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  • #862,861
  • Dec 11, 2013 7:58pm Dec 11, 2013 7:58pm
Quoting DasPips
{quote} Maybe one more up and then we go. Or tomorrow is the ultimate day of shorts getting fucked. BE CAREFULLL!!
there are other pairs to trade in forex...
  • #862,862
  • Dec 11, 2013 8:06pm Dec 11, 2013 8:06pm
Quoting SnaveForex
{quote} there are other pairs to trade in forex...
I personally prefer to be very familiar with one, and use others for correlation purposes. I won't pretend to be sure of direction at the moment though, 8 green daily candles in a row is rather rare...
  • #862,863
  • Dec 11, 2013 8:13pm Dec 11, 2013 8:13pm
Quoting Eurusdd
{quote} Great. I am a technical analyst and so - news items do not mean much to me. The problem with technical analysis is this: There is a large room for error because so many different stuffs can be created based on the high. low close or open price. All kinds of interesting setups are possible and that is the trap many traders fall into. But the entir truth is right there on your chart. To make life easier, simply focus on the closing price. When a new 4hr bar comes to life, whatever happened during the life of the bar is of little relevance....
You made so many great points here, and I can definitely relate....When we take everything in consideration, and despite whatever we see in the charts, we always going to make some kind of mistakes....Not everybody sees the charts the same way, some people look at the charts with a scalper mindset, or a swing trades or investors mindset...The best thing we can do is to analyze the charts on the daily or 4hour to see the bigger picture, and just trade them pairs on the 5 mins or 15mns....

Just because you place the trade now doesn't mean that it should hit target right away... Patient is very important in this game.

By the way, you can't rely on a few 4hr bars to determine the overall trend, but if you get a much lower timeframe, you will quickly see that drop miles away....

I remembered one time, I wanted to swing trade USD/CAD, and i went all the way to the 4hour chart to place my trade....The moment, i place that trade, the thing started dropping like a rock, and when i went to a 5mns chart, I knew deep down that was a wrong call, because the 5mns showed me that i place a buy at a major resistance level...I had to suck it up and learned from it. Even though, there's a solid trend on the 4hour or daily, you can always get a better entry on the lower time-frame.
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #862,864
  • Dec 11, 2013 8:14pm Dec 11, 2013 8:14pm
wow, and the uptrend is looking intact, it has not taken a breath since 1.32, like +10 superbullish usd news have been ignored and +15 bad euro news also, what do the big boys know that we dont.

im short since 1.3795 but look like euro beast will hit my sl hard in some hours at 1.3855 .

the mini downtrend channel was forming has been just broken, there are clearly big boys looking at charts and executing big trades, every bear indication is violated strongly to bring more traders and continue uptrend.
  • #862,865
  • Dec 11, 2013 8:19pm Dec 11, 2013 8:19pm
Quoting acidguy
wow, and the uptrend is looking intact, it has not taken a breath since 1.32, like +10 superbullish usd news have been ignored and +15 bad euro news also, what do the big boys know that we dont. im short since 1.3795 but look like euro beast will hit my sl hard in some hours at 1.3855 .

may be ben going to leave the dirty work to up coming chairperson
Mohan
  • #862,866
  • Dec 11, 2013 8:26pm Dec 11, 2013 8:26pm
Quoting cdndollar
{quote} {quote} Don't take what you read here too seriously mates (with some exceptions).. "this thread is perfect for ego boosting, killing time, but you can't learn how to trade reading posts here.." Here are some typical example of the great mixture of fun & entertainment in this thread: Holding the Bag: Euro @1.3450; " its not a correction and its a trend reversal - whether you like it or you don't !" Euro @1.3300; "Most of the retail morons were actually long EUR...
As I stated before, I have no problems with fundamentals, but as a technical trader I have a high probability to predict where the price action will most likely reverse or continue based on Historical data on the charts.......

