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EurAnalysis Kindergarten 24 replies

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EurAnalysis

  • #9,501
  • Nov 14, 2011 6:02am Nov 14, 2011 6:02am
Quoting Blobik

ADD: Does there exist a script that swaps "buy" and "sell" buttons? This would be extremely profitable solution
I did that with an EA back when I was experimenting with programing. It turned a very unprofitable EA into a moderately unprofitable EA.
Kill the ego, or it will kill the mission.
  • #9,502
  • Nov 14, 2011 6:04am Nov 14, 2011 6:04am
Quoting PipTrapper
I am thinking 1.3685/95 area (50% to 61.8% fibo retrace of last swing low on M5)

.

As I see you are keeping the shorts and you put an addon short at 37100, which I unfortunately missed. Do you have a target or is it based on the PA? Do you think it is still short and worth to enter on a pullback?
  • #9,503
  • Nov 14, 2011 6:06am Nov 14, 2011 6:06am
Quoting PipTrapper
If this keeps up, we may see 1.3380 this week.
Bottom of falling channel and 78.6% fibo of major up correction from 1.3344 low.
This makes sense as we have already breached the 61.8% fibo and retraced back up to past the 50% fibo. Technically, this is the next stop as long as we can break the yellow demand zones.

.
As I see it the single most important thing is the equity markets. If this last power drive of the equity markets was the bear rally, (the dow rally now has a double top) then the Euro is going down and it will go very fast.

If not, then it probably will go down, but more sideways than down.
Kill the ego, or it will kill the mission.
  • #9,504
  • Nov 14, 2011 6:09am Nov 14, 2011 6:09am
Quoting w1nner
I suggest you to practice on demo and go with the trend. Price is moving in waves, you are selling at the top of the wave and buying the bottom of the wave. But not against the trend. This market was moving sideways for the short term this is where the most trader lose money.

I don't think so I would change the buy and sell buttons. I don't push the buy or sell buttons immediately when I see something. I have my own EA which buys or shells on a better price (what I trigger).
Thank for kind words. Still, in case if someone misunderstood, this post was for fun for the others. When you lose you can rethink everything as Swede said, and you can stick to your sense of humour so you manage to remain more a less mentally stable.

Plus, if I miss whole EUR drop, I might get nice opportunity to long AUD / oil / some other assets that make dips when EUR crashes and skyrocket when it stops. And oil seems to have entered at least medium term uptrend.

Cheers & congrats to everyone who already managed to get some winners today
  • #9,505
  • Nov 14, 2011 6:13am Nov 14, 2011 6:13am
A.W.
I agree with you about equities.
The powers that be will do anything to convince the world that the economic conditions are sound.

If economic conditions are sound then there is no debt problem as it will be serviced from growth.

That is our conflict as traders.
On the one hand there is more then ample evidence that things are such a mess that it cannot be salvaged without restructuring.

But the unwillingness of government to let things sort out has produced never ending interventions. This is causing the situation to get to the point where the whole financial system collapses as it goes systemic.

Really dangerous.
  • #9,506
  • Nov 14, 2011 6:17am Nov 14, 2011 6:17am
Fooled me

Quoting Blobik
Thank for kind words. Still, in case if someone misunderstood, this post was for fun for the others. When you lose you can rethink everything as Swede said, and you can stick to your sense of humour so you manage to remain more a less mentally stable.

Plus, if I miss whole EUR drop, I might get nice opportunity to long AUD / oil / some other assets that make dips when EUR crashes and skyrocket when it stops. And oil seems to have entered at least medium term uptrend.

Cheers & congrats to everyone who already managed to get some winners today...
  • #9,507
  • Nov 14, 2011 6:32am Nov 14, 2011 6:32am
Quoting foto
A.W.
I agree with you about equities.
The powers that be will do anything to convince the world that the economic conditions are sound.

If economic conditions are sound then there is no debt problem as it will be serviced from growth.

That is our conflict as traders.
On the one hand there is more then ample evidence that things are such a mess that it cannot be salvaged without restructuring.

But the unwillingness of government to let things sort out has produced never ending interventions. This is causing the situation to get to the point...
Hi foto, thanks for the vouch.

