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EurAnalysis Kindergarten 24 replies

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EurAnalysis

  • #14,521
  • Dec 12, 2011 2:11pm Dec 12, 2011 2:11pm
I had a mid-term plan since last week to long EU around 1.3240 and s/l at 1.3140 and t/p 300+. My buy limit was not triggered last week but it was triggered yesterday. I had a floating 50+ pips loss which was more than half way down to my s/l and more importantly, it broken the support at 1.321X and 1.318X was also almost be broken..

I looked daily, 4H, 1H and 15 mins chart and i just recognized this long enter wasnt a good idea as all of them were in the downward trend. I repeated this mistake almost every week and the only improvement i made since i trade forex was i can control a safe money management.. I am thinking to hold my long until got s/l, but i am not sure if i decide to hold this long is because of i have determination to follow my intial plan or if it is because of i am afraid of cut my loss... It seems more likely the latter.
  • #14,522
  • Dec 12, 2011 2:12pm Dec 12, 2011 2:12pm
Quoting bumapatria
why not?
...
Hehehe, I think you could make a *.pdf and sell it on EURUSD thread for 99$ as a 100% winning strategy.

T
"I know one thing, that I know nothing." Sokrates
  • #14,523
  • Dec 12, 2011 2:13pm Dec 12, 2011 2:13pm
Quoting FXMindset
Kamxia Bro
Btw,really like the colour of your house ? what colour is it we call?
That's not my house. It's my workshop where I keep my toys...

Attached Image (click to enlarge)
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Color is Rustic Red ... kinda like the futures markets today

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I don't care which way the market is going as long as it's going my way
  • #14,524
  • Dec 12, 2011 2:14pm Dec 12, 2011 2:14pm
hey ty was just a joke.

its great if u can trade like that
Have I got something on my face, SOLDIER?
  • #14,525
  • Dec 12, 2011 2:15pm Dec 12, 2011 2:15pm
Quoting Harpe Eagle
Was extremely oversold so took chance.......
Amen
If there was easy money lying around,no one would be forcing it into your
  • #14,526
  • Dec 12, 2011 2:21pm Dec 12, 2011 2:21pm
Quoting bumapatria
hey ty was just a joke.

its great if u can trade like that
I know it was a joke

I don't think I got my tongue'n'cheek across in that post.
  • #14,527
  • Dec 12, 2011 2:22pm Dec 12, 2011 2:22pm
Oh also I forgot to mention, when I use technical indicators I also attempt to only trade at particular times as anything outside those time frames seem to be head fakes. For example, if I am taking a counter trend trade (i.e. in this current environment, that would mean going long the EUR), I would generally wait to see an oversold condition in a number of time frames but I would wait until 2pm EST and after (unfortunately I got antsy this morning and jumped in too early when I know better, still working on my discipline smh). If you combine technicals with the right timing, very seldom should it work against you. For any of you that are able to back test, test out what I am saying. The last counter trend trade I remember vividly was the one I missed, it was when the eur/usd peaked at 1.4250 range recently on I believe it was a Thursday afternoon around 2:05pm EST and multiple time frames showed over bought condition. What a perfect time to take a short there. That same setup happened on the flipside today around 2:30pm-ish EST. We'll see what happens. I try to notice patterns that I can work with, so we'll see. ... As for trading with the trend, I've found most of the time, you only need the 1 hour and below to say it has overextended counter to go with the trend, i.e. right now if the 1 hr goes overbought and price remains below 200 sma on 1hr, u can probably look for a short entry timing it. The time of day is not as crucial here though you get more consistency if it happens during euro or us sessions. Or u can use 5 min to just scalp w trend.
  • #14,528
  • Dec 12, 2011 2:22pm Dec 12, 2011 2:22pm
Quoting PipKiller
That's not my house. It's my workshop where I keep my toys...

Attachment






Color is Rustic Red ... kinda like the futures markets today

Attachment
Cool
If there was easy money lying around,no one would be forcing it into your
  • #14,529
  • Dec 12, 2011 2:25pm Dec 12, 2011 2:25pm
Would you say we are in a 'risk-off' situation today? When the market opened low and carried on going lower, more and more traders took their risk off the table and sold their positions.
  • #14,530
  • Dec 12, 2011 2:25pm Dec 12, 2011 2:25pm
Quoting Harpe Eagle
Was extremely oversold so took chance.......
Be careful with oscilators

Over bought and Over sold indicators work great in a sideways market. In a trending market you will always get more over bought signals in an up trend as price keeps going higher and over sold signals in a down trend as price keeps going lower.

Good news - you are long near a swing low on the daily.

