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  • #618,801
  • Mar 31, 2012 11:52pm Mar 31, 2012 11:52pm
Quoting Chicky
Buy at those red spots. On bounce move to BE and wait until it breaks the green one.

It is nearing 1.3500 before NFP. It always hangs near a key level before a major announcement, and moves from there.
Interested with these...
Always looking the GREAT, never left GOOD Point...
  • #618,802
  • Mar 31, 2012 11:54pm Mar 31, 2012 11:54pm
Quoting Hda
@eliabreu:

There's a reason for an 80 pip risk. I have to keep out of the WAVE of the market. Weve all been taught very specific things about the FOREX as it relates to risk reward. 1:1 or 1:1.5 or 1:2 etc etc

Guess What - The MARKET decides the REWARD not us We just need to determine what we are willing to RISK
If you are risking a 80pips risk for a 48pips reward, you are banking on a premise that the market is ranging and not trending. If your risks of a total of 240pips for a 194pips reward is good enough for you and you think you are already a proficient forex trader is quite alarming to me by my standard. The market tends to range but not always. The best bet for anyone who wants to be successful in this business is to learn how to pick and identify topping and basing signals irregardless of any market conditions. Anyone or any books out there that do not and cannot teach you a specific rules for spotting/identifying topping and basing signals is only all about hot airs and fanciful words/phases in a weak attempt to cover up for their own inherent weaknesses and flaws of whatever they are advocating or selling. The market has nothing to do with anybody risks and rewards as you have stated, except it is oscillating in a orderly random of price levels of which the market conditions/sentiments is biased on that particular time and period.

I have said too much and I will say no more. My standard is a difference between success and failure.

Adios Amigo....
  • #618,803
  • Apr 1, 2012 12:47am Apr 1, 2012 12:47am
Tomorrow no trading day all over the world
  • #618,804
  • Edited 1:06am Apr 1, 2012 12:49am | Edited 1:06am
Quoting Chicky
Three books worth reading:
2. Trading in the Zone
3. Bird Watching in Lion's Country (I suppose you are freinds with author of this book).

The fourth one is again by Jesse Livermore "How to Trade Stocks" or something like this.
That "Reminiscences of a stock operator" rocks. Didn't feel it much at first. Then I bought the audible. The experience was difference. I always find time to listen to it almost every month. It keeps me on track.

Some other related books on ma kindle too...
Attached Image (click to enlarge)
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Don't just beat the markets, leave bruises.
  • #618,805
  • Apr 1, 2012 12:56am Apr 1, 2012 12:56am
Quoting genghistar
If you are risking a 80pips risk for a 48pips reward, you are banking on a premise that the market is ranging and not trending. If your risks of a total of 240pips for a 194pips reward is good enough for you and you think you are already a proficient forex trader is quite alarming to me by my standard. The market tends to range but not always. The best bet for anyone who wants to be successful in this business is to learn how to pick and identify topping and basing signals irregardless of any market conditions. Anyone or any books out there that...
@Genghister:
You have made some valid points. You have just shared some of your knowledge with me and this forum and I appreciate it. You have also said, “Your Standard is a difference between success and failure”
Genghistar, as we all continue to hone our craft, winning and losing is a part of the process. A trader’s account can be wiped out in many different ways. It’s prudent as we maneuver these markets, we try our best to protect what Margin we have and make a profit. As you continue to trade your account I hope you have been managing to protect yourself as best you can from losses. I too am doing the same.
Thank you for expressing to me your thoughts on the matter as it relates to how I risk as I trade. I have noted your concern (if it is a concern) and may you and I both be successful as we try to make some money out of this market.
  • #618,806
  • Edited 1:14am Apr 1, 2012 1:02am | Edited 1:14am
Quoting Tsar
Interested with these...
That is a chart just for scalping few pips and/or positioning longer-term trades in piecemeal.

The bias comes from analyzing either fundamentals or market data. I do not trust my analysis of fundamentals, therefore rely more on historical statistics.

These recent statistics of euro/usd may be of some help.

1. Euro lost about 8.5% against USD from the 3rd week of October 2011 to 2nd week of January 2012 (in about 2 1/2 months). This was mainly because of Greek situation and the year-end closing.

