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Trading on this new

  • #1
  • First Post: Jul 21, 2006 7:12am Jul 21, 2006 7:12am
Hi

Well im a beginner but i actually like to trade usdchf. they have a nice moves up and down.

When we get the news like this below, how do you trade and what does it means correctly and how eould you trade it:

$-Swiss @ 1.2396/01.....Bearish bias.
R: 1.2410-16 / 1.2454
S: 1.2362-57 / 1.2333
There was further fall to a low of 1.2379 in the $-Swiss and with this the pair stays bearish biased currently. Now on the downside the important Support would be coming in at 1.2362-57, the latter being the 200-MA on the 4-Hourly charts. A break below this would see the pair target 1.2333, which is the statistically projected Max Low for the day.
On the upside strong Resistances are coming in at 1.2410-16 and then at 1.2454. The Bearish view holds at the moment but traders should short only on rallies now.


Thanx
  • #2
  • Jul 21, 2006 7:23am Jul 21, 2006 7:23am
Quoting nimakhaki
Hi

Well im a beginner but i actually like to trade usdchf. they have a nice moves up and down.

When we get the news like this below, how do you trade and what does it means correctly and how eould you trade it:

$-Swiss @ 1.2396/01.....Bearish bias.
R: 1.2410-16 / 1.2454
S: 1.2362-57 / 1.2333
There was further fall to a low of 1.2379 in the $-Swiss and with this the pair stays bearish biased currently. Now on the downside the important Support would be coming in at 1.2362-57, the latter being the 200-MA on the 4-Hourly charts. A break below this would see the pair target 1.2333, which is the statistically projected Max Low for the day.
On the upside strong Resistances are coming in at 1.2410-16 and then at 1.2454. The Bearish view holds at the moment but traders should short only on rallies now.


Thanx
Hi nimakhaki
A word of warning, you don't trade a currency because it looks pretty on a chart, USDCHF has a lot of volatility and you could get burned VERY quickly.
At your stage you should be getting to understand how to read charts, know how to see the relationships between bar, or candlesticks, patterns and how they can help you spot opportunities, or avoid trouble.
Study this link to further your education and DON'T trade real money yet.
http://www.forexfactory.com/forexfor...ead.php?t=2331
Peter
  • #3
  • Jul 21, 2006 8:09am Jul 21, 2006 8:09am
Quoting PeterFM
Hi nimakhaki
A word of warning, you don't trade a currency because it looks pretty on a chart, USDCHF has a lot of volatility and you could get burned VERY quickly.
At your stage you should be getting to understand how to read charts, know how to see the relationships between bar, or candlesticks, patterns and how they can help you spot opportunities, or avoid trouble.
Study this link to further your education and DON'T trade real money yet.
http://www.forexfactory.com/forexfor...ead.php?t=2331
Peter
Hello Peter

Thank you for warning, im just demo trading right now .

I actually trade with a simple strategy , I use EMA 10 EMA 25 EMA 50 and MACD.

Is this good or do you have another suggestions.

Regards
  • #4
  • Jul 21, 2006 10:34am Jul 21, 2006 10:34am
Quoting nimakhaki
Hello Peter

Thank you for warning, im just demo trading right now .

I actually trade with a simple strategy , I use EMA 10 EMA 25 EMA 50 and MACD.

Is this good or do you have another suggestions.

Regards
Keeping it simple is good at this stage, although it depends what time-frame you are trading; the longer the better (ie 30 min chart better than 15 min - 1 hour chart better than 30 min etc)
I could point you in several directions, but at this stage you may find some of the information hard to fully understand. One piece of advice I will repeat is to follow the link I put in my first message and really take the time to study it. http://www.forexfactory.com/forexfor...ead.php?t=2331 It's a long thread but is the quickest way to learn about the way the market works, there are many examples of how chart patterns can provide clues as to which direction you should consider trading
Also read ALL the 'sticky' threads in the beginner's forum http://www.forexfactory.com/forexfor...splay.php?f=56
It will save us all time, you from asking questions that have been asked before, and us replying to you.
There are several good trading plans around but it is best, for now, to stay with what you're doing until you fully realise both the GOOD and BAD points of MA trading methods and understand what Price Action is.
Try this for now, open two screens side-by-side, say a 4 hour chart and a 30 min chart (image attached). The 4hr chart is on the right, the 30min on the left. Your EMAs have been added. Look at the longer period and then trade on the shorter period, but learn what the longer picture is telling you.
Also, for now, while you are learning, get rid of the MACD, it's only useful at certain times, and you would be better learning to make judgements purely on what you see on the screens, not relying on too many indicators.
With practice the charts become clearer to you. It is the ONE BIG thing I've learned since joining the Forum, a clean screen is a good screen
Give it a try, it seems hard at first, but Forex trading is hard, and the learning curve is steep. There is no magic indicator that can tell you what to do. Learn to understand price and how it reacts over time - stay out of news announcements (by checking the Forex Forum Calendar every day before you trade http://www.forexfactory.com/index.php?page=calendar) until you're really good.
I've run out of steam now, so take care and good luck

Pete
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  • #5
  • Jul 21, 2006 10:58am Jul 21, 2006 10:58am
nimakahki You also might take a look at this thread it covers the triple screen trading strategy, hope this helps a little.
http://www.trading-naked.com/library...ing_system.pdf
Same Whore .... Different Dress
  • #6
  • Jul 21, 2006 11:20am Jul 21, 2006 11:20am
The essence of Triple Screen Trading is that you study longer time frames before trade decisions are made on the shorter time-frame, and was designed for stock trading but the principle is the same for Forex.
By the way, this is one of the best sites for doing your early research and understanding the tools you're using.

http://www.investopedia.com/articles.../03/040903.asp

Pete
  • #7
  • Last Post: Jul 22, 2006 11:11am Jul 22, 2006 11:11am
Quoting PeterFM
The essence of Triple Screen Trading is that you study longer time frames before trade decisions are made on the shorter time-frame, and was designed for stock trading but the principle is the same for Forex.
By the way, this is one of the best sites for doing your early research and understanding the tools you're using.

http://www.investopedia.com/articles.../03/040903.asp

Pete
Thank you for your posts..i will take a look..
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