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  • #41,201
  • Feb 29, 2012 7:51pm Feb 29, 2012 7:51pm
Quoting fx-rocket
What about now then jayjb, Are you still waiting?

Please, in the future, show some respect and think before you post quotes
Overconfident huh, not even 4hours into the trading day. I see a pinbar on daily.
  • #41,202
  • Feb 29, 2012 7:52pm Feb 29, 2012 7:52pm
Quoting BergenGlobal
Huge Inverted Hammer on Key Resistance on the Daily Chart for this pair. Bulls should proceed w/ caution before thinkin the next bull run already began after a 30 pip move

Watch Yo-selves.

EDIT: I'm sorry, I didn't realize that it was a 40 Pip Move...This DEFINITELY means the bull run's begun
I am still learning the different kinds of candlesticks we see in forex and I think I read somewhere that a hammer/hanging man is only considered valid if the wicks are at least twice the length of the body?

Based on the daily candlestick that you mentioned, the wick's about the length of its body.
  • #41,203
  • Feb 29, 2012 7:56pm Feb 29, 2012 7:56pm
Quoting happytrader
I am still learning the different kinds of candlesticks we see in forex and I think I read somewhere that a hammer/hanging man is only considered valid if the wicks are at least twice the length of the body?

Based on the daily candlestick that you mentioned, the wick's about the length of its body.
by my chart, the Open/Close difference of this form is 35 pips. The High/Open difference is 88 pips. That's twice the body by my count
  • #41,204
  • Feb 29, 2012 8:02pm Feb 29, 2012 8:02pm
SL : 1.0800

TP : 1.0600

.....

My last short trade got screwed, i should have put the SL above the high.
My bad...
PPP - Patience Pays PIPS
  • #41,205
  • Feb 29, 2012 8:03pm Feb 29, 2012 8:03pm
Yep it's about 3x the size of the body on mine. I took it last night, waiting for the Europeans to push the price down.
  • #41,206
  • Feb 29, 2012 8:12pm Feb 29, 2012 8:12pm
Quoting happytrader
I am still learning the different kinds of candlesticks we see in forex and I think I read somewhere that a hammer/hanging man is only considered valid if the wicks are at least twice the length of the body?

Based on the daily candlestick that you mentioned, the wick's about the length of its body.
You can't fully define the rules, what if a doji forms yesterday and today's candle don't close beyond the midpoint of 2 days ago but the following day closes beyond the low of that said day and proceeds to a free fall.

That's what SL are for, no one really knows what's going to happen, wait for confirmation, retest and grow your account.
  • #41,207
  • Feb 29, 2012 8:25pm Feb 29, 2012 8:25pm
Quoting jayjb
You can't fully define the rules, what if a doji forms yesterday and today's candle don't close beyond the midpoint of 2 days ago but the following day closes beyond the low of that said day and proceeds to a free fall.

That's what SL are for, no one really knows what's going to happen, wait for confirmation, retest and grow your account.
there's still a long long way for me to go before i become constantly profitable and most importantly, i want to be able to trade HAPPILY without fear or anxiety even with the smallest lot.

last 2 weeks was disastrous... got BE hit many times, those wild zig zag and super choppy PA really really triggered my revenge trading mode. lol.

yea you're right. patience is very very important esp if you're living in asia.
i "know" i've to be disciplined but sometimes when you're at your screen for +10 hours with no real movement, you're tempted to trade with a fatal result......
  • #41,208
  • Feb 29, 2012 8:29pm Feb 29, 2012 8:29pm
Quoting happytrader
there's still a long long way for me to go before i become constantly profitable and most importantly, i want to be able to trade HAPPILY without fear or anxiety even with the smallest lot.

last 2 weeks was disastrous... got BE hit many times, those wild zig zag and super choppy PA really really triggered my revenge trading mode. lol.

yea you're right. patience is very very important esp if you're living in asia.
i "know" i've to be disciplined but sometimes when you're at your screen for +10 hours with no real movement, you're tempted...
BE hit is a win imo. Just move it to BE+1 or more so you bank something.
  • #41,209
  • Feb 29, 2012 8:32pm Feb 29, 2012 8:32pm
Interesting discussion on candlestick patterns. I am not a loyal follower of candlestick patterns. But I remember reading somewhere that such potential reversal patterns need to be located at the tip of a protracted long trend, a 'pivot point' for it to be effective. Otherwise, it could just be a trap. Depending on different brokers, if it's a long top wick might be different, but the thing is this potential key reversal day candle is not located at the end of a long trend, but rather at the poke out of a flag like range. Even on monthly 'key reversal day' candle failed in the past when it was not at the tip. Perhaps some more experienced candlestick traders can enlighten me on this one? Thanks.
  • #41,210
  • Feb 29, 2012 8:34pm Feb 29, 2012 8:34pm
yeh well its hit some resistance at 755 now
I would think it will go down a bit in the euro or us session and then probably have another go at 800+ next week

i went short at 730, TP 690 and SL 780
should have waited to sell at 750 but not too concerned for now
  • #41,211
  • Feb 29, 2012 8:37pm Feb 29, 2012 8:37pm
Quoting Rokz
BE hit is a win imo. Just move it to BE+1 or more so you bank something.
it's not really a win for me in the sense that my daily target is 30 pips.

if a trade move 10+ in favour of you and move back to hit ur sl. and this happens a few times in a day.

you're go crazy with revenge trading = loss....
  • #41,212
  • Feb 29, 2012 8:55pm Feb 29, 2012 8:55pm
Quoting happytrader
it's not really a win for me in the sense that my daily target is 30 pips.

if a trade move 10+ in favour of you and move back to hit ur sl. and this happens a few times in a day.

you're go crazy with revenge trading = loss....
Haha, well I can't definitely say to not worry about hitting BE. Why do you set a daily target. I have read that this can be harmful, I know goals are good but try set yours to be just PROFITABLE monthly. You will be surprised at the difference. What timeframe do you use? Have you tried daily?

