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EurAnalysis Kindergarten 24 replies

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EurAnalysis

  • #9,061
  • Nov 11, 2011 8:53am Nov 11, 2011 8:53am
Quoting Pbh
Not for me, I'd love to see that level
If bernanke isn't printing... wait, is bernanke a veteran?
If you wants to ask me what level am love to see - here 2.0 - So I can put a big short there - Trading according chart - patterns
If there was easy money lying around,no one would be forcing it into your
  • #9,062
  • Nov 11, 2011 8:56am Nov 11, 2011 8:56am
Prelim UoM Consumer Sentiment at 64.2 better than expected of 61.3
Those who say it cannot be done should not interrupt those who are doing it
  • #9,063
  • Nov 11, 2011 8:57am Nov 11, 2011 8:57am
Did that news just now spook you out a bit? How much equity % is on the table anyway?

Quoting Tom_D_Trader
3715 is my heartattack, so I will probably stop posting. Unless they have a wifi in afterlife.
  • #9,064
  • Nov 11, 2011 8:59am Nov 11, 2011 8:59am
Tempted to short
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  • #9,065
  • Nov 11, 2011 9:01am Nov 11, 2011 9:01am
I recommend forex.com not because they necessarily have superior software or better spreads or anything like that, but unlike most brokers closing up shop on Friday btwn 3pm and 4pm EST, you can trade with them until 5pm EST on Friday. For those that see an opportunity to trade a gap over the weekend, it can give you a great edge.

Quoting FXMindset
Good Choice
Btw may I know what Broker do you use mate
  • #9,066
  • Nov 11, 2011 9:01am Nov 11, 2011 9:01am
Ok H1 closed within the zone. That kinda calmed me down. But I am still pretty stressed out. Looking forward for weekend, I am tired as hell, running on coffein and this aint helping .

edit 4 jeff: I risk 2%. Far above my usuall risk, which is 0,2 - 0,6%. I was convinced of the bear pretty heavily.
"I know one thing, that I know nothing." Sokrates
  • #9,067
  • Nov 11, 2011 9:02am Nov 11, 2011 9:02am
I have traded forex for more than 5 years but still like a newbie. I am not able to understand the current market.

Greece got a new PM, does the debt issue have the solution?
Italia has positive vote but far away from a right action.
France has something not exposed
....
debt crisis go furthur

Those V shape charts are unbelievable. I have to flush my head.
  • #9,068
  • Nov 11, 2011 9:03am Nov 11, 2011 9:03am
1H 200 sma at 1.3716
  • #9,069
  • Nov 11, 2011 9:04am Nov 11, 2011 9:04am
Quoting PipTrapper
Yeah. He's a veteran from Goldman Sucks.
  • #9,070
  • Nov 11, 2011 9:04am Nov 11, 2011 9:04am
Quoting Sunnybeach
I have traded forex for more than 5 years but still like a newbie. I am not able to understand the current market.

Greece got a new PM, does the debt issue have the solution?
Italia has positive vote but far away from a right action.
France has something not exposed
....

Those V shape charts is unbelievable. I have to flush my head.
I believe this is the final push before the fall
Those who say it cannot be done should not interrupt those who are doing it
  • #9,071
  • Nov 11, 2011 9:08am Nov 11, 2011 9:08am
Daily Supply zone 1.3769 - 1.3868 near bottom of broke short term up trend line.
Daily resistance 1.3705
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2 fresh demand levels on 240.
1.3716 is 61.8 fib of last move down
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Fresh Supply levels stacked on 60 minute. 1.3776 - 1.3809 is a really nice looking supply level
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I don't care which way the market is going as long as it's going my way
  • #9,072
  • Nov 11, 2011 9:08am Nov 11, 2011 9:08am
Quoting Pbh
Tempted to short
Yeah, I got the "sth smells" feeling and closed longs. +61 pips AUD, and profit on gold about 60% of AUD profit. I think in EURUSD it would be over one hundred total. So, up till now week statistics green again. Unless I enter some dumb trade until markets close
  • #9,073
  • Nov 11, 2011 9:10am Nov 11, 2011 9:10am
Quoting Myrza
chart attached.
3705 is h1 gap support