2. It regained more than half of that loss (about 4.5%) from 3rd week of January to last week of Feb 2012 (in about 1 1/2 months). The new year started with a positive note for Euro.

3. It again lost 2% of that 4.5% recent gains in the next three weeks from Feb end to mid March. No significant news but pa at significant level between 1.3000 and 1.3300.

4. In the remaining second half of March 2012, it regained little less than 1% but the important thing is that it mananged to stay above 1.3300.

5. In summary, in this new year it has so far made advances against USD and has gained about 4%.

ps. You may call 1 and 2 above as a 50% retrace and 1,2 and 3 above a Gartly in technical terms.
The Thief of Wall Street
  • #618,807
  • Apr 1, 2012 1:26am Apr 1, 2012 1:26am
Quoting Chicky
That is a chart just for scalping few pips and/or positioning longer-term trades in piecemeal.

The bias comes from analyzing either fundamentals or market data. I do not trust my analysis of fundamentals, therefore rely more on historical statistics.

These recent statistics of euro/usd may be of some help.
This week really hard make specify the steps a Trade, so... need require some views of Senior members.
I'm not a Fundamental Trader, only Scalper and Short time Trader in Intraday.

I really appreciate your views, opening my insight better
Thank's so much
Always looking the GREAT, never left GOOD Point...
  • #618,808
  • Apr 1, 2012 1:28am Apr 1, 2012 1:28am
Quoting Motion
That "Reminiscences of a stock operator" rocks. Didn't feel it much at first. Then I bought the audible. The experience was difference. I always find time to listen to it almost every month. It keeps me on track.

Some other related books on ma kindle too...
I read that book probably over 50 times, no exaggeration (I can post a chart in proof). Jesse's method is good for stocks and commodities but it can work for day traders in currency market. Stressful but a good method.

Thanks for sharing the titles.
The Thief of Wall Street
  • #618,809
  • Apr 1, 2012 1:39am Apr 1, 2012 1:39am
Quoting Tsar
This week really hard make specify the steps a Trade, so... need require some views of Senior members.
I'm not a Fundamental Trader, only Scalper and Short time Trader in Intraday.

I really appreciate your views, opening my insight better
Thank's so much
This week is not going to be more difficult than other weeks. Why would it?
Just try to identify support and resistance and be extra alert when price approaches such levels. Wait till such a line is hit, retraces a little bit and hit again. That is the place to enter a trade with tight sl possible.
Then watch the trade until you can put the stop at BE.

As soon as you are safe @ BE you can safely get drunk and rich at the same time.
New voice message: Why are you calling me? If I need you, I'll call you!
  • #618,810
  • Apr 1, 2012 2:03am Apr 1, 2012 2:03am
Quoting KillerWhale
This week is not going to be more difficult than other weeks. Why would it?
Just try to identify support and resistance and be extra alert when price approaches such levels. Wait till such a line is hit, retraces a little bit and hit again. That is the place to enter a trade with tight sl possible.
Then watch the trade until you can put the stop at BE.

As soon as you are safe @ BE you can safely get drunk and rich at the same time.
Your word make me remember Stewart Taylor said : "Simple is easy and better"

I really appreciate your views, opening my insight clearly
Thank's a Lot


MEMO :
I shared the Great Handbook 'Stock Market Wizards by Jack Schwager' in kill56 thread's Posted #13 in HERE
Always looking the GREAT, never left GOOD Point...
  • #618,811
  • Apr 1, 2012 2:27am Apr 1, 2012 2:27am
Quoting Chicky
Food for thought................

You were lucky to have that 741% winners trades before you had 741% loser trades. Now think where you were if that 741% losing trades happened before the winning trades?

