EURUSD

Hi Chicky.... what if one keeps withdrawing profits from account? In this why one is not risking all of one's assets.

I have everything much closer, beach 5 miles, mountains 30 miles, desert 50 miles, forest 20 miles.

Lol the beach is at least 700 miles from Colorado

That rocks! hehehe yeah... somewhere in the middle between the two would be good. Maybe Nevada. Never been. It seems like it would be quaint.

TRADERS

I started writing this post at 2:11pm Eastern, today Saturday, August 3, 20013, where ever you are in the world, Good Morning, Good Afternoon and Good Evening.

I debated with myself if I should take the time to write this post and after an extended period of exhaustive analysis from all the information available to me, I decided to try my best to see if I could write this in its simplest form for everyone to understand.

I looked at FIVE currencies

EUR/GBP
GBP/USD
EUR/USD
USD/CHF
USD/CAD

Here goes: I 'll try to keep this as short as possible and to the point.

I have come to realise that almost everyone, I say again ALMOST everyone, NOT EVERYONE, but ALMOST everyone that posts in this EUR/USD thread scalps mostly.

Please note: My decision, I repeat again, MY DECISION, to place a trade as a SWING TRADER, not as a scalper, but as a SWING TRADER is made at 11:59pm EASTERN on SUNDAY at the start of each week. At that time the decision is made based on the currency i'm trading if i'm going to SELL all week in one direction or buy all week in the other direction - Regardless of what goes on in the market for the whole week, I will just either be a buyer or a seller depending on the currency pair I am trading and depending on my analysis based on the information available to me.

These are INFORMED DECISIONS.

The Heads up I get as to wether I should be THINKING to be a buyer or a seller happens on Friday at the close of the market. But confirmation as to the decision to be a buyer or a seller for the week comes at 11:59pm Eastern Sunday night. We all have our method to the madness, this is mine. We all have our own methodology and mine is to keep it very very simply and as safe as possible without having to doubt my decision and trading plan.

Traders the key is this, Find the SUPPLY and DEMAND ZONE and SELL or BUY the hell out of it consistently taking profits on the way UP or DOWN and holding the trade to what I call the NEUTRAL ZONE or DECISION MAKING ZONE and get out and wait to see what the market does. Very simple, very easy, completely stress free. Again, this is my style as a Swing/Position Trader.

Simply Put:

AT THE TOP - SUPPLY ZONE
IN THE MIDDLE - NEUTRAL/DECISION MAKING ZONE (Exit Trade)
AT THE BOTTOM - DEMAND ZONE

Now based on BANK SENTIMENT, not market sentiment, BANK SENTIMENT ( remember the 10 largest banks controls the market ) Options Contracts, Order Flow, Stop Orders, Volume, Price Action, & News Feed - An INFORMED, I repeat, an INFORMED decision is made. NO CHART, NO INDICATORS - That's it - That's how simple.

I'M TIRED ALREADY - NOW TO THE CURRENCIES

USD/CHF: There is an option barrier for monday at 0.9200 so buying the USD/CHF is a good idea. The demand zone starts from 0.9200 so based on your risk tolerance with respect to your entry - 0.9200 will protect your stops below. I would wait to try and get as close as possible an entry to 0.9200 then target 0.9400 and get out and wait PATIENTLY to see what happens. If it turns, I would then SELL it to 0.8950 taking profit at support levels all the way down. If it doesn't turn then I will wait PATIENTLY to SELL it at 0.9700. The Key is to identify if its a turn or not and that comes from BANK SENTIMENT ( remember the 10 largest banks controls the market ) Options Contracts, Order Flow, Stop Orders, Volume, Price Action, & News Feed

An intelligent question now, would be, why not jump back in LONG? - because we are in the neutral zone and anything can happen there. I would be right in the middle of the battle zone and this is where, as the BANKS would call it DUMB MONEY is taken away. So its much safer and stress free to wait PATIENTLY until the next set up comes along and then take it. Hence, GREENER Account, more pips, less and less losses.

Scalpers trade in the battle zone, Position/Swing Traders trade at the top and bottom of the battle zone and not in the battle zone. So that's the only time Position traders come into the market. So you only trade those opportunities when they come up. If there are none - Go golfing, Boating, Flying - whatever it is you like to do until that opportunity comes again. You have so many currency pairs to shop from, so you will always find a trade on one of them, so don't rush to trade every day, just trade when you have a high probability trade with the least amount of stress. but it takes PATIENCE to wait for those setups, but when they come - GREEN PIPS ALL AROUND

EUR/GBP:

There is an options barrier for Monday at 0.8700 so SELL the EUR/GBP with TWO targets in mind to 0.8550 and 0.8320 taking profit on the way down. Like I explained. However, wait to see what happens at 0.8550 area. IF it continues then target 0.8320.

GBP/USD:

I would buy the GBP/USD targeting 1.5650 taking profit as explained.

EUR/USD:

The options contracts for monday are as follows:

Top layer - 1.3370, 1.3300
Bottom Layer - 1.3250, 1.3225, 1.3120 and 1.3000

There are sell orders from 1.3290 all the way up to 1.3350 Correction, had 1.3250

I will continue to hold my short targeting 1.3080 regardless of what happens in the market, new high, new low what ever.

