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  • #675,261
  • Aug 3, 2012 12:52pm Aug 3, 2012 12:52pm
Quoting almo
LMAO!!!

Your probably right. Unfortunately, I forgot his name.


Edit - I think I found him - MrLuckyStar - http://www.forexfactory.com/showthre...23#post5899323
Edit2 - Rusty Ram also - http://www.forexfactory.com/showthre...42#post5898042
Then there is two , Killer Whale and rustyram....

Respect
"It's the Margin, Stupid."
  • #675,262
  • Aug 3, 2012 12:52pm Aug 3, 2012 12:52pm
Quoting Julexo
OUT from shorts...
?? what do u mean?

U bet on a rise again?
  • #675,263
  • Aug 3, 2012 12:56pm Aug 3, 2012 12:56pm
Quoting divak
?? what do u mean?

U bet on a rise again?
i already did with 20 pips that i don't give a damn to lose them
"It's the Margin, Stupid."
  • #675,264
  • Aug 3, 2012 12:59pm Aug 3, 2012 12:59pm
Quoting Mr.MaginCole
I have no trades open for now but

SELL LIMIT 1 @ 1.2380
SELL LIMIT 2 @ 1.2340
BUY LIMIT 1 @ 1.2100
BUY LIMIT 2 @ 1.2050
Both Sell Limits were activated. Now my Target for next week is 1.2200. Will add more shorts if we get a small pop above 1.2450.
  • #675,265
  • Aug 3, 2012 1:06pm Aug 3, 2012 1:06pm
Quoting divak
?? what do u mean?

U bet on a rise again?

for me very slow PA...
  • #675,266
  • Aug 3, 2012 1:17pm Aug 3, 2012 1:17pm
Quoting almo
I agree on the times...although I would probably add the start of the London session as a great time as well.


Excellent trades Pip_trader. Unfortuantely for me, I was stuck in my longs on the EUR, but I knew this day was coming.
Yes, london's start is nice as well - I usually get set up an hour before hand to go over particulars. As long as it pays off congrads to you!!!!
  • #675,267
  • Aug 3, 2012 1:47pm Aug 3, 2012 1:47pm
Bear trap is full now. Price move to 2450-2500 range on Monday should skin quite a few of them.

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  • #675,268
  • Aug 3, 2012 1:53pm Aug 3, 2012 1:53pm
Quoting pip_trader
Made some good calls, too. Up +96. Anything good your way?

+52 on E/U

after 3 years I,m still learning.

I only trade part time when I can monitor my trades.
  • #675,269
  • Aug 3, 2012 2:13pm Aug 3, 2012 2:13pm
Quoting RWalker
Bear trap is full now. Price move to 2450-2500 range on Monday should skin quite a few of them.

Attachment

this is a dumb question but can you explain based on your chart a bear trap. i hear it alot but i cannot wrap my brain around it.
  • #675,270
  • Aug 3, 2012 2:36pm Aug 3, 2012 2:36pm
Quoting sdcasper
this is a dumb question but can you explain based on your chart a bear trap. i hear it alot but i cannot wrap my brain around it.

I'm no expert on the subject, but the idea of a trap is to take advantage of imprudent moves (mostly by traders who won't take a small loss).. you get a group of traders to position in one direction and then drive the price in the other. Exactly how a large player (or grp of players) does that - I don't know the details. I just see the same thing happening over and over.

for today's stair-step pattern:
- sum of days news is very murky as usual (people turn to tech's and gut feel)
- price keeps going up for NO apparent reason, seems it has to turn around (after all, no REALLY bad news, right?)
- it happens often after big price moves .. makes some want to take ANY trade to get in on the profits
- many inexperienced traders will stay put once they're in the red (and get out the very SECOND they turn green), so once the stair step pattern puts them under water - they just SIT THERE until the pain is unbearable or they get margined out (the trapped bears could have gotten out at each level or stair tread by chewing off a piece of finger - which they could easily grow back - but they won't; it's their nature to not take a small loss)

the last bit is probably the most important..

anyway, been seeing this one a lot lately but there must be dozens of different kinds of traps - bear and bull

It's hard to be victimized by this type of trap if you get out immediately when you see you're wrong
  • #675,271
  • Aug 3, 2012 2:50pm Aug 3, 2012 2:50pm
Quoting RWalker
Bear trap is full now. Price move to 2450-2500 range on Monday should skin quite a few of them.

