidence back with small lot size or demo and then work your way back up.
I don't care which way the market is going as long as it's going my way
  • #6,547
  • Oct 31, 2011 10:20am Oct 31, 2011 10:20am
Quoting PipKiller
Interactive brokers was trying to buy some assets of MF Global. Goldman has expressed some interest too a few days ago.

It's ugly, traders locked out of closing positions and can't get on the trading floor.
I just heard that they are now allowing them to enter the trading floor but they are only allowed to liquidate.
Those who say it cannot be done should not interrupt those who are doing it
  • #6,548
  • Oct 31, 2011 10:24am Oct 31, 2011 10:24am
Quoting nyfx718
Thanks PT, alerts also sound like a great idea. Any free sites you suggest that do indicator alerts? Never tried coding before but open to it.
Start with this site.
If you need help with something a bit complex, PM me
Those who say it cannot be done should not interrupt those who are doing it
  • #6,549
  • Oct 31, 2011 10:24am Oct 31, 2011 10:24am
Thanks. I'm actually an auditor lol. How ironic I have a similar background.

Quoting Tom_D_Trader
I may be able to give you a little help here, as it seems you may have simmilar personality.

I am incredibly self confident guy. That results in lots of pressure in my life because I very often judge or act before I think, because I think my initial thought was right. In market, there is just no place for such an action. Luckily for me, I have burned myself several times already and I work as an accountant, so I was able to force myself to absolute money management discipline.

I think it helped me a lot to study psychology. Impact of crowd pressure...
  • #6,550
  • Oct 31, 2011 10:29am Oct 31, 2011 10:29am
Thanks.
Quoting PipTrapper
Start with this site.
If you need help with something a bit complex, PM me
  • #6,551
  • Oct 31, 2011 10:31am Oct 31, 2011 10:31am
Quoting PipTrapper
I just heard that they are now allowing them to enter the trading floor but they are only allowed to liquidate.
That's better. It was stupid not to let them liquidate.

Speaking of Futures

Rice is underwater so it can grow now and ummmm.... Pork is the most expensive thing on the menu.
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I don't care which way the market is going as long as it's going my way
  • #6,552
  • Oct 31, 2011 10:33am Oct 31, 2011 10:33am
Quoting PipKiller
That's better. It was stupid not to let them liquidate.

Speaking of Futures

Rice is underwater so it can grow now and ummmm.... Pork is the most expensive thing on the menu.
Attachment
That's only the lean hogs. The fat ones are still at zero
Those who say it cannot be done should not interrupt those who are doing it
  • #6,553
  • Oct 31, 2011 10:38am Oct 31, 2011 10:38am
Now testing H4 rising channel support.
How convenient that it coincides with 1.3950 (The pivotal support)

Come on Euro, break out of this channel. You've been in it too long now and you are no longer welcome here

.
Attached Image (click to enlarge)
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Those who say it cannot be done should not interrupt those who are doing it
  • #6,554
  • Oct 31, 2011 10:44am Oct 31, 2011 10:44am
US Dollar Update: A Bottom Is Looking Imminent

With no QE3 coming and the euro looking dour, a rally for the greenback is on its way. We can time it using Elliott Wave Theory.

http://image.minyanville.com/assets/...11/haver2s.jpg
Those who say it cannot be done should not interrupt those who are doing it
  • #6,555
  • Oct 31, 2011 10:45am Oct 31, 2011 10:45am
PT, Thoughts? I think this might be where it turns to go for a retest of 4250. I say that because it seems to be oversold in multiple time frames and sitting above 200 day sma.

Quoting PipTrapper
Now testing H4 rising channel support.
How convenient that it coincides with 1.3950 (The pivotal support)

Come on Euro, break out of this channel. You've been in it too long now and you are no longer welcome here

.
  • #6,556
  • Edited 11:03am Oct 31, 2011 10:52am | Edited 11:03am
Quoting PipTrapper
That's excellent news. Who's the broker?
I don't think you know Polish brokers names, but my broker is owned by one of polish banks - "Bank Ochrony Środowiska" - in free translation it stands for sth like "Environment Protection Bank". In fact, part of their shares is owned by polish Forestry Management (not sure if translated well). Most of shares is owned by Fund for Environment Protection (actuall name is a bit more complicated, but again, it is heavy to translate). They aren't owned by any bigger banks or institutions. Perhaps that is why they had quite poor offer. But as long as I trust in the bank standing behind them I don't really mind.

Oh, btw, EUR keeps digging. Seems Europe-oil-drilling program started earlier Too bad they won't find oil this way...

ADD: I risked a mini long. can't believe she would give up like that. But perhaps will treat it as scalp only.
ADD2: already killed one of my two mini longs as it was misplaced, so i dumped it as it got green.
  • #6,557
  • Oct 31, 2011 10:54am Oct 31, 2011 10:54am
Quoting PipTrapper
That's only the lean hogs. The fat ones are still at zero
Nice

I just realized that this isn't a dollar rally....... Yet

It's an Euro dump....

Euro is diving against everything. Dollar isn't rising with everything. Really evident in cable, aussie and the loonie
I don't care which way the market is going as long as it's going my way
  • #6,558
  • Oct 31, 2011 10:55am Oct 31, 2011 10:55am
Quoting Blobik
I don't think you know Polish brokers names, but my broker is owned by one of polish banks - "Bank Ochrony Środowiska" - in free translation it stands for sth like "Environment Protection Bank". In fact, part of their shares is owned by polish Forestry Management (not sure if translated well). Most of shares is owned by Fund for Environment Protection (actuall name is a bit more complicated, but again, it is heavy to translate). They aren't owned by any bigger banks or institutions. Perhaps that is why they had quite poor offer. But as...
Soundly like if they default, the very least they could do is give you a life time supply of firewood.
Kill the ego, or it will kill the mission.
  • #6,559
  • Oct 31, 2011 10:58am Oct 31, 2011 10:58am
Quoting nyfx718
PT, Thoughts? I think this might be where it turns to go for a retest of 4250. I say that because it seems to be oversold in multiple time frames and sitting above 200 day sma.
Yes the Stochastic and RSX readings are showing oversold conditions in the lower time frames. However, this big wave down since Thursday is a daily chart cycle so I look at the daily chart for guidance.

The Stochastic and RSX are still at the mid point (50) and the MacD is still showing bearish divergence. What I have working against me is strong pivotal support at 1.3950 but the next fib level down is 1.3850 area.

Therefore, whilst I accept that it may retrace up a bit, the downside prevails. Any such possible retrace will most likely be to form a lower high but not in this trading session. Possibly tomorrow. However, with big big news releases coming up from Wednesday forward, I suspect we are down here to stay and traders liquidate risky assets to go into the unknown as flat as possible.

.
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Those who say it cannot be done should not interrupt those who are doing it
  • #6,560
  • Oct 31, 2011 11:00am Oct 31, 2011 11:00am
Quoting nyfx718
PT, Thoughts? I think this might be where it turns to go for a retest of 4250. I say that because it seems to be oversold in multiple time frames and sitting above 200 day sma.
You will always see more over sold in a strong down trend and more over bought in a strong uptrend.

Today is a very strong risk off day. Not a good day for a long E$. I wouldn't do it or advise it.
I don't care which way the market is going as long as it's going my way
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