Forex Made Millionaire Thread for Blog Swing Trades

No it's not.

I was hoping my 50% fib retracement was going to hold and looks like it might

Hey gang, just catching up here now that I'm done with my workout and at the office. Here's what I'm seeing...

Nothing has changed. In fact, I would argue that this up move is positive for bears. We're testing the 50 and 100 moving averages on the 1-hour chart quite nicely. As long as these hold, the downtrend is 100% intact. If/when the 50 ma crosses over the 100 it will be a big positive for the bears.

We're also stalling at the 50% fib of the most recent move down... a good sign:




USD/CAD is killing it for those that were short. I actually just took profit on that trade because I feel like it's gone pretty far pretty fast and it hasn't been moving much in a straight line until now. I'll re-enter should we see a bounce.

Now, a couple thoughts on psychology because I'm sure a fair number of you are freaking out. There are three groups of traders panicking right now:

1) Those that were short (from wherever) and took profits for a measly 100 pips or so and then decided to re-enter on a pullback probably sometime last night in the mid 162's. My take on these guys is that you are not a swing trader and should not be in this thread. You got greedy. You've made your own bed, now you have to lie in it. Sorry, but I don't have any sympathy for this group.

2) Those that took our initial trade of selling around 165.00 (or some of you got it higher) early in the week. But you added too aggressively as I mentioned here. Now you're underwater and freaking out. At this point, you need to assess your own risk and either hold on because you believe the trade will work out and you are NOT going to add more, or bail out so you can think with a clear head. Whatever you choose, learn from your mistake here.

3) Those that took our initial trade of selling around 165.00 (or some of you got it higher) early in the week. The difference with this group is that you added to your position responsibly or did not add at all. you're still well in-the-money on this trade... probably to the tune of 100+ pips. Good on you! But you're still freaking out. You saw the trade go well over 300 pips in your favor and now you're only up 100?!?! Not fair! Well, that's the life of the swing trader and if you're not used to it, you better get used to it.

The key for this group will be to not panic and understand that nothing has actually changed yet. The true test will be if/when we trade back to 161.50 -- do you take profit and congratulate yourself on bailing out of the trade having grabbed all the pips you should have grabbed before? If so, you've learned nothing about swing trading.

Or, do you hold tight when it matters the most, let price trade through 161.50, through 159.50, perhaps down to 155.50 and beyond? If you can do that you will learn a lot about swing trading and a lot about yourself and your own psychology. If you can do that, you will have a hell of a trade and you will make more pips in a week than others make in months (or ever!).

We were faced with this exact same scenario last week. Some traders closed their shorts when we traded back down to the bottom of the range even though I told them they'd want to and they shouldn't. Some stuck it out with me and we made a boatload of pips more.

Which will you be?

Have to admit i was starting to panic but i am holding on. I lost out on extra pips last week and i am a bit more confident this week.

excellent post! 👍 I'll hold tight da way down to 159xx handle

Nice, steve. I think you were the one I was thinking about when I wrote that part about some taking profits at the bottom of the trend last week.

So I took profit early this morning at 162.2 and then I just re-entered 163.3

GREAT POST!
Just wanted to add the the recent rejection was also the daily pivot point....just for added confidence....sit tight people

Like many new posters on this forum I'm new to trading forex. For me it's challenging not to take small profits quickly. I tend to be my own worst enemy when trading. I really appreciate your post Geppy. It frames what my end goal should be and challenges me to tackle my own psychological barriers. I am not a swing trader yet, but I'm working on it!

Geppy - your a cool dude.

My big mistake was setting trailing stops. If I had left them where they were, then I still would have had a trade! Still learning. I'm back in a short above where I was before now though, so not all bad and I have some lost ground to make up!

Could have been my friend, I was jumping in and out but i did catch some of the move a bit later. From you started this thread and the blog, i am learning well and doing much better than i did before. Still have a small account but its growing thanks to you. Keep up the fantastic work and thanks

Nice, man. I find the hardest part of trading is entering and exiting trades... that is once you master patience of letting winners run.

Because of that, I've adhered to a system (swing trading) that minimizes the number of times I need to enter and exit. So many mistakes can be made entering and exiting it only makes sense to me to try and limit the number of times I put myself in those challenging positions.

But that's just what I find works best for me. Everyone is different.

Thanks, man. We're all always learning here so don't let it get you down. As long as you're learning and improving constantly you're on the right track.

For sure. I guess honestly when i saw the engulfing bull that ate up almost two bear candles after the second move down I panicked and jumped out. Went to sleep and then class, came home checked the charts and it was looking real nice to continue down.

That's a bit odd as I can't access it for past 30 minutes and still getting same message. Other sites seem alright.

No troubles on my end, maybe others can confirm?

Anyone else having issues accessing: forexmademillionaire.com ?

Just checked mine appears to be working...

Guys, I've just noticed this triangle on my chart (in yellow). It worries me slightly, does it signify a breakout? If so which way or is there no way of knowing?

This is the one I'm watching, bud. It's a 5-minute chart and doesn't have me worried unless it breaks out aggressively to the upside.

Very good Geppy, you speak clear and your message is very important.
I am not in this trade, but i would like to ask you: When the situation is going to go against you, how do you recognize it, and how do you choose to jump out of the trade?

Thanks very much,

Syl