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  • #992,841
  • May 24, 2015 10:29pm May 24, 2015 10:29pm
Quoting ill_be_back
{quote} That is Enough to prove me wrong
gona give that a go as well

at home today so i got the time to scalp around, 121.60 sl entered at 121.67
going for 121.99
We live in a finite world with infinite possibilities.
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  • #992,842
  • May 24, 2015 10:32pm May 24, 2015 10:32pm
Quoting kinspk
... Bro, just a little sharing as I scalp most of my time....
Thanks for the advice...
  • #992,843
  • May 24, 2015 10:33pm May 24, 2015 10:33pm
Quoting mitrapips
{quote} I have lost several accounts to this so I, in fact most of us, know this well. I like to think of this issue similar to that faced by a boxer. A good boxer learns how to punch. But a great boxer knows how to take one on the chin and get up. You need to book losses. There is no other way. Another thing, try to time your entries to perfection. If you made a wrong entry get out and get back in again.
Thanks
  • #992,844
  • May 24, 2015 10:33pm May 24, 2015 10:33pm
Taking long here @ 1.0990

Pullback to former resistance, also a 50.0% fib.

See daily chart.

Attached Image (click to enlarge)
Click to Enlarge Name: $EURUSD.png Size: 14 KB
  • #992,845
  • May 24, 2015 10:59pm May 24, 2015 10:59pm
Quoting jack.canadia
Taking long here @ 1.0990 Pullback to former resistance, also a 50.0% fib. See daily chart. {image}
Not a good idea to go long here, it already tested new lows right after market opened. Additionally to that Draghi speech on the weekend basically doubts that EUR will hold together at all in the longer run. Add the greek problems into that mix.... now couple with USD strength and holidays today... that is the perfect day for hitting new lows, also since volume is thin and the big boys are on vacation anyhow and wont whipsaw the retailers.

Good luck though if you keep going long.
  • #992,846
  • May 24, 2015 11:00pm May 24, 2015 11:00pm
Quoting gatorinla
{quote} 121.61 ish bounce to 121.99 is ok for me uj
is that a short or long?
  • #992,847
  • May 24, 2015 11:02pm May 24, 2015 11:02pm
Quoting mitrapips
Just wanted to quickly address some of the comments in this thread and move on. 1) I was not trying to spam the board or anything. I just wanted to point a very valid concern I had of people following a fake money account with large drawdowns. Neither fake money account or drawdown are problems on their own. I have a huge drawdown. Who cares. The problem will arise when someone tries to replicate a fake money account with drawdown with real money. The emotions will be different and I only wanted to point that out. 2) Threats of banning me can go...
To be fair, you have a point in pointing out the importance to pay attention to drawdown. Unless you have limitless account balance, one of these days, the drawdown is going to eat you up.

It's just that some people are quite sensitive and defensive.

I received a private message from someone asking me if I have a problem with him just because I mentioned there was this guy who keep argue to prove himself right since 3 years ago. I didn't even mention name. Pretty defensive eh?
  • #992,848
  • May 24, 2015 11:14pm May 24, 2015 11:14pm
eurusd has a buy setup in daily and monthly chart. to me, it is a good buy price with a sl at 1.0940. it may go towards 1.17 if the setup works out fine.
  • #992,849
  • May 24, 2015 11:56pm May 24, 2015 11:56pm
Quoting mehedi529
eurusd has a buy setup in daily and monthly chart. to me, it is a good buy price with a sl at 1.0940. it may go towards 1.17 if the setup works out fine.
Charts won´t help you here, there isn´t a single reason that EUR will gain any power in the next days, Draghi unsure if EUR will survive as he said on the weekend, Greece still fucked up, USD strong numbers, this is absolutely bearish setup, even after the huge fall we already had.
  • #992,850
  • May 25, 2015 12:04am May 25, 2015 12:04am
Quoting geektrader
{quote} Charts wont help you here, there isnt a single reason that EUR will gain any power in the next days, Draghi unsure if EUR will survive as he said on the weekend, Greece still fucked up, USD strong numbers, this is absolutely bearish setup, even after the huge fall we already had.
i may be at the wrong side. that's why i put sl at 1.0940. but after a bullish engulfing candle at huge support around 1.06 last month, it is difficult for me not to expect a big uptrend from here.
  • #992,851
  • May 25, 2015 12:08am May 25, 2015 12:08am
OK, I wish good luck of course!
  • #992,852
  • May 25, 2015 12:16am May 25, 2015 12:16am
Quoting geektrader
OK, I wish good luck of course!
thank you. what we all need is a good luck.
  • #992,853
  • May 25, 2015 12:17am May 25, 2015 12:17am
Exactly
  • #992,854
  • Edited 2:08am May 25, 2015 12:18am | Edited 2:08am
Quoting geektrader
{quote} Charts wont help you here, there isnt a single reason that EUR will gain any power in the next days, Draghi unsure if EUR will survive as he said on the weekend, Greece still fucked up, USD strong numbers, this is absolutely bearish setup, even after the huge fall we already had.
Agreed on that. Fundamental creating a bearish sentiment. Only temporary negative data will give EU a little push up.

