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EurCad Analysis and Trading Ideas

  • #121
  • May 14, 2012 2:46pm May 14, 2012 2:46pm
Quoting shawn3245
Ok I closed my position for now and made a few pips. Went short at 1.2914 and closed at 1.28870. Looking at the 15 min chart it attempted to break through 1.2887 several times without any luck. Of course as I type this its drifting further down. Oh well Im just a newbie trying to learn a few things and 27 pips isnt all that bad!

Shawn
@Shawn3245:

How are you? Ok you want to use a 4H and a 1D to trade this currency pair. Enter all your trades on the 4H chart but make a note on the 4H chart the support and resistance levels for the Daily and the 4H.

The 3H gives a little too much noise and sometimes may give you a wrong signal, so ONLY pay attention to the 4H for entry and the 1D for the major support and resistance levels. You should not be buying the pair only selling right now to 1.27781

It will take maybe the rest of the week to get there, but this is the patience you will be taught to developed. Hold your short til that TP - if you are impatient to hold it - the close out some of your trade and let the rest run.

If you have been following the rules - then re- read rule number 4 and you would see that you missed a second entry to short after you closed out your trade at 12Noon Eastern.

Keep at it - you'll get it and what ever you do - do not buy the EUR/USD - only look for sell opportunities - Dont listen to anyone in that room who decides to BUY - You will make more pips selling than buying and alot safer pips with alot less stress.

Respectfully,
HDA
  • #122
  • May 14, 2012 3:03pm May 14, 2012 3:03pm
Quoting HDA
@Shawn3245:

How are you? Ok you want to use a 4H and a 1D to trade this currency pair. Enter all your trades on the 4H chart but make a note on the 4H chart the support and resistance levels for the Daily and the 4H.

The 3H gives a little too much noise and sometimes may give you a wrong signal, so ONLY pay attention to the 4H for entry and the 1D for the major support and resistance levels. You should not be buying...


THANX HDA,
for a detailed and good advice...i also closed my short, then re enter and ts still trying to break 1.2860 ...lets see.
us/cad and eu/cad seems to have same spikes and direction.
  • #123
  • May 14, 2012 3:53pm May 14, 2012 3:53pm
Im doing well my friend, busy with my son, moving and trying to build a new house. How is your father doing? I sent you a PM but im sure you are flooded with those right now. I have been looking for time to sit down with the book that you recommended but havent had time. Im still very much looking forward to reading it.

I have looked over the rules but havent been using them because I need to really figure out what some of them mean. I have questions about them but didnt want to bother you with them. Im going to re-read them again and see what I missed this morning with rule #4. I will be using the 4 hour chart with the daily support and resistance levels as you instructed. I currently do not have any position but will add short again when we get a pull back. I will do the same with the Eur/USD.

I havent been listening to anyone but you, killerwhale, cloogie, and a few select others. As a newbie Im trying to learn by following some people that seem to know what they are doing.

Thanks

Shawn
Quoting HDA
@Shawn3245:

How are you? Ok you want to use a 4H and a 1D to trade this currency pair. Enter all your trades on the 4H chart but make a note on the 4H chart the support and resistance levels for the Daily and the 4H.

The 3H gives a little too much noise and sometimes may give you a wrong signal, so ONLY pay attention to the 4H for entry and the 1D for the major support and resistance levels. You should not be buying...
  • #124
  • May 14, 2012 4:35pm May 14, 2012 4:35pm
Quoting HDA
@Shawn3245:

How are you? Ok you want to use a 4H and a 1D to trade this currency pair. Enter all your trades on the 4H chart but make a note on the 4H chart the support and resistance levels for the Daily and the 4H.

The 3H gives a little too much noise and sometimes may give you a wrong signal, so ONLY pay attention to the 4H for entry and the 1D for the major support and resistance levels. You should not be buying...
hda,

what happened at euro thread? didn't see you much there today.
  • #125
  • May 14, 2012 5:22pm May 14, 2012 5:22pm
Quoting pkimnyc
hda,

what happened at euro thread? didn't see you much there today.

@PKIMNYC:

I observed traders just haphazardly buying the eur/usd in the thread with absolutely no credibly reason to be buying the pair and the feeling in the room was as if a growing sentiment was being developed for others to buy the EURO.

