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Ramblings of a Forex Junkie

  • #481
  • Feb 5, 2013 11:03am Feb 5, 2013 11:03am
I made a couple of trades today in EJ here they are. I still left a lot of money on the table with the daily low. I have sold the high from last week. Time will tell if this works out. If the Yen continues to be slammed down this will fail. If it does I will buy it on a retest if given the chance.
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  • #482
  • Feb 5, 2013 11:11am Feb 5, 2013 11:11am
Quoting Seneca pilot
I made a couple of trades today in EJ here they are. I still left a lot of money on the table with the daily low. I have sold the high from last week. Time will tell if this works out. If the Yen continues to be slammed down this will fail. If it does I will buy it on a retest if given the chance.
Good luck buddy.
  • #483
  • Feb 5, 2013 11:15am Feb 5, 2013 11:15am
Quoting Seneca pilot
Nice trading.
You've scratched a dent in my trading career. I am indebted by the knowledge you've imparted and thanks for taking away my ignorance on most matters. Indeed, the best way to learn is to teach.
  • #484
  • Feb 5, 2013 11:16am Feb 5, 2013 11:16am
The Yen has been driving the bus for the last two weeks. The dollar pairs have been blowing through levels more than normal making them hard to trade. I have switched to EJ and GJ as you can see from my chart postings. I don't know how long this will last but it shows the flexibility that one must have to trade successfully. EU and GU are normally the most reliable pairs to trade as the levels are typically well respected. This condition will correct itself, just a matter of time.
  • #485
  • Feb 5, 2013 11:23am Feb 5, 2013 11:23am
Quoting Seneca pilot
I don't label mine although I do color code so that I know what they are at a glance. I think the labeled lines were a creation of Square 1. Not a problem to make them appear automatically if you know you want to trade them automatically. Also have to remember to change them when the time changes in thee spring and fall.
Not automatically, you have to drag a line to the chart window, then label it.
There is a script called D&D H-Line. Its the one i use.
http://www.forexfactory.com/showthread.php?t=357124
  • #486
  • Feb 5, 2013 11:30am Feb 5, 2013 11:30am
Quoting Seneca pilot
The Yen has been driving the bus for the last two weeks. The dollar pairs have been blowing through levels more than normal making them hard to trade. I have switched to EJ and GJ as you can see from my chart postings. I don't know how long this will last but it shows the flexibility that one must have to trade successfully. EU and GU are normally the most reliable pairs to trade as the levels are typically well respected. This condition will correct itself, just a matter of time.
I can see, the Yen has been slammed today. The EJ was rallying on a rollerskate like the EU.
  • #487
  • Feb 5, 2013 1:10pm Feb 5, 2013 1:10pm
Quoting Seneca pilot
Ok profit taken at 1.3065. Wanted out before market open.

1% risk 3.8% gain.

If I am only talking to myself this will be a short lived thread. Some body tell me Why I suck. I like a good debate, and could always learn from your views.

Todays truth: Indicators are worthless and are not needed.
Oh my God this is the hardest truth in forex but a few still believe this. I have personally used countless of indicators and today you make a profit and tomorrow is margin call. I have been trading for the past one year now and am yet to withdraw $1 (one dollar). Yesterday, I threw away all those lagging indicators and I began to do some self discovery about price. Glad someone in another thread directed me here. let me seize this opportunity to thank you and also learn many stuff here. I like pure chart now and I think it is the best way someone like me will succeed in forex trading. Indicators have cause me so much pains.
  • #488
  • Feb 5, 2013 1:33pm Feb 5, 2013 1:33pm
Quoting Seneca pilot

Now I will not make the specifics public but if you look inside that data, break up those hours a little and look at which hours are most important in terms of news, options activity, and market opens and closes you can begin to work out some patterns in support and resistance that are extremely consistent. I am talking trading with 80+% accuracy. The patterns are there for the initiated to find.
I found what you talked about. Thank you very much.
  • #489
  • Feb 5, 2013 2:09pm Feb 5, 2013 2:09pm
Quoting Seneca pilot
I made a couple of trades today in EJ here they are. I still left a lot of money on the table with the daily low. I have sold the high from last week. Time will tell if this works out. If the Yen continues to be slammed down this will fail. If it does I will buy it on a retest if given the chance.
Due to the Yen's higher daily ATR, may I assume you use a higher percentage for calculating stops/targets? If this is too specific, no worries.
  • #490
  • Feb 5, 2013 3:31pm Feb 5, 2013 3:31pm
Quoting dedoctor
Oh my God this is the hardest truth in forex but a few still believe this. I have personally used countless of indicators and today you make a profit and tomorrow is margin call. I have been trading for the past one year now and am yet to withdraw $1 (one dollar). Yesterday, I threw away all those lagging indicators and I began to do some self discovery about price. Glad someone in another thread directed me here. let me seize this opportunity to thank you and also learn many stuff here. I like pure chart now and I think it is the best way someone...
Good luck in your journey.

Right now before you do anything else reduce the size of your account to a small amount, not more than one hundred dollars. Then reduce your position size to the smallest amount your broker allows. If your broker doesn't allow less than 10,000 units open an account that does. You need to learn with real money but you dont have to loose alot to do it. The most you should ever lose while still in the learning phase is a few dollars. When you can double the small account at least twice then you will be ready to start building a larger account.

