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AUD/USD

  • #72,121
  • Jan 31, 2014 5:24am Jan 31, 2014 5:24am
Quoting Ssm
{quote} Despite the upmove, noticed that it is still resisted by .8820 level. Candle couldn't close above this level.
As long as at least H4 candle has not close above .8820, IMO the downtrend is still intact.
The true fact is market doesn't care, risk mgt is important.
  • #72,122
  • Jan 31, 2014 5:24am Jan 31, 2014 5:24am
only short
Attached Image (click to enlarge)
Click to Enlarge Name: aud1.PNG Size: 19 KB
  • #72,123
  • Jan 31, 2014 5:28am Jan 31, 2014 5:28am
????
Attached Image (click to enlarge)
Click to Enlarge Name: aud1h1.PNG Size: 19 KB
  • #72,124
  • Jan 31, 2014 5:39am Jan 31, 2014 5:39am
Quoting Ssm
{quote} As long as at least H4 candle has not close above .8820, IMO the downtrend is still intact.
The downmove continues, looks like its ready to test .8650 level again.
The true fact is market doesn't care, risk mgt is important.
  • #72,125
  • Jan 31, 2014 5:48am Jan 31, 2014 5:48am
The burdens of a small account are really unbearable. With more capital I could have stayed in easily until now. Would be $$$$$. I need to save more money for trading. We might see 0,8650 soon.
Fix up, trade sharp ...
  • #72,126
  • Jan 31, 2014 5:54am Jan 31, 2014 5:54am
Bears Party Today
Forex as Leverage
  • #72,127
  • Jan 31, 2014 5:57am Jan 31, 2014 5:57am
Quoting Hickson
The burdens of a small account are really unbearable. With more capital I could have stayed in easily until now. Would be $$$$$. I need to save more money for trading. We might see 0,8650 soon.
You might be over-leveraging.
Pls Play responsibly.
The true fact is market doesn't care, risk mgt is important.
  • #72,128
  • Jan 31, 2014 6:10am Jan 31, 2014 6:10am
Quoting Ssm
{quote} You might be over-leveraging. Pls Play responsibly.
By no means. If it was not for the strict money management, I would still be in my shorts, but that is gambling to me. I was just saying that with more capital my money management would be much easier and the profit could have been taken. But nobody knows how the market will move.
Fix up, trade sharp ...
  • #72,129
  • Jan 31, 2014 7:03am Jan 31, 2014 7:03am
Short AU at 0.8712

Reason: 4HR closed convincingly below 0.87254
Target: 0.8677
  • #72,130
  • Jan 31, 2014 7:31am Jan 31, 2014 7:31am
Quoting Hickson
The burdens of a small account are really unbearable. With more capital I could have stayed in easily until now. Would be $$$$$. I need to save more money for trading. We might see 0,8650 soon.
You really need to leverage less money and only add to your position has the price moves in your favor while using stop losses of about 20 pips with each new trade and only adding when your previous trade can cover that 20 pips.
  • #72,131
  • Jan 31, 2014 7:42am Jan 31, 2014 7:42am
Quoting Bluescalper
i think today (Friday's) top is already placed i went short for s1 and prob s2 {image}
Awesome ... all targets were met .
  • #72,132
  • Jan 31, 2014 7:48am Jan 31, 2014 7:48am
Quoting irongoose
{quote} You really need to leverage less money and only add to your position has the price moves in your favor while using stop losses of about 20 pips with each new trade and only adding when your previous trade can cover that 20 pips.
My friend, how do you know how much leverage I use? The stop outs were totally fine for my account. No stop-out lost more than 1 %. But the point is, that with more capital my stop would not have been hit according to my MM.
Fix up, trade sharp ...
  • #72,133
  • Jan 31, 2014 8:00am Jan 31, 2014 8:00am
Time to exit shorts and head for the weekend before they take your profits away in thin friday afetrnoon markets.
Not worth to squeeze the last 15 to 20 pips out.
  • #72,134
  • Jan 31, 2014 8:01am Jan 31, 2014 8:01am
Quoting Hickson
{quote} My friend, how do you know how much leverage I use? The stop outs were totally fine for my account. No stop-out lost more than 1 %. But the point is, that with more capital my stop would not have been hit according to my MM.
First off you need not risk more then 2% of the entire account on your first trade to begin with, you can make that 2% fit various ways like .01 lots with a 20 pip stop loss or .10 lots with a 5 pip stop loss.

