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Forex Made Millionaire Thread for Blog Swing Trades

  • #321
  • Feb 9, 2016 11:34am Feb 9, 2016 11:34am
Quoting Geppy
{quote} You must practice having stops in place.
Haha yeah that's the first thing I was burnt on when I started a few years back on a demo account... now I feel neurotic if i don't have one in place, and it means I'm not doing it right. I meant placing stops in the green for some profit, in case it swung against me.
  • #322
  • Feb 9, 2016 11:34am Feb 9, 2016 11:34am
Quoting Geppy
Hey gang, GBP/JPY is really testing my patience. It's frustrating being 150+ pips in profit and then seeing it wiped away in an hour. I'm sticking with my shorts though and trading my plan. It feels like this thing is desperately trying to hold on for dear life. If we break the lows from January 19th (~164.00) it's going to be a hard, prolonged drop. Seems like the market is hanging on for dear life, and it feels like it's running out of strength. How's everyone else feeling? What are you seeing? I imagine some may think we're putting in a bottom,...
I may have forgotten how to post charts on threads.. . I completely agree with you about the prolonged drop if we break the January lows. But I will wait to see if the monthly candles closes below the 38.2 Fib lines. If it does, then we are more likely to see new lows next month. Whether that will happen now is a different story, as I suspect that the BOJ may be forced to intervene at some point.
Mediocrity is costly, contentment is great gain.
  • #323
  • Edited 11:45am Feb 9, 2016 11:34am | Edited 11:45am
great thread especially for one figuring this up and down out......that's the key.....what drives the up and down..

we outta buy Geppy lunch or something.....When I started ya couldn't find a thread to explain the moves....we had websites that nailed the P A , but they went into oblivion.

become comfortable with the ups and then downs, and you've arrived. notice the pips justa clickin' away like a mad man....?....that's fun to see, makes me wonder...they go....12.5....14.2....16.1....12.4....17.3...23.1....cool lookin' flashes of volatility....so, first one to the bay area buys Travis friggin lunch, I say.....yeah, a little something for the effort, huh!!!

edit ta add.....those 95 pip moves I guess are money hungry bass turds driving the price around the grocery store.....gathering much in their shopping carts, huh!! so, I'm saying be in the finance world, but not of it......can't do it for hunger for money......do it for the math, no the curiosity of it, the want to rise above it because God resides in this somewhere....huh!!! note: I'm the poster that claims the Holy Spirit trained him.....does anyone have a clue what God needs us traders for?.....trying to figure that one out....
  • #324
  • Feb 9, 2016 11:37am Feb 9, 2016 11:37am
Quoting Gbp/jpy
great thread especially for one figuring this up and down out......that's the key.....what drives the up and down.. we outta buy Geppy lunch or something.....When I started ya couldn't find a thread to explain the moves....we had websites that nailed the P A , but they went into oblivion. become comfortable with the ups and then downs, and you've arrived. notice the pips justa clickin' away like a mad man....?....that's fun to see, makes me wonder...they go....12.5....14.2....16.1....12.4....17.3...23.1....cool lookin' flashes of volatility....so,...
hahaha, thanks bud! No lunch needed, just keep making this thread and the little community we're building awesome.
check out my blog: forexmademillionaire dot com
  • #325
  • Feb 9, 2016 11:46am Feb 9, 2016 11:46am
btw, EUR/USD has officially hit the target of 1.1325 that we outlined in the weekly outlook. Nice work to those that traded it! It was good for at least 225 pips
check out my blog: forexmademillionaire dot com
  • #326
  • Feb 9, 2016 11:54am Feb 9, 2016 11:54am
Are you guys selling the eur/usd yet? there is some room and a some resistance not far away at 1.137. I am sitting on the sidelines for now..
  • #327
  • Feb 9, 2016 11:58am Feb 9, 2016 11:58am
Quoting FSUtrader
Are you guys selling the usd/eur yet? there is some room and a some resistance not far away at 1.137. I am sitting on the sidelines for now..
Not my style to sell here. I'd rather take a wait-and-see approach. Patience to wait for setups that will result in hundreds of pips profit is better than taking a stab in the dark for dozens of pips in my opinion.
check out my blog: forexmademillionaire dot com
  • #328
  • Feb 9, 2016 12:04pm Feb 9, 2016 12:04pm
Quoting Geppy
Hey gang, GBP/JPY is really testing my patience. It's frustrating being 150+ pips in profit and then seeing it wiped away in an hour. I'm sticking with my shorts though and trading my plan. It feels like this thing is desperately trying to hold on for dear life. If we break the lows from January 19th (~164.00) it's going to be a hard, prolonged drop. Seems like the market is hanging on for dear life, and it feels like it's running out of strength. How's everyone else feeling? What are you seeing? I imagine some may think we're putting in a bottom,...
it may test 168.00 and then drop again.GBP/JPY long way to go to down side. I am patience till at least it bounce to 167.65
  • #329
  • Feb 9, 2016 12:09pm Feb 9, 2016 12:09pm
Quoting Jijjie
{quote} it may test 168.00 and then drop again.GBP/JPY long way to go to down side. I am patience till at least it bounce to 167.65
It's definitely possible (anything is), but I don't see it happening. If it did, I'd be stopped out, so I'd have to re-evaluate everything. But I still think we're heading lower before higher.
check out my blog: forexmademillionaire dot com
  • #330
  • Feb 9, 2016 12:15pm Feb 9, 2016 12:15pm
Quoting Geppy
{quote} It's definitely possible (anything is), but I don't see it happening. If it did, I'd be stopped out, so I'd have to re-evaluate everything. But I still think we're heading lower before higher.
if you guys crank it down to 15m you can see it is looking like it wants to test support for the 3rd time. Third times a charm
  • #331
  • Feb 9, 2016 12:52pm Feb 9, 2016 12:52pm
Quoting Geppy
{quote} You must practice having stops in place. I can't stress that enough. It will help you sleep a lot better at night, and once you get used to the open P&L fluctuations you'll soon discover how amazing swing trading can be mentally, for your life style (not having to be trading ALL the time), and for your account balance.
Pretty pissed off with myself too haha i had a 5.3% return ( 379 pips) this afternoon (got the pic) with my trades however i did not close them as i was anticipating the market to go lower haha so kinda kicking myself in the ass as its now sitting @ 0.4% return lolz

With regards to stop loss generally i use the previous swing high/ low. GBP/JPY is technically still on a downwards trade on the daily, so im going to hold until it breaks that annoying 164.00 as im still in the trade short.