Trading is simple, but it is the hardest thing I have ever done. Discipline is KEY.
  • #491
  • Feb 5, 2013 3:35pm Feb 5, 2013 3:35pm
Quoting FFJeternal
Due to the Yen's higher daily ATR, may I assume you use a higher percentage for calculating stops/targets? If this is too specific, no worries.
Normally twenty percent works for most pairs. Now however with the increased volatility I have increased the percentage to twenty five percent and I have reduced my position size accordingly. This will pass when the Japanese have gotten the train in motion. They say they want to see about 100 Yen to the dollar. The chinese though are a wild card. They are also buying the Euro pretty hard, or so the rumors go.
  • #492
  • Feb 5, 2013 3:43pm Feb 5, 2013 3:43pm
Quoting square1
Not automatically, you have to drag a line to the chart window, then label it.
There is a script called D&D H-Line. Its the one i use.
http://www.forexfactory.com/showthread.php?t=357124
thanks for that square1
  • #493
  • Feb 5, 2013 5:37pm Feb 5, 2013 5:37pm
Quoting Seneca pilot
Normally twenty percent works for most pairs. Now however with the increased volatility I have increased the percentage to twenty five percent and I have reduced my position size accordingly. This will pass when the Japanese have gotten the train in motion. They say they want to see about 100 Yen to the dollar. The chinese though are a wild card. They are also buying the Euro pretty hard, or so the rumors go.
So, technically, you've made the switch due to volatility, and not necessarily because ATR is large. Makes sense.

(and thanks, as always)

On a side note, I'm so accustomed to watching only EU that I missed both of EJ's phenomenal trades today. Unbelievable accuracy.
  • #494
  • Feb 5, 2013 9:05pm Feb 5, 2013 9:05pm
Quoting FFJeternal
So, technically, you've made the switch due to volatility, and not necessarily because ATR is large. Makes sense.

(and thanks, as always)

On a side note, I'm so accustomed to watching only EU that I missed both of EJ's phenomenal trades today. Unbelievable accuracy.
Yes volatility not necessarily large ATR. You can have wide ranges without a lot of overshoots and quick volatile moves. If it is just range expansion the stop automatically gets larger to accomodate.
  • #495
  • Feb 6, 2013 12:04am Feb 6, 2013 12:04am
This was quick. I am pretty sure I am leaving money on the table but three to one is pretty damn good and I want to go to sleep. GJ did the same thing but I was doing some research and forgot to place a pending. Of course the short at the weekly was stopped out but the singles just keep coming. I am not a swing for the fences type of guy.
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  • #496
  • Feb 6, 2013 12:25am Feb 6, 2013 12:25am
I apologise. I know I promised a new truth. I have started it twice and didn't like my writing. I will get it done. This week is tough for me. We are moving to the new house, my parents are in town to visit their grandchildren, and I have been tired every night and falling asleep during my normal trading hours.

Bla bla bla ...excuses excuses:

Its coming I promise, just bear with me a little.
  • #497
  • Feb 6, 2013 1:33am Feb 6, 2013 1:33am
Quoting Seneca pilot
I apologise. I know I promised a new truth. I have started it twice and didn't like my writing. I will get it done. This week is tough for me. We are moving to the new house, my parents are in town to visit their grandchildren, and I have been tired every night and falling asleep during my normal trading hours.

Bla bla bla ...excuses excuses:

Its coming I promise, just bear with me a little.
Dear SP,

You have NOTHING to apologize for!!! The amount of time and energy you put into this thread is amazing. Perhaps reducing this work load will benefit other important parts of your life. We all appreciate your efforts on our behalf.
  • #498
  • Feb 6, 2013 7:24am Feb 6, 2013 7:24am
Quoting 2ii2c
Dear SP,

You have NOTHING to apologize for!!! The amount of time and energy you put into this thread is amazing. Perhaps reducing this work load will benefit other important parts of your life. We all appreciate your efforts on our behalf.
Amen to 2ii2c!
  • #499
  • Feb 6, 2013 8:01am Feb 6, 2013 8:01am
In the meantime, the truth about brokers. It's a half-truth at least.

A client walks in to his big, powerful brokerage and speaks with his broker.
"Joe, I'm disappointed in the trades your recommending. I'm losing more than I make!"

Joe the broker says,"Don't worry, we are the biggest and best. It will turn around. Come with me."

They walk into the marina and Joe says, "That yacht over there belongs to Bill the broker. That other one belongs to Fred the broker.
This one with a full time crew belongs to the owner of our firm!"

The client looks bewildered and asks, "But where are the clients' yachts?!"
  • #500
  • Feb 6, 2013 8:09am Feb 6, 2013 8:09am
Quoting 2ii2c
In the meantime, the truth about brokers. It's a half-truth at least.

A client walks in to his big, powerful brokerage and speaks with his broker.
"Joe, I'm disappointed in the trades your recommending. I'm losing more than I make!"

Joe the broker says,"Don't worry, we are the biggest and best. It will turn around. Come with me."

They walk into the marina and Joe says, "That yacht over there belongs to Bill the broker. That other one belongs to Fred the broker.
This one with a full time crew belongs to the owner of our firm!"

The...
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