I am not a big fan of Elliott waves, but with the little that i know, i can combine that with Harmonic patterns to predict any future price targets... Not to forget Fibonacci Ratios can show you a lot of hidden support and resistance levels... The price action tends to behave towards them hidden lines.
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #862,867
  • Dec 11, 2013 8:32pm Dec 11, 2013 8:32pm
Quoting OctaveJay509
{quote} You made so many great points here, and I can definitely relate....When we take everything in consideration, and despite whatever we see in the charts, we always going to make some kind of mistakes....Not everybody sees the charts the same way, some people look at the charts with a scalper mindset, or a swing trades or investors mindset...The best thing we can do is to analyze the charts on the daily or 4hour to see the bigger picture, and just trade them pairs on the 5 mins or 15mns.... Just because you place the trade now doesn't mean...

He made great points if you are new to market or have never taken the time to actually analyze market through the Multi Time Frames.

Starting off with, why is the H4 hour bullshit?

Whose H4 is he playing off of? Given that the start of different brokers is different, which one is accurate?

That's just like trading, using the specific D1 candle...really? How does a market that trades 24/5 have brokers that show 6 daily candles?

Now this is age old bullshit, that if anybody was seriously looking at market could understand and find an arguement for or against what I've said. Bottom line, is this too is all bullshit!

So, where do you go, what do you look at?

The theories are endless. The S/D guys have one look, the VSA guys another and every system in FF yet another.

How you gunna trade?

Well, if time frames are your scthick, start to appreciate the value of an open candle. Try to have a look at the M1 candle with an H1 perspective. If the M1 close is above the hourly open, what does that tell you? What if it is below?

Then, if you are studying MTF, you MUST take into consideration the separate sessions that actually trade and keep in mind that because that the market is actually price regulated by the players.

No...not you...the trading sessions that are applicable to pairs.

Why do you think that AUDUSD moves during TK and AUSSIE session, when the EURO and GBP stick to a limited range? Because the Aussies don't have the ability to drive price on something that isn't relevant.

Cut it down...TK, USD and London as they apply to EURO.

Believe it or not, they all get a chance to play the same ranges and their independent sessions are a standard trade day...not the 24 hour day. How many times will the same ranges be played throughout a week or month? Depends on who got to do what and when. Once you have a handle on this, and once you can gain some sort of semblance of trend and direction and see who is actually driving this boat, even if you take a dogshit loser trade...you should have an idea of if and when it will come square.

Ya see, just because somebody posts some long winded rant, that others make out to be gospel, don't make it right...don't make it wrong necessarily either. It is an independent limited perspective based on the knowledge base of the trader.

Once people start to trade what is relevant, they will stop looking for tops and bottoms...play their respective ranges and watch for opportunities...

This isn't a group effort. It isn't if I win we all win...

This is about you.

Always has been. Always is going to be.

Enjoy it, because this opportunity will be as fair to you as you are to it. Show it respect, it will reward you. Challenge the market and you will be crushed like the majority of your predecessors.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #862,868
  • Dec 11, 2013 8:36pm Dec 11, 2013 8:36pm
one thing for sure, if almost everyone is short big on eur/usd bank and liquidity providers will be more than happy to hit us hard, they actually dont pass our orders to the market, just in their systems, but they can use our money to hit us hard cause they have access to the real market.

hope this not happen like many times, if they are calling to everyone put stop losses at 1.3850 and tp 1.35, is very likely they ll take to 1.39, if they say that number they have the resources to hit stop losses and 1.3855, after that and some says oh its big bullish and long then this thing falls like a rock to 1.35 and hurt us all in a matter of few days, i cant remember how many many times this has happened.

