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EurCad Analysis and Trading Ideas

  • #201
  • May 17, 2012 7:32am May 17, 2012 7:32am
I knew you were going to catch me trading when I should have not been doing anything. I should have waited for the 4am candle to finish and trade the open of the 8am candle. The reason that I took that trade was because the price was below the low of the 12am candle.

When I was doing a little stock and future trading the one lesson that I really took to heart was not to let my emotions get involved with any of this. This is all easier said then done but I will continue to work on this.

I havent looked at any other chart since we have been talking about eur/cad chart. I dont need any other noise right now but rather need to keep my focus on this pair for now. Hell I have only looked at the eur/usd room to see the reaction to your comments which I knew better because the outcome was exactly what I thought it would be!

I know you dont have time to mentor me, you are busy with your family and I respect that more then you know. I know you are busy and I have no problem with that at all. If doing my homework is what is needed to fulfill my debt to you it will be done!

I am very serious and more then willing. I know there will be things that I will not understand and at times it will be difficult. The way that I see it if it was easy everyone would be doing this and the tough times will pay off in the end

Shawn
  • #202
  • May 17, 2012 7:36am May 17, 2012 7:36am
I also hope can learn from u. HDA. can teach me the basic skill to trade?
  • #203
  • May 17, 2012 8:24am May 17, 2012 8:24am
HDA,

I have enjoyed reading your posts and I like your style. Thank you for sharing and for helping those who really want to learn. Your comment, "But your greatest hurdle is going to be the Psychology." struck a chord with me. I have been studying some of Dr. Van Tharps' works. He believes trading is 100% Psychology and I agree. This has been my biggest hurdle too.

I hope you don't mind if I follow along. I am a life long learner and trading currencies has humbled me to my core. In fact, I have learned more about myself than I really wanted to know (smile). All in all it has been a wonderful journey and I look forward to learning all I can. Again, thank you for your posts.

Respectfully,
fxstir
"It is not what you know, it is what you do with what you know that really matters."


Quoting HDA
@shawn3245:

I will look at the homework I gave you to do and see how you made out. Based on the trade you just posted - you are not following the rules correctly - your trade will work out just the same - but your execution needs addressing.

I will help you with that.

However there is alot more to teach you and I will invest the time to teach you because you are willing to learn. So far we have just been covering SKILL

But your greatest hurdle is going to be the Psychology.

[color=blue][b]Agreement...
  • #204
  • May 17, 2012 8:24am May 17, 2012 8:24am
any one wud want to share any idea where this eur/cad going?
is it gone out of the down trend , or do u think it will go down again to toch 1.277 again?
thanx
ASH
  • #205
  • May 17, 2012 9:24am May 17, 2012 9:24am
Quoting ash_k
any one wud want to share any idea where this eur/cad going?
is it gone out of the down trend , or do u think it will go down again to toch 1.277 again?
thanx
ASH
it looks like a break of 1.288x last night and 1.2935 is telling me that we are headed up to 1.3000...let's see...
looking back we have a very hard support at 1.2783 dating back from 01-2011.

also last 15min a bounce of 1.2880 to shoot all the way pass 1.2935 resistance...lets see if h4 will close above 1.2935
or below we will then channel between 1.2935 and 1.2880
--note--- no idea of what happen with that spike...
any opinion is welcomed, as i am also learning this pair....
Wooooohooooo or Boooooohooooo
  • #206
  • Edited 10:12am May 17, 2012 9:37am | Edited 10:12am
Greetings,

@everyone:

This is my first post. I followed the EURUSD thread and my opinion is that it's crowded and has much "noise". Here, on this thread there is more O2 Congratulations to all who SAY something. I will try to focus on EUR/CAD pair, as I "heard" (thanks KillerWhale) that it's more predictable than others.

I have very little experience with Forex or stock market, although I traded stocks since 2001/2002, I make few trades a year. I lost money when I started to leverage (CFD and Forex). Not much, because I am affraid to lose, and I cut the loses early (I read that this is not a bad thing) but I cut the earnings early also. I'm a father now, so, I cannot afford to lose much

@HDA:

I was a guest of this forum for over a month now. One reason I have joined today was to say that I appreciate very much your respect for others and your words of wisdom. I think that one has much to learn from you.

Now, I admit I'm a little jealeous you started to mentor Shawn. Good for him. Now, please, do you have some guidance for a beginner like me? Some books or simple rules, maybe? I know some Technical Analisis, but I have this feeling that "they" (the big guys) know how "us" (little traders) behave arround some key levels. For example look at the Gold chart. Technically, gold was damaged.. but I feel it will not be going donw like it "should", based on TA.

Psychology. Yesterday I stumbled upon a great Forex trader (they say) - Dan Gaub - God rest him, because he died this month. He said, like you, that psychology is a key to a succesful trader. I cannot agree more - see my "fear" of not losing money. Can you, HDA, share with us the books you promised to Shawn? And what is the book of the four agreements? Thank you very much.

