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AUD/USD

  • #41,281
  • Mar 2, 2012 7:56am Mar 2, 2012 7:56am
no signal for long buddy....maybe next time
  • #41,282
  • Mar 2, 2012 7:58am Mar 2, 2012 7:58am
Quoting happytrader
yea... 10 -15 pips are my usual sl. sometimes i put 20 pips, the reason why i don't want like to have more than a 20 pip sl is that.. if that trade turns back, i.e. hit my sl, i'll probably feel like shit.

if a 10 pip sl got hit, i still got 1 or 2 chances to trade again on the same day. i've a 3 trade limit as part of my trading rule....

please let me know if there are other ways i can improve set ups or rules, thanks a lot.
oh okay, what time frame do you usually trade? i experimented with the whole tight SL, big risk/reward ratio thing but it wasnt for me. i realised it was too volatile (especially during these market hours) for me to trade that way. even looking at the 60M range at the bottom of the forexfactory homepage you can see the range it trades in just one hour, too much to use a 10 pip stop loss on
  • #41,283
  • Mar 2, 2012 8:15am Mar 2, 2012 8:15am


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  • #41,284
  • Mar 2, 2012 8:42am Mar 2, 2012 8:42am
Quoting aqeelaputra;


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  • #41,285
  • Mar 2, 2012 11:28am Mar 2, 2012 11:28am
When can the bulls come out and play? When can we go in long again?
100 Pips per day can keep the bosses away.
  • #41,286
  • Edited 12:29pm Mar 2, 2012 11:41am | Edited 12:29pm
Quoting e585009
When can the bulls come out and play? When can we go in long again?
Hmm, since we did not see a decisive break of hour line we still might see some move up today, but this is a newbie guess and wish.

EDIT: Its broken now, abandon all hope
  • #41,287
  • Mar 2, 2012 3:14pm Mar 2, 2012 3:14pm
Quoting e585009
When can the bulls come out and play? When can we go in long again?
will look to start getting long again near 0550. If the daily uptrend line holds near that level, next push up should be good for 1.100, at least. If we do see 0550 area, that would be a great oppotunity from a risk/reward standpoint.

regards,
  • #41,288
  • Mar 2, 2012 3:27pm Mar 2, 2012 3:27pm
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

...

And for those who really have to buy AUD, try looking at AUDNZD, potential 200 pip movement in the making
I hope all the aussie bulls chose the right pair, got in at 1.2865 for AUDNZD long
  • #41,289
  • Mar 2, 2012 6:47pm Mar 2, 2012 6:47pm
Quoting jayjb
I hope all the aussie bulls chose the right pair, got in at 1.2865 for AUDNZD long
For someone that looks so young your observations and comments show a lot of maturity, good luck in everything you try your hand on, least of all trading forex.
Biggest joker
  • #41,290
  • Edited 9:45pm Mar 2, 2012 9:14pm | Edited 9:45pm
I agree 10-20 pips is rather boring, but if you have a system than can capture it on a consistant basis, it can add up rather nicely. Problem is today, catching those 100 pips, and knowing when to take your profits, years ago it was much easier to know when to take profit.

You can be up 100 pips, 3-8hr or more trade, and 90 of those pips gone in 1 5 min candle. price goes up 100 down 90, up 70 down 90, up 150, down 90, it becomes clear after watching the markets, catching these 150 pip moves is not easy by any means of the imagination.

that's not to say we can get lucky once or twice, and possibly make more than 150 pips, if the market decides to move at the time you are in the markets, but just because you are in, is no guarantee, it might go against you instead.

Markets used to go up 140 pips, range, breakout, up another 140...it was good tradings back in those days.

if you can average 20 pips a day, you are doing extremely well, of course that's an average. Look for aussie to drop t0 1.0380, then back up

Intraday resistance should be approx 1.0767 before droppping to 1.0380

The illuminated one~
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  • #41,291
  • Mar 3, 2012 5:43am Mar 3, 2012 5:43am
Quoting Ggenevu
i think the next target will be 1.0730
Good call.
It's the simple things in life that have the most powerful meaning.
  • #41,292
  • Mar 3, 2012 6:28am Mar 3, 2012 6:28am
Quoting Merkabah
I agree 10-20 pips is rather boring, but if you have a system than can capture it on a consistant basis, it can add up rather nicely. Problem is today, catching those 100 pips, and knowing when to take your profits, years ago it was much easier to know when to take profit.

You can be up 100 pips, 3-8hr or more trade, and 90 of those pips gone in 1 5 min candle. price goes up 100 down 90, up 70 down 90, up 150, down 90, it becomes clear after watching the markets, catching these 150 pip moves is not easy by any means of the imagination....
?!?!
Hero calls followed by margin calls...
  • #41,293
  • Mar 3, 2012 8:09am Mar 3, 2012 8:09am
Just remeber forex is nothing more than having a casino in your home, you are a gambler, plain and simple...it's like mastering black jack, when the deck/cards are shuffled in such a way that the house wins a BIG part of the time.

Your job is to be AWARE of the games the house plays with manipulations and false possitives of price action.