I couldnt sit any longer as I watched them getting stop out. I shouted at them to stop buying the EURO, but that didnt help - they just kept on buying. So I decided, why save a man from drowning, if he cant swim, he knows that he cant swim but nonetheless jumps into the water without any flotation device.

So I removed myself from the room - it's there money - for every BUY and all there losses - they happily give to the sellers.

I suggested that they look for opportunities to sell the EUR, because its alot easier, less stressful and more pips will be made selling and alot quicker, since patience is not a strong point amongst them.

They kept on buying.

So I've just been focusing on the Euro/CAD and helping those traders who ask for help.

Good Evening Traders - Many Green Pips To All of You

I Remain Short Eur/USd to 1.2650

Respectfully,
HDA
  • #126
  • Edited May 15, 2012 12:10am May 14, 2012 5:49pm | Edited May 15, 2012 12:10am
Quoting shawn3245
I forgot to say that I was looking at a 15 min chart when it was trying to break through the 200 ema. Still trying to figure out what TF to use as well. HDA says 3 hours but my MT4 does have that set up yet.

Shawn
cloggie posted some code for MT4 that allows you to have different timeframes. (The attachement had the .mt4 extension - I looked at the first and the last 50 pages of his postings and cannot remember where I saw it in there). 2, 4 and 8 hours work better than 3 and 6 hours since the intraday masses use those.
With due respect to all (who might have a different viewpoint).
  • #127
  • Edited 6:13pm May 14, 2012 6:03pm | Edited 6:13pm
Quoting HDA
@PKIMNYC:

I observed traders just haphazardly buying ...

I shouted at them to stop ...

but that didnt help...
From the postings of cloggey I get the impression that in that thread the sheep get led to the slaughter and they all are happily following.

I could not make much sense out of that thread and got little benefit and left.

Thanks to KillerWhale for starting this one up.

Regards
With due respect to all (who might have a different viewpoint).
  • #128
  • May 14, 2012 6:10pm May 14, 2012 6:10pm
[quote=HDA;5666269]@Shawn3245:

If you have been following the rules - then re- read rule number 4 and you would see that you missed a second entry to short after you closed out your trade at 12Noon Eastern.

@HDA,

If you don't mind me asking: I understand you developed a set of rules which you shared a while ago on the forums, is there a place where I can still find them? I searched but could not find anything.
I would love a chance to study them.

Thanks.
  • #129
  • May 14, 2012 6:21pm May 14, 2012 6:21pm
@ KillerWhale / HDA:

If we are trading the Eur-Cad and one has their account in the US in USD then are we not in fact still trading the EUR-USD?

(EUR.CAD trading profits/losses => CAD.USD account)

Is it the leverage that makes it worthwhile to use the EUR.CAD instead?

I am confused, thanks.
With due respect to all (who might have a different viewpoint).
  • #130
  • May 14, 2012 7:07pm May 14, 2012 7:07pm
HDA,

Im going to try and use your rules tonight since Ill most likely be up with my new born. Im sure that ill have questions would you rather that I ask here or send you a PM? Like you said many times you are not here to mentor anyone so I dont want to give you the impression that is what Im asking for. Im just asking to give me a push to get me started.

Thanks for everything so far

Shawn
  • #131
  • May 15, 2012 1:37am May 15, 2012 1:37am
Quoting shawn3245
HDA,

Im going to try and use your rules tonight since Ill most likely be up with my new born. Im sure that ill have questions would you rather that I ask here or send you a PM? Like you said many times you are not here to mentor anyone so I dont want to give you the impression that is what Im asking for. Im just asking to give me a push to get me started.

Thanks for everything so far

Shawn
@Shawn3245:

In relation to the times - the rules were written for trading the EUR/USD using a 3H chart. In relation to time the rules would not work on the EUR/CAD - what works from the rules on the EUR/CAD is just what the rules state and not the times.

Dont let the fake rallies in the EUR/USD rattle your nerves - look for opportunities to sell the rallies. So you teaching your son to trade with you you dont waste anytime.

Go ahead and send the PM - I have so many - dont know when I'll get to them.

Respectfully,
HDA
  • #132
  • May 15, 2012 2:11am May 15, 2012 2:11am
PLs HDA inform us your trading idea SL and TF for today!!!
  • #133
  • May 15, 2012 3:41am May 15, 2012 3:41am
Quoting kibrul
PLs HDA inform us your trading idea SL and TF for today!!!

