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  • #753,801
  • Feb 4, 2013 7:37am Feb 4, 2013 7:37am
Quoting gatorinla
more then i thought..
they are expensive now, in comparison, eminis did around $225 billion...if my math is correct..
Look Sharp/Trade Tight
  • #753,802
  • Feb 4, 2013 7:38am Feb 4, 2013 7:38am
I think I'll leave this pair alone for now and go back to scalping the NZD/USD, like I did last Friday. 20 pips up, 20 pips down. Wash, rinse, repeat.
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Time turns trend. - W.D. Gann
  • #753,803
  • Feb 4, 2013 7:38am Feb 4, 2013 7:38am
Watching 35672 for shorts
  • #753,804
  • Feb 4, 2013 7:39am Feb 4, 2013 7:39am
I personally cannot understand how people trade for such small pips (i'm not judging, just can't fathom it). Sometimes it takes me 20 pips just to establish a position. My profit targets are usually 50+ pips (on average closer to 100) but i am known for exiting early if i don't like the PA. No one can consistently pick the tops and bottoms, so I don't try. I don't trade anything under the 4H TF.

Instead of the 5 pips daily goal, I would recommend more pips for much lower leverage (10:1 at the most). Forex scales linearly, if you can make money trading $500, you can make money trading $500,000. The only difference will be on the psychological level.

Quoting vlady1974
When you have a day job and you want to learn to trade, it's the only way to do it. It's not ideal by a long shot. I'm making more money now than I have in the past 2 years, yes.

But no, it's not something I would recommend to another newbie. However, having said that - I know alot of newbies who are in a similar position as me. I've never, however, mentioned my personal situation to anyone as per how I go about my trades.

My daily objective is min 20 pips. Today has wiped it out, but last week I yeilded 4 out of 5 days, ie. 4 x 20 minimum....
  • #753,805
  • Feb 4, 2013 7:40am Feb 4, 2013 7:40am
Oh man, friday made things hard. My plan is now to scalp a weak point B retracement from 1.3540 to 1.3570, then load shorts towards 1.3450.
  • #753,806
  • Feb 4, 2013 7:40am Feb 4, 2013 7:40am
Quoting math_GB
Yes true, therefore watching 1.3530 as well mate.
Watching the upside first, ideally 1.3645.
  • #753,807
  • Feb 4, 2013 7:44am Feb 4, 2013 7:44am
Quoting Fxnewdeal
Watching the upside first, ideally 1.3645.
If it reaches there, it can reach much higher I guess
  • #753,808
  • Feb 4, 2013 7:45am Feb 4, 2013 7:45am
Quoting Ken A
Still might go lower as E/J is heading to 125.33 or 125.06.


interesting. what do .33 and .06 lvls relate to on your chts?
  • #753,809
  • Feb 4, 2013 7:46am Feb 4, 2013 7:46am
Quoting math_GB
If it reaches there, it can reach much higher I guess
Yes most likely.
I'm very surprised no one is bidding the pair today.

I'll just keep buying dips with tight stops and see.
  • #753,810
  • Feb 4, 2013 7:48am Feb 4, 2013 7:48am
Quoting 1candlepower
interesting. what do .33 and .06 lvls relate to on your chts?

Friday's Daily Mid and Support respectively.

Daily Cut off 17:00 EST.
  • #753,811
  • Feb 4, 2013 7:48am Feb 4, 2013 7:48am
Quoting Ken A
Not sure where E/J will turn as U/J almost touch Asian lows 92.55.

This slow grind PA is scary, just don't go against it.
aye aye..

not trying to go against it. i missed the first down, got in at the retrace at 126.10, and havent look back.
  • #753,812
  • Feb 4, 2013 7:51am Feb 4, 2013 7:51am
Quoting BlueGas
Watching 35672 for shorts
short @ mentioned price, 20 pip stop, 30+ tp1
  • #753,813
  • Feb 4, 2013 7:52am Feb 4, 2013 7:52am
Quoting math_GB
Yes true, therefore watching 1.3530 as well mate.
gl.
  • #753,814
  • Feb 4, 2013 8:01am Feb 4, 2013 8:01am
Quoting ec_creep
aye aye..

not trying to go against it. i missed the first down, got in at the retrace at 126.10, and havent look back.

E/J short might not long live if U/J has bounced.
  • #753,815
  • Feb 4, 2013 8:01am Feb 4, 2013 8:01am
Quoting Ken A
Friday's Daily Mid and Support respectively.

Daily Cut off 17:00 EST.




either my fxcm feed is really bad or i just don't know what "Daily Mid and Support" refer to .

would you have a link to the definition you're using?
  • #753,816
  • Feb 4, 2013 8:03am Feb 4, 2013 8:03am
Quoting Rev olution
I personally cannot understand how people trade for such small pips (i'm not judging, just can't fathom it). Sometimes it takes me 20 pips just to establish a position. My profit targets are usually 50+ pips (on average closer to 100) but i am known for exiting early if i don't like the PA. No one can consistently pick the tops and bottoms, so I don't try. I don't trade anything under the 4H TF.

Instead of the 5 pips daily goal, I would recommend more pips for much lower leverage (10:1 at the most). Forex scales linearly, if you can make money...
I like where you're coming from - I really do. If you are achieving it, then it's what I aspire to.
To me, this level of skill requires:

a) Appropriate account size and money management
b) A Trading Edge learned from smaller timeframes.

I won't debate it here... but to me, the 1M is the same as the 1W. The patterns are more or less the same, just at a different speed. To me, from my days in stocks everything is a fractal because the underlying emotions driving the movement is still human emotions converted to binary format - regardless of size.

Hence why I agree with you on the $500 being $500K. But the reality of it is my point (a). I pays to not be underfunded/undercapitalised. definitely and it's something a newbie will ultimately discover - but some people just can't afford an account that will trade at a Daily or a Weekly TF. Would you recommend not trading (and hence not "learning")? Demo accounts don't offer the "reality" of trading in my book and only go so far.

I'm working towards a 10K account. And once I'm there, my trading style will definitely change - as it's a different pace to a 1K account or a 100 account.
A pip is only worth it if you know how much you risked to earn it
  • #753,817
  • Feb 4, 2013 8:03am Feb 4, 2013 8:03am
Quoting BlueGas
short @ mentioned price, 20 pip stop, 30+ tp1
Gonna get out at 57 if i get,and look for longs there, looks like market structure changin to bullish
  • #753,818
  • Feb 4, 2013 8:04am Feb 4, 2013 8:04am
I just got long with sl at 47... targeting DP at 3640.
@pawpaw1000 on Twitter
  • #753,819
  • Feb 4, 2013 8:09am Feb 4, 2013 8:09am
Quoting Ken A
E/J short might not long live if U/J has bounced.
*nods

both might just be heading back down from here..
  • #753,820
  • Feb 4, 2013 8:10am Feb 4, 2013 8:10am
Quoting 1candlepower


either my fxcm feed is really bad or i just don't know what "Daily Mid and Support" refer to .

would you have a link to the definition you're using?

Try this for MT4, will calculate it for you.

Just found it on FF so the credit is to the author.
Attached File(s)
File Type: mq4 Auto-Pivot Plotter V1-41.mq4   14 KB | 242 downloads
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