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Ramblings of a Forex Junkie

  • #1,521
  • Mar 17, 2013 2:49pm Mar 17, 2013 2:49pm
Quoting square1
The action on EU is scary. My money lies in Cyprus too. Am more than scared.

My broker is not even open now. On Friday, i went against my rules and did weekend trading. I spotted a BEP on the 15Min and went long at 1.3074, TP 1.3084 and SL at 1.3062. Glad, i included a stop loss. I wish i knew that it was a trap.
If you were following the discussion on Friday no one had any business being long on E/U, especially over the weekend. The play was set early in the day and the potential hand was shown as the day moved on. The trap was discussed.
  • #1,522
  • Mar 17, 2013 3:06pm Mar 17, 2013 3:06pm
Quoting TantumVerum
If you were following the discussion on Friday no one had any business being long on E/U, especially over the weekend. The play was set early in the day and the potential hand was shown as the day moved on. The trap was discussed.
Hi TantumVerum, i followed the discussion. I thought the market had made a range up there to play in on Monday.
If you are talking about the BUZZOPTIONS-IFR maturity calendar,the discussion was brief and the BEP i saw misguided me. Its against my rules to take any weekend trades that's why i set a small TP and tight SL. Yesterday, i goggled it out the BUZZOPTIONS-IFR maturity calendar but the links led me to this
http://www.fxstreet.com/news/forex-n...2-c9ca322ee703

Whatsupp with the reliability of Reuters!
  • #1,523
  • Mar 17, 2013 3:36pm Mar 17, 2013 3:36pm
Quoting square1
Hi TantumVerum, i followed the discussion. I thought the market had made a range up there to play in on Monday.
If you are talking about the BUZZOPTIONS-IFR maturity calendar,the discussion was brief and the BEP i saw misguided me. Its against my rules to take any weekend trades that's why i set a small TP and tight SL. Yesterday, i goggled it out the BUZZOPTIONS-IFR maturity calendar but the links led me to this
http://www.fxstreet.com/news/forex-n...2-c9ca322ee703

Whatsupp with the...
In all honesty Square I thought and was hoping the level would hold until Monday only so I would have chance at a possible entry, but know enough for short term trades to stay out when you have zero control (no control over the weekend). I hope you made out ok with the stop.

The option was just a discussion of possible reasons to attract the level that created an area of block orders, but what really mattered was the discussion prior to the option talk because this area was already exposed. SP made a quick statement in regards to the area holding or possibly holding until Monday. There was/is no 100% certainty that this or any area would give way at all, especially when. All that you could see what was most likely to happen (very likely), which is what it did. It just happened to move over the weekend.

If I were to give a truth in SP's thread it would be this (if I may):

Never, ever! I mean NEVER read into any analyst's comments.

Additional Comments: Analyst's, unless they are informed about who is buying/selling typically don't know anymore than the average trader. I did read the article and note his basis for analysis.
  • #1,524
  • Mar 17, 2013 3:49pm Mar 17, 2013 3:49pm
Quoting TantumVerum
In all honesty Square I thought and was hoping the level would hold until Monday only so I would have chance at a possible entry, but know enough for short term trades to stay out when you have zero control (no control over the weekend). I hope you made out ok with the stop.

The option was just a discussion of possible reasons to attract the level that created an area of block orders, but what really mattered was the discussion prior to the option talk because this area was already exposed. SP made a quick statement in regards to the area...
Well said. I wasn't flattened but it was a big loss and i guess i had to get it in-order to cement my rules.
  • #1,525
  • Mar 17, 2013 4:07pm Mar 17, 2013 4:07pm
nice one folks. keep it up
  • #1,526
  • Mar 17, 2013 4:21pm Mar 17, 2013 4:21pm
I think this is a good time to talk about the gap that maybe caused over the weekend news and how/when it is filled up.
  • #1,527
  • Mar 17, 2013 5:07pm Mar 17, 2013 5:07pm
Quoting square1
I think this is a good time to talk about the gap that maybe caused over the weekend news and how/when it is filled up.
There is no reason to assume this gap will close (there is really no such thing as a gap but that is another discussion). Do not trade in a way that makes you try to guess where price is going. You made a trade on Friday that was the same type of guessing trade. You tried to go long thinking price was going to go the the previous week high and you were stopped out.
  • #1,528
  • Mar 17, 2013 5:15pm Mar 17, 2013 5:15pm
Quoting TantumVerum
In all honesty Square I thought and was hoping the level would hold until Monday only so I would have chance at a possible entry, but know enough for short term trades to stay out when you have zero control (no control over the weekend). I hope you made out ok with the stop.

