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AUD/USD

  • #50,621
  • Jul 18, 2012 5:06pm Jul 18, 2012 5:06pm
Quoting Davit
could you explain more? Why weds important
When you rollover an open position from Wednesday to Thursday, the settlement date is Monday,(Forex settlement of T+2); therefore the rollover charge on a Wednesday evening will be three times the normal value...
  • #50,622
  • Jul 18, 2012 5:16pm Jul 18, 2012 5:16pm
Quoting diggo
Bro do I have different numbers to you? I have fib at 369. Curious to know why you would have a SL right at that level?
Yes was a mistake, didn't look at fibs. Oh well, shit happens
New voice message: Why are you calling me? If I need you, I'll call you!
  • #50,623
  • Jul 18, 2012 5:55pm Jul 18, 2012 5:55pm
Quoting Niranj
i am glad didnt enter short at 1.03 level when it looked more rewarding to short but no doubt chart was bullish. next support resistance level could be 1.0367 which is 61.8 level but it looks bullish.
going to stay on sidelines
as i thought, it did hit 61.8 fib level. lets see wots next for it. definitly good level to short but this time i cannot break my other rule to open two positions at a same time.
  • #50,624
  • Jul 18, 2012 6:20pm Jul 18, 2012 6:20pm
its possible it could retrace from here
Attached Image (click to enlarge)
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  • #50,625
  • Jul 18, 2012 7:03pm Jul 18, 2012 7:03pm
gone short.

SL: 1.04
TP: 0.9890 (Fib 61.8 retracement of 1 Jun Lo & yesterday's 1.0372 hi)
  • #50,626
  • Jul 18, 2012 7:40pm Jul 18, 2012 7:40pm
Quoting Davit
could you explain more? Why weds important
Mate , you are a danger to youself for not knowing why .
Read below ;


How do banks account for Weekends and Holidays?

Most banks across the globe are closed on Saturdays and Sundays, so there is no rollover on these days, but most banks still apply interest for those two days. To account for that, the forex market books 3 days of rollover on Wednesdays, which makes a typical Wednesday rollover three times the amount on Tuesday. There is no rollover on holidays, but an extra days worth of rollover usually occurs 2 business days before the holiday. Typically, holiday rollover happens if either of the currencies in the pair has a major holiday. So, for Independence Day in the USA, which is on July 4, when American banks are closed an an extra day of rollover is added at 5 pm on July 1 for all US dollar pairs. You can view how rollover is counted for holidays using our Rollover Calendar Page.



All info on rollovers is explained with great clarity in the rest of the webpage . Here you go , read it and remember it ;

http://www.dailyfx.com/forex/educati..._Rollover.html
  • #50,627
  • Jul 18, 2012 8:33pm Jul 18, 2012 8:33pm
Quoting audus
gone short.

SL: 1.04
TP: 0.9890 (Fib 61.8 retracement of 1 Jun Lo & yesterday's 1.0372 hi)
You'll probably pay a lot of money in swap before you get there
  • #50,628
  • Jul 18, 2012 8:44pm Jul 18, 2012 8:44pm
Quoting audus
gone short.

SL: 1.04
TP: 0.9890 (Fib 61.8 retracement of 1 Jun Lo & yesterday's 1.0372 hi)
I don't understand long term traders.. I mean this is just my opinion.. In the last 2 days of trading I made 350 pips combined.. I am short term swing/trader, but i'll even say It was day trading not swing trading.. It took me 2 days.. and very little risk.. Why would you want to hold on for weeks unto a position lose money on interest? for it to go where it may or may not go.. In a prolonged period of time.. for the same amount of pips.. That can be made within 2 days of just actively trading.
There are those who know, and there are those who don't know.
  • #50,629
  • Jul 18, 2012 9:02pm Jul 18, 2012 9:02pm
Quoting palabara
I don't understand long term traders.. I mean this is just my opinion.. In the last 2 days of trading I made 350 pips combined.. I am short term swing/trader, but i'll even say It was day trading not swing trading.. It took me 2 days.. and very little risk.. Why would you want to hold on for weeks unto a position lose money on interest? for it to go where it may or may not go.. In a prolonged period of time.. for the same amount of pips.. That can be made within 2 days of just actively trading.
well you say very little risk...so many people got toasted shorting Aussie in last couple of days...

so one needs to get it right....there is always a risk that one will not be right
  • #50,630
  • Jul 18, 2012 9:04pm Jul 18, 2012 9:04pm
Quoting samirs
well you say very little risk...so many people got toasted shorting Aussie in last couple of days...

so one needs to get it right....there is always a risk that one will not be right
I mean just speaking generally, that you can make the same amount of pips in a shorter period amount of time.. then having to hold unto a position and take larger risk.. and hold it for an extended period of time.


