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  • #66,741
  • Apr 5, 2013 8:53am Apr 5, 2013 8:53am
Quoting 100PipsADay
Just wanted to point out the power of the 50 EMA from a "Daily" perspective... I believe price touched the 50 EMA to the pip then was quickly rejected. *I will remain bearish until we get a daily close ABOVE the 50 EMA. However, I got knocked out of my 4 short positions for a combined loss of 800 pips plus a few EUR/CAD and EUR/AUD shorts. {image} {image}
Thanks 100Pips for your perspective.

50 MA is popular and used by a lot of traders.

I feel your pain brother. Ms Market used to pick my wallet when I used SL. Damn thieving whore
Trade smaller than rational because the market is irrational...
  • #66,742
  • Apr 5, 2013 8:55am Apr 5, 2013 8:55am

  1. Longs on side as rally extends north
  2. Target is just shy of the 38.2% fibo of the Feb/Apr slide
  3. Spot needs to close today above the 21 DMA again to confirm the bull bias
  4. If this is the case then target the upper Bollinger in the upper 1.3000s next

Trade smaller than rational because the market is irrational...
  • #66,743
  • Apr 5, 2013 8:57am Apr 5, 2013 8:57am
Chart Porn
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Trade smaller than rational because the market is irrational...
  • #66,744
  • Apr 5, 2013 8:58am Apr 5, 2013 8:58am
Quoting EuroTraderJD
Thanks 100Pips for your perspective. 50 MA is popular and used by a lot of traders. I feel your pain brother. Ms Market used to pick my wallet when I used SL. Damn thieving whore
It's all good, I was up 1,200 pips in March, now I'm down about 1,330 this week so only in the red by 130 pips or so from the past 3 weeks or so.

However, I have about 900 pips floating profit with my various JPY cross pairs so I am not too upset. I really dig your style of trading man, definitely a profitable and conservative approach.

I actually still need to work on my money management and positioning. I get greedy sometimes...
  • #66,745
  • Apr 5, 2013 9:07am Apr 5, 2013 9:07am
Quoting 100PipsADay
I actually still need to work on my money management and positioning. I get greedy sometimes...
Cool bro I am glad it wasnt a total wash out.

Thanks for liking my style it works for me.

As for getting greedy its part of the human condition. Bad habits are hard to break for sure.

What helped me was I had to get to the point of loving the markets more than greed. That was my turning point.

The highest point in a man is the mind.

To reinforce my mindset every time I followed my indos and was rewarded I mentally appreciated it over and over. When I fell to temptation and got a big DD I stared at the unrealized P&L mentally trying to feel pain.

That helped me. Controlling the mind with a carrot and stick. No different than sticking your finger in the light socket.

If you get tempted as I do place a "sin" trade. Something small to satisfy that greed hunger. Like eating a small piece of chocolate on a diet...
Trade smaller than rational because the market is irrational...
  • #66,746
  • Apr 5, 2013 9:13am Apr 5, 2013 9:13am
Forex Flash: Euro rally more to do with JPY plays than Draghi speech - BBH



FXstreet.com (Barcelona) - Brown Brothers Harriman analysts believe that the Euros rally after touching new yearly lows seemed to be largely a product of plays against the Yen, rather than something particularly inspiring from Draghi.

They write, “The revelation of an extensive rates discussion, the more dour economic assessment, and the pledge to watch developments closely combine to raise the odds of a repo rate cut as early as next month. We had anticipated a cut later in Q2 or even in July, which is when last year's cut was delivered.”
Trade smaller than rational because the market is irrational...
  • #66,747
  • Apr 5, 2013 9:38am Apr 5, 2013 9:38am
Quoting EuroTraderJD
Cool bro I am glad it wasnt a total wash out. Thanks for liking my style it works for me. As for getting greedy its part of the human condition. Bad habits are hard to break for sure. What helped me was I had to get to the point of loving the markets more than greed. That was my turning point. The highest point in a man is the mind. To reinforce my mindset every time I followed my indos and was rewarded I mentally appreciated it over and over. When I fell to temptation and got a big DD I stared at the unrealized P&L mentally trying to feel pain....
Nice post man, thanks for the words of advice. I've started trading half size lots then what I was trading for the first quarter of 2013.

On another note, today is working out very nicely now! I opened up USD/JPY and JPY cross pair longs once we were "over sold" on the H1 time frame using H1 Williams %.

Between the 3 accounts I am up about 4,000 pips from today's positions alone! All LONGS were opened up within the past 12 hours or so.
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  • #66,748
  • Apr 5, 2013 9:56am Apr 5, 2013 9:56am
Quoting 100PipsADay
Nice post man, thanks for the words of advice. I've started trading half size lots then what I was trading for the first quarter of 2013. On another note, today is working out very nicely now! I opened up USD/JPY and JPY cross pair longs once we were "over sold" on the H1 time frame using H1 Williams %. Between the 3 accounts I am up about 4,000 pips from today's positions alone! All LONGS were opened up within the past 12 hours or so. {image} {image} {image}
You are welcome bro.