Best Regards,
Clau.
______________________________________________________
First, they ignore you. Then they laugh at you. Then they fight you. Then ... you win.
  • #207
  • May 17, 2012 10:30am May 17, 2012 10:30am
usdcad is about to top, expecting cad to get stronger in the next days or next week as commodities getting stronger too, maybe return to parity

euro is about to find a bottom at least temporary a bullish correction might be logical here but till now not much bulls around there

eurcad is normally well correlated to eurusd but eurcad bulls are way ahead for now, so if eur can not manage to start a recovery rally soon, eurcad will come down again to restest the lows around 1.28
  • #208
  • May 17, 2012 10:44am May 17, 2012 10:44am
Quoting gnomoneey
it looks like a break of 1.288x last night and 1.2935 is telling me that we are headed up to 1.3000...let's see...
looking back we have a very hard support at 1.2783 dating back from 01-2011.

also last 15min a bounce of 1.2880 to shoot all the way pass 1.2935 resistance...lets see if h4 will close above 1.2935
or below we will then channel between 1.2935 and 1.2880
--note--- no idea of what happen with that spike...
any opinion is welcomed, as i am also learning this pair....

thanx
  • #209
  • May 17, 2012 10:49am May 17, 2012 10:49am
Quoting torkay77
usdcad is about to top, expecting cad to get stronger in the next days or next week as commodities getting stronger too, maybe return to parity

euro is about to find a bottom at least temporary a bullish correction might be logical here but till now not much bulls around there

eurcad is normally well correlated to eurusd but eurcad bulls are way ahead for now, so if eur can not manage to start a recovery rally soon, eurcad will come down again to restest the lows around 1.28
ye..it shud go not mo then 1.3000...other wise the trend will b changed
thanx...ash
  • #210
  • May 17, 2012 12:12pm May 17, 2012 12:12pm
Quoting HDA
@shawn3245:

I will look at the homework I gave you to do and see how you made out. Based on the trade you just posted - you are not following the rules correctly - your trade will work out just the same - but your execution needs addressing.

I will help you with that.

However there is alot more to teach you and I will invest the time to teach you because you are willing to learn. So far we have just been covering SKILL

But your greatest hurdle is going to be the Psychology.

[color=blue][b]Agreement...

Want to learn... a dedicated mind to learn forex...help me to learn
  • #211
  • May 17, 2012 12:17pm May 17, 2012 12:17pm
Quoting clau
Greetings,

@everyone:

This is my first post. I followed the EURUSD thread and my opinion is that it's crowded and has much "noise". Here, on this thread there is more O2 Congratulations to all who SAY something. I will try to focus on EUR/CAD pair, as I "heard" (thanks KillerWhale) that it's more predictable than others.

I have very little experience with Forex or stock market, although I traded stocks since 2001/2002, I make few trades a year. I lost money when I started to leverage (CFD and Forex). Not...


Me also request same... PLS help us to become a TA
  • #212
  • May 17, 2012 12:38pm May 17, 2012 12:38pm
r u mean "The Four Agreements" by don Miquel Ruiz

i search on google for this book free but unable to get the book. can u pls prove us a link for download

but find some article like this:

1. Be Impeccable with your Word

Speak only what you intend. Keep clear of using the word to speak against yourself or to gossip about other individuals. Use the potency of your word in the path of truth and love.

2. Don't Take Anything Personally

Absolutely nothing other people do is stemming from you. What others say and do is a reflection of their own reality, their own aspiration. When you are resistant to the feedbacks and acts of other individuals, you won't be the victim of unnecessary suffering.

3. Don't Make Assumptions

Acquire the courage to ask questions and to point out what you really prefer. Interact with other individuals as clearly as you can to keep away from misunderstandings, sadness, and drama. Implementing just this one agreement, you will be able to completely re-define your life.

4. Always Do Your Best

Your best will definitely change from time to time; it will be not the same when you are healthy as opposed to when you are unwell. Under any condition, simply do your best, and you will stay away from self-judgement, self-damage, and remorse.
  • #213
  • Edited 1:39pm May 17, 2012 1:13pm | Edited 1:39pm
Greetings,

Am I seeing right? On daily chart, it seems like 1,2940 is an old support who became resistance?

Regards,
Clau
__________________
First, they ignore you. Then they laugh at you. Then they fight you. Then ... you win.
  • #214
  • May 17, 2012 3:37pm May 17, 2012 3:37pm
Hey Killer. Hope all is well with you. Miss your input and witty comments!!
Defending Truth, Capitalism and the US Constitution
  • #215
  • May 17, 2012 5:02pm May 17, 2012 5:02pm
Short EUR/CAD at 1,2932

TP 1.2880(slighty above 200sma 15m tf)
SL 1.2970

Hope the 1.2940 acts as a ressintance
also stoch and RSI overbought.

will let this run trough the night and will look again around London open
  • #216
  • May 17, 2012 5:55pm May 17, 2012 5:55pm
Quoting clau
And what is the book of the four agreements?.
@clau:

The Four Agreements is a book written by Miguel Ruiz

This book is about self-development and cultivating a specific value system in your life. The essence of the book is simply this, "however you are as a person, transfers in your trading". In you can honor the four agreements as set out in the book, the habits and values that emmante, will transfer in your trading.

