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Day Trading for a Living

  • #81
  • Jun 19, 2012 8:12am Jun 19, 2012 8:12am
I am waiting for a rally up to that level followed by a pullback to the pivot and support area at 1.2625. If that level holds I will look to get long!
  • #82
  • Jun 19, 2012 8:16am Jun 19, 2012 8:16am
Quoting djbraswell
Chiwi,

In general, I do NOT recommend jumping into day trading as a living as your single source of income. Reason? The same reason we've all heard to diversify your investments. Similarly, you should diversify your income. To have all your income from one place--especially the market--is highly volatile. You will feel "I have to make a trade in order to eat". This is highly dangerous, and a recipe for failure. I myself was in that situation and lost. But now that I have a other stream(s) of income AND trade, my trading is much more healthy...
Nice advise Chiwi, never quite thought of it that way, point taken, diversity is the key and income is no different. I guess it is omnipotent to work towards multiple income streams.
  • #83
  • Jun 19, 2012 3:45pm Jun 19, 2012 3:45pm
Quoting Nexas
I am waiting for a rally up to that level followed by a pullback to the pivot and support area at 1.2625. If that level holds I will look to get long!
Absolutely no opportunity to get long... I hate it when the market roars off and doesn't give you an opp to enter.
  • #84
  • Jun 19, 2012 3:54pm Jun 19, 2012 3:54pm
Quoting Nexas
Absolutely no opportunity to get long... I hate it when the market roars off and doesn't give you an opp to enter.
Likewise, I was convinced 100% that it had to go south and was waiting for that short but it never came. I don't usually pay attention to the news releases but given the very bad for the EU this morning I was waiting for the short when I should of just traded the price action on the chart...
  • #85
  • Jun 19, 2012 4:05pm Jun 19, 2012 4:05pm
Nice Thread


will be joining tomorrow at London Open .. till then all the best!


cheers
  • #86
  • Edited 2:02am Jun 20, 2012 1:51am | Edited 2:02am
Good morning all.

AUDUSD I may look to short if it rejects the 1.02 area again, if it breaks through then I'll be looking at the 1.0220 - 1.0250 area for possible shorts.

EURUSD I will look to short if it rejects the 1.27 area.
  • #87
  • Edited 1:43pm Jun 20, 2012 2:31am | Edited 1:43pm
Well, thats me short on audusd @ 1.0188, stop is 1.0208, profit target is 1.0150.

risk:reward a little under 1:2

Target hit @ 1.0150, +38
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  • #88
  • Jun 20, 2012 2:34am Jun 20, 2012 2:34am
Morning


well , charts dont really speak to me at all ATM..
just hangin arround and clusterfucking....
waiting for some signs of strenght or weakness, some reactions wich tell a story....


till now no real bias...
  • #89
  • Jun 20, 2012 4:24am Jun 20, 2012 4:24am
Sorry lads I forgot to post earlier... I took a buy from support at 9:10 this morning and traded it up to the 1.2700 area.

I would like to see price break through the 1.2700 area before I entertain another long... if it breaks down from here I will be looking for shorts...
  • #90
  • Jun 20, 2012 7:51am Jun 20, 2012 7:51am
The market is holding above 1.2700... currently looking for a long...
  • #91
  • Jun 20, 2012 7:55am Jun 20, 2012 7:55am
Quoting Nexas
The market is holding above 1.2700... currently looking for a long...
It seems first retracement is a good enter chance.
Let's see.


Fractal
Follow the smart money. Follow the probability.
  • #92
  • Jun 20, 2012 8:04am Jun 20, 2012 8:04am
Yep AUD/USD and EUR/USD is just clowning around today.. picking up a few little pips here and there ... yawn...

Let's see if it manages to follow through on that little reversal off the 1.0205 resistance.
  • #93
  • Edited 1:48pm Jun 20, 2012 8:12am | Edited 1:48pm
Seems like its waiting for that FOMC later on this afternoon.

PA is telling me to hold onto that audusd short I opened this morning given the inverted hammer on the 4hr at the double top (GMT +2 brokers). I moved the SL but kept the TP the same after widening, that was hit @ 1.0150, R:R was 1:1
  • #94
  • Jun 20, 2012 8:51am Jun 20, 2012 8:51am
I am still short, I reckon that this will be a good trade.
  • #95
  • Edited 11:17am Jun 20, 2012 9:25am | Edited 11:17am
Went long GBPUSD with 12 pip range bars. Trendline break, stochastic divergence and bounce off previous resistance.

Exited for small loss because of upcoming FOMC announcement. In retrospect, should have waited.
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  • #96
  • Jun 20, 2012 11:53am Jun 20, 2012 11:53am
Well that was good, just closed out my eurusd short for 60+ at 1.2462 from 1.2706 and the audusd short from this morning from 1.01883 at the half number 1.0150 for 38+, 98+ for today in total, about time aswell.

Cheers Bernanke me old cocker, this drinks for you.

http://beerglasscollection.co.uk/images/36356.jpg
  • #97
  • Jun 20, 2012 3:09pm Jun 20, 2012 3:09pm
Nice trading people... I was actually the opposite of you guys all day and still made some money :-)

It just goes to show there are so many ways to make money in this market!
  • #98
  • Jun 20, 2012 3:21pm Jun 20, 2012 3:21pm
Quoting Nexas
Nice trading people... I was actually the opposite of you guys all day and still made some money :-)

It just goes to show there are so many ways to make money in this market!
Most definitely, tomorrow should be interesting, I just left my trades on and went on the PA which was screaming sell, to me atleast, that paid off in the end, not without a little bit of luck mind and the kind words from benjamin.

Cya all tomorrow.
  • #99
  • Jun 21, 2012 3:10am Jun 21, 2012 3:10am
Hi All


Possible scenario i would play on USD/CAD
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  • #100
  • Edited 3:48am Jun 21, 2012 3:38am | Edited 3:48am
EURUSD long @ 1.26552, profit target is a pip or so under the daily pivot @ 1.26945, risk to reward was a bit over 1:3 before I moved the stop to trade open.

Entered after the double rejection of the 1.2650 area.

I looked at the 1m timeframe and there was what look liked a mini bull flag and I entered right after that inside bar/bullish hammer.

Well, seems it rejected the resistance at 1.266x area twice too and got stopped out at break even, where will she go? nobody knows....... hmmmm
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