Attachment
what is that bear-trap thing?
Can u explain?
  • #675,272
  • Aug 3, 2012 2:54pm Aug 3, 2012 2:54pm
[quote=RWalker;5902305]I'm no expert

after reading several books on the psychology of trading i've come to realize two things; 1). i'm a gambler by nature, and 2). i like rooting for the underdog.

i saw this as a young teenager taking the underdog and the points rather then analyzing the fundamentals and technicals for two competing teams.

i have many times taken the reversal trade only to find the market continue trending. i think if i can look at my pending trade, conclude everyone else see's the same as i do, then do the opposite, i may find myself slightly more successful.

after six years i realized that everyone is learning and studying the same information. how can retail traders be right all the time. who would then lose money.

thanks for the insight. makes alot of sense.
  • #675,273
  • Aug 3, 2012 3:00pm Aug 3, 2012 3:00pm
Only traded today and Monday for short time.

+5% today
+10% Monday
  • #675,274
  • Aug 3, 2012 3:02pm Aug 3, 2012 3:02pm
[quote=sdcasper;5902331]
Quoting RWalker
I'm no expert

after reading several books on the psychology of trading i've come to realize two things; 1). i'm a gambler by nature, and 2). i like rooting for the underdog.

i saw this as a young teenager taking the underdog and the points rather then analyzing the fundamentals and technicals for two competing teams.

i have many times taken the reversal trade only to find the market continue trending. i think if i can look at my pending trade, conclude everyone else see's the same as i do, then do the opposite,...
Greed blinds comrade.

When you see an advertisement for someone saying " You can make 40.000 Dollars in one Week or Top up 300 Dollars and you can buy 100.000 of currency and benefit from its exchange value ". How many person will respond to that and have 500 Dollars can spear ! In addition to that, even big financial institutions that bet in any market , they also make loses - but the powerful firm is the one that make less loses than the other one ..

The financial markets has the highest probabilities of failure , an almost 97 percentage ... still , people are opening live account with thousands everyday !
"It's the Margin, Stupid."
  • #675,275
  • Aug 3, 2012 3:07pm Aug 3, 2012 3:07pm
[quote=Vachus;5902339]
Quoting sdcasper

Greed blinds comrade.

...

more useful to focus on loss than greed - greed may make you take trades you shouldn't take,

BUT unwillingness to take small loss is what makes you lose big (whether trade is taken on greed or not!)
  • #675,276
  • Aug 3, 2012 3:17pm Aug 3, 2012 3:17pm
GBP/AUD short still doing well, even after today's bullshit.
  • #675,277
  • Aug 3, 2012 3:56pm Aug 3, 2012 3:56pm
Quoting sdcasper
this is a dumb question but can you explain based on your chart a bear trap. i hear it alot but i cannot wrap my brain around it.
Quoting RWalker
I'm no expert on the subject, but the idea of a trap is to take advantage of imprudent moves (mostly by traders who won't take a small loss).. ...
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to be a little more specific, the trick is:

1. make you think you see a top (no bad news - it's gotta turn around!)
2. get you to go short
3. drive the price above what you thought was a top (most recent yellow line)
4. hope that you will stay in the position (trapped! because won't take loss) once they put you under water
5. go to step # 1, but at a higher price, and be sure keep above the last yellow line (to keep you under water)
6. rinse and repeat (putting more bears into the larder) until no one else will fall for it
7. drive the price up further (2450-2500+?) and clean out stubborn bears

The most important step #4 - it only works with traders who won't take a loss (there are quite a few)
  • #675,278
  • Aug 3, 2012 4:05pm Aug 3, 2012 4:05pm
Quoting RWalker
Attachment

to be a little more specific, the trick is:

1. make you think you see a top (no bad news - it's gotta turn around!)
2. get you to go short
3. drive the price above what you thought was a top (most recent yellow line)
4. hope that you will stay in the position (trapped! because won't take loss) once they put you under water
5. go to step # 1, but at a higher price, and be sure keep above the last yellow line (to keep you under water)
6. rinse and repeat (putting more bears into the larder) until no one else...
What is the point of cleaning out stubborn bears? it feels like a compiracy your explanation...
  • #675,279
  • Aug 3, 2012 4:12pm Aug 3, 2012 4:12pm
Quoting divak
What is the point of cleaning out stubborn bears? it feels like a compiracy your explanation...
I honestly don't know whether it's a conspiracy or something that develops through natural process... it keeps popping up though

#7 doesn't always happen, but it does a lot. whole thing makes ya wonder about Elliot waves
  • #675,280
  • Aug 3, 2012 4:16pm Aug 3, 2012 4:16pm
Quoting RWalker
I honestly don't know whether it's a conspiracy or something that develops through natural process... it keeps popping up though

#7 doesn't always happen, but frequently it does a lot. whole thing makes ya wonder about Elliot waves
EurUSd is up more than 1.6% today. It"s a huge day. It wont go up on monday.
Correction needed.
Especially when no significant news is on the market.

I think this is mainly short covering, on a friday. Classic.
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