WOW you are killing it!

Ms Market has issued a warrant for your arrest.
Trade smaller than rational because the market is irrational...
  • #66,749
  • Apr 5, 2013 10:03am Apr 5, 2013 10:03am
Quoting EuroTraderJD
You are welcome bro. WOW you are killing it! Ms Market has issued a warrant for your arrest.
LOL

Yesterday the BOJ made it very clear that we would basically resume our uptrend for USD/JPY as well as the cross pairs. So just needed to wait for price to touch H1 Over Sold area using Williams %.

Once it did I pulled the trigger!
  • #66,750
  • Apr 5, 2013 10:14am Apr 5, 2013 10:14am
eurusd might try and make a run at last week's high 1.3047 before backing off
Trade smaller than rational because the market is irrational...
  • #66,751
  • Apr 5, 2013 10:15am Apr 5, 2013 10:15am

  1. Mkt holds onto JPY weakness theme as JPY crosses continue ascents
  2. EUR/JPY sees virtually no pullback & looks set to test 126.90/95
  3. EUR/USD takes cue from EUR/JPY & hits new session high 1.3040
  4. March 25 high 1.3050 key s-t, break likely trips stops
  5. Bulls then target 1.3100/10 where the march 15 high & upper 21d Bolli sit
  6. Close above 1.3050 is a bullish engulfing on weekly & a major reversal sign
  7. Chart: http://link.reuters.com/sun27t

Trade smaller than rational because the market is irrational...
  • #66,752
  • Apr 5, 2013 10:34am Apr 5, 2013 10:34am
Chart porn for all you Pipnographers

All of us are a bunch of Pip pervs...
Attached Image
Trade smaller than rational because the market is irrational...
  • #66,753
  • Apr 5, 2013 10:49am Apr 5, 2013 10:49am
Quoting EuroTraderJD
eurusd might try and make a run at last week's high 1.3047 before backing off
add another 100 pips to that.
Just call it unfinished business.
Those who say it cannot be done should not interrupt those who are doing it
  • #66,754
  • Apr 5, 2013 11:01am Apr 5, 2013 11:01am
Quoting PipTrapper
add another 100 pips to that. Just call it unfinished business.
AMEN.
Trade smaller than rational because the market is irrational...
  • #66,755
  • Apr 5, 2013 11:22am Apr 5, 2013 11:22am
Quoting 100PipsADay
LOL Yesterday the BOJ made it very clear that we would basically resume our uptrend for USD/JPY as well as the cross pairs. So just needed to wait for price to touch H1 Over Sold area using Williams %. Once it did I pulled the trigger!
Hi HP, hope u r well. Just curious to know what settings u use for williams % and ur buy sell trigger on that.
  • #66,756
  • Apr 5, 2013 11:25am Apr 5, 2013 11:25am
So for U/J 98.00 was no touch barrier and I need to wait another 4.30 hours for bet end.
  • #66,757
  • Apr 5, 2013 11:25am Apr 5, 2013 11:25am
Quoting rekon67
Hi HP, hope u r well. Just curious to know what settings u use for williams % and ur buy sell trigger on that.
Hi Rekon,

I'm doing great buddy!

As for the Williams % setting it is the standard 14

Once price touches over sold / over bought area on the H1 time frame I will open buy/sell positions in the direction of current trend. I do not wait for an hourly close in the over sold / over bought area.
  • #66,758
  • Apr 5, 2013 11:30am Apr 5, 2013 11:30am
Quoting 100PipsADay
Hi Rekon, I'm doing great buddy! As for the Williams % setting it is the standard 14 Once price touches over sold / over bought area on the H1 time frame I will open buy/sell positions in the direction of current trend. I do not wait for an hourly close in the over sold / over bought area.
Thx buddy presently E/U is floating on overbought area, but 1.3020 could play a support for e/u and push it higher, weekly is indicating heavy buyers for the coming week if i am not mis-interpreting the W%.
  • #66,759
  • Apr 5, 2013 11:35am Apr 5, 2013 11:35am
Quoting rekon67
Thx buddy presently E/U is floating on overbought area, but 1.3020 could play a support for e/u and push it higher, weekly is indicating heavy buyers for the coming week if i am not mis-interpreting the W%.
I forgot to mention that the H1 Williams % is used in confluence with the D1 MACD. So now that EUR/USD is showing bullish on the MACD I would wait for a pull back and then enter positions when the H1 Williams % is showing "over sold".

However, I may wait for a daily close above the 50 EMA.

I think you're right though, next week could see more buying...
  • #66,760
  • Apr 5, 2013 11:42am Apr 5, 2013 11:42am
Quoting 100PipsADay
I forgot to mention that the H1 Williams % is used in confluence with the D1 MACD. So now that EUR/USD is showing bullish on the MACD I would wait for a pull back and then enter positions when the H1 Williams % is showing "over sold". However, I may wait for a daily close above the 50 EMA. I think you're right though, next week could see more buying...
Its a very good tool in deed, thanks for sharing.
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