A simple example: If you lie or if you make promises and dont keep them or if you say yes when you really mean no to anyone or if you lie about your trading account or what you make or did - that habit transfers in your trading. How? When you place a trade, because it is not in your nature to keep your word or mean what you say, you will not stick to your trading plan. That's the habit the book will curb. Agreement #1 is that we must always be impeccable with our word. If you cant do that, you cant and will not stick to your trading plan. Thats how it transfers.

Combating the psychology of trading is mastering the Four Agreements in that book. If you can do that, your trading will become better. Notice when I am in a trade I stick to the plan no matter what unless the market says to change. So I listen and I obey without question and stick to it, because I've mastered agreement #1.

If as traders we lie about our success in the market - our trading account will tell the truth regardless of what we say. So the more we lie, the worse we will be at trading and we will never get better at it until we change that habit about ourselves.

Ive been extremely transparent with all of you in this room and henceforth, my trading successes. This is not luck - its the cultivation of the right habits and because of the right habits, consistency is guaranteed.

Its not easy, like I said it took me SIX years. But overcoming that battle will put you ahead of everyone in the market from a psychological stand point.

Trading is 80% Psychological 10% Skill and 10% Mental Ability. So you see where your biggest hurdle is - the psychology and we all know how hard it is to break bad habits, for example smoking.

Respectfully,
HDA
  • #217
  • May 17, 2012 6:02pm May 17, 2012 6:02pm
HDA,

I'm reading The 4 agreements now. Thanks for the advice.

Respectfully,
fxstir
  • #218
  • May 17, 2012 6:06pm May 17, 2012 6:06pm
Quoting kibrul
r u mean "The Four Agreements" by don Miquel Ruiz

i search on google for this book free but unable to get the book. can u pls prove us a link for download
@kibrul:

Your insincerity to wanting to learn how to be a trader shows more and more. If you have been following along in this thread you would have seen that the link to download the book was posted TWICE in this thread in my discussions with Shawn3245 a couple pages back.

Respectfully,
HDA
  • #219
  • May 17, 2012 6:25pm May 17, 2012 6:25pm
Quoting HDA
@kibrul:

Your insincerity to wanting to learn how to be a trader shows more and more. If you have been following along in this thread you would have seen that the link to download the book was posted TWICE in this thread in my discussions with Shawn3245 a couple pages back.

Respectfully,
HDA
good to see you here at least. hope all is well with you.
  • #220
  • Edited 7:15pm May 17, 2012 6:53pm | Edited 7:15pm
Quoting ash_k
any one wud want to share any idea where this eur/cad going?
is it gone out of the down trend , or do u think it will go down again to toch 1.277 again?
thanx
ASH
@ash_k:

Your eagerness to learn is admirable

There is alot to share about trading the EUR/CAD - look at this list.

1. You have to monitor the USD/CAD and to do that you have to also learn what TFs on the USD/CAD are reliable TFs to focus on.

2. You have to look at an OIL chart to help to give you so idea of what the direction of the USD/CAD will be. It's just a helpful aid. Look at the price on OIL on the 1D chart and look at how the USD/CAD continues to rise and OIL falls

See link for chart
http://www.forexpros.com/commodities...advanced-chart

3. You have to monitor what is happening on the EUR/USD as well which will help you in processing the EUR/CAD and vice versa.

4. The EUR/CAD is still very much in a downtrend and this is just a retrace off the lows on the 1D chart that was taken out.

5. Its helpful to have 2 accounts to trade this pair and the rewards will be alot greater - that will take some explanation but simply put -

The 1st account you scalp the pair for 15pips ( I suggest 10-15pips because that amount of pips will guarantee you success on every scalp trade you take once you know how to do it). So far this is all that Ive been teaching shawn3245 and look at all the rest he has to learn.

The 2nd account you hold for position trading. (For position trading in this account you will only hold the trade for no more than 100pips again in order to successfully trade this pair, once you know how to do it, while keeping in mind the 4 other items listed above.

6. I showed you how to set up your chart for this pair in an earlier post and thats just for the EUR/CAD - you also have to learn how to set up your charts for the EUR/USD, USD/CAD and OIL to follow along when trading this pair.

7. Once you learn to embrace all of this information and with time, digesting all this information will only take you a spilt second, once you have set yourself up correctly and then trading the EUR/CAD is going to be as easy as taking candy from a baby. It takes time though, but your account stays alot greener longer trading this pair and trading the retraces becomes even easier.

If all of this info is thrown out there all at once, there is going to be information overload, stress, over analysis and paralysis.

You have the right spirit and that is commendable.

Respectfully,
HDA
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