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  • #776,741
  • Mar 22, 2013 11:43am Mar 22, 2013 11:43am
Done for the day, all the best to you traders and have an enjoyable weekend
  • #776,742
  • Mar 22, 2013 11:47am Mar 22, 2013 11:47am
Quoting EuroTraderJD
Trade smaller than rational in a pryamid formation. My 2 cents. works for me and the banksters.
Hi,,, what is the pyramid formation ?
  • #776,743
  • Mar 22, 2013 11:48am Mar 22, 2013 11:48am
Unless you're going for US activity, it's time to stop and enjoy your green pips. Or pause and reflect on your trading week.
This week is done.

If next week's open is above this week's close, and if the movement in the first 48 hours does not go below this week's 75% range, look to go higher. Personally, the weekly says we're UP with a clearly defined higher low.

Day range could still print sideways prices, but newbies and intradayers should at least try and pick their days in context of higher timeframes. Even with news, and the "gap" the range isn't wildly or beyond typical range for the last 6 months. Volatility is lower which is probably why I am prefering the YEN pairs....

But since I'm looking at this from a fresh set of eyes, at the moment I don't care. It's Friday. Enjoy the weekend. Stop trading!
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A pip is only worth it if you know how much you risked to earn it
  • #776,744
  • Mar 22, 2013 11:49am Mar 22, 2013 11:49am
Earth calling {{{{{ Math_GB }}}}}

Did you close the short?
  • #776,745
  • Mar 22, 2013 11:49am Mar 22, 2013 11:49am
Quoting EuroTraderJD
Trade smaller than rational in a pryamid formation. My 2 cents. works for me and the banksters.
as long as your money management let u keep it alive ..next week we will retest 12900....
and 1st rule.that I learn here in the jungle..don't trade more then u cam lose.!!!!!!!!!
  • #776,746
  • Edited 12:00pm Mar 22, 2013 11:49am | Edited 12:00pm
Quoting vimalcharan
I am short in eurusd 1.2915.....but it moves up 100 pips....last week burn my 4 account....now plz help me & give idea about trading.....
First and foremost: STOP squandering your hard-earned cash right now. Trading is a marathon, not a sprint.
Trade only in simulation until you become consistently profitable. Simulation is certainly different from trading real money, but if you are not able to double-triple-quadruple your money in simulation, you never will be able to do it with real money.
Enter Signature
  • #776,747
  • Mar 22, 2013 11:50am Mar 22, 2013 11:50am
Quoting sh5467
so what is your rationale for going short here. the reasons is i have busted accounts in the past trading against the trend. We have been moving up all day and price is now consolidated above the 50 fib on last major H1 swing. genuinely interested to know your rationale.
Because these moves are typical and do not last long. I am using my mean reversion system to grab some pips. I am not looking for long term positions in the euro. Many traders seem to have irrational exuberance regardless of what comes out of Europe.

Euro again tried to get up past 1.3000 and could not. I see it as good resistance. Maybe if the Cyprus thing gets resolve there will be a bump up, but the euro is damaged goods.

Just fading a short-term move.
When the facts change I change my mind, what do you do sir
  • #776,748
  • Mar 22, 2013 11:54am Mar 22, 2013 11:54am
Quoting Pair-me-up
It takes a long time to learn Forex. Especially for those of us that don't have a mentor. I have been slowly learning about Forex in my spare time for a few years. The more I learn, the more I realize just how much I don't really know at all. lol

I would suggest, start memorizing chart patterns, candlestick patterns. Some of the patterns are stronger than the others. And patterns are larger time frames are most likely going to be much stronger than on lower time frames. Get to know the correct areas of support and resistance for which ever pair...
Quality post
  • #776,749
  • Mar 22, 2013 11:54am Mar 22, 2013 11:54am
Quoting Ken A
Earth calling {{{{{ Math_GB }}}}}

Did you close the short?
Hey Ken, how goes it. Looks like you've been coaching Matt on the YEN.
Hope he hasn't started serenading you

Looks like 120.16 will hold for support on EY.
125 a possibility in your eyes early next week? Or do you think 121 first?
A pip is only worth it if you know how much you risked to earn it
  • #776,750
  • Mar 22, 2013 11:55am Mar 22, 2013 11:55am
why stop trading now? in the next 5 hours we could see huge moves in the EU due to news flow, there could be some great opportunities. It's not like it's a friday and nothing is going on to effect the EU, there could be serious fireworks here.

Quoting vlady1974
Unless you're going for US activity, it's time to stop and enjoy your green pips. Or pause and reflect on your trading week.
This week is done.

If next week's open is above this week's close, and if the movement in the first 48 hours does not go below this week's 75% range, look to go higher. Personally, the weekly says we're UP with a clearly defined higher low.

