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Has anybody developed an EA like what I did? 12 replies

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Why did the market reacted like this

  • #21
  • Aug 10, 2006 3:21pm Aug 10, 2006 3:21pm
Are you talking about the gold spot market or is it futures? My broker offers gold spot but I've not even tried it once.

Quoting BurgerKing
I use entry orders on both sides for trading news. However, its another matter when the broker would give you a whopping +40 slippage.

I hope I could get enough profit out of fxcm before i close it completely. currently opened a NF account - but they seem to be SLOWER than fxcm... Im using them for trading gold. gold makes nice +1000 pip movements per day, more predictable than currency pairs and is mostly range bound.
  • #22
  • Aug 10, 2006 3:24pm Aug 10, 2006 3:24pm
was up 172 pips on the pound short from on high when price first broke down a couple of days ago... basically the pound was overbought.. you had multiple signals on larger time frames as well, like rsi and macd divergences. Also a critical resistance level was reached up at 9130... Im currently in a position trade on the pound looking for the A-B-C correction down after the last 5 impulse waves on the daily chart. Price doesnt always move based on fundamentals, tech analysis also and wave cycles also seem to play a role. will be doing more research into this. (elliot wave theory seems to work well with FIB retracements)

Will keep you guys posted on my results.
  • #23
  • Aug 10, 2006 3:26pm Aug 10, 2006 3:26pm
Quoting Bemac
WOW

Hay Larmand... Doesn't take much to pull you out from lurking does it.
First Post since joining in 2004. Have a seat I'd like to buy you a drink.
Sorry, I couldn't help myself... now I'll crawl back to my little hole. See you in 2 years.
  • #24
  • Aug 10, 2006 3:29pm Aug 10, 2006 3:29pm
Ahh, what the heck. I'll buy you a drink anyway.
  • #25
  • Aug 10, 2006 3:34pm Aug 10, 2006 3:34pm
Quoting Bemac
Ahh, what the heck. I'll buy you a drink anyway.
Thanks, cheers. Have another 100+ pips profits day.
  • #26
  • Aug 10, 2006 3:36pm Aug 10, 2006 3:36pm
chart attached
  • #27
  • Aug 10, 2006 3:41pm Aug 10, 2006 3:41pm
so is EUR/USD still overbought ? Nobody can tell huh ? Can someone tell ? Nobody can be sure until it happens... That's why most retailers loose money trading FX.
  • #28
  • Aug 10, 2006 4:05pm Aug 10, 2006 4:05pm
The effect of news i mostly short term, the eur did go up for a little bit in response to the new, but the effect of the terror plot outweighs the effect of the trade balance, and this is actually a predictable event. I was short on the GBP after the terror plot and am laughing all the way to the bank with pips.
  • #29
  • Aug 10, 2006 4:06pm Aug 10, 2006 4:06pm
Even institutional traders cannot say that for sure. Nobody even Federal Reserve can control or predict the Forex market action constantly. You just need to find the likelihood of price movements and then use money management techniques to make money. Other than that as you said most retailers are loosers. Institutional traders loose less becasue they implement these skills with the help of a group of experts.



Quoting forexfactory123
so is EUR/USD still overbought ? Nobody can tell huh ? Can someone tell ? Nobody can be sure until it happens... That's why most retailers loose money trading FX.
  • #30
  • Aug 10, 2006 5:08pm Aug 10, 2006 5:08pm
Quoting fyne
The effect of news i mostly short term, the eur did go up for a little bit in response to the new, but the effect of the terror plot outweighs the effect of the trade balance, and this is actually a predictable event. I was short on the GBP after the terror plot and am laughing all the way to the bank with pips.
Finally, that's the anwser to the question that started this thread. Fyne, you're living proof the common sense its the less common of the senses. More pips to you, congratulations.
  • #31
  • Aug 10, 2006 5:39pm Aug 10, 2006 5:39pm
Quoting aparsai
Now you can see that nobody can predict the future. The market moves in the direction it wants. None of fundamentals or technicals can guarantee the direction of the market. That's why I say there is no perfect system in the market than can consistently make big money in Forex. I'd rather to be conservative and safe.
So if you can make big money in forex , why do you trade forex then...