Don't ask the man to give you a fish, put all your own efforts into learning how to fish.
With due respect to all (who might have a different viewpoint).
  • #134
  • May 15, 2012 4:58am May 15, 2012 4:58am
Quoting mjl
@ KillerWhale / HDA:

If we are trading the Eur-Cad and one has their account in the US in USD then are we not in fact still trading the EUR-USD?

(EUR.CAD trading profits/losses => CAD.USD account)

Is it the leverage that makes it worthwhile to use the EUR.CAD instead?

I am confused, thanks.
@mjl:

If we are trading the Eur-Cad and one has their account in the US in USD then are we not in fact still trading the EUR-USD? No you are trading the EUR/CAD. It does not matter where your account is nor the currency. In other words, If I lived in Australia and my broker is in London and I fund my trading account with USD - all my gains will be in USD regardless of the currency pair I trade. (I hope I understood your question correctly)

Is it the leverage that makes it worthwhile to use the EUR.CAD instead? Leverage varies from broker to broker. A trader chooses a leverage that is tolerable to him/her. The higher the leverage the great the reward but the quicker you wipe out your account, because the greater the losses. The lower the leverage the smaller the reward and the smaller the losses, so you stay in the game alot longer using lower leverage.

Trading the EUR/CAD requires patience, but it is very predictable, but if you are in a hurry to make that money it won't happen on the EUR/CAD unless you load up on many lots and grab 20 pips, that's one way of trading it, but that kind of greed will create or re-enforce a bad habit of over trading one's account.

It is almost impossible to get stopped out on this pair because of how it moves - it hardly moves and when it does move, you would already have the heads up as to its direction and if its direction is changing, again you would have gotten the heads up

If this pair moves too slowly for you - trade the EUR/USD - selling the rallies for an easy 20 pips

Respectfully,
HDA
  • #135
  • May 15, 2012 5:00am May 15, 2012 5:00am
Quoting mjl
Don't ask the man to give you a fish, put all your own efforts into learning how to fish.
@mjl:

Thank you - many traders come into these forums just waiting for calls to trade them and not trying to learn trading.

Respectfully,
HDA
  • #136
  • May 15, 2012 5:02am May 15, 2012 5:02am
@KillerWhale:

Why aren't you in your thread contributing to it?

Respectfully,
HDA
  • #137
  • May 15, 2012 5:20am May 15, 2012 5:20am
Quoting HDA
@mjl:

If we are trading the Eur-Cad and one has their account in the US in USD then are we not in fact still trading the EUR-USD? No you are trading the EUR/CAD. It does not matter where your account is nor the currency. In other words, If I lived in Australia and my broker is in London and I fund my trading account with USD - all my gains will be in USD regardless of the currency pair I trade. (I hope I understood your question correctly)

[color=darkorchid]Is it the leverage that makes it...

hi HDA,
when u say eur/cad is predictible, what do u think we shud look in to predict ? the h4 time frame.and fundamentals ? right now its giving mixed signals....what do u reckon?
thanx alot
ASH
  • #138
  • May 15, 2012 6:29am May 15, 2012 6:29am
@ HDA

thank you, yes you understood my question correctly - it is just that I do not fathom exactly how my broker does the leveraging when I trade anything else than having the USD in one of the legs. I do not care too much what I trade, risk management is my primary concern and I hate the kneejerk moves on the shorter timeframes.
With due respect to all (who might have a different viewpoint).
  • #139
  • May 15, 2012 6:44am May 15, 2012 6:44am
When a lioness gives birth and the cubs grow up, the cubs will run around chasing anything that moves. They get tired and hardly ever catch anything.

The lioness lies in the grass and waits until she sees an animal straying away from the herd, or one that is tired, or old and grabs it with a few big leaps. She grows fat with little effort.

Moral of the story for newbies is to wait until they see the perfect setup that they are familiar with.

Wait for price to come to you, get on the train while it is at the station rather than chasing after the train that has left the station.

With due respect to all.
With due respect to all (who might have a different viewpoint).
  • #140
  • May 15, 2012 6:57am May 15, 2012 6:57am
H4 eur/usd tell me shooting start candle stick.. So we may go
short and falling start from here.
Is my idea right or wrong???
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