You might be better off taking 10K into a texas holdem tournament, but if your savy enough to know the GAME, and it is a game, with no certain possitive out come guarantees, take a poke at it, try to make a sound game plan, and roll the dice, for you ARE a gambler, plain and simple, accept that fact, and try to take the house down!

=)

P/S.. the house will allow you to win at the obvious, just to let you think you're good, then take your money!!

Statistical fact...=)
  • #41,294
  • Mar 3, 2012 8:27am Mar 3, 2012 8:27am
Quoting Merkabah
Just remeber forex is nothing more than having a casino in your home, you are a gambler, plain and simple...it's like mastering black jack, when the deck/cards are shuffled in such a way that the house wins a BIG part of the time.
I totally disagree with that comment.
While the way some people trade forex is no better than gambling, there is definitely intellgent ways to trade forex to make it profitable and certainly fundamental analysis to guide you as to what the trend will be and the use of technical analysis to guage entry/exit points.

Whilst any trading strategy wont be infallable, its far from gambling.
  • #41,295
  • Mar 3, 2012 9:41am Mar 3, 2012 9:41am
3) Aud/USD - Monthly View - March - Daily Chart,

To your success,
Doctortyby - Tiberiu
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  • #41,296
  • Edited 10:16am Mar 3, 2012 10:03am | Edited 10:16am
I have no pre-conceived notions about the forex, I know for a fact it's highly manipulated, I'm humble, not ego driven or think being a day trader has some form of high prestige...

because it does'nt, my friends ask what i do, I tell them I am a professional gambler, that does'nt mean i don;t have thousands of hrs of chart time,a nd just throw my money at anything, of course not. a good horse betting system will win you money att he tracks.

I just prefer to gamble at home...=)

Fact is, it takes a good 4 years to even get to apoint where you can win a few trades, especially in todays markets...most will burn about 90% of there account in the first 90 days, then try, try again, this system, that system, this theory, that theory. all the while discovering, this does'nt work either.

It's not for the faint of heart, but for general discussion purposes, or to have a hobby, and see if you can guess the direction is a fun way to pass the time.

Truth is, will take you over 4 years of intense sacrafice, all them systems, indicators, theories, compiling and refining a method that suits you and seems to work.

it's impossible to conclude all this in any shorter time frame, unless you spend 1000's of $$$$ on a mentor, that thinks he has it figured out, and participate in a live trading room, where he can demonstrate with real money.

Those guys are rare, they are out there, but rare.

so, here you are in the free forums with hundreds of indicators, systems, and dozens of theories, determing on your own what might work, or might not...that is a huge sacrafice of your time, and in the end your money.

remember they can see your orders, so when enough of the herd tries to go in a certain direction, they will drive price to take out those stops.

if you have'nt come to a point in trading to become successful at this point, I would'nt waste you time, forex days are numbered!!!
  • #41,297
  • Mar 3, 2012 10:24am Mar 3, 2012 10:24am
Quoting Merkabah
I have no pre-conceived notions about the forex, I know for a fact it's highly manipulated, I'm humble, not ego driven or think being a day trader has some form of high prestige...
It's so highly manipulated that if one could read correctly the signs, he could could make a fortune very easily. Most significant data is traded a day or two before their release. I think that many traders can read a lot of signs. What is the most difficult part, is to close the eyes to all those false signs, though. I am not sure if one can be so disciplined.
  • #41,298
  • Edited 11:53am Mar 3, 2012 10:41am | Edited 11:53am
That is the task at hand, if you eliminate all the false possitives, and or manipulations, you'd be supprised what you are able to see, there is no way to filter something that is over 60% of all price action, you have to antisipate, it's the only way, because often those moves are short in duration, and very quick.

no lagging indicator will do it, it's rather evil to be honest, that's not to say it's impossible, you have to become aware, intune, there is no natural flow, the machines have taken over.

I don't want to start a thread, but wil share a system that has taken me 7 years to get to, I will post it here for a few lucky ones, as it will be buried in the past quickly, i will not discuss it's use.....


Quoting papaki
It's so highly manipulated that if one could read correctly the signs, he could could make a fortune very easily. Most significant data is traded a day or two before their release. I think that many traders can read a lot of signs. What is the most difficult part, is to close the eyes to all those false signs, though. I am not sure if one can be so disciplined.
  • #41,299
  • Mar 3, 2012 12:03pm Mar 3, 2012 12:03pm
Quoting Merkabah
Just remeber forex is nothing more than having a casino in your home, you are a gambler, plain and simple...it's like mastering black jack, when the deck/cards are shuffled in such a way that the house wins a BIG part of the time.

Your job is to be AWARE of the games the house plays with manipulations and false possitives of price action.

You might be better off taking 10K into a texas holdem tournament, but if your savy enough to know the GAME, and it is a game, with no certain possitive out come guarantees, take a poke at it, try to make...
Blackjack eh?

Then a skilled trader is like a card counter, he's taking a calculated risk and he knows when the odds have tilt to his favours.
  • #41,300
  • Mar 3, 2012 12:04pm Mar 3, 2012 12:04pm





Quoting jayjb
Blackjack eh?



Then a skilled trader is like a card counter, he's taking a calculated risk and he knows when the odds have tilt to his favours.
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