We at FF are not proffesionals traders..if we were we wouldnt be here, and the proffesional trader have the experience to know what to trade because he has seen this many many times. But for us New beginners, we have still a lot to learn. But I know that a proffesional trader loose 1 out of 100 trades..So please dont come and be mr papa here. Have you ever talked to a experience trader a proffesional who makes millions out of Forex, future options, stocks etc...But I have..And I saw the reports on his trades.. I dont think you should be pessimistic hier.
  • #32
  • Aug 10, 2006 8:04pm Aug 10, 2006 8:04pm
Quoting larmand
Really? And since when lagging technical indicator, EMA nonetheless, dictate a nation's currency value.
Quoting forexfactory123
so is EUR/USD still overbought ? Nobody can tell huh ? Can someone tell ? Nobody can be sure until it happens... That's why most retailers loose money trading FX.
Nothing is sure in the market but long terms trends can be guessed from technicals whereas news is just like a couple of fits/ bouts in the charts.The lagging indicators are definitely lagging but they are just like symptoms.
The symptoms which speak about the illness of a patient and a physician treats after guessing the situation.
The euro is heading downwards in the long term.In short term it is going to touch 1.2700 soon.
cheers
  • #33
  • Aug 10, 2006 8:12pm Aug 10, 2006 8:12pm
Quoting nimakhaki
So if you can make big money in forex , why do you trade forex then...

We at FF are not proffesionals traders..if we were we wouldnt be here, and the proffesional trader have the experience to know what to trade because he has seen this many many times. But for us New beginners, we have still a lot to learn. But I know that a proffesional trader loose 1 out of 100 trades..So please dont come and be mr papa here. Have you ever talked to a experience trader a proffesional who makes millions out of Forex, future options, stocks etc...But I have..And I saw the reports on his trades.. I dont think you should be pessimistic hier.
A professional trader loose 1 out of 100 trades??
WOW that's something my friend. What "indicator" he use? Maybe he use the "yo-yo" system.

Jus chill out my friend He's rigth. There's no "system" (like you guys call it) that can predict the future and make money consistenly. But here's the thing... Do I need to predict the future for the market in order to make money? I personally don't

Professional trader is a wrong concept in my opinion. Well a trader that makes a living out of Forex could be considered a professional. Rigth? Or maybe an individual with years of experience in the market..could be considered a professional?

In reality...who cares?? we are here for the money..rigth?

I don't think everybody here at FF is a newbie like you just said. There's experience traders willing to help others. Maybe there's fund managers here. How do we know? To me willing to help others is not only professional but delivers sense of community and friendship much needed nowadays. I was a trader for a large institution many years ago and you have no idea how many inhumane practices you have to deal with everyday.

The economy as a whole, gives us many lessons. It's an ongoing-learning rollercoaster. Like this morning. Trade balance? yeah rigth. market was more into the terror thread. You have no idea how many banks/institutions/big guns were running around like beheaded chickens, buying dollars.

My humble advice to all of you. Have a bird eye's view.

If you want to trade based on your favorite-flavored and spiced indicator, which is solely based and builded on past price action, good luck. Eventually your beloved and christmas tree-like indicators won't have the power to save you when market shifts, like always does.

This is macroeconomics you're dealing with and Forex is the closest you'll get to the flame/ Closer than any other market. It's good to have a guide for your charts and everything but keep another eye on what's the market is telling you.

Just thinking how many traders got burned the day of the interest anouncement. How many bulls got slaugthered in those 15-20 minutes?? if you have a neutral anoucement like this, with just 1 or 2 airheads shouting for increase , how in the world you're gonna go long on that anouncement??? what in the world makes you think the dollar is going to go weak?