Then do something like I told you in the previous post to ensure you will need have more then 2% of your account at risk at any time. 1000 X .02 = 20
  • #72,135
  • Jan 31, 2014 8:40am Jan 31, 2014 8:40am
Quoting irongoose
{quote} First off you need not risk more then 2% of the entire account on your first trade to begin with, you can make that 2% fit various ways like .01 lots with a 20 pip stop loss or .10 lots with a 5 pip stop loss. Then do something like I told you in the previous post to ensure you will need have more then 2% of your account at risk at any time. 1000 X .02 = 20
Next thing you need to do is get better at trading,study support and resistance levels, learn where to place profit takes and stop losses and keep in mind other people are doing the same thing, this is very important when trying to figure out when to enter the market. ( I jumped the gun the other day on my short and got in to early)

Remember the other day when you posted it makes no sense that the market has been going up all day? To what level did it go before it turned around? Remember support and resistance previous highs and lows and where other traders place Buy Orders and stop losses and vice versa, this is where Big Money will move the market often before it changes direction. Think about it, if there are tons stop losses and Buy Orders sitting at the previous high of .8820 and all those people are going to get screwed if the price gos into that area and then moves down................stop losses getting stopped out and Buy orders executed and then the price moves south rather then north who do you think is going to profit from that? Big Money of course, so they will invest money to move the market into those areas to make more money. This is why price movement doesn't always make sense, Big Money is manipulating the market going after stop losses and Buy Orders.... and so on... all piled in one area.
  • #72,136
  • Jan 31, 2014 9:02am Jan 31, 2014 9:02am
Closed all shorts now, See how it is grinding higher. Pitty for the profits to lose now.
  • #72,137
  • Jan 31, 2014 9:08am Jan 31, 2014 9:08am
Quoting attilafx
Time to exit shorts and head for the weekend before they take your profits away in thin friday afetrnoon markets. Not worth to squeeze the last 15 to 20 pips out.
I agree, it looks like The Aud has found support at .8700, I hope it holds here threw the weekend but there is The Chinese Manufacturing PMI coming out after the market closes today that might move the Aud lower during the weekend.
  • #72,138
  • Jan 31, 2014 9:50am Jan 31, 2014 9:50am
Quoting Paulenok
Short AU at 0.8712 Reason: 4HR closed convincingly below 0.87254 Target: 0.8677
I didn't take some of the profits when I had a chance, however, as it's been trading relatively sideways, I closed this with very small profit
Will look for better entries.

take care
  • #72,139
  • Jan 31, 2014 10:11am Jan 31, 2014 10:11am
sell 735 sl 750 tp 690+
With a good book and quality paper you can fine wipe your ass.
  • #72,140
  • Jan 31, 2014 10:34am Jan 31, 2014 10:34am
Quoting irongoose
{quote} Next thing you need to do is get better at trading,study support and resistance levels, learn where to place profit takes and stop losses and keep in mind other people are doing the same thing, this is very important when trying to figure out when to enter the market. ( I jumped the gun the other day on my short and got in to early) Remember the other day when you posted it makes no sense that the market has been going up all day? To what level did it go before it turned around? Remember support and resistance previous highs and lows and...
The biggest problem is when to take profit or close the position. It is not always easy to see if the next support or resistance level holds or if the movement will turn around sharply, erasing all the profits or even more in worst case. I can understand that market makers move the market to these levels to trigger stops in order to make money. Yet I do not exactly know how to handle this, but like everything in life, trading takes experience. I believe I will finally get there to make good profits. At this point however, my money management is good enough to keep my account together, which is not so bad for a beginner. Yet my lack of experience has brought me some bad decisions, and I still need to work a lot technically and grow my account for a more long termed strategy. The big money will come in time, I also could not shoot three pointers 16 years ago when I started playing basketball. Now I swish these spaldings pretty well.
Fix up, trade sharp ...
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