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  • #7,941
  • Aug 26, 2012 10:15pm Aug 26, 2012 10:15pm
[quote=Hyperion;5959969]
Quoting WendyG
Has anyone suggested that some people should go back to their DEMO account when things dont go to plan????

Hi Wendy, I don't like demo accounts for this reason:
[b][size=5]
It is like the old story of the man who was going to fight a duel the next day.
His second asked him, "Are you a good shot?"
"Well," said the duelist, "I can snap the stem of a wine glass at twenty paces"
…and he looked modest.
"That's all very well," said the unimpressed second.
"But can you snap the stem of the wineglass while the wineglass...
I like that quote. That's good.
There are those who know, and there are those who don't know.
  • #7,942
  • Aug 26, 2012 10:46pm Aug 26, 2012 10:46pm
Quoting palabara
lets say your a student at school, and your "learning a subject" do you learn.. What you wish to learn?! Or learn what you are being taught.. Would I go to a science professor and tell him teach me Quantum geometry.

I wouldn't also use the term generic. Once again.. if you say that then everything we learn in college is also generic.. I teach the basics with a foundation.. When you learn to trade.. you follow other people, you learn and see what made them successful.. then you incorperate the knowledge of what you have learned from them and...
hi palabara, one thing that i learned from scalping is that, it's important to identify the hours/market behavior. Whether or not is it breakout, if its breakout to upside, then its important to only go long scalp, if its breakout to downside then vice versa, if market is consolidated/ranging, stochastic and RSI works well for scalping. In a breakout, RSI and stochastic will never work as it can't follows PA that fast.

The next potential support is 1.0315/43 area, based on hour 4 previous breakout.

The common mistakes of a scalper is poor RR, and making many under water trades by shooting the next trade a few pips away from its 1st and 2nd then 3rd like a machine gun, and eventually increases his lot and leverage, then get caught in red when the volatility moves. Some people scalp for 1 pip, some 3, some 8, some 20.

saying goes, what's the point to keep having 10 winning trades on a scalp of 1-2 pip tp, when suddenly market changes get the trader under water of 20-200 pips.

I have seen modified MDP's EA that successful made $5000 into $300,000 in a span of 3 months using only tp of 1-3 pip, but it also takes losses trade. Scalping can be tedious and dangerous, unless the trader is really experienced in all market conditions to know when to exit/cut loss.

The importance of scalping must be reviewed under consistency and returns. For example, i always stick to this rule in scalping, a trader can scalp for 3-5-8 or more pips, sometimes 12-15 or even 20 in good times.

But the minute if the trader starts to scalp and lost 20 pips in negative, the trader must stop scalping for the day to prevent rolling in a negative underwater trade, because one wrong trade is likely to get the next one into shit when market starts to go against in the other breakout direction, so that's the main danger in scalping, because trader may tend to think he knows the market can go long and then short scalp which can be caught off guard by the market.

For me, i rely on my EA to do that scalping for now and focused on bigger tf and sniper trades, i have an ea that's can calculate trend, it does not go against the trend, and i keep the first tp to only 3-5 pips with subsequent money management on grid. It closes well, i for sure can't win an EA on this due to emotions and being a human.
  • #7,943
  • Edited 11:03pm Aug 26, 2012 10:52pm | Edited 11:03pm
Quoting egkid
Totally bearish on my 4h chart.
Next station in my view 320
egkid, if you don't mind, I'd like to bookmark your post.

Quoting DaddyBear
You forgot your 1.037 target not long ago? You will need an army of bears to bring the balloon back to the Earth. The power of the nature is much stronger then all bears combined. -DB-
07/11/12
Quoting egkid
Will bookmark this post
http://www.forexfactory.com/attachme...1&d=1342013356
daddybearforex. com
  • #7,944
  • Aug 26, 2012 10:58pm Aug 26, 2012 10:58pm
Quoting 5percent
hi palabara, one thing that i learned from scalping is that, it's important to identify the hours/market behavior. Whether or not is it breakout, if its breakout to upside, then its important to only go long scalp, if its breakout to downside then vice versa, if market is consolidated/ranging, stochastic and RSI works well for scalping. In a breakout, RSI and stochastic will never work as it can't follows PA that fast.

The next potential support is 1.0315/43 area, based on hour 4 previous breakout.

The common mistakes of a scalper is poor RR,...
You are right, I have a system for scalping.. But, I am not a scalper.. I'm short term/day trader/swing trader a combination of the 3. where I sometimes swing my trades..

I don't take much profits, but I keep risk reward ratio to a point where the reward out weighs the risk. I.E if my s/l in a case is 25 pips my profit goal is 50 pips. 2-1.

but it all varies from trade to trade.. the bottom line in this game is not about being right or wrong or trying to convince yourself the market is going to do this.. I've learned long ago.. to stop predicting the next move and follow the current one, and it will lead you to the next move.
There are those who know, and there are those who don't know.
  • #7,945
  • Aug 26, 2012 11:14pm Aug 26, 2012 11:14pm
Attached Image
  • #7,946
  • Aug 26, 2012 11:18pm Aug 26, 2012 11:18pm
Quoting irfandbl
Attachment
Attached Image
  • #7,947
  • Aug 26, 2012 11:19pm Aug 26, 2012 11:19pm
Last H4 candle looks like a ice bar sitting on two LTLs. There must be some meaning at that particular location and time. We shall find out what it is shortly.
daddybearforex. com
  • #7,948
  • Aug 26, 2012 11:23pm Aug 26, 2012 11:23pm
All I have to say is.....
Attached Image
Don't follow me! You can and most likely will LOSE all your money!!!!
  • #7,949
  • Aug 26, 2012 11:25pm Aug 26, 2012 11:25pm
Quoting CNTrader
All I have to say is.....

