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14 Year Old Forex Trader's Lessons

  • #4,261
  • Nov 4, 2011 1:04am Nov 4, 2011 1:04am
long on euro. engulfing on bear candle and right now the price is not high enough for people to sell it yet. supply is eaten by wicks while bulls go off marubozu

3830 seems my target

on m30 we have a possible bull flag.

previous price's reaction to supply was not very strong, quite messy i have to say.

previous resistance becomes support
Attached Image (click to enlarge)
Click to Enlarge Name: marubozu.gif Size: 35 KB
Have I got something on my face, SOLDIER?
  • #4,262
  • Nov 4, 2011 1:09am Nov 4, 2011 1:09am
Quoting bumapatria
long on euro. engulfing on bear candle and right now the price is not high enough for people to sell it yet. supply is eaten by wicks while bulls go off marubozu

3830 seems my target

on m30 we have a possible bull flag.

previous price's reaction to supply was not very strong, quite messy i have to say.

previous resistance becomes support
Watch out for the failed breakout

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mla
"The Heart is the hub of all dances; go there and chill out"
  • #4,263
  • Nov 4, 2011 1:14am Nov 4, 2011 1:14am
m30 flag broken. and m5 resistance broken i look to reenter whence price gives me more dance to long on just a broken level
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  • #4,264
  • Nov 4, 2011 1:23am Nov 4, 2011 1:23am
this is no way false. the move down was false. resistance is not holding. its buyers making trap for bears to sell when clearly its a buyzone


price sits exactly on previous resistance. its supporting the buyers, no sellers would sell at support, people look to buy.
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  • #4,265
  • Nov 4, 2011 1:58am Nov 4, 2011 1:58am
c wave.. my favorite elliot wave pattern. right now its in c wave in euro usd, and i managed to increase capital by shorting just now for 3 pips.

longs still holding. no reason to sell yet
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  • #4,266
  • Nov 4, 2011 2:04am Nov 4, 2011 2:04am
Quoting bumapatria
c wave.. my favorite elliot wave pattern. right now its in c wave in euro usd, and i managed to increase capital by shorting just now for 3 pips.

longs still holding. no reason to sell yet
Buma but im short on euro at 1.3813,
wot you say boy?
"Sensible Trader"
  • #4,267
  • Nov 4, 2011 2:06am Nov 4, 2011 2:06am
abc wave.

closed in profit of 5 pips total win today so far = 8 pips
rescue complete.
flag is dead. go bulls!
Attached Image (click to enlarge)
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  • #4,268
  • Nov 4, 2011 2:13am Nov 4, 2011 2:13am
shorting 4th wave on supply. this shoudl only be a scalp and not a whatday call it... a trade u hold on to for more than 10+ pips.

gonna long on 5th wave if Pa permits
Attached Image (click to enlarge)
Click to Enlarge Name: shorting the 4th wave.gif Size: 17 KB
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  • #4,269
  • Nov 4, 2011 2:18am Nov 4, 2011 2:18am
beauty pin, but not beauty pinbar. alas here is what i think,

but evening star and short till 50% retracement confluence with demand too
Attached Image (click to enlarge)
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  • #4,270
  • Nov 4, 2011 2:19am Nov 4, 2011 2:19am
Quoting junaidsaif
Buma but im short on euro at 1.3813,
wot you say boy?
damn whyd u sell there?

go rescue it. i cant tellu to buy or sell. trust youreself. either close it, average in and rescue, or close it when price seems to be moving your way
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  • #4,271
  • Nov 4, 2011 2:24am Nov 4, 2011 2:24am
will need to watch pa here. could be aggresive. very. previous resistance again. now support or not yet?

closed +5 sell.

now im looking for a same low, but higher close.
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  • #4,272
  • Nov 4, 2011 2:31am Nov 4, 2011 2:31am
the sit-rep now.

shorts should be closed right now, people looking to long this flag.
5th wave should come soon. look for PA patterns to enter.


come on lady dance already to my level
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  • #4,273
  • Nov 4, 2011 3:09am Nov 4, 2011 3:09am
correction of my analyssi!
lots of shit going on just closed a +5 long. ugly compression turned into downmove


i would long the c wave too but nah
Attached Image (click to enlarge)
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  • #4,274
  • Nov 4, 2011 5:38am Nov 4, 2011 5:38am
lost $-5.70 rescued $2.70 now need the $3.

got an opportunity straight after that. long on euro broken resistance becomes support.

tip to readers: look at higher timeframe, for sense of direction

if this engulfs the whoel bearish candle, well get a nice panic buy
Attached Image (click to enlarge)
Click to Enlarge Name: engulfinga.gif Size: 21 KB
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  • #4,275
  • Nov 4, 2011 5:54am Nov 4, 2011 5:54am
added one more at rejection
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  • #4,276
  • Nov 4, 2011 5:59am Nov 4, 2011 5:59am
Buma, what makes you think that the resistance has been broken? The price is still hovering at the support/resistance level and we still don't know which one will hold or break. You jumped into a long position on the assumption that resistance has broken and turned support and that is being predictive aka gambling. If you are convinced that it has turned support, then why not place a buystop above that level to prove your analysis right. If indeed that level has turned support, then price would surely go up and trigger the buystop. However, if it turns out the resistance isn't broken yet, then price would drop and your buystop not triggered. That way you wouldn't be left with a long position, hoping for the level to turn support. Jmho.

Regards
Bak
  • #4,277
  • Nov 4, 2011 6:04am Nov 4, 2011 6:04am
i never work with limit orders. they are not my type. supply is getting weaker. wwatch pa. i didnt gamble.
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  • #4,278
  • Nov 4, 2011 6:09am Nov 4, 2011 6:09am
Quoting bumapatria
i never work with limit orders. supply is getting weaker. wwatch pa. i didnt gamble.
Majority of my trades are pending orders and it has saved me many a times. Just thought I'd share it with you but like I said to each their own. Good luck with your longs, hope it turns support for you.

Regards
Bak
  • #4,279
  • Nov 4, 2011 6:09am Nov 4, 2011 6:09am
closed earlier low buy +1 added another.

you can call the high-buy a scout.
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  • #4,280
  • Nov 4, 2011 6:12am Nov 4, 2011 6:12am
Quoting Bakuli
Majority of my trades are pending orders and it has saved me many a times. Just thought I'd share it with you but like I said to each their own. Good luck with your longs, hope it turns support for you.

Regards
Bak
well good for u. did you know that pending orders are... pending? we cant foretell the future.

i bought from the left side of the chart. using past info to indicate current info, not future future price does.

well i go speculative sometimes, but never trading based on speculation. if the speculation is confirmed, then it is. if it aint, dont trade based on it!
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