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Forex Made Millionaire Thread for Blog Swing Trades

  • #1,021
  • Feb 19, 2016 1:04am Feb 19, 2016 1:04am
i sold pnd/jpy, tell me is it because pound and japan are perceived safe havens so money moves between quite rapidly, depends who seems safer at the time. although i was just trading off a perceived drop looking on the daily and 4 hour chart. just looked like a good drop, although this was Jan i think i got out way too early it flew down.
  • #1,022
  • Feb 19, 2016 1:16am Feb 19, 2016 1:16am
warning : large spike possible in about 2 hours for GBP pairs due to GBP major news. It has been a very successful week.., shame to ruin in on a Friday. I know some of you got caught out few days ago, so take it as a warning.
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  • #1,023
  • Feb 19, 2016 2:54am Feb 19, 2016 2:54am
triangle foorming on 5 min chart?

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  • #1,024
  • Feb 19, 2016 3:47am Feb 19, 2016 3:47am
some fireworks lol
  • #1,025
  • Feb 19, 2016 4:06am Feb 19, 2016 4:06am
Morning Guys!
How's it going? Still keeping those shorts?
  • #1,026
  • Feb 19, 2016 4:09am Feb 19, 2016 4:09am
Quoting Pip-Miner
some fireworks lol
Meanwhile over in USDJPY, some ZZZZZZZZZ. lol
Only 200 pips in over 70 hours.
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  • #1,027
  • Feb 19, 2016 4:15am Feb 19, 2016 4:15am
Quoting SulikFXer
Morning Guys! How's it going? Still keeping those shorts?
I had to close my position yesterday due to not being able to monitor it. I would love to be able to sit at a desk all day trading forex, but my family and work takes precidence for now. Looking for a re entry point now.
  • #1,028
  • Feb 19, 2016 4:18am Feb 19, 2016 4:18am
Quoting SulikFXer
Morning Guys! How's it going? Still keeping those shorts?
Yes 500+ pips just on dragon , swing trading
  • #1,029
  • Feb 19, 2016 4:18am Feb 19, 2016 4:18am
Quoting RadboneFX
{quote} I had to close my position yesterday due to not being able to monitor it. I would love to be able to sit at a desk all day trading forex, but my family and work takes precidence for now. Looking for a re entry point now.
I totally get it
Im about to short again but this got me wondering for today.
Looks like there's a divergence about to play out on H4. Am I seeing this right?
Im thinking to wait this out and reenter short @ 162.9
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  • #1,030
  • Feb 19, 2016 4:25am Feb 19, 2016 4:25am
Hi Geppy and all the other traders, just joined and wanted to say how much I'm enjoying learning from you all, I'm relatively new to Forex trading and trying to expand my knowledge whenever and wherever possible.

Because of my work, swing trading suits me to the ground and I'm hoping in due course that I'll be able to contribute to the thread with some of the knowledge gained.

In the meantime just wanted to say hi and cheers
  • #1,031
  • Feb 19, 2016 4:28am Feb 19, 2016 4:28am
Quoting RadboneFX
{quote} I had to close my position yesterday due to not being able to monitor it. I would love to be able to sit at a desk all day trading forex, but my family and work takes precidence for now. Looking for a re entry point now.
Sitting at your desk all day is not a requirement, at all.

Do you use stop loss and take profit? Whatever happens in the market, these levels would manage your trade while you are away.
If it hits SL, so be it. Just one trade with many more to come.

As far as a new entry, I see a channel 20 pips up from here which lines up with 200 SMA on M5. I expect one of them to turn it back short.
A good time to add a position.
  • #1,032
  • Feb 19, 2016 4:33am Feb 19, 2016 4:33am
Quoting Rurozan
{quote} Sitting at your desk all day is not a requirement, at all. Do you use stop loss and take profit? Whatever happens in the market, these levels would manage your trade while you are away. If it hits SL, so be it. Just one trade with many more to come.
Believe me, reaching this point of mind set takes years. Not everyone has it in the beggining
I rarerly enter trades. Maybe 2-5 monthly. And I like to watch them go, to adjust postive SLs, I dont trust trailing stops and stops in general. Over the years I cought 2 broker companies red handed, when they ignored my SLs and TP unless they been breached by 10 or more pips. Once you play with bigger money you are a target for these guys. But hey. That's just another opinion
  • #1,033
  • Feb 19, 2016 4:42am Feb 19, 2016 4:42am
Quoting SulikFXer
{quote} Believe me, reaching this point of mind set takes years. Not everyone has it in the beggining I rarerly enter trades. Maybe 2-5 monthly. And I like to watch them go, to adjust postive SLs, I dont trust trailing stops and stops in general. Over the years I cought 2 broker companies red handed, when they ignored my SLs and TP unless they been breached by 10 or more pips. Once you play with bigger money you are a target for these guys. But hey. That's just another opinion
I've only been trading for five months! I just studied very hard.