3705 to the pip but we need at least a m15 close below 3643 (2 bar average of m15 gap ) to confirm a move down.
My last trade for the day. Happy weekend.
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  • #9,074
  • Nov 11, 2011 9:12am Nov 11, 2011 9:12am
Quoting Myrza
3705 to the pip but we need at least a m15 close below 3643 (2 bar average of m15 gap ) to confirm a move down.
My last trade for the day. Happy weekend.
Happy weekend to you too man.
"I know one thing, that I know nothing." Sokrates
  • #9,075
  • Nov 11, 2011 9:13am Nov 11, 2011 9:13am
I was in the same boat as you too. I first delved into the currency markets back I think in 2004 or 2005 but last year was the first year I closed out the year in profit. (still have to make back those losses from the past year though.) I'm underwater significantly right now this year and hoping to make a come back to finish green for the year no matter how little it is. ... My issue was never understanding the markets though, it was always the lack of discipline when it came to taking trades, was always hurried to try and make money and would throw the knowledge and understanding out the window. ... Some people here only trade with the trend and I think that is what I need to do to avoid the mistakes of the past, so since we are technically in a downtrend for now, I try to keep myself from taking longs and try not to kick myself over a 200 pip up move I just missed. ... I've found the more trades I take per month on average usually means I have worse performance. When I was trading at my best level from last year October/November into this year April roughly, I was probably only averaging 2 to 3 trades a month and somehow managed to more than triple that particular account, I need to get back to basics and get back to that discipline and now incorporate it with new knowledge I've learned from this board and from watching the markets closely over the last few months, particularly the art of disciplining myself to only trade at particular times.


Quoting Sunnybeach
I have traded forex for more than 5 years but still like a newbie. I am not able to understand the current market.

Greece got a new PM, does the debt issue have the solution?
Italia has positive vote but far away from a right action.
France has something not exposed
....

Those V shape charts is unbelievable. I have to flush my head.
  • #9,076
  • Nov 11, 2011 9:15am Nov 11, 2011 9:15am
Quoting Tom_D_Trader
3715 is my heartattack, so I will probably stop posting. Unless they have a wifi in afterlife.
Why are you having a heart attack? If you are not risking more than 2% of your account balance there should not be an issue...
  • #9,077
  • Nov 11, 2011 9:19am Nov 11, 2011 9:19am
yep, us and the rest of the world uses the 1hr 200 sma as the line in the sand ;-) as far as I was concerned, the price came in stastically close enough to the 3715/16 area and stochastics and other indicators went overbought and we were already in NY open, so I felt it was a good time to short, but hey you never know ... btw, anyone live in the NYC area? The new casino that opened in queens NY is actually really nice, should check it out when you all get a chance.


Quoting Gofer Pips
1H 200 sma at 1.3716
  • #9,078
  • Nov 11, 2011 9:21am Nov 11, 2011 9:21am
I wonder if it is a risk-on day? I also wonder if PT can post his S& P chart, I need to get my own, but haven't found yet.
I guess the banks are watching on their day off and will move this after we mess it all up!http://www.finviz.com/fut_image.ashx...66034779687500
  • #9,079
  • Nov 11, 2011 9:23am Nov 11, 2011 9:23am
SL moved to 1.3660 not a huge fall off from the resistance level at 1.37 expected a bit more I reckon we'll slice through it pretty easily paving the way for 1.3750 before the end of the day..
  • #9,080
  • Nov 11, 2011 9:23am Nov 11, 2011 9:23am
Quoting nyfx718
I was in the same boat as you too. I first delved into the currency markets back I think in 2004 or 2005 but last year was the first year I closed out the year in profit. (still have to make back those losses from the past year though.) I'm underwater significantly right now this year and hoping to make a come back to finish green for the year no matter how little it is. ... My issue was never understanding the markets though, it was always the lack of discipline when it came to taking trades, was always hurried to try and make money and would throw...
First of all, forget the "woulda, shoulda, coulda" in FX...doesn't work. Second, if you are doubling and account with 2 or 3 trades you are risking too much of your account. That is why you have not seen positive gains and why most FX traders do not see gains.

This is how you manage your funds. Let's say you are starting with $10,000. First of all, before you even start trading you need to have an equity management plan in place. You need to make sure you are not risking more than 2% of your account balance on any 1 given trade, 3% on all open positions.

For example, let's say you are going short the EUR/USD. You plan the trade, your exact entry, stops and were you will start closing out positions for profit. Calculate the spread between the entry and your stop.

For example, if you are selling the EUR/USD and are planning a 2% risk cap on that trade and a 100 pip stop loss, you risk cap is $200. Divided that by 100 and you get 2...2 1K lots is all you can risk...if the trade goes against you and you get stopped out...you lost $200....2% of your account balance.

Hope that helps
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