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  • #3,681
  • Feb 3, 2012 7:20am Feb 3, 2012 7:20am
Quoting X-Man
Nice now you can be a full time trader.
I was wondering where you vanished.
Glad you back.
Thanks X-MAN, I want to commend you and others for doing such a great job in your explanations and interpretations of this great system, as most on this thread i still have a lot to learn although i have realized that no matter how good you are, there is still more to learn in Forex.
As the quote from Einsten someone posted, The questions are always the same but the answers are different.
Well i reached my goal today of +50 on a short, entered somewhat prematurely but i was going by the up and down movement and lucked off. I try very hard to follow the rules but sometimes i catch myself going off track, still working on discipline, i think i have everything else mastered.
Waiting for the news now which from what i hear we can expect a upward spike because US unemployment dropped according to the news. But it's best to wait and see.

cajun
  • #3,682
  • Feb 3, 2012 7:33am Feb 3, 2012 7:33am
Quoting burningmunke
You might want to exit before the big releases in 30 mins - those can be severely painful!
A lesson lived is a lesson learned...
Thoughts are things
  • #3,683
  • Feb 3, 2012 7:41am Feb 3, 2012 7:41am
One thing I don't understand. The news is positive for the US, so why is the USD heavily sold on every pair right now?
  • #3,684
  • Feb 3, 2012 7:45am Feb 3, 2012 7:45am
Im short at 3183. TDI crossed an hour ago. US news was super strong...
  • #3,685
  • Feb 3, 2012 7:51am Feb 3, 2012 7:51am
liberum my very thoughts but corrected now that was confusing
  • #3,686
  • Feb 3, 2012 7:53am Feb 3, 2012 7:53am
Never catch a falling knife the only thing you going to get is bloody hands.

With my experience ive seen news candles move like this.
It makes people think its going in one direction and then traders enter too early after minutes it reverses and start hitting stops like a monster.
worst off is a trader that didnt set a SL.
X-man the legendary conqueror of markets
  • #3,687
  • Feb 3, 2012 7:53am Feb 3, 2012 7:53am
Quoting Liberum
One thing I don't understand. The news is positive for the US, so why is the USD heavily sold on every pair right now?
EUR gets sold, this means USD gets bought.
Thoughts are things
  • #3,688
  • Feb 3, 2012 7:54am Feb 3, 2012 7:54am
Quoting Liberum
One thing I don't understand. The news is positive for the US, so why is the USD heavily sold on every pair right now?
received alert from cnn, increased job numbers meanin usd stronger than eur for the moment. hence, eurusd would fall. Do correct me if im wrong, am still learning to figure out how differences in strengths affect movements. went short, came out after +25 pips. imma too scared to trade nfp so am out early.

congrats to xman on your this week's profits. hopefully will be able to trade successfully like xman one day. have a great pippin' friday..
  • #3,689
  • Feb 3, 2012 7:58am Feb 3, 2012 7:58am
Quoting Quezoy
EUR gets sold, this means USD gets bought.
Now it is, but first eurusd went up.

Also, audusd exploded to the upside and it still above 1.0700 so not a real strong USD there.

But right now in eurusd and gbpusd I can see the stronger data is reflected.
  • #3,690
  • Feb 3, 2012 7:59am Feb 3, 2012 7:59am
I decided to stay in the premature short with a 27 pip SL.
The same thing happened as with gms, SL got triggerd not at 27 but 48 pips...

But this will teach me something...

However, I've made up for the loss now with this move.
Thoughts are things
  • #3,691
  • Feb 3, 2012 8:01am Feb 3, 2012 8:01am
Quoting X-Man
Never catch a falling knife the only thing you going to get is bloody hands.

With my experience ive seen news candles move like this.
It makes people think its going in one direction and then traders enter too early after minutes it reverses and start hitting stops like a monster.
worst off is a trader that didnt set a SL.

