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AUD/USD

  • #45,381
  • May 25, 2012 1:50pm May 25, 2012 1:50pm
US equity new low.

Gold near day high.

Kind of a seesawing effect on this pair.
  • #45,382
  • May 25, 2012 2:15pm May 25, 2012 2:15pm
Quoting fosking
That's a brilliant return if you've just been trading for 2 months! My advice would be to not change what you are doing. Just let experience push your profitability up higher over time and don't become greedy. Good luck!
Thanks! Not sure if it's due to pure luck though. Besides, AUD has been dropping for a while, so it's pretty unlikely for shorters to lose.

Will be following this thread closely
  • #45,383
  • May 25, 2012 2:17pm May 25, 2012 2:17pm
AUDCAD update
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  • #45,384
  • May 25, 2012 2:21pm May 25, 2012 2:21pm
I would just like to see the stops cleared under the pivot and I'm pretty much done for the week.

M30
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  • #45,385
  • May 25, 2012 2:36pm May 25, 2012 2:36pm
Quoting uptickk
Short .979220. We are at the upper end of the declining channel. Will post a screen shot once I figure out how (I am a newbie).
Out at .97670, heading to the bar to start the weekend. Will look for a similar trade if it pops next week.

Best of luck all
  • #45,386
  • May 25, 2012 2:44pm May 25, 2012 2:44pm
Quoting uptickk
Out at .97670, heading to the bar to start the weekend. Will look for a similar trade if it pops next week.

Best of luck all
Nice trade, have a beer or 3 for me..
  • #45,387
  • May 25, 2012 2:51pm May 25, 2012 2:51pm
I'm done too. See you guys Tuesday morning.
  • #45,388
  • May 25, 2012 3:43pm May 25, 2012 3:43pm
I'm out too. Had to wait all day for 20 pips, but I finally got it.
  • #45,389
  • May 25, 2012 8:18pm May 25, 2012 8:18pm
Quoting Hookem28
I remember the days when I tried to pick market tops and bottoms. I would lose thousands of dollars, while there was an identifiable trend that offered easy money.
I ended up losing 70 percent of my account before I realized that I had to change. I was going to be broke, and would never make it as a trader if I didn't. It wasn't easy, but I had to resist my gambler's mentality. I had to treat it like a business.

1. I studied support and resistance zones to fine-tune my entry.
2. I identified the best trending markets....and made it clear...
Best advice I've read on here in a while, well said. Picking the top or bottom is a mug's game, and yes, gambling. Trading is so much easier, stress free and more profitable when you wait for an entry signal going in the direction of the current trend.
The trend is not your friend, it's your master.
  • #45,390
  • May 25, 2012 8:57pm May 25, 2012 8:57pm
Quoting Hookem28
I remember the days when I tried to pick market tops and bottoms. I would lose thousands of dollars, while there was an identifiable trend that offered easy money.
I ended up losing 70 percent of my account before I realized that I had to change. I was going to be broke, and would never make it as a trader if I didn't. It wasn't easy, but I had to resist my gambler's mentality. I had to treat it like a business.

1. I studied support and resistance zones to fine-tune my entry.
2. I identified the best trending markets....and made it clear...
What a great post, I printed this out and put it on the front and back of all the doors at my place including the toilet door. It certainly is a very good piece of advice.
  • #45,391
  • May 25, 2012 11:57pm May 25, 2012 11:57pm
Quoting Hookem28
I remember the days when I tried to pick market tops and bottoms. I would lose thousands of dollars, while there was an identifiable trend that offered easy money.
I ended up losing 70 percent of my account before I realized that I had to change. I was going to be broke, and would never make it as a trader if I didn't. It wasn't easy, but I had to resist my gambler's mentality. I had to treat it like a business.

1. I studied support and resistance zones to fine-tune my entry.
2. I identified the best trending markets....and made it clear...