The option was just a discussion of possible reasons to attract the level that created an area of block orders, but what really mattered was the discussion prior to the option talk because this area was already exposed. SP made a quick statement in regards to the area...
You could not be more right I don't care what anyone says I only care what is happening with my trades. It is all in the price. People knew this was coming. This was the reason for the strange price behaviour and the pattern that emerged on Friday afternoon. It was pretty obvious that there was going to be a drop.
  • #1,529
  • Mar 17, 2013 5:19pm Mar 17, 2013 5:19pm
Quoting square1
Hi TantumVerum, i followed the discussion. I thought the market had made a range up there to play in on Monday.
If you are talking about the BUZZOPTIONS-IFR maturity calendar,the discussion was brief and the BEP i saw misguided me. Its against my rules to take any weekend trades that's why i set a small TP and tight SL. Yesterday, i goggled it out the BUZZOPTIONS-IFR maturity calendar but the links led me to this
http://www.fxstreet.com/news/forex-n...2-c9ca322ee703

Whatsupp with the reliability...
You have an Oanda account I think you said before. Log into FXtrade. Instead of launching FXtrade, launch FXnews. Once in the FXnews search FX options and you will see all the news related to existing and rumored major option barriers.
  • #1,530
  • Mar 17, 2013 5:23pm Mar 17, 2013 5:23pm
I also heard in the news this weekend that there is rumor that Greece is considering the same type of confiscation of savings. If this type of thing grows across the EU watch out below on all markets. Get long private banking countries because anyone with means will be hiding their money from these socialist policies.
  • #1,531
  • Mar 17, 2013 5:33pm Mar 17, 2013 5:33pm
Although I don't make it a habit to trade over the weekend I was so sure of the pattern that developed on Friday that I took this. I have the small test account for just this type of thing. This was sadly only for about 28 dollars if it was in my regular account this would have been big.
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  • #1,532
  • Mar 17, 2013 6:01pm Mar 17, 2013 6:01pm
Quoting Seneca pilot
Although I don't make it a habit to trade over the weekend I was so sure of the pattern that developed on Friday that I took this. I have the small test account for just this type of thing. This was sadly only for about 28 dollars if it was in my regular account this would have been big.
lucky git, sold bang into the support, you were saved by news there fella
tradewith60
  • #1,533
  • Mar 17, 2013 6:06pm Mar 17, 2013 6:06pm
Quoting 60minuteman
lucky git, sold bang into the support, you were saved by news there fella
It wasn't support for long. It was sold hard and in a descending triangle. I would never have done this for any real money but for the test account it was fun to do. Small stop at the top of the news bar. Big possible gain.
  • #1,534
  • Edited 11:35pm Mar 17, 2013 11:25pm | Edited 11:35pm
Daily Open (DO) trade - EJ - Seneca style, in confluence with S4 pivot, may or may not hit yesterday low, but confluence of Friday DO and 75 level is there.

I look also for candlestick patterns around levels.

Those set ups are quite regular.

PS: Tantum, obviously Seneca does not mind posting trades within scope of his teachings. So I post...
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  • #1,535
  • Mar 18, 2013 7:09am Mar 18, 2013 7:09am
Hi.
  • #1,536
  • Mar 18, 2013 7:23am Mar 18, 2013 7:23am
Olarian are you in this?
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  • #1,537
  • Mar 18, 2013 7:27am Mar 18, 2013 7:27am
Quoting Seneca pilot
Olarian are you in this?
Yes, I am.
  • #1,538
  • Mar 18, 2013 7:34am Mar 18, 2013 7:34am
Quoting Olarion1975
Yes, I am.
  • #1,539
  • Mar 18, 2013 7:58am Mar 18, 2013 7:58am
Quoting Seneca pilot
Olarian are you in this?
I took off half at the current day highs I don't feel like babysitting until 1/1 I have things to do. Good luck guys.
  • #1,540
  • Mar 18, 2013 8:19am Mar 18, 2013 8:19am
Quoting Seneca pilot
I took off half at the current day highs I don't feel like babysitting until 1/1 I have things to do. Good luck guys.
Good decision, seems if the high is holding. Let's see.
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