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  • #674,721
  • Aug 2, 2012 6:51pm Aug 2, 2012 6:51pm
Quoting Mike8
Yesterday was more like gambling in my view. Take it as a lesson. All good thing have a price that you need to pay for.
The lesson I learned is that you have to be in front of the chart especially before important announcements. It is great chance to get easy money .. but don't be greedy.

It is not gambling if you know where the trend in moving and you do your homework
  • #674,722
  • Aug 2, 2012 6:52pm Aug 2, 2012 6:52pm
Quoting gnomoneey
you got monthly as bearish engulfing but we also have a weekly bullish engulfing...who will win the fight....i guess ben will tell us tomorrow
eu...daily yesterday formed a bearish engulfing....took us for a ride down today
weekly previous formed a bullish engulfing ....would it finish friday above 1.24 tomorrow?
monthly monday formed a bearish engulfing....we still have 27 days left to show us 1.18

plan wait for tomorrow to end and if NFP gives us a close of 1.24 then i'm going to short for a few weeks for end of month bearish candle to satisfy our monthly bearish engulfing....

am i crazy or not....
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Wooooohooooo or Boooooohooooo
  • #674,723
  • Aug 2, 2012 7:09pm Aug 2, 2012 7:09pm
Price is getting ready to breakout. Just wondering which way.
Time turns trend. - W.D. Gann
  • #674,724
  • Aug 2, 2012 7:15pm Aug 2, 2012 7:15pm
Quoting ForExtraPips
Price is getting ready to breakout. Just wondering which way.
I expcet it would re-test 1.250. I hope so since I'm going short
  • #674,725
  • Aug 2, 2012 7:19pm Aug 2, 2012 7:19pm
Quoting sdcasper
It's happened to me many times only using a dynamic stop. i only use this method when i go to sleep as the london session is in the middle of the night for me.

I will wake to see the market 60 pips in my favor, but five hours earlier the market retraced to my entry just enough to give me a +/- 1.4 pips, rather then the 60 pips I clearly should have.
Yes, I hear you, but everything is easier in hindsight. What you see on the left side is gone.

I mean, do not wast energy and time duelling on what you should have done or shouldn't, as a trader we establish our edge and try to not lose more than necessary if it does not work out and we move on...

Of course in our edge we could incorporate to refrain trading during crazy days like yesterday (rates and so on...).

In my view to gain a greater RR we need not to baby sit our trade, so the trade can take its own run taking in consideration to trail you SL where technicality indicates.
"Men who can both be right and sit tight are uncommon."
  • #674,726
  • Aug 2, 2012 7:48pm Aug 2, 2012 7:48pm
Quoting sdcasper
When plotting a FIB is it better to use A, B or both?
Best to trucate extended wick(s) as you have done but use closing price of the bar with high of 1.2346 (not high itself) as follows:
Attached Image (click to enlarge)
Click to Enlarge Name: EUfib.png Size: 56 KB
  • #674,727
  • Aug 2, 2012 7:58pm Aug 2, 2012 7:58pm
Quoting maraghi
I Sold EURUSD yesterday @ 1.2298 placed by ST @ 1.2395 and expected that it wont reach there before dropping to 1.222.
I was pretty sure that it would be a great gain ... when I walk up .. I was happy to see the price below 1.222 .. checked my balanced with a loose of $500.
It hit my ST and then went down leaving me out

what is ST? stop loss? u mean u hit margin call or?
  • #674,728
  • Aug 2, 2012 8:00pm Aug 2, 2012 8:00pm
Quoting Mike8
Well, myself I was not meant to trade yesterday by I felt the pulse and I went in buying the cable.

http://www.forexfactory.com/showthre...60#post5897060

I made 76 pips in less than 3 hours, but I could have made 100 but I am not perfect. My older son says to me: "Papa' do not worry, nobody is perfect, specially you".

It is Friday, I am keen to reward myself, I off to town to have lunch with my mates and girl, dressed in one of my handmade Italian suit. Ciao.
Such volatility are opportunity and also COST, we can never be sure of price, it's better to have gain then to have pain, so greedy is not a good ethic for trading . i am referring to those who held LONG from 1.2050 and 1.2150 and even 1.2250 and made it to 1.24 without ANY TP, that's pure greedy killed them all in one roller coaster.
  • #674,729
  • Aug 2, 2012 8:11pm Aug 2, 2012 8:11pm
Quoting SunTrader
Best to trucate extended wick(s) as you have done but use closing price of the bar with high of 1.2346 (not high itself) as follows:
Your fib's were invalid when it broke through the bottom
and you are using the closing price of the 5 minute chart.