Hi... I like this reminder... Thanks and this set us in mind as professional traders.... Thanks
  • #45,392
  • May 26, 2012 1:20am May 26, 2012 1:20am
I thought when you have identified the trend in a higher time frame don't you then go to a smaller time frame to look for an entry signal that is usually at the top or bottom of that time frame.
Over thinking over analyzing separates the body from the mind.
  • #45,393
  • May 26, 2012 2:28am May 26, 2012 2:28am
Quoting 3stepsahead
I thought when you have identified the trend in a higher time frame don't you then go to a smaller time frame to look for an entry signal that is usually at the top or bottom of that time frame.
Yes, that's fundamentally the nature of trading with the trend. I work from 4hr and 15min for the trend and use the 5, 3 and 1min for my entry. I exit from the 5 and 15min signals.
The trend is not your friend, it's your master.
  • #45,394
  • May 26, 2012 2:53am May 26, 2012 2:53am
Quoting Hookem28
I remember the days when I tried to pick market tops and bottoms. I would lose thousands of dollars, while there was an identifiable trend that offered easy money.
I ended up losing 70 percent of my account before I realized that I had to change. I was going to be broke, and would never make it as a trader if I didn't. It wasn't easy, but I had to resist my gambler's mentality. I had to treat it like a business.

1. I studied support and resistance zones to fine-tune my entry.
2. I identified the best trending markets....and made it clear...
i'm just a newbie here and looking for trades that can guide me to trade well with a good TP in hand and i found this statement realy good for me.please teach me to be a good succesfull trade mate..
wow!!! this is realy encourage me to trade properly and good advdise
thanks mate u got my attention
  • #45,395
  • May 26, 2012 3:16am May 26, 2012 3:16am
Quoting Cultured
Best advice I've read on here in a while, well said. Picking the top or bottom is a mug's game, and yes, gambling. Trading is so much easier, stress free and more profitable when you wait for an entry signal going in the direction of the current trend.
Quote
Yes, that's fundamentally the nature of trading with the trend. I work from 4hr and 15min for the trend and use the 5, 3 and 1min for my entry. I exit from the 5 and 15min signals.

Well those two statements are a contradiction in themselves. While they might both sound correct on their own accord, statement 2 is doing exactly what statement 1 is saying not to do.

When your timing a 1 min entry your actually picking a cycle top or bottom are you not ?

Also this trend defying crap is just that...what is a trend exactly?

Hence if a 1 minute trend bottoms out and gives a buy signal on a 2.00 fib extension of a 5 min impulse leg but the daily , 4h, 1H, and 15 are all down do you not take the signal?

If you answer no you are like most other traders and will not win while you hang around waiting for exact environments that you feel comfortable with.

Sorry to pay out but I'm on a drinking binge and are sick of hearing the same crap on every second post.
  • #45,396
  • May 26, 2012 4:51am May 26, 2012 4:51am
So if you are sick of those every second posts add them to your ignore list and only read the posts from the experienced traders you should have picked them out already. I'm a member of a few online forums and this is the only one with the ignore button. Must be there for a reason.
Over thinking over analyzing separates the body from the mind.
  • #45,397
  • May 26, 2012 4:52am May 26, 2012 4:52am
Quoting 3stepsahead
So if you are sick of those every second posts add them to your ignore list and only read the posts from the experienced traders you should have picked them out already. I'm a member of a few online forums and this is the only one with the ignore button. Must be there for a reason.
Where is the ignore button?
  • #45,398
  • May 26, 2012 5:24am May 26, 2012 5:24am
Quoting Daytrader74
Where is the ignore button?
http://www.forexfactory.com/profile....gnore&u=124876

You're welcome!
  • #45,399
  • May 26, 2012 8:47am May 26, 2012 8:47am
Quoting Daytrader74
Where is the ignore button?
Just curious, are you gonna use a StopLoss in your trading now?
In the days of old when sailors were bold, and seldom if ever contented.
  • #45,400
  • May 26, 2012 8:57am May 26, 2012 8:57am
Quoting pt49
Just curious, are you gonna use a StopLoss in your trading now?
Of course, I always have but might reduce the SL amount now.
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