With the eurozone problems and China slowing down surely we need a great force such as Twitter to get the Aussie above that level!
- #13,502
- Feb 15, 2012 6:11am Feb 15, 2012 6:11am
- | Commercial User | Joined May 2007 | 7,685 Posts
With the eurozone problems and China slowing down surely we need a great force such as Twitter to get the Aussie above that level!
- #13,503
- Feb 15, 2012 9:33am Feb 15, 2012 9:33am
- | Membership Revoked | Joined Feb 2008 | 9,794 Posts
Funny you should mention the Turks - the Lira looks interesting ATM and great swap rate.
- #13,508
- Feb 15, 2012 7:54pm Feb 15, 2012 7:54pm
Ok....so we've reached the previous lows from February 7 again, and we're getting the expected rejection on the initial push lower.
But I'm telling you here and now, mark my words......I am not mentally fit to watch another climb to 1.24+
Listen to me Mr. Fish & Chips, you're done, toast, over........
Do us both a favor and just go ahead and drop overnight during the Asian and European sessions...only to a nice round level of 1.21 maybe, and I'll be happy for now.
Then we can start fresh tomorrow on our road trip down to 1.15.
Understood? Any questions? Are you listening?
But I'm telling you here and now, mark my words......I am not mentally fit to watch another climb to 1.24+
Listen to me Mr. Fish & Chips, you're done, toast, over........
Do us both a favor and just go ahead and drop overnight during the Asian and European sessions...only to a nice round level of 1.21 maybe, and I'll be happy for now.
Then we can start fresh tomorrow on our road trip down to 1.15.
Understood? Any questions? Are you listening?
- #13,510
- Feb 15, 2012 10:06pm Feb 15, 2012 10:06pm
- Joined Mar 2009 | Status: Trader | 1,052 Posts
Ok....so we've reached the previous lows from February 7 again, and we're getting the expected rejection on the initial push lower.
But I'm telling you here and now, mark my words......I am not mentally fit to watch another climb to 1.24+
I'm still holding my short and until you stop looking at it twice a day it will not drop.....
- #13,511
- Feb 15, 2012 10:27pm Feb 15, 2012 10:27pm
lol, yeah - the EUR/AUD has been a bit of a pain in the ass lately.....but I still stand by 1.15 in the end.
Although in retrospect I guess that would be more appropriate for the GBP, and not the EUR.
- #13,512
- Feb 15, 2012 10:30pm Feb 15, 2012 10:30pm
I have the solution......STOP WATCHING IT!.....its your fault its not breaking down.....
I'm still holding my short and until you stop looking at it twice a day it will not drop.....
I work from a home office here in CR for the most part. So unfortunately, I prbly have the charts open way more than I should.
I look at weekly/daily set-ups, but then pile on positions on 4hr bars until I can't hold on during a legitimate daily retracement.
Dumb, I know.
So I've been in and out of EUR/AUD at least 3 times since we really started discussing this pair. And I most likely will still make less than someone who entered once and will exit once.
- #13,513
- Feb 15, 2012 11:38pm Feb 15, 2012 11:38pm
- Joined Mar 2009 | Status: Trader | 1,052 Posts
More patient at least, and less prone to itchy trigger finger apparently, as well
I got sick of the anxiety of watching my positions go from green to red to green to red. I finally feel free from the charts....Chris had talked about this many times before.....
This is what helped me trade less....a combination of concepts from this thread and what's worked for me...
1) Isolate an opportunity (earlier the better) for big 'potential' profit.
2) Wait for price to move in that direction (this can take a while...longer than you might think......sit on your hands)
3) Enter the market anyway you want....its not really important....step 1 & 2 were the most important......
4) Put your Stop Loss at the point where you are wrong about the direction (not 'where you can put on more contracts', this stop will be pretty wide....and that's the point....)
5) Go and have fun....get a life.....
Provided my Stop Loss is not hit I could still be right....despite the position profit going from green to red....
6) Move stops above/below new confirmed swings and get taken out by the market.
It takes time to make big returns....longer than most people can hang on for.
Sorry if this sounds like a lesson.......its not meant to be, I am far from the best trader.....its just what helped me make more money and actually enjoy trading more......strangely enough
I am getting better....I look once a day now....it used to be at least 10 times a day.
I got sick of the anxiety of watching my positions go from green to red to green to red. I finally feel free from the charts....Chris had talked about this many times before.....
I took about 65 pips yet its still moving in my direction. I'm thankful for the positive pips but recognise my weakness.
Working on it and thanks again.
- #13,518
- Feb 16, 2012 5:51am Feb 16, 2012 5:51am
I am getting better....I look once a day now....it used to be at least 10 times a day.
I got sick of the anxiety of watching my positions go from green to red to green to red. I finally feel free from the charts....Chris had talked about this many times before.....
The FX market brutally exposes a person's failure to combine the two concepts of "knowing the right thing to do and doing the right thing."
The mental part of the game is still where the majority of my weakness remains.
But I take pride (not really) in being able to tell the less initiated who ask what I do for a living, when i can tell them in my most serious and professional voice, "I provide liquidity to the markets."
hahahaha
- #13,519
- Feb 16, 2012 6:13am Feb 16, 2012 6:13am
- Joined Mar 2009 | Status: Trader | 1,052 Posts
"I provide liquidity to the markets." hahahaha
- #13,520
- Feb 16, 2012 7:06am Feb 16, 2012 7:06am
- | Membership Revoked | Joined Feb 2008 | 9,794 Posts
nice, me too.....your not alone