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USD/CAD

  • #3,061
  • Aug 8, 2012 5:41pm Aug 8, 2012 5:41pm
Quoting Rknigh2
That is ideal. I suppose my struggle is closing out the loss and having confidence to get back in. Self-inflicted mind games haha.

The key is to have confidence that it will go to a better price. It may or it may not, but if it starts going away from a better price and you jump back in at a worse price then you have defeated the whole purpose of getting out in the first place. On the other hand, if there is a sizable move and it looks like the top/bottom is finally in yet you haven't been able to get in, then wait for a pullback and define your risk again. Finally, if the market just reverses off your stop and never gives you another chance to really get in with an acceptable r/r, then take heart in that there are MANY other markets you can focus on and try your tactics again.

If your r/r is 1:15 (more preferrably 1:50 or something in between), then figure you've got several shots you can take and still make a highly profitable trade. If you get in at a better price and the target is still the same, then you'll make it all back later plus the difference. Throw in the fact that you can make significant additions to your position as the trade proves you right, and you can end up walking away with an extremely profitable trade relative to what you initially risked.

The main thing you don't want to do is go chasing the price out of fear you'll miss the move. Wait for a good r/r if you missed out on entering at the top/bottom of a move. Put stop behind where you think the top/bottom is. The worst case scenario is you get nailed 10-12 times (usually won't take this many times before you figure you were wrong all along!), and then the market leaves you and doesn't give you a good opportunity to get back in. It sucks, but you'll probably crush the next trade and all will be well again. Don't get over-leveraged and you'll do fine.
  • #3,062
  • Aug 8, 2012 6:48pm Aug 8, 2012 6:48pm
I'm thinking .9890 will probably be touched soon and .9860 might get nicked too. However, good old 0.9830 should be left alone.
  • #3,063
  • Aug 9, 2012 12:13am Aug 9, 2012 12:13am
Well its a good thing I am short eh, Just a simple 2 month low horizontal line breakout , simple as that!
Keep your shit simple! Forex is meant to be a simple thing, but the hard work is the psychology and emotions.
All posts are my personal opinion
  • #3,064
  • Aug 9, 2012 12:32am Aug 9, 2012 12:32am
Quoting Rtm
Well its a good thing I am short eh, Just a simple 2 month low horizontal line breakout , simple as that!
Keep your shit simple! Forex is meant to be a simple thing, but the hard work is the psychology and emotions.
Kindly post your screen shot..
GBP/USD
  • #3,065
  • Aug 9, 2012 3:11am Aug 9, 2012 3:11am
Thank you mates, your commentaries and my 30M TL helped me to keep open my long. I've leveraged this morning. So, even if it tanks later, I'll get a better exit point.
Thanks all and a have a nice day.
Don't be smart. Be rich.
  • #3,066
  • Aug 9, 2012 10:35am Aug 9, 2012 10:35am
wow what strong trend we all should short usd/cad
"Millionaires don't use astrology, billionaires do"
  • #3,067
  • Aug 9, 2012 10:43am Aug 9, 2012 10:43am
Quoting OrionsWay
wow what strong trend we all should short usd/cad

LMAO maybe i should say more stupid shit like more often hahaa
"Millionaires don't use astrology, billionaires do"
  • #3,068
  • Edited 11:46am Aug 9, 2012 11:32am | Edited 11:46am
Quoting OrionsWay
LMAO maybe i should say more stupid shit like more often hahaa
Yea! But you could not act more stupid than me. I sold near the low of the day. Yes I'm a winner, i sell high and buy low. Stupid me.
Correction : To read "Buy high and sell low" Re STUPID ME!
Don't be smart. Be rich.
  • #3,069
  • Aug 9, 2012 1:51pm Aug 9, 2012 1:51pm
Quoting maximinus
Yea! But you could not act more stupid than me. I sold near the low of the day. Yes I'm a winner, i sell high and buy low. Stupid me.
Correction : To read "Buy high and sell low" Re STUPID ME!
Technically I don't see too much support here other than the day's low and the .9900 psych level. I'm moderately comfortable shorting here at .9925 until .9900 (maybe even test that tough .9880 resistance).
  • #3,070
  • Aug 9, 2012 3:00pm Aug 9, 2012 3:00pm
Taking a closer look, 0.9904 and 0.9894 look like likely turning points. I think I can rule out 0.9860 being nicked, but 0.9830 should definitely not be messed with.
  • #3,071
  • Aug 9, 2012 3:55pm Aug 9, 2012 3:55pm
We're at a spot right now (.9910) that very well might be the bottom. I've got the other numbers in post above that are possible, but these are all pretty close to each other. In a situation like this, where I've got a 2+ turning spots in a close vicinity, I'll give up the possibility of a slightly better price and just get my ass in the trade. As much as I try to save myself some pips while positioning for a move, I'm not going to be a pig over 10-20 pips and end up getting nothing.
  • #3,072
  • Aug 9, 2012 5:06pm Aug 9, 2012 5:06pm
Anyone else considering Carney's comments today highlighting the increasing attractiveness of CAD as a safe haven and a front running position to see an interest rate increase?