Day range could still print sideways prices, but newbies and intradayers should at least try and pick their days in context of higher timeframes. Even with news, and the "gap" the...
  • #776,751
  • Mar 22, 2013 11:56am Mar 22, 2013 11:56am
well we are almosthere i call it the gbpusd friday ny afternoon waterboy stophunt manipulation time. Looks to favor bulls this time
  • #776,752
  • Mar 22, 2013 11:56am Mar 22, 2013 11:56am
Quoting sh5467
why stop trading now? in the next 5 hours we could see huge moves in the EU due to news flow, there could be some great opportunities. It's not like it's a friday and nothing is going on to effect the EU, there could be serious fireworks here.
Doubtful there will be anything until the weekend. Can't blame anybody for calling it a day up.
When the facts change I change my mind, what do you do sir
  • #776,753
  • Mar 22, 2013 11:57am Mar 22, 2013 11:57am
Quoting vlady1974
Unless you're going for US activity, it's time to stop and enjoy your green pips. Or pause and reflect on your trading week.
This week is done.

If next week's open is above this week's close, and if the movement in the first 48 hours does not go below this week's 75% range, look to go higher. Personally, the weekly says we're UP with a clearly defined higher low.

Day range could still print sideways prices, but newbies and intradayers should at least try and pick their days in context of higher timeframes. Even with news, and the "gap" the...
great advice!
Maximizing your potentials!
  • #776,754
  • Mar 22, 2013 11:57am Mar 22, 2013 11:57am
Quoting Pip Anon
Because these moves are typical and do not last long. I am using my mean reversion system to grab some pips. I am not looking for long term positions in the euro. Many traders seem to have irrational exuberance regardless of what comes out of Europe.

Euro again tried to get up past 1.3000 and could not. I see it as good resistance. Maybe if the Cyprus thing gets resolve there will be a bump up, but the euro is damaged goods.

Just fading a short-term move.
for a short term trade right now shirly the bias has to be positive, look at the chart, the Daily R3 or Weekly R2 could easily print with a HH for the day. of course the Euro is damaged goods. I come from a background of trying to catch reversals and blowing accounts over the years! there is no right or wrong in this game, just my $0.02
  • #776,755
  • Mar 22, 2013 12:00pm Mar 22, 2013 12:00pm
I don't think we are going to the weekend at >1,2960 with no resolution forseen at the end of the day trading day. It all depends on the builded positions really (more short or long) and since I don't have that data its impossible to know.
"You're solid gold, see you in hell"
  • #776,756
  • Mar 22, 2013 12:03pm Mar 22, 2013 12:03pm
That's possible. I have also witnessed 100 fridays, and with a big move like this heading into the duldrums of low volume, it is likely it will give up some pips. It could also stay flat and I breakeven, or it hits my TP and I'm still up 200 pips.

Look at that move. Just closed out 40 pips on GBPUSD short
When the facts change I change my mind, what do you do sir
  • #776,757
  • Mar 22, 2013 12:03pm Mar 22, 2013 12:03pm
no short trades will survive this now. we are on strong wave two of one hr chart. my tp is price kissing ema 200 of 4hrs or .3100
  • #776,758
  • Mar 22, 2013 12:04pm Mar 22, 2013 12:04pm
Really good to see this kind of acquired wisdom from those improving.

I do strongly believe that you need to amass about 10,000 hours of screen time to get good at this game.
Pattern recognition is one thing. But seeing the pattern again and again will reveail nuances you hadn't seen the last time.
Know what a breakout is doesn't make you a trader yet. But after about 5000 hrs, you'll begin to see patterns before they form, etc etc.

Aligning it to your own emotions is another thing altogether. Lots of people say practice on demo accounts.
I say, allocate $1000 as a tuition fee and accept that you will lose it all. If you double it, fine. But the moment you begin to trade your plan with real money - it's just a different animal compared to demo/paper trading. It's full emotional connection to your cash.... and you see things differently.

Which is why we all see things from our own perspective. But the market doesn't care.

Quoting Pair-me-up
It takes a long time to learn Forex. Especially for those of us that don't have a mentor. I have been slowly learning about Forex in my spare time for a few years. The more I learn, the more I realize just how much I don't really know at all. lol

I would suggest, start memorizing chart patterns, candlestick patterns. Some of the patterns are stronger than the others. And patterns are larger time frames are most likely going to be much stronger than on lower time frames. Get to know the correct areas of support and resistance for which ever pair...
A pip is only worth it if you know how much you risked to earn it
  • #776,759
  • Mar 22, 2013 12:06pm Mar 22, 2013 12:06pm
Quoting vlady1974
Hey Ken, how goes it. Looks like you've been coaching Matt on the YEN.
Hope he hasn't started serenading you

Looks like 120.16 will hold for support on EY.
125 a possibility in your eyes early next week? Or do you think 121 first?

Am fine thanks.

LOL I am not coaching......

125 is very possible entirely depends on U/J even E/U at below 1.2950. U/J = 96.50 will take E/J to 125.00
  • #776,760
  • Mar 22, 2013 12:06pm Mar 22, 2013 12:06pm
Quoting De La Kritz
no short trades will survive this now. we are on strong wave two of one hr chart. my tp is price kissing ema 200 of 4hrs or .3100
The 1H looks overextended with a couple supply zones surrounding it. What is your time horizon
When the facts change I change my mind, what do you do sir
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