Never heard of that version
New voice message: Why are you calling me? If I need you, I'll call you!
  • #674,730
  • Aug 2, 2012 8:28pm Aug 2, 2012 8:28pm
how do you guys feel about entering a trade that hovers around -5 to -10 pips back and forth for several hours? i moved my stop to a greater degree (50 pips) from my earlier examples of 15. at this point i would almost be stopped out by now and feeling disappointed.

since we cannot predict exact tops and bottoms. was wondering how the more skilled traders handle the PA that goes against your trade plan right off the bat. assuming you still hold conviction of trend direction.
  • #674,731
  • Aug 2, 2012 8:33pm Aug 2, 2012 8:33pm
Quoting sdcasper
how do you guys feel about entering a trade that hovers around -5 to -10 pips back and forth for several hours? i moved my stop to a greater degree (50 pips) from my earlier examples of 15. at this point i would almost be stopped out by now and feeling disappointed.

since we cannot predict exact tops and bottoms. was wondering how the more skilled traders handle the PA that goes against your trade plan right off the bat. assuming you still hold conviction of trend direction.
you need to stick to your trading plan !!
choose the right time and trend to trade
when ur SL been hit ... its just a one lost trade !!!
entry and exsite points you should stick to them

this is my opinion !!!
“Don't cry because it's over, smile because it happened.”
  • #674,732
  • Aug 2, 2012 8:52pm Aug 2, 2012 8:52pm
This is one boring ranging market. Typical after a big day like today.
Attached Image (click to enlarge)
Click to Enlarge Name: boring.jpg Size: 130 KB
Time turns trend. - W.D. Gann
  • #674,733
  • Aug 2, 2012 8:58pm Aug 2, 2012 8:58pm
Quoting ForExtraPips
This is one boring ranging market. Typical after a big day like today.

and waiting for next big move (NFP),but it did 14 pip range on asian open which is good start
Mohan
  • #674,734
  • Aug 2, 2012 9:36pm Aug 2, 2012 9:36pm
Quoting sdcasper
how do you guys feel about entering a trade that hovers around -5 to -10 pips back and forth for several hours? i moved my stop to a greater degree (50 pips) from my earlier examples of 15. at this point i would almost be stopped out by now and feeling disappointed.

since we cannot predict exact tops and bottoms. was wondering how the more skilled traders handle the PA that goes against your trade plan right off the bat. assuming you still hold conviction of trend direction.
I don't measure my sl in a certain number of pips.
Important is that there is a support of a resistance between your trade and your sl.
New voice message: Why are you calling me? If I need you, I'll call you!
  • #674,735
  • Aug 2, 2012 10:02pm Aug 2, 2012 10:02pm
Quoting mohan76
and waiting for next big move (NFP),but it did 14 pip range on asian open which is good start
went to bed a bit early since do not expect big move by ECB....
hold short 1.2325 before Press...
lol.... surprise by the big spike up before the press...
BE hit...

well 1.24 actualli big number in my eye....no complain...

yes....Non farm tonight..another big move coming..
Patience, Emotion Control and Discipline.
  • #674,736
  • Aug 2, 2012 10:04pm Aug 2, 2012 10:04pm
my physiological view divided as 3 part in 4h

http://i.imgur.com/CnlH6.png
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  • #674,737
  • Aug 2, 2012 10:12pm Aug 2, 2012 10:12pm
Quoting stevexyg
What your 'talking' is actually absolute nonsense. 'Your way' of trading is not the only way to trade and to think so is delusional and to insist upon it to others is plain arrogance.

Please feel free to let us all know how you trade but don't suggest it is the only way because that is absurd. It's also absurd to think of 15pips as 'ridiculously small'. We have seen weeks worth of euro/usd pa recently with a daily price range of 60-80pips or less. How can you suggest 30% of a daily range is a ridiculously small SL with a straight face?
I wasn't suggesting, "how to trade." All I'm saying is that 15 pips is rediculous, unless you have a crystal ball and razor sharp entry timing (sorry but no one here does) 15 pips is going to get you stopped so often it will screw up any edge you have.

Yes, right absolute nonsense, come back a few months from now when you've blown another account by whittling it away slowly and tell me it's nonsense.
  • #674,738
  • Aug 2, 2012 10:13pm Aug 2, 2012 10:13pm
If the statistics are right, NFP will not show a big up move
New voice message: Why are you calling me? If I need you, I'll call you!
  • #674,739
  • Aug 2, 2012 10:16pm Aug 2, 2012 10:16pm
Quoting johncen
went to bed a bit early since do not expect big move by ECB....
hold short 1.2325 before Press...
lol.... surprise by the big spike up before the press...
BE hit...

well 1.24 actualli big number in my eye....no complain...

yes....Non farm tonight..another big move coming..
i was surprise to see spark before press conference, i was side lined , and once he open his mouth selling was started , looks everything was pre-planed then he add fuel to selling
Mohan
  • #674,740
  • Aug 2, 2012 10:18pm Aug 2, 2012 10:18pm
Quoting KillerWhale
If the statistics are right, NFP will not show a big up move

so far this week pa touched weekly open daily ,lets see it can do the same today.
Mohan
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