I look at the number of investors chasing yield stocks and the AUD and CAD seem to fit the "safe return" profile investors are flocking to. Thoughts?
  • #3,073
  • Edited 5:47pm Aug 9, 2012 5:26pm | Edited 5:47pm
def.i see that as safen haven somewhy..but for sure its not good for CAD-to be strong against USD
..one thing i know for sure it should be weaker against usd

cuz usa is main customer and strong CAD (export import)will affect it
Quoting Rknigh2
Anyone else considering Carney's comments today highlighting the increasing attractiveness of CAD as a safe haven and a front running position to see an interest rate increase?

I look at the number of investors chasing yield stocks and the AUD and CAD seem to fit the "safe return" profile investors are flocking to. Thoughts?
Early to bed, early to rise, keeps you healthy, wealthy and wise.
  • #3,074
  • Aug 10, 2012 6:49am Aug 10, 2012 6:49am
8:30 will bring this pair to life. CAD expected to have some good numbers in. I guess we will have to wait and see.
  • #3,075
  • Aug 10, 2012 6:51am Aug 10, 2012 6:51am
Quoting Zappa
We're at a spot right now (.9910) that very well might be the bottom. I've got the other numbers in post above that are possible, but these are all pretty close to each other. In a situation like this, where I've got a 2+ turning spots in a close vicinity, I'll give up the possibility of a slightly better price and just get my ass in the trade. As much as I try to save myself some pips while positioning for a move, I'm not going to be a pig over 10-20 pips and end up getting nothing.
Nice call so far!

Interesting numbers for CAD today while the market digests the chinese data. Bias is slightly long here. Kills me to stay out, but not too sure if we'll get a "Chinese-stimulus" bear run and/or good job data.
  • #3,076
  • Aug 10, 2012 7:19am Aug 10, 2012 7:19am
Quoting Rknigh2
Nice call so far!

Interesting numbers for CAD today while the market digests the chinese data. Bias is slightly long here. Kills me to stay out, but not too sure if we'll get a "Chinese-stimulus" bear run and/or good job data.

Thanks man.

Here's a little piece I think some will find helpful.

"Paul Tudor Jones is famous for being able to pick the bottom and the peak of the markets. The way he does that is by trying repeated trades from the long side over a period of weeks in a market which continues to move lower. He has a very short-term horizon for pain and a very strong view of the long-run direction of all markets. One might lose money while trying to pick the bottom of the market, but when the bottom is found, the winning trade will be greater compared to the smaller losing trades. The very best money is to be made at the market turns.
Don´t confuse trying multiple times to pick a bottom with increasing the position when the market is moving lower. Paul Tudor Jones said: “Don´t ever average losers. Decrease your trading volume when you are trading poorly - increase your volume when you are trading well.” To remind him of this, there´s a picture on the wall saying “Losers Average Losers.”
To be a good trader you have to be a contrarian – trying to go against the market. Even though markets look their very best when they are setting new highs, that is often the best time to sell."
  • #3,077
  • Aug 10, 2012 7:32am Aug 10, 2012 7:32am
oh damn..so bad data 1.0054 here we come to test you again..lol
Early to bed, early to rise, keeps you healthy, wealthy and wise.
  • #3,078
  • Aug 10, 2012 7:37am Aug 10, 2012 7:37am
L at 0.9958 too. stop 5 pips. will move to be after 20pip up. TP open.
  • #3,079
  • Aug 10, 2012 7:40am Aug 10, 2012 7:40am
Good gracious lol.

Should have pulled the trigger.
  • #3,080
  • Aug 10, 2012 7:48am Aug 10, 2012 7:48am
Quoting Rknigh2
Good gracious lol.

Should have pulled the trigger.
It ain't too late. The bottom is probably in and I don't think we'll need to test it again. Maybe try to get in at 50 if it gets there and you'll only risk 40 pips. Upside is big.
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