On Tuesday, August 6, 2013 (Jamaica's Independence Day. no significance ofcourse to the forex market) there is a US$500 MILLION Options pay out at 1.3050, hence why I continue to hold my shorts.

When it gets to 1.3080 - I exit and wait to see what happens. IF it turns I will then TARGET 1.3620. The key is to identify if its a turn or not and that comes from BANK SENTIMENT ( remember the 10 largest banks controls the market ) Options Contracts, Order Flow, Stop Orders, Volume, Price Action, & News Feed

USD/CAD:

I may be exiting my long at 1.0500 but I have to wait and see - as I said I may or may not exit - I have to be patient and wait to see based on information as it comes in.


Please Note: ALL THESE TRADES ARE PATIENCE TRADES - 1 to 2wks to a Month depending on the currency pair.

I'm TIRED - sorry for the LONG POST and as you know - I wont be around much longer - this is too exhausting.

HAPPY TRADING



Its now 4:05pm Eastern - So this took me 1 hour and 54mins to write.

Keep up the Good Work and Humour CHICKY

GBP/USD:

I would buy the GBP/USD targeting 1.5650 taking profit as explained.


I second this trade......Alien...........as I am in it since 1.51 area.........

HDA quote:

USD/CAD:

I may be exiting my long at 1.0500 but I have to wait and see - as I said I may or may not exit - I have to be patient and wait to see based on information as it comes in.


Please Note: ALL THESE TRADES ARE PATIENCE TRADES - 1 to 2wks to a Month depending on the currency pair.

Alien

I second this one also as I am in since the 1.0275 area, TP at 1.0560 area for now............Alien

from the techincal it looks like that freind......it will be fuel for upside bias if this wednesday hawkish statement from BoE's Carney on his inflation report....

TRADERS ALWAYS REMEMBER - TRADING IS ABOUT WINNING AND LOSING - IF YOU LOST LAST WEEK, BRUSH YOURSELF OFF AND TRY AGAIN

Say there's sell order $1 bil at 1.3400 which will be more likely to hit

Thanks a lot HDA for taking the time.

As you have the information about the option expiry you know a good theoretical aim because of a good monetary reason for a future PA development. Unfortunately we do not have this information and without you we are forced to scalp when we mean to see something useful.

EURGBP, in and agree. GBP watching reaction at 155.481 and out at 156.401.

are you a robot?


your calls are never right and they mostly seem to be intraday calls that require 200-300 pip daily ranges

you never give any detail or reasoning for the calls


i'm seriously stumped at what you are doing if not grossly incompetent or trying to mislead other traders...




Anyway here's something I felt like sharing with the rest of you, here is a very strong strategy i use for my NFP account. I only trade this strategy 12 times a year. Risk is up to you of course but this pretty much always works.

@KEN A:

It takes US$75 million to move the EUR 1 pip - to answer your question it all depends on the ZONE, the banks, option contracts, price action.

Remember with price action, we can perform a wide range of technical analysis functions without the necessity of indicators.

Price action helps with management of risk, that being, setting up good risk reward ratios on potential setups or even effectively managing positions after you've executed your the trade.

This is why it is advised, get in, get out, hence take profit as you go along and re-entering at entry etc etc etc but it takes PATIENCE!!!

Some orders are sometimes used to move the market where you want it to go, but sometimes those orders are fake orders. Now who has the money to place those LARGE ORDERS - Those 10 BIG BOY BANKS Its a dangerous game. Not for ever one.

I was reading earlier in the thread about traders and their trading songs when they are trading - This is MINE

SIMPLY THE BEST - BETTER THAN ALL THE REST by TINA TURNER

Pretty much on the same boat. It's been an exhaustive week need to give the brain a break

Yes, I don't use indicator other than standard pivot calculation to know where the current PA is relative to yesterday, yesterweek and yestermonth close + Fib as geographical location.

$75 mil is only 750 lots right?

@KEN A:

Remember 1 standard LOT is $1000 so that would be 75,000 LOTS but when you get to institutional accounts, you do not use the term lots any more, you say YARDS.

So this would be 7.5 YARDS - One yard is US$10million depending on the currency pair you are trading.

So 1 YARD is 1 BILLION units.

1 LOT is 100,000 units.

It doesn't get better than San Diego, anywhere in the USA

Isn't 1 standard lot = 100,000 units = $132,804 at the rate of 1.32804 or in Euro 100,000?

And 1 yard for EUR/USD = $100,000/pip or 1 yard = 10,000 standard lots? $750 mil = 750 lots or 0.75 yard?

Anyway anything above 1 lot is out of my league

@KEN A:

You are correct - you do understand. Yes - 1 YARD is 10,000 Standard lots which is the same as saying 1 Billion Units.

One Standard Lot pays US$10/pip

10,000 Standard Lots pays US$100,000/pip which is the same as saying 1 YARD

hda,

what's your experience with oanda with institutional account? assuming you are with oanda service. if not with oanda then any recommendation?