I'm an optimist. When I think about the equity markets falling, I look at my roof and think "Its still going to keep the rain out"? But when I look at the Euro and think about the equity market I think "if it crashes I will be able to buy another roof this one doesn't keep the rain out."
Kill the ego, or it will kill the mission.
  • #9,508
  • Nov 14, 2011 6:34am Nov 14, 2011 6:34am
Quoting AaronWard
As I see it the single most important thing is the equity markets. If this last power drive of the equity markets was the bear rally, (the dow rally now has a double top) then the Euro is going down and it will go very fast.

If not, then it probably will go down, but more sideways than down.
well 1.3380 by Friday will be a slow choppy fall. A quick fall would get us there tomorrow.
Those who say it cannot be done should not interrupt those who are doing it
  • #9,509
  • Nov 14, 2011 6:41am Nov 14, 2011 6:41am
Quoting PipTrapper
well 1.3380 by Friday will be a slow choppy fall. A quick fall would get us there tomorrow.
We are already 170 pips closer than when today started.

If the dow drops a total of 4% over the next 2 days, we should get there by close of NY tomorrow. Big if.
Kill the ego, or it will kill the mission.
  • #9,510
  • Nov 14, 2011 6:50am Nov 14, 2011 6:50am
Spain seems to be the next interest point for the markets since its 10Y bond has just hit 6%...

It seems that 6% is the new normal.

crazy shit, this debt crisis...
  • #9,511
  • Nov 14, 2011 6:52am Nov 14, 2011 6:52am
Quoting Blobik
Okay, List of points to complete a total account disaster:

1. Enter a good trade with a strong conviction. - DONE

Did you have a Trade Plan when you entered with strong conviction ? A Trade Plan means you entered a STOP in case you are wrong. Do you scale in your positions with your Trade Plan ?

2. Get your self esteem kicked down by the trade going against you -DONE

We all have losses and you must be willing to take a loss. When I first started trading during 2006, I actually went three months before I had my first loss. It led to big EGO...
I hope my post helps you. Take care and be well.

"Today is the Tomorrow you worried about Yesterday and all is well.
  • #9,512
  • Nov 14, 2011 7:01am Nov 14, 2011 7:01am
Good Morning Everyone

When I replied to the post by Blobik I put my reply inside of his post and I see it got edited so I will repost it now in it's original form. This also makes a good point as it shows things do not always go as planned since we are all human and make mistakes or leave things out.

Enjoy your trading day and have fun trading forex.

Quoting Blobik
Okay, List of points to complete a total account disaster:

1. Enter a good trade with a strong conviction. - DONE
2. Get your self esteem kicked down by the trade going against you -DONE
3. Get chicken and exit in loss. DONE.
4. Get mad at yourself and hesitate to reenter looking for better level, therefore missing your superb trade: -DONE.
4a. Get distracted by some of your life problems for an hour so you miss the opportunity - DONE.
5. Get frustrated being unable to trade the drop at work, and enter a short on the lowest low when you come back...
  • #9,513
  • Nov 14, 2011 7:10am Nov 14, 2011 7:10am
Quoting knoholygrail
Good Morning Everyone

When I replied to the post by Blobik I put my reply inside of his post and I see it got edited so I will repost it now in it's original form. This also makes a good point as it shows things do not always go as planned since we are all human and make mistakes or leave things out.

Enjoy your trading day and have fun trading forex.
Thanks for your link during this time and contribution on this thread
Btw never seen your technical analysis till now - And I Wonder if you really trade forex - If Yes - May I Your entry/exit Poin Based on ?


Thanks
If there was easy money lying around,no one would be forcing it into your
  • #9,514
  • Nov 14, 2011 7:45am Nov 14, 2011 7:45am
Quoting FXMindset
Thanks for your link during this time and contribution on this thread
Btw never seen your technical analysis till now - And I Wonder if you really trade forex - If Yes - May I Your entry/exit Poin Based on ?


Thanks
I am a fundamental trader and I use technicals for good entry and exit. I do not make trade calls since that is not my purpose here. I use charts however I do not produce them or post them. I have been trading forex since 2006 for my clients.

And now one more time I will try to get it right.

Perserverance is my greatest strength.

One of the most important characteristics of a winning forex trader is an open mind and good character maturity. You will take out your fears, your greed and your ego while trading if you do not work on your state of mind and your maturity.

Some traders will never win because they do not have this ability. You can call it maturity or discipline or whatever you want.

An excellent example of this is our friend Piptrapper. His discipline, his work ethic and his character is excellent. He is a leader and not a follower. He is well balanced in his fundamentals and his technicals. He is a winner in forex and in life.