more than technicals, price analysis, traders sentiment we should also study "Banks Sentiments" and dirty psichology.
  • #862,869
  • Dec 11, 2013 8:39pm Dec 11, 2013 8:39pm
Quoting acidguy
one thing for sure, if almost everyone is short big on eur/usd bank and liquidity providers will be more than happy to hit us hard, they actually dont pass our orders to the market, just in their systems, but they can use our money to hit us hard..
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #862,870
  • Dec 11, 2013 8:44pm Dec 11, 2013 8:44pm
Quoting Magix
{quote} Ya see, just because somebody posts some long winded rant, that others make out to be gospel, don't make it right...don't make it wrong necessarily either. It is an independent limited perspective based on the knowledge base of the trader. Once people start to trade what is relevant, they will stop looking for tops and bottoms...play their respective ranges and watch for opportunities... This isn't a group effort. It isn't if I win we all win... This is about you. Always has been. Always is going to be. Enjoy it, because this opportunity...
More of this please…..
Wherever you go, there you are.
  • #862,871
  • Dec 11, 2013 8:48pm Dec 11, 2013 8:48pm
Some key levels

4014
3922
3893
3832
3761
The Thief of Wall Street
  • #862,872
  • Dec 11, 2013 9:03pm Dec 11, 2013 9:03pm
Quoting rudimente
hi folks, as i see no hope in my life trading, i make a little experiment. i will allways do the opposite of what i would realy do. i opend an demo account for this. entry: every hour (so far i will be online) - i will check candles etc. what i'm noramlly used to do.. and will do just the opposite.. stop loss 20 p - take profit 20p is market random? is all technical analysis useless? a system that dont work - work it, if you do just the opposite? lets try! you see my trade explorer in...
Successful trading is a mind game as anyone with average intelligence can learn the tools after a few years of hard study in the market.. another important factor is the play capital.. with little money, one trades scare for peanut returns even-though the trader may have a good trading mindset.. so in essence; mind+money=wealth..

Assuming you have the right mindset & money to practice good risk & trade management, the higher time frames is where the big money is at.. not scalping intraday noises where one get chop to pieces with the account subjected to deterioration & risk of ruin over time..

The majority base their trading decisions in hindsight by looking to the left.. a simple but highly probable system to capture HTF continuation price beyond the screen is to "Only bet in the same direction when the 21 crosses the 50ma in the daily chart after extended consolidation".. The only drawback for this simplistic beauty is that one must learn to play against the herd by overcoming the too cheap/too expensive fear syndrome & don't be afraid to hop on the train (instead of trying to stop it) once it is pulling out of the station..
Good luck..

Quoting Davit
{quote}.. Reason price did not break 1.38 because of double top resistance and that's not an abstract ,psychological,subjective perception as you put it but real on the charts.I can even go further if 99% of traders are using charts to trade then it becomes self fulfilling because that's all we see. {image}
Trading S/R should be approached from a multidimensional basis as one dimensional S/R PA may work sometimes but will get you in trouble more often then not..
That being said, there's very good odds for the December Boomerang ratchet to take out 1.38 on this leg..


Quoting Vachus
{quote} Some people keeps referring to this quote as if i was standing shorting at 1.35 and now price is at 1.38 ... The reason there is a misunderstanding is some ill sick possessed guy........
I thought I told you if you choose to continue your foolish rants Go F(orex) Yourself as you're doing a pi$$ poor job trying to cover your foolish tracks.. so please stop, go watch another Cannon Fodder movie or do more studies at babypips then over time, you may learn to make some clear cut calls like these:
http://www.forexfactory.com/showthre...45#post7070045
http://www.forexfactory.com/showthre...64#post7070364
which are worth big risk-adjusted profits for some long distance money player..

