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Starting with $50

  • #121
  • Sep 7, 2012 12:06am Sep 7, 2012 12:06am
Okay, and here we are once again. Daily, 4 hour and 1 hour charts are all overbought so I'm going short.

I want to add another indicator to my charts tonight to show a diagonal trendline so if I ever get kicked in the head by a horse I can see it and teach myself again!

Pending Sell Stop

Entry = 1.26136...exit = 1.25793

The entry is based on the Pivot point, which is very close to the 23.6% Fib level, so that's good. The exit is at Support 1.

Now the exit is very debatable because it could easily go to the Support 2 or even past it down to the 61.8% Fib level. Why? Because everything is way overbought: daily, 4 hour and 1 hour charts. It's ready to tank but for how much? The diagonal trendline is showing that it only goes down to approx 1.25700 area, give or take 75 pips.

So, I'll be safe and exit at the Support 1 level.

Here's the charts:
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 4 hour, 9-6.gif Size: 39 KB
Click to Enlarge Name: 1 hour, 9-6.gif Size: 38 KB
Everything easy was hard at first
  • #122
  • Sep 7, 2012 12:23am Sep 7, 2012 12:23am
Edit on last post...


I went back and looked at my exit and changed it to 1.25685 which is the 50% Fib level between Support 1 and Support 2 levels.

So, tonight's numbers are:


Entry = 1.26136...exit = 1.25685


The charts above are a little off due to my adjustment.
Everything easy was hard at first
  • #123
  • Sep 7, 2012 12:53am Sep 7, 2012 12:53am
if gbp/usd is bullish after news then i will be long on the pair, gona use trailing stop for exit!
I am what Many Dream to be but only a few can achieve, im a part of the 1%
  • #124
  • Sep 7, 2012 8:38am Sep 7, 2012 8:38am
That was a good call Soros.


Funny, this was supposed to happen yesterday. It took a day for the market to digest Draghi's gameplan that they knew about last week but what the heck can you do? Looks like Britain is waggin the dog.

My motivation behind the trades is daily technicals, not trading the news. Trading the news will eventually drive someone nuts. The main downfall with relying on Stochastics is that they can remain in an over bought/sold condition for extended periods of time. That's why you used multiple timeframes for confirmation but still, it is not perfect.

That being the case, there's no way I would've played this any other way, so...


trade cancelled.




Have a great weekend everyone!
Everything easy was hard at first
  • #125
  • Sep 7, 2012 9:28am Sep 7, 2012 9:28am
[ATTACH][ATTACH]
Attached Image (click to enlarge)
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[/ATTACH][/ATTACH]


this is what happened to me today bro, im calling it a week, happy weekend bro and take it easy, remember that you can never ignore news, trade the charts but the news also drive charts bro, every trade has to be backed up by news bro!!

-no talk, just piping!
Attached Image (click to enlarge)
Click to Enlarge Name: yeah.gif Size: 114 KB
I am what Many Dream to be but only a few can achieve, im a part of the 1%
  • #126
  • Sep 10, 2012 2:04am Sep 10, 2012 2:04am
We had quite the climb on Friday and had been in overbought territory already with anticipation of Draghi. So we are still overbought AND Draghi has already spoken.

The price will either drop or try and hold the ground it gained. I'm thinking a little of both since nothing major is happening today.

Pending Short Stop

Entry = 1.27680...exit = 1.27355


Since the Resistance 1 has already been tested then usually the Pivot needs to be tested as well, otherwise, the price would have penetrated the R1 and then gone up to R2...price is trading around the 6.5% Fib level. Entry is based on 13% fib level and should go to 23.6% Fib level, my exit, just past the Pivot point.

I anticipate price going up somewhat because the 5,3,3 Stochastics on the 1 hour chart is oversold, so it should get a little push.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 4 hour, 9-9.gif Size: 36 KB
Click to Enlarge Name: 1 hour, 9-9.gif Size: 36 KB
Everything easy was hard at first
  • #127
  • Sep 10, 2012 5:40am Sep 10, 2012 5:40am
Quoting ocd
We had quite the climb on Friday and had been in overbought territory already with anticipation of Draghi. So we are still overbought AND Draghi has already spoken.

The price will either drop or try and hold the ground it gained. I'm thinking a little of both since nothing major is happening today.