Just in case I am not a fundamentalist. I pay attention on what's going on and for tech I use the if indicator and sometimes, the rising sun indicator.

Thanks
Peace
  • #34
  • Aug 10, 2006 8:15pm Aug 10, 2006 8:15pm
The daily chart of euro.
Attached Image
  • #35
  • Aug 10, 2006 8:26pm Aug 10, 2006 8:26pm
Read trading in the zone like 20 times and youll learn that trading is a game of probabilities and if ur smart youll learn from ur losses and move on, u dont have to be right all the time and infact according New Market Wizards traders who have made millions of dollars lost vast sums of money before they became successful the key is they stuck it out, persistance even when faced with a loss is the key you have to get up and come back again and try not to make the same mistakes.
  • #36
  • Aug 10, 2006 8:47pm Aug 10, 2006 8:47pm
Quoting enoc2g
Read trading in the zone like 20 times and youll learn that trading is a game of probabilities and if ur smart youll learn from ur losses and move on, u dont have to be right all the time and infact according New Market Wizards traders who have made millions of dollars lost vast sums of money before they became successful the key is they stuck it out, persistance even when faced with a loss is the key you have to get up and come back again and try not to make the same mistakes.
I totally agree with you that there is no need to be right always.To make money we need a general idea of the trend/direction and better money management.Consistency in the long run will make you winner.
  • #37
  • Aug 10, 2006 9:44pm Aug 10, 2006 9:44pm
Quoting feb2865
Do I need to predict the future for the market in order to make money? I personally don't

.....


In reality...who cares?? we are here for the money..rigth?

I don't think everybody here at FF is a newbie like you just said. There's experience traders willing to help others. Maybe there's fund managers here. How do we know? To me willing to help others is not only professional but delivers sense of community and friendship much needed nowadays.
...

The economy as a whole, gives us many lessons. It's an ongoing-learning rollercoaster. Like this morning. Trade balance? yeah rigth. market was more into the terror thread. You have no idea how many banks/institutions/big guns were running around like beheaded chickens, buying dollars.
...

Just in case I am not a fundamentalist. I pay attention on what's going on and for tech I use the if indicator and sometimes, the rising sun indicator.

Thanks
Weeeeee doggieee.....

Now that's somebody that makes sense. But, I'd been a little concerned if he used the good old "full moon" indicator!!!

Great post. Thanks for the wisdom, although I know some of the young pups won't see it that way. But who cares? Make no mistake about it, we be here for the money.
  • #38
  • Aug 10, 2006 9:45pm Aug 10, 2006 9:45pm
Quoting larmand
Really? And since when lagging technical indicator, EMA nonetheless, dictate a nation's currency value.
Atleast I believe that James is a successful trader and listen what he says about fundamentals trading vs technical trading.

Originally Posted by bluemonkey
Hello Jim,

I probably missed this in an earlier post of yours. I was wondering how much do the market fundamentals influence your trading decisions. Thanks.

Quoting james16
none, i dont even pay attention unless its very impoortant. like the rest of you i am so focused on not losing money if i add another factor i will get frozen. its happened before when i tryed to let fundamentals influence my trading. jim
  • #39
  • Aug 11, 2006 3:34am Aug 11, 2006 3:34am
Quoting BurgerKing
Care to share some of your "tech know how"?

What indicators do you use? Much appreciated if you could help me out.
I do not use any of them

I trade special systems only consistently
kiss the trend
  • #40
  • Aug 11, 2006 7:08am Aug 11, 2006 7:08am
Quoting MoneyMa$ter
Weeeeee doggieee.....

Now that's somebody that makes sense. But, I'd been a little concerned if he used the good old "full moon" indicator!!!

Great post. Thanks for the wisdom, although I know some of the young pups won't see it that way. But who cares? Make no mistake about it, we be here for the money.
Full Moon Indicator...let me see if I can build an EA for that one (hahahahaha just jokin')

Thanks Moneymaster
Peace
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