Take this easy. Convert time into money. Go slow. Your $1 profit per trade will go to $1.5 per trade, then to $2 per trade and so on. One day, not too far from today, your profit/loss per trade will be $100 per trade with same level of stress. But if you want to convert $1 to $100 in a day, also be ready to convert $100 to $1 the same day....
thanks chicky.. you're right indeed..

i tend to make the same mistake over n over again.. hmm.. when thinking back .. it's kinda tired to make n to loose ..

one thing i notice, i cant accept the loosing side.. i can choose to have another 600% while giving back 174% to market, but.. you know.. sometime, we ask more than what had been given.. until we loose everything, only then we appreciate even smaller amount of profit we had..

oh lord, i hope this will b the last stupid mistake i made.. ever
  • #618,812
  • Edited 3:16am Apr 1, 2012 2:57am | Edited 3:16am
Quoting Chicky
I read that book probably over 50 times, no exaggeration (I can post a chart in proof). Jesse's method is good for stocks and commodities but it can work for day traders in currency market. Stressful but a good method.

Thanks for sharing the titles.
You're welcome Chicky.

BTW, 50 times is an understatement. I've listened to it to an extent I talk along at some parts. It's narrated in such a way you would feel you're watching a movie or something. That aside, I charted your 50 reads, there was no short opportunity. It was more of a buy and hold strategy. If I can get a long entry on your chart now, and hold my position for the same duration of when you acquired the book until now projected into the future, I can confidently say I would get 100% return on my investment in your chart. But the main problem is, can't find it in the interbank pool, how did I get your feed?

And also, talking about Jesse's method, I can say it's majorly good when you're swinging large amounts. Where your execution or liquidation of order(s) can actually mark up or mark down prices. But in a $4 trillion market, you can only use the method as a tool to recognize what the market makers are up to.

Have you read EBTA?

Quoting rokokdaun
thanks chicky.. you're right indeed..

i tend to make the same mistake over n over again.. hmm.. when thinking back .. it's kinda tired to make n to loose ..

one thing i notice, i cant accept the loosing side.. i can choose to have another 600% while giving back 174% to market, but.. you know.. sometime, we ask more than what had been given.. until we loose everything, only then we appreciate even smaller amount of profit we had..

oh lord, i hope this will b the last stupid mistake i made.. ever
Amen.

PS: There's nothing like loosing all you have in the world for teaching you what not to do, and when you know what not to do in order not to loose money, you begin to learn what to do in order to win.
Don't just beat the markets, leave bruises.
  • #618,813
  • Apr 1, 2012 2:59am Apr 1, 2012 2:59am
For those in favor of the longs, this is a chart I still keep an eye on it, from some time...

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CORRECTION: the end of 2010, not 2008
charting the euro...
  • #618,814
  • Apr 1, 2012 3:25am Apr 1, 2012 3:25am
Quoting rokokdaun

oh lord, i hope this will b the last stupid mistake i made.. ever
Well, I can guarantee you that you will make mistakes in the future, even stupid ones. Everyone does and it is natural. But maybe you can control them better?
New voice message: Why are you calling me? If I need you, I'll call you!
  • #618,815
  • Apr 1, 2012 4:29am Apr 1, 2012 4:29am
New voice message: Why are you calling me? If I need you, I'll call you!
  • #618,816
  • Apr 1, 2012 4:29am Apr 1, 2012 4:29am
Quoting KillerWhale
New voice message: Why are you calling me? If I need you, I'll call you!
  • #618,817
  • Apr 1, 2012 4:31am Apr 1, 2012 4:31am
Quoting KillerWhale
Well, I can guarantee you that you will make mistakes in the future, even stupid ones. "Everyone does"
does it means because everyone does, he/she has to be included? like its a MUST? funny.
  • #618,818
  • Apr 1, 2012 4:31am Apr 1, 2012 4:31am
Quoting KillerWhale
Feeling a bit lonely on this forum on weekends
charting the euro...
  • #618,819
  • Apr 1, 2012 4:33am Apr 1, 2012 4:33am
Quoting trader4all
does it means because everyone does, he/she has to be included? like its a MUST? funny.
Yep
New voice message: Why are you calling me? If I need you, I'll call you!
  • #618,820
  • Apr 1, 2012 4:33am Apr 1, 2012 4:33am
Quoting trader4all
does it means because everyone does, he/she has to be included? like its a MUST? funny.
Of course it's a MUST, it will be rather foolish and unproductive to think otherwise
charting the euro...
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