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Ramblings of a Forex Junkie

  • #1,141
  • Mar 6, 2013 3:40pm Mar 6, 2013 3:40pm
Quoting Seneca pilot
Honestly I haven't looked at GU in two weeks. I certainly wouldn't take anything on it now. If any thing I would wait and see where it is tomorrow and go from there. I don't have a lot of confidence in any level hits during a thin market like now. What I would want to see to get long would be a climb tonite and a retest tomorrow morning.
I would be most comfortable taking a short at the weekly close/open tomorrow during Frankie or London if that was the first thing that is triggered.
  • #1,142
  • Mar 6, 2013 5:17pm Mar 6, 2013 5:17pm
Quoting Seneca pilot
I would be most comfortable taking a short at the weekly close/open tomorrow during Frankie or London if that was the first thing that is triggered.
Yet i see that price is now rallying off it! It actually triggered my Long on both EU and GU. Between this time and Frankie/London, it can go lengths, but by then, i will be out.
  • #1,143
  • Mar 6, 2013 6:20pm Mar 6, 2013 6:20pm
Quoting square1
Yet i see that price is now rallying off it! It actually triggered my Long on both EU and GU. Between this time and Frankie/London, it can go lengths, but by then, i will be out.
do you mean out with a loss.You may well be right this trade you might get pips if thats the way you trade. I said i might be short IF i trade this way but several hours earlier, and senica said he'd see what happens at the frankie/uk period.It is better to wait and analyize and trade the plan. good luck with your longs
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #1,144
  • Mar 6, 2013 7:47pm Mar 6, 2013 7:47pm
Quoting Seneca pilot
Furthermore, Oanda will allow you to place an opposite order for a partial exit. If you are short 100,000 units and want to exit half you can place a buy limit order for 50,000 units at the level you want to exit. You have to do this on the FX trade platform as their MT4 platform will not allow this. At least not for US clients as this is treated as A hedge order in their MT4.
To understand this better, i have to dedicate some time today and go back to BabyPips to read more about Scaling In and Out of trades. I also saw that Hanover also made some thorough essay critiquing the method. I have printed a pdf copy of the whole method including the essay for my easy reading. When i grasp it and have more questions for you, then i will ask, but for now, thanks for the kind brief explanation.


  • #1,145
  • Mar 6, 2013 9:46pm Mar 6, 2013 9:46pm
Quoting billytt
do you mean out with a loss.You may well be right this trade you might get pips if thats the way you trade. I said i might be short IF i trade this way but several hours earlier, and senica said he'd see what happens at the frankie/uk period.It is better to wait and analyize and trade the plan. good luck with your longs
Not with a loss. i woke up to read at 04:00 am, only to find that it had just hit the previous week low. It meant one thing, its going to rally for some time. So, i had to leave my long trade in for some time(i had not closed it before sleep), but now i am out until LO. Its quite some profit.
  • #1,146
  • Mar 7, 2013 12:25am Mar 7, 2013 12:25am
Nice one off open on EJ.

The upcoming rate decisions will I'm sure curtail any runaway moves so I'd keep a modest target.
What is any ocean but a multitude of drops?
  • #1,147
  • Edited 12:52am Mar 7, 2013 12:41am | Edited 12:52am
Quoting Xhale
Nice one off open on EJ.

The upcoming rate decisions will I'm sure curtail any runaway moves so I'd keep a modest target.

Exactly! I'm out with 2R - just beautiful ! (40pips)
Now the question (as usual) remains : Should I thank God (and Seneca of course) and take the profits and run Or maybe get in again with the retest of yesterday's high... What do you guys (Olarion/Seneca/Xhale/Others) do?
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"Always be yourself " Batman
  • #1,148
  • Mar 7, 2013 12:51am Mar 7, 2013 12:51am
Quoting billytt
do you mean out with a loss.You may well be right this trade you might get pips if thats the way you trade. I said i might be short IF i trade this way but several hours earlier, and senica said he'd see what happens at the frankie/uk period.It is better to wait and analyize and trade the plan. good luck with your longs
It turned out just like i had predicted. Now we are heading for "previous day high". Some one wake-up Seneca to go long. lol
  • #1,149
  • Mar 7, 2013 12:58am Mar 7, 2013 12:58am
Quoting rdsl
Exactly! I'm out with 2R - just beautiful ! (40pips)
Now the question (as usual) remains : Should I thank God (and Seneca of course) and take the profits and run Or maybe get in again with the retest of yesterday's high... What do you guys (Olarion/Seneca/Xhale/Others) do?
The latter will serve you better. The day has just started.