I am trying to understand the Long term trading mentality.
There are those who know, and there are those who don't know.
  • #50,631
  • Jul 18, 2012 9:11pm Jul 18, 2012 9:11pm
Quoting palabara
I mean just speaking generally, that you can make the same amount of pips in a shorter period amount of time.. then having to hold unto a position and take larger risk.. and hold it for an extended period of time.


I am trying to understand the Long term trading mentality.

difference is stress and screen time , long term traders reduce stress and screen time, we live with it
Mohan
  • #50,632
  • Jul 18, 2012 9:18pm Jul 18, 2012 9:18pm
Quoting mohan76
difference is stress and screen time , long term traders reduce stress and screen time, we live with it
you stole my words
  • #50,633
  • Jul 18, 2012 9:22pm Jul 18, 2012 9:22pm
Quoting palabara
I don't understand long term traders.. I mean this is just my opinion.. In the last 2 days of trading I made 350 pips combined.. I am short term swing/trader, but i'll even say It was day trading not swing trading.. It took me 2 days.. and very little risk.. Why would you want to hold on for weeks unto a position lose money on interest? for it to go where it may or may not go.. In a prolonged period of time.. for the same amount of pips.. That can be made within 2 days of just actively trading.
long time trading makes sense if you use it to maximize profits...you have a better chance to build up your position with minimised risk and less stress to increase profits... let's say you anticipate a 800 pips move you open 1 lot trade with 1:1 and after 400 pips instead of taking profits you open another lot ..so after 800 pips you take profit of 800 + 400 pips in all... if price goes against you after 400 pips, you end up break even in worst case.... ..if you take 2 independant trades of 400 instead you could have lost the double amount of 800 pips in worst case and gaining 800 pips max ... minimize losses , maximize profits - just my 2 pips
  • #50,634
  • Jul 18, 2012 9:27pm Jul 18, 2012 9:27pm
Quoting samirs
you stole my words
experiencemight , some time day become night , lunch become dinner , it's all part my trading history in last 1 1/2 year , now trying hard to take control of it.
Mohan
  • #50,635
  • Jul 18, 2012 9:42pm Jul 18, 2012 9:42pm
can I have 1.04 today please?
  • #50,636
  • Jul 18, 2012 9:47pm Jul 18, 2012 9:47pm
Quoting palabara
I don't understand long term traders.. I mean this is just my opinion.. In the last 2 days of trading I made 350 pips combined.. I am short term swing/trader, but i'll even say It was day trading not swing trading.. It took me 2 days.. and very little risk.. Why would you want to hold on for weeks unto a position lose money on interest? for it to go where it may or may not go.. In a prolonged period of time.. for the same amount of pips.. That can be made within 2 days of just actively trading.
do it consistently for 6 months and ull be warren buffet. Answer to ur q lies within risk and timeframes. Hint how much money does it take to move 1 pip? contrary to what u think longer time frame means less risk not more
  • #50,637
  • Jul 18, 2012 9:52pm Jul 18, 2012 9:52pm
Quoting jeff_b
can I have 1.04 today please?
still waiting for my 1.07 stupid thing taking do long
  • #50,638
  • Jul 18, 2012 9:55pm Jul 18, 2012 9:55pm
All interesting answers, I've been trading for over 10 years.. and not once.. Have I done or considered long term. That is my personal preference, at the same time.. Few intersting points, I want to touch on.. Is that everyone keep saying that its less risk and throwing ratios at me.. I've seen a few "Long term" traders who traded with large amounts of money.. $150,000 with.. $70,000 in open positions about.. 33 open positions. ALL long term.. for a while.. I've seen that $150,000 grow into $270,000 at the end.. it hit a margin call..

Now, I am not saying.. this was that traders preferred choice of trading.. Other traders use better money management and risk.. At the same time.. I personally think. Time = money.. If I wanted long term.. I'd trade stock market.. *invest* as they say.. opposed to speculate. I think that, You can make just as much money with.. trading short term.. and I've seen people who take credible amounts of risk.. Short term such as.. $100 per pip.. and at the end of the month take $30,000..

It all boils down to.. preference.. risk.. time.. money etc..etc.. I'd just like to inquire, and appreciate the input.
There are those who know, and there are those who don't know.
  • #50,639
  • Jul 18, 2012 10:10pm Jul 18, 2012 10:10pm
it depends on multiple factors - personality, time constraints, method, timeframe, risk perception and tolerance, stress perception and tolerance. So there is not right or wrong answer. Like you long term traders think it is oxymoron to trade short term. You can lose lot of money quite quick with short term trade unless you are disciplined and quick. Horse for course and all that.
  • #50,640
  • Jul 18, 2012 10:15pm Jul 18, 2012 10:15pm
I am baffled why such up move.I can't find any reasonable explanation why bears are not taking this a apart
Why all of sudden Auzzi fking dollar became valuable
Its fking relentless
In trading, you have to be defensive and aggressive at the same time
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