Starting with $50

That's what the 4 hour chart looked like when I put in my pending order. here is updated chart since my order at 11:04pm

Here's the 1 hour chart we will trade off of. Since my expectations are for the currency to tank (or decline in price), we will look at what I saw.

Hm... People need they truth I've found.

The point of the exercise is to prove that a person with little to no money can learn how to trade and start from the bottom

... With a demo account ...

Anyway you're equity curve has the right shape to it so far. Seriously would rather be watching my own money than a demo account but hey, it's your party.

I think you will like this one...notice the current candles action, trying to go down.

BTW, in tonight's trade I went with a lot size of .02 since I got a margin call with the bigger lot size order on Friday.

1. You are exactly correct in that statement

2. and you're invited so put on your favorite party hat, grab some chicken wings and beverage of choice.


But seriously, the DEMO account serves a purpose...crawl, walk, run, race.

I just woke up and checked the chart to see what took place. Pretty impressive looking.

I went with a conservative approach to my trade, exiting just before the 50% Fib line and it ended up going all the way to the 61.8% line for an extra 171 pipettes. I would rather be cautious and not play the "could've, would've, should've...didn't" game.

Here's the chart showing where I put in my pending order, where the order was triggered and the exit.

Click on the chart to make it bigger...btw, I erased the margin call from Friday's trade

I should have put this in the very beginning of the thread but totally forgot. If you want to view your chart bigger, the candles specifically, then you need to take these few steps and everything gets better.

1. go to your chart

2. right click on the screen

3. go down to the bottom of the menu that popped up to where it says "Properties" and click on it

4. a new menu will pop up that has 2 tabs on the top...the choices are Colors and Common...colors lets you adjust all the colors obviously

5. click on Common

6. click on "Scale Fix"

Now when you are looking at your screen you just go to the far right where all the numbers are, LEFT click (and continue holding down the left button on your mouse, and move your mouse up and down to the desired look you are going for.

I can't upload my examples for some reason so you will just have to read the steps and do them...sorry

Nice trade today. Really enjoying the way you're trading so far and hope you will keep up the good work so I can try to pick up a few tips.

Dave.

Grats ocd! I was thinking how magnificent would be to shoot a video at the time of placing the entry, presenting the whole analysis from theory to praxis. If it's possible of course.

Grats again,

Keep up the great work!

TradingDrunk,

I love the screen name...it's just the way Hemingway would do it! Scotch and soda with a fan overhead spinning slowly in an uninsulated bar.


tsipouro,

No videos from me. It's bad enough that this method is about as exciting as watching paint dry...I just can't see filming that. Sorry.

I was looking at the big picture earlier today and noticed something substantial coming...imminent would be better.

This is a 4 hour chart dating back to May 3rd of this year. You will notice a major pattern is forming that will take the price DOWN to the next level unless major news comes out otherwise it will break through the resistance and continue falling.

Here's the chart...form your own opinions

Just set up my first trade explorer to give this a try. Time for bed now though. Will take another look tomorrow.

Now in the light of a climbing market, many would think I'm nuts to short. They wouldn't be the only ones as I'm sitting here doubting myself as I type.

The EURUSD is just too tempting for persons trading off of overbought technical analysis to see what I'm looking at and pass it up. It may not be the right trade based on current momentum but too many traders will see it and short it, creating a new momentum of downward pressure......imo.

I put in a pending order with a Sell Stop...entry at 1.23510 and exit at 1.23125...I determined the entry based on the 23.6% Fib (in this case it is a little less than halfway between the Pivot line and the Resistance 1) and the exit is based on the 50% Fib just above the Support 1 line.


Here are the charts......

This is the 4 hour chart to give us the direction we will take. Is it overbought or oversold? The Stochastics will show us...

So, when we looked at the 4 hour chart we saw that both Stochastics were overBought. That means we will look for the 1 hour chart to be in an overbought condition, ready to correct.

This will probably drop down to the 61.8% Fib/Support 2 level but I am already wondering if the market is expecting some positive quotes from the either the ECB or other talking head. I'm content with the 50% level, provided I'm even right about that.

Here's the 1 hour chart with my entry and exit lines drawn.

Wow, that's one big green candle on steroids! Does somebody know something? They usually do.

Probably an announcement coming and my trade will just cancel out tomorrow if it continues to climb.

Made an adjustment to my entry...changed to 1.23625, exit stayed the same.

Also, since the current candle is the most recent high for this week I adjusted my Fibonacci high.

My thoughts today...


1. I guess I posted this yesterday afternoon (I think sleep deprivation is kicking in). When I used the word "imminent" I didn't think it would be within hours...I thought within7 to 10 days.

2. Well to say I was wrong about the direction of the breakout would be quite the understatement. No major news came out so somebody, a big player, knows something substantial is coming hence the HUGE bullish breakout.

One thing I've learned about trading is that you need to leave your pride and ego at the door. Just when I have come to the conclusion that I know everything the market does just the opposite.

Stochastics are my primary indicator (obviously) and if there's enough momentum then they can remain in an overbought or oversold condition for extended periods of time. But they need fuel to sustain that momentum. The big players will have access to the data or information well before we have it and if we miss the big breakout because of it then so what?

We will just reverse our bias (in this case from bearish to bullish) and trade the other way...now we will look for more bullish trades.

Now if you are wanting see what took place by using only your Fibonacci's then go to your 4 hour chart and zoom OUT.

Set your high on the high of June 18 (looks like) and the low on the low of (looks like) July 24th.

You will then see that the price climbed up to the 61.8% level and has stalled.

This was an impressive "breakout" because the price action has hit the diagonal trendlines resistance several times since June.

Hi OCD,
You mention above that you will now be looking for bullish trades. Does this mean that you believe the general market direction has changed and will be looking to go long when stochs are oversold?

Sorry for the noob questions but I think I am actually learning something here for once