Quoting mehedi529
{quote} i may be at the wrong side. that's why i put sl at 1.0940. but after a bullish engulfing candle at huge support around 1.06 last month, it is difficult for me not to expect a big uptrend from here.
1.17 may of a lower probability, but nearest target like 1.11 still possible.

Below chart show that consecutive 2 weeks closing at 1.12, while 1.12 hold well as resistance. The 2 blues lines look good for re-entry of short while 1.2 is a good area to monitor for change of short term trend.
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 38 KB
The only winner is the one who survive the longest...
  • #992,855
  • May 25, 2015 12:21am May 25, 2015 12:21am
Quoting mehedi529
{quote} i may be at the wrong side. that's why i put sl at 1.0940. but after a bullish engulfing candle at huge support around 1.06 last month, it is difficult for me not to expect a big uptrend from here.
With the problems of Greece intensifying and the impending increase in US rates this year, do you think there's any basis to be bullish on this pair? Technically, perhaps, but looking further ahead than a retrace, I think it's going down.

I'm short from 1.1290, adding along the way on retraces, with a target of the year lows. Will hold and add patiently until then.
  • #992,856
  • May 25, 2015 12:25am May 25, 2015 12:25am
Quoting Ratmach
{quote} I really wish someone could tell me how to get over this one mental block I have. I scalp pretty much exclusively... I rarely stay in a trade more than an hour. But every once in awhile, when things quickly turn against me, I manage to convince myself that I'm RIGHT on where price is gonna be heading, I was just WRONG in the timing of my entry. So I sit on it and... well, you know the rest... it KEEPS moving against me. So yeah, once in awhile I wind up stuck in a trade with a pretty substantial drawdown, debating on whether to hang in there,...
hello,

im pretty new in forex and im not saying im the master of it. however i have the answer of your question as I also try to do some scalping..

you shouldnt think on money while you are on it and you should only rely on your system. If you think about money, you cannot close you position when you have pips of loss even your trend is broken and you know market will move against you. your target is not gaining money, it is to prove if really your system is working. Try to enforce this feeling inside you and you will be like a machine, free of emotions.
money ain't shit,i'm the shit..
  • #992,857
  • May 25, 2015 12:26am May 25, 2015 12:26am
There was someone who posted last weekend (8 days ago or something) about buying euro once it gets to 1.08-- something. I can't seem to find the post because he/she deleted it. I remember thinking that one made the most sense.
Build good relationships with others.
  • #992,858
  • May 25, 2015 12:33am May 25, 2015 12:33am
Quoting Ratmach
{quote} I really wish someone could tell me how to get over this one mental block I have. I scalp pretty much exclusively... I rarely stay in a trade more than an hour. But every once in awhile, when things quickly turn against me, I manage to convince myself that I'm RIGHT on where price is gonna be heading, I was just WRONG in the timing of my entry. So I sit on it and... well, you know the rest... it KEEPS moving against me. So yeah, once in awhile I wind up stuck in a trade with a pretty substantial drawdown, debating on whether to hang in there,...
I scalp for "income" as well as trade longer term, there's a couple of way of going about this.

For scalping, I set myself a hard stop and TP, and let it hit either of them. I never let a loss run. Sure, it may hurt to take those pips as a loss, but doesn't the DD that you're in hurt more? Just pre-define your risk.

I also tend to only take scalps with the main trend, counter trend is difficult. e.g. only taking euro short scalps right now.

hope this helps.
  • #992,859
  • May 25, 2015 12:38am May 25, 2015 12:38am
Quoting scottik187
{quote} With the problems of Greece intensifying and the impending increase in US rates this year, do you think there's any basis to be bullish on this pair? Technically, perhaps, but looking further ahead than a retrace, I think it's going down. I'm short from 1.1290, adding along the way on retraces, with a target of the year lows. Will hold and add patiently until then.
I agree with you... I think this still has a long way to go (down). But when you mention holding a position for a long time (as many others do), when I do that I feel "stuck". I mean admittedly the few long-term trades I've had like that were negative, so that was no fun. But even if it was positive... because what I mean by "stuck" is that while I'm in a trade going one direction, I CAN'T open short-term trades on short-term retraces in an attempt to catch a little profit going the other way. That's the main reason I like to scalp. I rarely make more than say 20 pips per trade, but a sequence might be like short for 10 pips, then a few minutes later long (on the same pair) for 10 or 15 pips, then.... just kinda back and forth. And there have been several times where I've made more over a few hour period by taking maybe 7 or 8 trades (both directions) than I would have by just taking 1 in the direction of the trend.

So I guess what I'm saying is that with the rules I have to play under (can't have open trades going both directions), I find it kinda hard to do longer-term trades. I'm just wondering if anyone else feels this way, or if it's just me being a stupid newbie.
  • #992,860
  • May 25, 2015 12:41am May 25, 2015 12:41am
Quoting roadtogo
{quote} hello, im pretty new in forex and im not saying im the master of it. however i have the answer of your question as I also try to do some scalping.. you shouldnt think on money while you are on it and you should only rely on your system. If you think about money, you cannot close you position when you have pips of loss even your trend is broken and you know market will move against you. your target is not gaining money, it is to prove if really your system is working. Try to enforce this feeling inside you and you will be like a machine,...
Thanks... I'll work on being The Machine (like Albert used to be).
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