Pending Short Stop

Entry = 1.27680...exit = 1.27355


Since the Resistance 1 has already been tested then usually the Pivot needs to be tested as well, otherwise, the price would have penetrated the R1 and then gone up to R2...price...
Dear OCD
Can you explain why sell stop at 1.27680? Where do you know this exact 1.27680? Many thanks for your answer and keep up your good work. Thanks!
  • #128
  • Sep 10, 2012 10:57am Sep 10, 2012 10:57am
Flat day...narrow trading range...I'm just glad my trade didn't get triggered as it was very close to doing so.

Here's a picture for me to look at later on...
Attached Image (click to enlarge)
Click to Enlarge Name: 1 hour, 9-9b.gif Size: 36 KB
Everything easy was hard at first
  • #129
  • Sep 10, 2012 11:06am Sep 10, 2012 11:06am
Quoting kofix11
Dear OCD
Can you explain why sell stop at 1.27680? Where do you know this exact 1.27680? Many thanks for your answer and keep up your good work. Thanks!
Hey kofix,


The reason I chose 1.27680 as my entry was because the price needs to make a commitment for direction. Typically, once the price starts to move in a direction (up or down) it will continue in that direction for a brief period of time.

But it has to break out of its little trading range. I drew my Fibonacci lines (on the 1 hour chart) from the low of Sept 5th to the high of Sept 7th.

From there I looked at where the price was trading on the Fibonacci lines, and that was around the 6.5% level. Usually, when it hits the 6.5% level it will then hit the 13% level...if it hits the 13% level it will then go to the 23.6% level and stall/pullback before thinking about going to the 38.2% level.

So that's why I chose 1.27680 as my entry , it was the 13% Fib level.
Everything easy was hard at first
  • #130
  • Sep 11, 2012 1:26am Sep 11, 2012 1:26am
Hello to myself and anyone who might stumble onto reading this.

I am bullish tonight!

Pending Buy Stop


Entry = 1.27795...Exit = 1.28160



My thoughts about tonight's trade...the 4 hour chart shows the 21,5,5 Stochastics as overbought which I see as a continuation. The 5,3,3 Stochastics is oversold which is the main condition I am looking for. That specific Stochastics (5,3,3) is the main one I care about because it is the one that will move very soon...if not sooner

The 1 hour chart has been setting up all afternoon. The 21,5,5 Stochastics is basically oversold and ready to rise significantly. It should bottom out soon around 1.27571, well, it just did! and then rise to about 1.28214 (Resistance 3) if my calculations are correct.

My exit is based on the price hitting R3, so I backed off close to 50 pipettes.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 4 hour, 9-10.gif Size: 34 KB
Click to Enlarge Name: 1 hour, 9-10.gif Size: 36 KB
Everything easy was hard at first
  • #131
  • Sep 11, 2012 4:44am Sep 11, 2012 4:44am
monday was very flat..... lets hope tuesday the markets move, i think the markets will be relevantly flat this whole week, we have very little news this week, we realy need patience to wait for a perfect setup before we enter a trade or else the market will take the gains of last week, when will you jump to live acount?
I am what Many Dream to be but only a few can achieve, im a part of the 1%
  • #132
  • Sep 11, 2012 9:55am Sep 11, 2012 9:55am
Good morning

Looks like my trade was a bit conservative. But if you aren't trading with a crystal ball, conservative is cool! I had several key resistance levels that I thought could be hit and all have been taken out but those same resistance levels could easily have been ceilings.

The key to this trade was:

1. 5,3,3 Stochastics oversold on the 4 hour chart

2. 21,5,5 Stochastics oversold on the 1 hour chart

3. the recent highs had shown a 200 pipette increase over the previous highs so that pattern was likely to continue which it did

I will post 2 different 1 hour charts, the first showing the resistance levels in red with a strong one in thick maroon. Consider it my worksheet. This chart includes an indicator that I am experimenting with called the bbsqueeze_dark...it has a nice effect that shows you when the price is changing momentum. The second chart shows just my trade and how it went after I put the order in.

Overall, I am happy with the trade.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1hour, 9-10b.gif Size: 39 KB
Click to Enlarge Name: 1hour, 9-10c.gif Size: 36 KB
Everything easy was hard at first
  • #133
  • Sep 11, 2012 10:09am Sep 11, 2012 10:09am
Quoting Soros

1. we have very little news this week

2. when will you jump to live acount?