Oh, for sure. I guess I am lucky to have a trustworthy broker, to the best of my knowledge. Half a pip of slippage is the worst I've ever seen, and only when I was micro.
  • #1,034
  • Feb 19, 2016 4:48am Feb 19, 2016 4:48am
This is a swing trader only forum.
definition of swing trading :
A style of trading that attempts to capture gains in a stock within one to four days. Swing traders use technical analysis to look for stocks with short-term price momentum. These traders aren't interested in the fundamental or intrinsic value of stocks, but rather in their price trends and patterns. We don't sit at our desk all day or all week or scalp for little amounts , normally target 100 plus pips

Definition of a scalper :
Scalping is a trading strategy that attempts to make many profits on small price changes. Traders who implement this strategy will place anywhere from 10 to a couple hundred trades in a single day in the belief that small moves in stock price are easier to catch than large ones.
  • #1,035
  • Feb 19, 2016 7:15am Feb 19, 2016 7:15am
Quoting Pip-Miner
This is a swing trader only forum. definition of swing trading : A style of trading that attempts to capture gains in a stock within one to four days. Swing traders use technical analysis to look for stocks with short-term price momentum. These traders aren't interested in the fundamental or intrinsic value of stocks, but rather in their price trends and patterns. We don't sit at our desk all day or all week or scalp for little amounts , normally target 100 plus pips Definition of a scalper : Scalping is a trading strategy that attempts to make...
Yes indeed. We swing trade here so no five minute time frames please, 4 hour really as small as I would look at personally and only a few pairs too in order to get the feeling for their behaviours. This GBP/JPY has been very successful so far but still looking good on 4hr/daily to drop on a bit more yet so keep the nerve and lets see what happens.
  • #1,036
  • Feb 19, 2016 8:17am Feb 19, 2016 8:17am
Quoting RadboneFX
{quote} I had to close my position yesterday due to not being able to monitor it. I would love to be able to sit at a desk all day trading forex, but my family and work takes precidence for now. Looking for a re entry point now.
That's one way to look at it. I trade while at work, and my work requires more thought than trading (imagine that lol). I'm not always in front of the cpu, i only look at daily and 1h charts. After work i'm home with the kids and wife. I also stay active socially and run a small business in my spare time. You can do the same.

Step your risk back a bit and take some time out to run some ATR analysis on different TF's and sessions. Isn't it interesting that the average size of a 4 hour bar is not 4 times the size of the average size of a 1 hour bar? That's pretty neat to know. Here's something i got from 2 other people outside of fx trading, measure the tail end of bull and bear bars in a trend. Did you know you can usually get in a move at the open of a bar with a stop the size of 1/10th the atr? That's pretty cool too.

Watch vids, read and test stuff. That's how its done. You can do it.
  • #1,037
  • Feb 19, 2016 8:32am Feb 19, 2016 8:32am
All right noted pip miner, will learn to contribute better to the group here. This week has been a successful one but the week is over in my country and I had to call it a day.
@radboneFx I have a full job too and I also dont sit on front of the chart all day, I guess that is why I decided to learn to make myself a swing trader.
Cya next week guys, hopefully the beast ride on. Im outta here first. Got a lot of stuffs to read from now on
  • #1,038
  • Feb 19, 2016 9:02am Feb 19, 2016 9:02am
Just Taken a short on Loonie @ 1.38219

Price rejected 200 ema also rejected descending trend line and 0.707 fib level (just above 61.8) and also support at 1.38207.

Looks like a good place to short.

chart link below. comments welcome.

https://www.tradingview.com/chart/US...ad-short-1902/


have a good weekend everyone
  • #1,039
  • Feb 19, 2016 9:05am Feb 19, 2016 9:05am
Quoting Rurozan
{quote} Sitting at your desk all day is not a requirement, at all. Do you use stop loss and take profit? Whatever happens in the market, these levels would manage your trade while you are away. If it hits SL, so be it. Just one trade with many more to come. As far as a new entry, I see a channel 20 pips up from here which lines up with 200 SMA on M5. I expect one of them to turn it back short. A good time to add a position.
I was going to say the same thing, so thanks for piping up.

The whole point of swing trading is that you don't need to sit at a desk and monitor trades all day. Most of my "monitoring" is done in less than 5 second glances from my cellphone every couple hours.
check out my blog: forexmademillionaire dot com
  • #1,040
  • Feb 19, 2016 9:11am Feb 19, 2016 9:11am
Hey gang, as you can tell I slept in this morning. It felt great!

I'm still holding my GBP/JPY short which are currently 384 pips in the money on my entire position average. Not bad!

I'll admit, I'm thinking of closing them out for a couple reasons:

 

  1. I have a lot of unrealized profit that wouldn't be bad to book
  2. It'd be nice to be flat for the weekend so I can take an unbiased look at the charts

That being said, I just feel like there's still a ton of room for this baby to run and I hate giving up my position when I've done so much work to get it right to begin with.

I shorted one more position of USD/CAD a bit ago, and that's all I'll add to it until we see it heading south (if it does).

Curious what others are thinking in terms of holding positions this weekend. I'll definitely hold my USD/CAD but not quite so sure about my GBP/JPY.

check out my blog: forexmademillionaire dot com
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