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Trading EURUSD only

  • #40,221
  • Mar 27, 2013 1:51am Mar 27, 2013 1:51am
Quoting shellsnail
Thanks for the acknowledgment.

Anyway I track this thing called EURLFX which is basically the euro index, the 4H chart is showing me a familiar pattern of 4H counter-trend reversal...

USDLFX (is on a downtrend on the 4H chart) is the 20EMA on the 4H chart currently and forming a rejection bar as we speak, whether or not it follows through down is hard to say...

but both of these forces put together could create new highs for EURUSD.

I am LG at 1.2860, a 4H close below 1.2829 will make me cover.

any down move we get may not be from...
ok thanks for sharing. i basically just look at the Euro/USD chart...and i have to admire your pain threshold (30+pips) How many contracts do U trade . also trading other currencies?
  • #40,222
  • Mar 27, 2013 1:52am Mar 27, 2013 1:52am
I trade all 26 pairs. it's the only way to trade follow the trend (in general) and not suffer drawdown weeks because there'll always be trending pairs that'll profit hugely. for example, I caught the 200+ pip downmove across all euro pairs on monday trading with the trend.
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  • #40,223
  • Mar 27, 2013 1:52am Mar 27, 2013 1:52am
belief

did you watch "The Polar Express"

http://www.imdb.com/title/tt0338348/

Quoting shellsnail
I learnt it the hard way why I doubted my system and judgement... For example, I closed last week's EUR/USD long early and watch it shoot up 50 pips to my target...
  • #40,224
  • Mar 27, 2013 1:53am Mar 27, 2013 1:53am
Quoting stevewalker
I will die before this S*** starts movin

Don't Steve stay with us )
Loosening is not an option
  • #40,225
  • Mar 27, 2013 1:54am Mar 27, 2013 1:54am
- One Instrument enough to make profit. More not needed. Just Sencronyze with it

I would not

Quoting shellsnail
I trade all 26 pairs. it's the only way to trade follow the trend (in general) and not suffer drawdown weeks because there'll always be trending pairs that'll profit hugely. for example, I caught the 200+ pip downmove across all euro pairs on monday trading with the trend.
  • #40,226
  • Mar 27, 2013 1:55am Mar 27, 2013 1:55am
he he

get really bored. yesterday was mess

Quoting Vilkas
Don't Steve stay with us )
  • #40,227
  • Mar 27, 2013 1:55am Mar 27, 2013 1:55am
Quoting stevewalker
- One Instrument enough to make profit. More not needed. Just Sencronyze with it

I would not
I agree if you watch it all day, I only make decisions on close of 4H candle so my chart time per day can be capped to 1hour.

after all, business is about maximising hourly earnings, not absolute earnings... Forex is just one of the business. I have other endeavours and my studies to take care of...
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  • #40,228
  • Mar 27, 2013 1:56am Mar 27, 2013 1:56am
I see

Quoting shellsnail
I agree if you watch it all day, I only make decisions on close of 4H candle so my chart time per day can be capped to 1hour.
  • #40,229
  • Mar 27, 2013 1:56am Mar 27, 2013 1:56am
Quoting stevewalker
he he

get really bored. yesterday was mess

it is boring to see it flat all day but hopefully will get some movement
Loosening is not an option
  • #40,230
  • Mar 27, 2013 1:57am Mar 27, 2013 1:57am
Hey guys!!

Hopefully we get some decent movement tonight.

I am long from 1.2842, looking to see if this can push past 1.2880.
  • #40,231
  • Mar 27, 2013 1:58am Mar 27, 2013 1:58am
Quoting shellsnail
I trade all 26 pairs. it's the only way to trade follow the trend (in general) and not suffer drawdown weeks because there'll always be trending pairs that'll profit hugely. for example, I caught the 200+ pip downmove across all euro pairs on monday trading with the trend.
so U look and update all those charts with different time frames...?
  • #40,232
  • Mar 27, 2013 1:59am Mar 27, 2013 1:59am
Quoting TraderPablo
so U look and update all those charts with different time frames...?
no, i only use 4H time frame for all the pairs and on my chart I only have 20 and 60 moving averages and that is ALL i need to make my decision...

I have tried day trading short time frame before, I just blow up too easily because I start using forex as an instrument to make me feel that life presents variety -> which ultimately leads to blow ups because I start gambling on outcomes.

So I learnt to fulfill that need for uncertainty and variety in other aspect of my life, for example by doing a education blog dedicated to helping students learn economics and learning how to make it into a successful business over time... because all business is uncertain and fun, but not everything creates blow-ups like forex.
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  • #40,233
  • Mar 27, 2013 2:00am Mar 27, 2013 2:00am
GL
Quoting nztrader
Hey guys!!

Hopefully we get some decent movement tonight.

I am long from 1.2842, looking to see if this can push past 1.2880.
  • #40,234
  • Mar 27, 2013 2:00am Mar 27, 2013 2:00am
I hope
Quoting Vilkas
it is boring to see it flat all day but hopefully will get some movement
  • #40,235
  • Mar 27, 2013 2:01am Mar 27, 2013 2:01am
Quoting shellsnail
no, i only use 4H time frame for all the pairs and on my chart I only have 20 and 60 moving averages and that is ALL i need to make my decision...

I have tried day trading short time frame before, I just blow up too easily because I start using forex as an instrument to make me feel that life presents variety -> which ultimately leads to blow ups because I start gambling on outcomes.
and depending on the MA crossing(s) U initiate trade? with SL
  • #40,236
  • Mar 27, 2013 2:02am Mar 27, 2013 2:02am
Quoting nztrader
Hey guys!!

Hopefully we get some decent movement tonight.

I am long from 1.2842, looking to see if this can push past 1.2880.
where did you place SL?
  • #40,237
  • Mar 27, 2013 2:04am Mar 27, 2013 2:04am
Quoting TraderPablo
and depending on the MA crossing(s) U initiate trade? with SL
nope, I initiate based on candlestick patterns at value areas (defined by the MAs). I have 6 different exit strategies, 3 of which that is based on chart patterns clearly spelt out. this is for trend trading.

I have no SLs, I close the position when it goes against me and closes above my entry set-up, the key is to trade small sizes.

mean reversion trades like the EUR trade is slightly different.
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  • #40,238
  • Mar 27, 2013 2:06am Mar 27, 2013 2:06am
Quoting shellsnail
nope, I initiate based on candlestick patterns at value areas (defined by the MAs). I have 6 different exit strategies, 3 of which that is based on chart patterns clearly spelt out. this is for trend trading.

mean reversion trades like the EUR trade is slightly different.
the MA gives U the trend?
  • #40,239
  • Mar 27, 2013 2:07am Mar 27, 2013 2:07am
Quoting msetai
where did you place SL?
Tight stop at 1.2835. 7 pips.

Looking for a 1:5 risk reward, aiming for 35 pips target at 1.2877. I usually stick to 1:2 or 1:3 risk reward, but going to see how this pans out.
  • #40,240
  • Mar 27, 2013 2:08am Mar 27, 2013 2:08am
Quoting TraderPablo
the MA gives U the trend?
In general I look at fast MA > slow MA to define a trend, and I only take a signal when it's presented when the trend is still intact...

say this week's eurusd trend was broken temporarily (in my books), so I didn't take the eurusd short, but I took the eurchf, eurgbp, eurcad, eurjpy and eurnzd shorts, about a 800+ pips in total.
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