Note: We are out of Asia session, chances are that your "previous daily high" will act as another strong support.
  • #1,150
  • Mar 7, 2013 1:22am Mar 7, 2013 1:22am
Quoting square1
It turned out just like i had predicted. Now we are heading for "previous day high". Some one wake-up Seneca to go long. lol

Not so fast.... The move ended at 61.8% retacement and it just might be a first leg od AB=CD..... TWT.
  • #1,151
  • Mar 7, 2013 1:30am Mar 7, 2013 1:30am
Quoting square1
It turned out just like i had predicted. Now we are heading for "previous day high". Some one wake-up Seneca to go long. lol
predicting forex is bad, we go with it which ever way.i am leaving e/u alone but like you say it might hit yesterdays high which is almost 1st resistance level of 13096 or it might not. i trade my plan and stick to it as their is always tomorrow plus yesterday and previous was good. i am currently trading g/u and will get into oil when usa opens at 13-00 uk time. Well traded to you in advance, be good
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #1,152
  • Mar 7, 2013 1:34am Mar 7, 2013 1:34am
Quoting billytt
predicting forex is bad, we go with it which ever way.i am leaving e/u alone but like you say it might hit yesterdays high which is almost 1st resistance level of 13096 or it might not. i trade my plan and stick to it as their is always tomorrow plus yesterday and previous was good. i am currently trading g/u and will get into oil when usa opens at 13-00 uk time. Well traded to you in advance, be good

Well said Billy ! Trade the plan... plan the trade.
  • #1,153
  • Mar 7, 2013 1:35am Mar 7, 2013 1:35am
hi snail how are you
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #1,154
  • Mar 7, 2013 1:41am Mar 7, 2013 1:41am
this happened the other day, i didnt trade the 15 minute high/low open at 08-00 uk time it went north for 10/15 pips then dropped and thats when i caught it as it fitted the plan, same might happen today. i shall wait. I am already in with g/u and i do not normally trade more than one pair at a time plus oil. be good
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #1,155
  • Mar 7, 2013 1:49am Mar 7, 2013 1:49am
rant time, my daughter trades some times. she says she counts waves and will not tell me how.She has also started to use the 20 ema with 2 ema cross over and swears by it lol. i always have them 2 indies on my charts as she looks at them. thing is we just had a cross over.rant over. she is 9 even more of a rant and she now works out my resistance/support levels should i need them lol
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #1,156
  • Mar 7, 2013 1:51am Mar 7, 2013 1:51am
Quoting billytt
predicting forex is bad, we go with it which ever way.i am leaving e/u alone but like you say it might hit yesterdays high which is almost 1st resistance level of 13096 or it might not. i trade my plan and stick to it as their is always tomorrow plus yesterday and previous was good. i am currently trading g/u and will get into oil when usa opens at 13-00 uk time. Well traded to you in advance, be good
True, but am not predicting(that was a slip of the hand)...i trade what i see. I have been trading only EU and GU since i learnt this method.
In today's trade on EU, i had to exit before LO and later reopened when there was a break out. I am an intraday trader, so, i dont hold trades for too long or overnight. I go for 30-50 pips and get out. A sure way to keep my losses to minimum levels as well as getting me far away from the market.
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  • #1,157
  • Mar 7, 2013 1:57am Mar 7, 2013 1:57am
square1, i trade breakouts too and other things lol.so when you say breakout was that from the first hour or channel or what ever.i actually just missed it but hey ho. good trade anyway
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #1,158
  • Mar 7, 2013 2:02am Mar 7, 2013 2:02am
square1. i just remembered you said 8 hours ago something had triggered your longs and by uk open you'd be out. so perhaps i can see what triggered them off. i been awake all night running tests on ideas and very soon once i close g/u i'll be asleep and wake up for us open. be good
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #1,159
  • Mar 7, 2013 2:05am Mar 7, 2013 2:05am
Quoting billytt
square1, i trade breakouts too and other things lol.so when you say breakout was that from the first hour or channel or what ever.i actually just missed it but hey ho. good trade anyway
Yep. My chart says it all. Except that my LO is at 5:00 GMT (09:00 AM on my chart and 10:00 AM EAT(East African Time))
  • #1,160
  • Edited 5:13am Mar 7, 2013 2:08am | Edited 5:13am
Quoting billytt
hi snail how are you

Hi Billy all well, just a bit . Missed bounce off last week low, this week open and 50% fib of this move - such confluence... EU and all close to your daughter beloved 20 EMA.

But hey, there will be always another one. LOL


Edit: Yes ,there was one, just before US session and news.


Be safe as you say !



PS: Now dinner time, then later US session.
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