For me trading forex is a way of life, a discipline and a fun way to earn a living and enjoy life.

Now to take care of old business.

Here is the original post by Blobik this morning and once again my answer.


Okay, List of points to complete a total account disaster:

1. Enter a good trade with a strong conviction. - DONE

Enter a good trade with strong conviction and A GOOD TRADE PLAN. A good trade plan includes a good entry and to know where you will exit. It also need to include a STOP LOSS better to be on after you enter the trade. Scaling in your purchases is also a good strategy.


2. Get your self esteem kicked down by the trade going against you -DONE

Losing trades is part of being a winner in forex and having a stop loss and cutting losing trades properly and letting winning ones go longer is part of having the discipline to trade properly.

3. Get chicken and exit in loss. DONE.

Again by having a trade plan and taking your loss and taking the emotion out of your trading you will move towards the winning side.

4. Get mad at yourself and hesitate to reenter looking for better level, therefore missing your superb trade: -DONE.

You must trade forex with PMA (Positive Mental Attitude)

4a. Get distracted by some of your life problems for an hour so you miss the opportunity - DONE.

For myself trading is a way of life. I give it my all. I have had problems of being distracted while I trade with a phone call and it leads to losses sometimes and more frustration. Trading while distracted by work or life or anything will eventually lead to trading losses. Focus is most important in trading. When you are on a high (Some Good Winning Trades) or a low (Some Bad Trading Losses) Take a break, go for a walk. Make love with your significant other) Stop and smell the roses. You will come back relaxed and fresh and ready to put your skills to work again without those negative emotions.


5. Get frustrated being unable to trade the drop at work, and enter a short on the lowest low when you come back from work: to be done in 3 hrs.

I made the point about this one above in answer to number 4.

6. Book another loss and wonder why you are such a complete idiot. - DONE and will be done again...

You must believe in yourself. You must love yourself. You need to show PMA. We are all human and make mistakes. We need to learn from our mistakes and use it to positive advantage to grow and prosper. Be good to yourself and accept who you are and change the things you need to change.

I think it seems I need to go demo. No point bleeding myself out, especially that I have already wiped out close to what I can stand...

I strongly suggest and have experienced it that you need to trade with the correct amount of capital. For myself I could not trade with less than $10,000 US in Capital. I have traded with as little as $5000 US and that is when I have had losses since I had less patience only trading one position of 100K so I over traded with 2 or more positions. I do not see how any retail traders can possibly win trading a $500 US account. I demo traded three years before I made my first live FX trade.

Well, at least I hope this will show someone how NOT to trade.


For myself the most important factor in being a winning trader is to have the maturity and discipline to trade properly using fundamentals and technicals, understanding human nature and the perceptions that rest in the markets before the realities trump the perceptions.

I sincerely hope this post helps some traders.
  • #9,515
  • Nov 14, 2011 7:53am Nov 14, 2011 7:53am
Guys, I am very good at programming. Currently I am developing under MT4 for myself. If someone needs a script, an indicator or ea, just ask me, and I will see if I can help.
  • #9,516
  • Nov 14, 2011 7:56am Nov 14, 2011 7:56am
Looks like we are forming doji on H1. I like that. Take a deep breath my lady. And dive.
"I know one thing, that I know nothing." Sokrates
  • #9,517
  • Nov 14, 2011 7:58am Nov 14, 2011 7:58am
PA is being rattled. I sense....
  • #9,518
  • Nov 14, 2011 8:17am Nov 14, 2011 8:17am
We have daily support at 1.3620 area and below. It will not be easy pushing down from here until we pass and hold below the 1.3550 area. There is an indication of lots of demand. However I believe the bears are in control regardless. I just think we may range a bit before heading further down unless the market gets scared.

.
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Those who say it cannot be done should not interrupt those who are doing it
  • #9,519
  • Nov 14, 2011 8:27am Nov 14, 2011 8:27am
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  • #9,520
  • Nov 14, 2011 8:28am Nov 14, 2011 8:28am
Quoting PipTrapper
We have daily support at 1.3620 area and below. It will not be easy pushing down from here until we pass and hold below the 1.3550 area. There is an indication of lots of demand. However I believe the bears are in control regardless. I just think we may range a bit before heading further down unless the market gets scared.

.
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