Geppy i downloaded that book you recommend regarding trading psychology and started reading it today... really good i must say.
  • #332
  • Feb 9, 2016 12:56pm Feb 9, 2016 12:56pm
Quoting Evilzim
{quote} Pretty pissed off with myself too haha i had a 5.3% return ( 379 pips) this afternoon (got the pic) with my trades however i did not close them as i was anticipating the market to go lower haha so kinda kicking myself in the ass as its now sitting @ 0.4% return lolz With regards to stop loss generally i use the previous swing high/ low. GBP/JPY is technically still on a downwards trade on the daily, so im going to hold until it breaks that annoying 164.00 as im still in the trade short. Geppy i downloaded that book you recommend regarding...
I hear ya on the frustration. Being a swing trader, it's something you have to get used to but I still struggle with it sometimes (usually only when I over-leverage lol).

In the end though, I think we'll get rewarded for our patience. Sometimes the even tougher thing to do is to not take profits when it retests the lows again. When you see a huge unrealized gain get wiped away it's very hard not to close the trade the next time it comes around. Often times though you end up kicking yourself because the trade breaks the lows and runs a fair bit more.

Glad you're enjoying the book. It helped me a lot with my trading and I try to read it once every year or two still.
check out my blog: forexmademillionaire dot com
  • #333
  • Feb 9, 2016 1:18pm Feb 9, 2016 1:18pm
Quoting Geppy
{quote} I hear ya on the frustration. Being a swing trader, it's something you have to get used to but I still struggle with it sometimes (usually only when I over-leverage lol). In the end though, I think we'll get rewarded for our patience. Sometimes the even tougher thing to do is to not take profits when it retests the lows again. When you see a huge unrealized gain get wiped away it's very hard not to close the trade the next time it comes around. Often times though you end up kicking yourself because the trade breaks the lows and runs a fair...
I suppose if we just stick to our trading plans these emotions shouldn't get the best of us! haha i haven't played around with leverage, trying to build confidence and trusting in myself and my decisions at the moment. how is that CCI indicator? i mainly just use Stoch, and sometimes MACD, and RSI

Not sure if this is old news but have you watched Steve Nisons videos/seminars? That was brilliant...

Apologies abit off topic!
  • #334
  • Feb 9, 2016 1:40pm Feb 9, 2016 1:40pm
Quoting Evilzim
{quote} I suppose if we just stick to our trading plans these emotions shouldn't get the best of us! haha i haven't played around with leverage, trying to build confidence and trusting in myself and my decisions at the moment. how is that CCI indicator? i mainly just use Stoch, and sometimes MACD, and RSI Not sure if this is old news but have you watched Steve Nisons videos/seminars? That was brilliant... Apologies abit off topic!
I adopted CCI wayyyyy back when I first started trading (like, 10+ years ago) from a book I read. I like it. Try throwing it on your charts and test drive it.

Haven't seen Steve Nisons stuff. But I do remember reading his book on Japanese candlestick techniques when I was about 10 years old lol!
check out my blog: forexmademillionaire dot com
  • #335
  • Feb 9, 2016 3:10pm Feb 9, 2016 3:10pm
I like using the CCI for divergence too
  • #336
  • Feb 9, 2016 3:35pm Feb 9, 2016 3:35pm
Quoting Geppy
Hey gang, I just published this post on the blog: http://www.forexmademillionaire.com/...ding-in-forex/ It's more of an educational piece, so I'm hoping to hear some feedback in the comments. I'd like to do these at least once per month (more if time permits), but not going to waste my time if it's too elementary.
Hey Geppy nice piece about using divergence as one of the trading tools. Very helpful to add that this is not enough to go looking for trades. You talk about importance of using this as a compliment for other technical analysis. As a quickly learning rookie I am becoming familiar with moving averages, volume, candlestick formations, support / resistance. Are there any other key tools that you recommend as a MUST HAVE. Also, I was wondering about the timeframes for moving averages. I notice you using 50, 100 and 200 a lot. Do you use others for shorter time frames?

Thanks for taking the time sharing your experience and knowledge.
  • #337
  • Feb 9, 2016 3:37pm Feb 9, 2016 3:37pm
Quoting Geppy
{quote} But I do remember reading his book on Japanese candlestick techniques when I was about 10 years old lol!
Really?! I just wonder, what kind of toys did you have when you was little
  • #338
  • Feb 9, 2016 3:43pm Feb 9, 2016 3:43pm
Quoting Sielik
{quote} Really?! I just wonder, what kind of toys did you have when you was little
good one, Sielik. I guess I've just always loved the markets.
check out my blog: forexmademillionaire dot com
  • #339
  • Feb 9, 2016 3:51pm Feb 9, 2016 3:51pm
Quoting Geppy
{quote} good one, Sielik. I guess I've just always loved the markets.
Respect M8
  • #340
  • Feb 9, 2016 4:37pm Feb 9, 2016 4:37pm
anyone else see the inverse h&s developing on the hourly chart or is it just me?
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