1. We're just looking for anything to spark fear or greed and then the price moves. There are several things that give fuel to the momentum in addition to news.

a. overall sentiment of the masses

b. anticipation of news, speeches, reports

c. rumors...based on any number of things

d. insider information


2. who says I haven't? My advice is to never post live information of any sort on the internet for personal security reasons. This demo account is serving its purpose and that is to show that it can be done...starting with 50 bucks...
Everything easy was hard at first
  • #134
  • Sep 11, 2012 11:17am Sep 11, 2012 11:17am
Thank you for sharing your trading and ideas. Really interesting and educative. I also appreciate your trade list which proves you are not talking BS.
Subscribed!
  • #135
  • Sep 11, 2012 11:59am Sep 11, 2012 11:59am
this is the only thread that i look forward to reading.......

well i would apreciate it if you gave us your goals for the $50, where do you want to take it, when will you change trading style etc.?
I am what Many Dream to be but only a few can achieve, im a part of the 1%
  • #136
  • Sep 11, 2012 12:44pm Sep 11, 2012 12:44pm
Quoting Soros
this is the only thread that i look forward to reading.......

well i would apreciate it if you gave us your goals for the $50, where do you want to take it, when will you change trading style etc.?
Thanks

This is my thought and I want to show it can happen...$50 becomes $100...$100 becomes $1,000...$1,000 becomes $10,000. And you know where 10 grand can go.

I need to show that a person who is down financially, so down that they have to save for the $50, can turn it around. With less than $50 in your possession you have very few options and not much hope. This person unknowingly repels many opportunities - they have been beaten down and if not careful, they will stay there. With 10 grand at your fingertips you have plenty of options and a completely different mindset. The limitation bands have been removed and the person can breathe again.

I won't change the trading style. I may tweak it here and there like adding the bbsqueeze_ dark indicator but, other than that, it needs to remain simple.
Everything easy was hard at first
  • #137
  • Sep 11, 2012 12:46pm Sep 11, 2012 12:46pm
Quoting tamiflu
Thank you for sharing your trading and ideas. Really interesting and educative. I also appreciate your trade list which proves you are not talking BS.
Subscribed!

Thanks
Everything easy was hard at first
  • #138
  • Sep 11, 2012 1:09pm Sep 11, 2012 1:09pm
yeah, it can be done bro!!!!!!! a guy that i know turned $50 into just above $1k in 3months, so it can be done bro..

have you atempted to do it before? or have atempted to do anything like it?
I am what Many Dream to be but only a few can achieve, im a part of the 1%
  • #139
  • Sep 12, 2012 12:35am Sep 12, 2012 12:35am
Quoting Soros
yeah, it can be done bro!!!!!!! a guy that i know turned $50 into just above $1k in 3months, so it can be done bro..

have you atempted to do it before? or have atempted to do anything like it?

No, honestly I've never done something like this before. $250? yes to 6 digits (stocks), but not $50 with FOREX. Forex is much easier than stocks because of the manipulation that goes on with the US stock market...just brutal.

I know it can be done but the real question is how long will it take to get the job done? This is the part of the exercise that really intrigues me.
Everything easy was hard at first
  • #140
  • Edited 1:00am Sep 12, 2012 12:56am | Edited 1:00am
Hello to anyone reading this message.

Tonight's trade is difficult because of the pending German Constitutional Court ruling. I just can't see them ruling against saving the EURO. I can see them attaching certain requests or restrictions. That decision is in 2 hours and 20 minutes and I can guarantee you someone already knows the decision. The price will reflect that accurately in approximately one + hours.

That being the case, I'm bullish tonight!


Pending Buy Stop



Entry = 1.28824...Exit = 1.29329




I can understand if anyone disagrees with me because, technically speaking, I should be very bearish based on the Stochastics. All are overbought. I am saying that it is a continuation rather than a reversal which is imminent.

Both the 4 hour chart and the 1 hour chart show overbought Stochastics and because of the pending news, I will watch my charts tonight. If the GCC comes out and says NO, then I expect the price to tank in a big way...I will be ready to reverse my order immediately.

If I do reverse my trade then I will go with the 13% (1.28329) Fib line to the 38.2% (1.27368)...my entry may be worse than that due to price dropage during the carnage.

Here are the charts I traded off tonight:
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 4 hour, 9-11.gif Size: 34 KB
Click to Enlarge Name: 1hour, 9-11.gif Size: 35 KB
Everything easy was hard at first
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