Bad news - If she get's below 102.45 she may be headed close to 101.70 then 100.75

Good luck, be careful.
I don't care which way the market is going as long as it's going my way
  • #14,531
  • Dec 12, 2011 2:29pm Dec 12, 2011 2:29pm
Quoting Tyoon
Would you say we are in a 'risk-off' situation today? When the market opened low and carrier going lower, more and more traders took their risk off the table and sold their positions.
risk off/risk on just refers to two different asset classes. USD is risk off, equities are risk on. If equities goes down, USD goes up. And of course, if usd goes up then Euro goes down.
Kill the ego, or it will kill the mission.
  • #14,532
  • Dec 12, 2011 2:29pm Dec 12, 2011 2:29pm
this should make eu go up i hope. Usdx at supply
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Have I got something on my face, SOLDIER?
  • #14,533
  • Dec 12, 2011 2:29pm Dec 12, 2011 2:29pm
Quoting Yuchen
I am thinking to hold my long until got s/l, but i am not sure if i decide to hold this long is because of i have determination to follow my intial plan or if it is because of i am afraid of cut my loss... It seems more likely the latter.
Hah, thats the question. While you are in loss it is much harder to look clearly at your setup and evaluate if it was wrong.

If you are calm enough and confident you have made a mistake with setup cut it.
If you dont trust your emotions but trust your plan, keep it.

Btw, my TP is at 1,3146 and I think you are going to get hit. But I have stated several times I aint skilled trader.

T
"I know one thing, that I know nothing." Sokrates
  • #14,534
  • Dec 12, 2011 2:30pm Dec 12, 2011 2:30pm
closed +13

althoguh jumped to short usdchf
Have I got something on my face, SOLDIER?
  • #14,535
  • Dec 12, 2011 2:33pm Dec 12, 2011 2:33pm
Quoting nyfx718
Oh also I forgot to mention, when I use technical indicators I also attempt to only trade at particular times ...
Time of the day is very important for intraday traders and it is good you take care about this issue. If you are more interested in this subject I suggest you ask Goldman while he is around. I think he has very precise time management of the day and I have seen him explaining it once. Just dont remember when, so I cant post link.

T
"I know one thing, that I know nothing." Sokrates
  • #14,536
  • Dec 12, 2011 2:34pm Dec 12, 2011 2:34pm
Quoting Yuchen
I had a mid-term plan since last week to long EU around 1.3240 and s/l at 1.3140 and t/p 300+. My buy limit was not triggered last week but it was triggered yesterday. I had a floating 50+ pips loss which was more than half way down to my s/l and more importantly, it broken the support at 1.321X and 1.318X was also almost be broken..

I looked daily, 4H, 1H and 15 mins chart and i just recognized this long enter wasnt a good idea as all of them were in the downward trend. I repeated this mistake almost every week and the only improvement i made...
Doing mistakes is Good - As long learned from it - Winning tell you nothing unless pride and proud
If there was easy money lying around,no one would be forcing it into your
  • #14,537
  • Dec 12, 2011 2:34pm Dec 12, 2011 2:34pm
Quoting PipKiller
Be careful with oscilators

Over bought and Over sold indicators work great in a sideways market. In a trending market you will always get more over bought signals in an up trend as price keeps going higher and over sold signals in a down trend as price keeps going lower.

Good news - you are long near a swing low on the daily.

Bad news - If she get's below 102.45 she may be headed close to 101.70 then 100.75

Good luck, be careful.
Got it
Thanks
Bulls Run. Bears Bite. We Profit.
  • #14,538
  • Dec 12, 2011 2:36pm Dec 12, 2011 2:36pm
Quoting PipKiller
Be careful with oscilators

Over bought and Over sold indicators work great in a sideways market. In a trending market you will always get more over bought signals in an up trend as price keeps going higher and over sold signals in a down trend as price keeps going lower.

Good news - you are long near a swing low on the daily.

Bad news - If she get's below 102.45 she may be headed close to 101.70 then 100.75

Good luck, be careful.
8000 pips master of the master
If there was easy money lying around,no one would be forcing it into your
  • #14,539
  • Dec 12, 2011 2:39pm Dec 12, 2011 2:39pm
Quoting Harpe Eagle
Got it
Thanks
Here bro - might be wrong ( Never think am true even correct ) - Everything Is Linked one each other - From one wave to another wave - The key MM - I am Swing here and there ( Not Including Short Term Trade yet ) - This is my Mid and LongTerm Current Outlook
Attached Image (click to enlarge)
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If there was easy money lying around,no one would be forcing it into your
  • #14,540
  • Dec 12, 2011 2:46pm Dec 12, 2011 2:46pm
hy,and your outlook is?
Go high in the next time, or sell?
Quoting FXMindset
Here bro - might be wrong ( Never think am true even correct ) - Everything Is Linked one each other - From one wave to another wave - The key MM - I am Swing here and there ( Not Including Short Term Trade yet ) - This is my Mid and LongTerm Current Outlook
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