You also mentioned you are able to pick +10 before a trade turns, have you tried aiming for +10 3 times? You need to find your pattern for your personality.
  • #41,213
  • Feb 29, 2012 9:01pm Feb 29, 2012 9:01pm
Quoting Rokz
Haha, well I can't definitely say to not worry about hitting BE. Why do you set a daily target. I have read that this can be harmful, I know goals are good but try set yours to be just PROFITABLE monthly. You will be surprised at the difference. What timeframe do you use? Have you tried daily?

You also mentioned you are able to pick +10 before a trade turns, have you tried aiming for +10 3 times? You need to find your pattern for your personality.
Erm... I never tried +10 3 times cos I can't get +10 all time time. Even if I could, it's never a good RR.
  • #41,214
  • Feb 29, 2012 9:06pm Feb 29, 2012 9:06pm
Quoting Oshawa
Interesting discussion on candlestick patterns. I am not a loyal follower of candlestick patterns. But I remember reading somewhere that such potential reversal patterns need to be located at the tip of a protracted long trend, a 'pivot point' for it to be effective. Otherwise, it could just be a trap. Depending on different brokers, if it's a long top wick might be different, but the thing is this potential key reversal day candle is not located at the end of a long trend, but rather at the poke out of a flag like range. Even on monthly 'key reversal...
That's a good pt you bring up about the long trend. My main evidence would be in the fact that this was a key resistance that was tested and failed miserably, thanks to the help of some economic "news". I'm certainly not saying to get on the Bear Bandwagon just yet, as a confirmation will definitely be needed for this type of conviction. I'm just pointing out for those with a bullish bias (and there certainly seems to be many here), to take note of what the chart's telling you. Also, a side argument (and a much weaker one) would be that there has been a short bull-trend since the 23rd. For there to be any long term bearish bias IMO, we'd still need to see a closing break below 06.
  • #41,215
  • Feb 29, 2012 9:12pm Feb 29, 2012 9:12pm
Quoting happytrader
it's not really a win for me in the sense that my daily target is 30 pips.

if a trade move 10+ in favour of you and move back to hit ur sl. and this happens a few times in a day.

you're go crazy with revenge trading = loss....
Think of it this way, for all your previous losses, you would rather have just gone out at breakeven or whatever loss that you incurred?

For me, trades are usually going for 80 to 150 pips, a 10 to 20 pips move is nothing

I know I've told this many times, but just try H4 and daily for 2 week, i can tell you confidently that you will see a big improvement in your trading. Because your personality very much similar to mine but I've managed to control myself and do mid term trades

And for those who really have to buy AUD, try looking at AUDNZD, potential 200 pip movement in the making
  • #41,216
  • Feb 29, 2012 10:45pm Feb 29, 2012 10:45pm
Quoting jayjb
Think of it this way, for all your previous losses, you would rather have just gone out at breakeven or whatever loss that you incurred?

For me, trades are usually going for 80 to 150 pips, a 10 to 20 pips move is nothing

I know I've told this many times, but just try H4 and daily for 2 week, i can tell you confidently that you will see a big improvement in your trading. Because your personality very much similar to mine but I've managed to control myself and do mid term trades

And for those who really have to buy AUD, try looking at AUDNZD,...
i'm adjusting to a higher time frame at the moment. cos i really hate to make over 30 entries a week. i really prefer to enter and hold like a swing trader.
  • #41,217
  • Feb 29, 2012 10:49pm Feb 29, 2012 10:49pm
Quoting BergenGlobal
That's a good pt you bring up about the long trend. My main evidence would be in the fact that this was a key resistance that was tested and failed miserably, thanks to the help of some economic "news". I'm certainly not saying to get on the Bear Bandwagon just yet, as a confirmation will definitely be needed for this type of conviction. I'm just pointing out for those with a bullish bias (and there certainly seems to be many here), to take note of what the chart's telling you. Also, a side argument (and a much weaker one) would be that there...
Good stuff both by Oshawa and you, i think.
Biggest joker
  • #41,218
  • Feb 29, 2012 10:55pm Feb 29, 2012 10:55pm
I am a newbie. I would like to BUY a huge position for AUD/USD at this price for a long time. Please advise. Thanks.
Trade your plan.
  • #41,219
  • Feb 29, 2012 10:56pm Feb 29, 2012 10:56pm
Quoting fx-rocket
Long 1.0733, Sl 1.0663, Tp 1.1033
Sl moved to BE+1
Expect the unexpected.
  • #41,220
  • Feb 29, 2012 11:13pm Feb 29, 2012 11:13pm
Quoting Jackana
I am a newbie. I would like to BUY a huge position for AUD/USD at this price for a long time. Please advise. Thanks.
Go to the bank (tell them England33 sent you) and say I want to convert my USD for AUD.
Before Forex I was tall, and clean shaven. Now I am an Ewok.
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