That being said,
Quoting Vachus
Definition of insanity , is doing the same thing expecting different results ... don't fight, just follow!
I hope you're coming to your sense if you believe the above statement..
  • #862,873
  • Dec 11, 2013 9:21pm Dec 11, 2013 9:21pm
Quoting cdndollar
{quote} Successful trading is a mind game as anyone with average intelligence can learn the tools after a few years of hard study in the market.. another important factor is the play capital.. with little money, one trades scare for peanut returns even-though the trader may have a good trading mindset.. so in essence; mind+money=wealth.. ......
I agree 90%. The remaining 10% is if this is true, why EAs fail? EAs have no feelings and they don't think.
The Thief of Wall Street
  • #862,874
  • Dec 11, 2013 9:23pm Dec 11, 2013 9:23pm
Quoting Davit
{quote} Hi Aus I like your chart color scheme. Could you upload your Template please? Thanks
Sure

here you go
Attached File(s)
File Type: tpl aus_template.tpl   94 KB | 270 downloads
  • #862,875
  • Dec 11, 2013 9:26pm Dec 11, 2013 9:26pm
Quoting Chicky
{quote} I agree 90%. The remaining 10% is if this is true, why EAs fail? EAs have no feelings and they don't think.

Generality...

People that have the ability to write EAs, don't trade.
People that have the ability to trade, don't write EAs.

Failed logic will consistently fail...are there any exceptions?

Here's one of mine...so far...
Attached Image (click to enlarge)
Click to Enlarge Name: xmasea.png Size: 24 KB
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #862,876
  • Dec 11, 2013 9:26pm Dec 11, 2013 9:26pm
Quoting OctaveJay509
{quote} As I stated before, I have no problems with fundamentals, but as a technical trader I have a high probability to predict where the price action will most likely reverse or continue based on Historical data on the charts....... I am not a big fan of Elliott waves, but with the little that i know, i can combine that with Harmonic patterns to predict any future price targets... Not to forget Fibonacci Ratios can show you a lot of hidden support and resistance levels... The price action tends to behave towards them hidden lines.
yes, all that matters is what works for you & don't worry about others..

Quoting Chicky
{quote} I agree 90%. The remaining 10% is if this is true, why EAs fail? EAs have no feelings and they don't think.
Garbage in garbage out..
so far, I had not seen anything to replace the human mind in decision making..
  • #862,877
  • Dec 11, 2013 9:28pm Dec 11, 2013 9:28pm
Quoting cdndollar
{quote} Successful trading is a mind game as anyone with average intelligence can learn the tools after a few years of hard study in the market.. another important factor is the play capital.. with little money, one trades scare for peanut returns even-though the trader may have a good trading mindset.. so in essence; mind+money=wealth.. Assuming you have the right mindset & money to practice good risk & trade management, the higher time frames is where the big money is at.. not scalping intraday noises where one get chop to pieces with the account...
good post also…..

On thing only, sometime I trade the 30 seconds and I do not look at the bigger TF, I only view the last two hours looking at the left and that is enough for me to guide me thought my possible next 10 pips TP. The HH's and HL's are enough to indicate the direction of the least resistance or the range, with that short of TF looking at a bigger TF would just make it more confusing where simplicity is a great prerogative.. Only my experience and nothing else.
Wherever you go, there you are.
  • #862,878
  • Dec 11, 2013 9:31pm Dec 11, 2013 9:31pm
Quoting Chicky
{quote} I agree 90%. The remaining 10% is if this is true, why EAs fail? EAs have no feelings and they don't think.
Because, trading is not a science, it is an art form where mind it is also involved.
Wherever you go, there you are.
  • #862,879
  • Dec 11, 2013 9:32pm Dec 11, 2013 9:32pm
I know there's some kind of catch to this, and know nothing about automated trading systems.. I was wondering if you could comment on this, Magix

Wtf is this?

http://www.forexfactory.com/googletrader#87

Someone is saying this system cannot be used live? Why would that be?
  • #862,880
  • Dec 11, 2013 9:33pm Dec 11, 2013 9:33pm
Quoting Magix
{quote} Generality... People that have the ability to write EAs, don't trade. People that have the ability to trade, don't write EAs. Failed logic will consistently fail...are there any exceptions? Here's one of mine...so far... {image}
Makes sense.

I generally forcus on these three ratios:

Profit : Begining Equity
Loss: Begining Equity
Max Drawdown (realized and/or unralized) at any point in trade : Begining Equity

The last one decides worth of the first two.
The Thief of Wall Street
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