I completely understand. I've caught plenty of them It's definitely not for the newbie or faint at heart. The first trading system I used was a news trading system. It taught me the nuisances of trading news especially the NFP.
  • #3,692
  • Feb 3, 2012 8:15am Feb 3, 2012 8:15am
Anyone in short now?
You see after the news candle settles down then its a good idea to enter on the next candle.
As you can see that theres still the 200EMA but since the candle closed outside the triangle and broke the some support levels i think it will cross the 200 EMA as well
X-man the legendary conqueror of markets
  • #3,693
  • Feb 3, 2012 8:17am Feb 3, 2012 8:17am
Quoting X-Man
Anyone in short now?
You see after the news candle settles down then its a good idea to enter on the next candle.
As you can see that theres still the 200EMA but since the candle closed outside the triangle and broke the some support levels i think it will cross the 200 EMA as well
I've exited allready. Half taken at +50 and half at 200 EMA for + 80.
But I've enetered a longer term short on the daily.
Thoughts are things
  • #3,694
  • Edited 12:41pm Feb 3, 2012 8:25am | Edited 12:41pm
What is it in the trading mind that causes traders to want to trade during one of the most volatile announcements in the Forex market? Greed.

There may be an opportunity, but your emotions are heightened and disjointed simply because of the perception of the volatility. You are trading more for excitement than for profits - in other words, gambling. You will never convince me that you aren't nervous when you are in a trade during these whipsaws!

This creates unnecessary risk and deviation from sound money management and a disciplined approach. There will always be another trade and another opportunity. Just my 2 cents.

X Man
Quote
You see im sitting with 432 pips from this week. I dont want to jump in a trade and make a loss. I rather protect my profits especially since its a friday today.

This is the statement of a profitable trader with wisdom beyond his years.

I'm sitting this one out - as I always do during NFP. See you on Sunday/Monday when cooler heads prevail.

All the best.

dcginc
  • #3,695
  • Feb 3, 2012 8:26am Feb 3, 2012 8:26am
Quoting X-Man
Anyone in short now?
You see after the news candle settles down then its a good idea to enter on the next candle.
As you can see that theres still the 200EMA but since the candle closed outside the triangle and broke the some support levels i think it will cross the 200 EMA as well
well, I traded my TLB 3Feb plan. got my Buy TP1 +24pips and +27pips 2 trades. Then come the turnaround trade. Just got my Sell TP1 +60pips. Now have to wait and see if I can press for Sell TP2.

note ADR 1.3071 reached
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #3,696
  • Feb 3, 2012 8:26am Feb 3, 2012 8:26am
Quoting X-Man
Anyone in short now?
You see after the news candle settles down then its a good idea to enter on the next candle.
As you can see that theres still the 200EMA but since the candle closed outside the triangle and broke the some support levels i think it will cross the 200 EMA as well
Yes, I am (or was). Just grabbed my 50 pips for today
gary
  • #3,697
  • Feb 3, 2012 8:31am Feb 3, 2012 8:31am
Quoting Quezoy
The same thing happened as with gms, SL got triggerd not at 27 but 48 pips...

However, I've made up for the loss now with this move.
Well done! I did the same thing two days ago. The nice thing with this method is that you really calmly can accept SL hits. Because you know that you will make up soon anyway ...

gary
  • #3,698
  • Feb 3, 2012 8:42am Feb 3, 2012 8:42am
Nice work guys.
I locked in half of my profits at 40 pips.
Moved my SL to BE and the second half i'll ride it to 80 or 100 pips.

So right now im on a risk free trade with no stress what so ever.
X-man the legendary conqueror of markets
  • #3,699
  • Feb 3, 2012 8:44am Feb 3, 2012 8:44am
Missed the upward move as i had errands to run but was able to catch some of the downward for another +50 today, that's +100 for today, thanks. I am tempted to go long as i can see it starting to back up, but then i would be breaking the rules without any long signals, therefore i am satisfied and done for the day and week.
+375 for the week, not bad.

cajun
  • #3,700
  • Feb 3, 2012 8:54am Feb 3, 2012 8:54am
Trade for today
Attached Image (click to enlarge)
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X-man the legendary conqueror of markets
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