Oh and consider this as well lol Good night all
Attached Image (click to enlarge)
Click to Enlarge Name: au 4hr.jpg Size: 91 KB
Don't follow me! You can and most likely will LOSE all your money!!!!
  • #7,950
  • Aug 26, 2012 11:43pm Aug 26, 2012 11:43pm
Quoting irfandbl
Attachment
I see 1.0330
Stocktwit: LuisCarlos - twitter: @lcparodi
  • #7,951
  • Edited Aug 27, 2012 1:01am Aug 26, 2012 11:53pm | Edited Aug 27, 2012 1:01am
Quoting CNTrader
Oh and consider this as well lol Good night all
At this point, it is very easy for anyone to see the visible bear by his eyes, but it is difficult for everyone to see the hidden bull with his mind.
daddybearforex. com
  • #7,952
  • Aug 26, 2012 11:59pm Aug 26, 2012 11:59pm
Looking like it wants to climb a bit,
Just closed a short on that spike down

Let it go up bit then short I suppose
  • #7,953
  • Aug 27, 2012 12:08am Aug 27, 2012 12:08am
be wary of.. surprises
http://www.animalpictures1.com/data/...l_surprise.jpg
  • #7,954
  • Aug 27, 2012 12:21am Aug 27, 2012 12:21am
Quoting tunera
be wary of.. surprises
http://www.animalpictures1.com/data/...l_surprise.jpg
Hi,
I have not seen most talk about any fibo trading in this thread...but here is a chart that might give some sign of bull presence
Notice we bounce at 50% on WK fibos and now we are at 23% of both daily fibs and WK fibs....we touch the fibo almost exactly...
http://screencast.com/t/Ws8xQymI3QKs

TT
  • #7,955
  • Aug 27, 2012 12:32am Aug 27, 2012 12:32am
Pauladkinsau, in below linked post you talked about a change in Chinese leadership in October. Is there a set date? Is bad data likely to be leaked in the lead up to the change, just after or not at all? Thanks & sorry for late reply, just been catching up on the weekend's posts.

http://www.forexfactory.com/showthread.php?p=5956887#post5956887 (http://www.forexfactory.com/showthread.php?p=5956887#post5956887)
Hope for the best, prepare for the worst.
  • #7,956
  • Aug 27, 2012 12:48am Aug 27, 2012 12:48am
Quoting dab
Pauladkinsau, in below linked post you talked about a change in Chinese leadership in October. Is there a set date? Is bad data likely to be leaked in the lead up to the change, just after or not at all? Thanks & sorry for late reply, just been catching up on the weekend's posts.

http://www.forexfactory.com/showthread.php?p=5956887#post5956887 (http://www.forexfactory.com/showthread.php?p=5956887#post5956887)
Looks like a tiny move down
A man is what he thinks about all day long. - Ralph Waldo Emerson
  • #7,957
  • Aug 27, 2012 2:13am Aug 27, 2012 2:13am
Quoting 5percent
hi palabara, one thing that i learned from scalping is that, it's important to identify the hours/market behavior. Whether or not is it breakout, if its breakout to upside, then its important to only go long scalp, if its breakout to downside then vice versa, if market is consolidated/ranging, stochastic and RSI works well for scalping. In a breakout, RSI and stochastic will never work as it can't follows PA that fast.

The next potential support is 1.0315/43 area, based on hour 4 previous breakout.

The common mistakes of a scalper is poor...
Please can you share your EA with me? I want one of those. Thanks.
  • #7,958
  • Edited 4:48am Aug 27, 2012 3:34am | Edited 4:48am
Thanks for your chart Nate, helps a lot. So I have plotted on my own chart, does this look right? I can see it does seem to bounce off some of the lines but i'm not sure why there are so many.. I can see the 0.382 0.5 and 0.618 lines but they are spaced so close together, I thought those lines were supposed to be the retrace from the top, as in 1.0617 - 0.985 = 0.0765 and from there do 1.0617 - (0.382 * 0.0765) to find the point of support, is that right or completely off?

EDIT: I just realised, am I supposed to connect that yellow line from the high to the low? so it crosses over all the other candles?
Attached Image (click to enlarge)
Click to Enlarge Name: fib2.png Size: 36 KB
  • #7,959
  • Aug 27, 2012 4:41am Aug 27, 2012 4:41am
This came out today from Australia's Commonwealth Bank Commodities Research team....

From November 2008 to June 2012, the AUD and iron ore prices (62% Fe, cfr China) have generally moved in step. However, since 1 June to 24 August the AUDUSD has risen 7% to 1.046, while iron ore has declined 26% to USD99.4/t.

Usually Australian iron ore producers facing falling prices will benefit from similar falls in the value of the AUD. However in the last 20 months we have seen this trend diverge reflecting tectonic shifts on global financial markets as loose monetary policy in the US, Europe and the UK depreciate the value of their currencies.

As major currencies like the USD, EUR and GBP ease, freely floating alternatives, like the AUD, with relatively more attractive macroeconomic and interest rate outlooks, rise. The implication is that Australian iron ore producers with spot FX and commodity price exposure are vulnerable to both lower USD commodity prices and a strong AUD – an unusual ‘double whammy’.
  • #7,960
  • Aug 27, 2012 4:45am Aug 27, 2012 4:45am
Correct me if I'm wrong please but I'm seeing the AUD is being support by the 23.6% Fib on the 1D TF, isn't this generally a weaker area?
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