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  • #1,421
  • Oct 4, 2016 12:45pm Oct 4, 2016 12:45pm
Quoting benaiah
{quote} imo, you really don't need to focus that much on the news, unless it's a really BIG event, like the brexit situation. If you look at eurusd on the daily chart, it simply bounced off of support. Currently in a range with a bearish upper trend line. Let's see if it is able to break 1.125... Of course, if you are trading lower time frames, you need to be careful of any news even that could cause extreme volatility, like rate changes, FOMC, etc..

Where do you guys read the news? do you have a good web site to know about the latest news in real time?

Hey Ben, did you open a new account?

For scalpers news like that one are very important, and also this is when sl count more than ever.
Im a Crocodile, Im a Sniper. Patience is everything.
  • #1,422
  • Oct 4, 2016 12:49pm Oct 4, 2016 12:49pm
Quoting Koop
{quote} only the major events bother me. The EU tapering issue was not even on the calender so there was no way any one could have prepared for it. what's the use?
exactly. Besides that, how would one prepare for it anyway? Who can predict what the news will be? It's usually a guess, and on top of that, price may do exact opposite what the news would indicate, lol.

In addition, many times the news will be biased in some way, which can also be misleading...
  • #1,423
  • Oct 4, 2016 12:57pm Oct 4, 2016 12:57pm
Quoting Peruvian80
What do you think about this: You just cant be only technical, you need to know the fundamentals and be eye opened with the news they released, like for example, eurusd was in a clear dowontrend but they released a news about an ecb tapering and the euro shot higher. So, what do you think? Only technical?
Ignoring fundamentals can be costly. Ignoring it can eat up the profits one has made, or end up at breakeven if one's lucky, because of failure to know what candlestics ( technical ) are responding to.
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -77.5%
  • #1,424
  • Oct 4, 2016 1:05pm Oct 4, 2016 1:05pm
Quoting 9jatrader
{quote} Ignoring fundamentals can be costly. Ignoring it can eat up the profits one has made, or end up at breakeven if one's lucky, because of failure to know what candlestics ( technical ) are responding to.
hmm... does it really matter what candles are responding to? They are still candles.

If you look at a historical chart, examine the PA for past 5-10 years on a daily chart. You can clearly see all the opportunities to buy or sell, without noting what news events were occurring at any given time.

High impact news events should not be "ignored", but they do not have to factored in to trading decisions necessarily, one just needs to know how to avoid the spikes that may occur during these high impact events, and/or strategically place their SL accordingly.

Once again, one cannot predict what affect news will have on the price, but if you watch the price you can clearly see what it is doing, and how it is reacting...
  • #1,425
  • Oct 4, 2016 1:24pm Oct 4, 2016 1:24pm
Regarding using "fundamentals" as a primary method for trading, I do know there are some that do this.

But you have to have a really wide SL in most cases, and be looking at things longer term.

In addition to that, one has to be extremely skilled in their economical analysis, understanding multiple countries economies and what affects all of the factors will have on the price with the different currency pairs and how all of the countries relate to each other in commerce and trade.

You really have to understand not just the strength of a given currency and the currency it is paired with, but also how the two currencies relate to each other (and could also involve multiple countries using the currencies).

This is too complex for me, and I don't have time for this kind of research... But if anyone can master this, then good for them...
  • #1,426
  • Oct 4, 2016 3:09pm Oct 4, 2016 3:09pm
i am curious about something.

How old are we, and how long are we in forex trading?

Im 35, almost 36, and im more or less 5 years on this, with very dificult free time to trade.

Anyone else?
Im a Crocodile, Im a Sniper. Patience is everything.
  • #1,427
  • Oct 4, 2016 3:15pm Oct 4, 2016 3:15pm
Quoting benaiah
Regarding using "fundamentals" as a primary method for trading, I do know there are some that do this. But you have to have a really wide SL in most cases, and be looking at things longer term. In addition to that, one has to be extremely skilled in their economical analysis, understanding multiple countries economies and what affects all of the factors will have on the price with the different currency pairs and how all of the countries relate to each other in commerce and trade. You really have to understand not just the strength of a given currency...
Those who trade news are those who are more worried. The traders who trade daily,weekly and monthly can just check what's going after news, to know if there is a game changer. I do not trade news
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -77.5%
  • #1,428
  • Oct 4, 2016 4:00pm Oct 4, 2016 4:00pm
Quoting 9jatrader
{quote} Those who trade news are those who are more worried. The traders who trade daily,weekly and monthly can just check what's going after news, to know if there is a game changer. I do not trade news
I kinda agree with you. Its better to ignore news, but keep watch of those speech.

News closely related to economics, which is with current international integration level rather complicated. Economics in relation to trading revolves around expectation, which in turn add more complexity to model. If you are talking about data release, expectation already formed when data released. Looking data release and comparing to consensus which didnt linearly weighted rather useless, unless it drifts too much i think its safe to ignore.

When you talking about fundamentals, its wiser to feel what market expect(what most discussed and their expected outcome aka major event). I have two junior which work as economist, they dont even know what they talking and in most case their expectation was wrong. So we better forget it, we have more things to focus which generate result faster(like bond auction result - i always watch this).
  • #1,429
  • Oct 4, 2016 4:59pm Oct 4, 2016 4:59pm
Quoting Peruvian80
i am curious about something. How old are we, and how long are we in forex trading? Im 35, almost 36, and im more or less 5 years on this, with very dificult free time to trade. Anyone else?
29 here. Been trading since 2014. Domod on and off from 2008-2014.
  • #1,430
  • Oct 4, 2016 7:22pm Oct 4, 2016 7:22pm
Quoting Mr.Dan
{quote} 29 here. Been trading since 2014. Domod on and off from 2008-2014.
31. started in 2006, second year of uni.
  • #1,431
  • Edited 1:29am Oct 5, 2016 12:58am | Edited 1:29am
Me 33. 9 Years in the Forex Market as a Hobby. Been here at FF since 2009. Know Forex since 2007.

Main job is a Physician. Here in Indonesia equal to Master of Medicine in European and American. To be Doctor of Medicine, U need to take more speciality resident program for 4 to 6 years and off course U need to pay about one hundred thousands american dollar for that.

Very wrong approach in My country. Only here U have to pay for residential program. On the rest of the world, U get paid for it.

Edit:
- Watching GU in the no man's land zone. Approaching 1.2700.
fooled by randomness in art
Meditation All Time Return: 8.9%
  • #1,432
  • Oct 5, 2016 3:03am Oct 5, 2016 3:03am
33 here, get in touch with fx since 2008/2009 from my junior analyst under me. Im more into equities before as its my daily job. Got bachelor in finance and master in economics. Been working in equity brokerage and mutual fund before.

I knew dark secrets of invester managers, dont ever trust them as they dont even knew what they should buy. Most analysts and invetment manager just do their job or speak just to look good(using uncommon phrases to fool investors, etc) and keep their job, they sucks at trading their own money. The whole industry just a grand scam to keep money flowing to market, which push equity prices up.

As fx market, its just of linkage of market makers(serve as liquidity provider) which dont even connect to the market itself. Law even forbit foreign brokers operating, so no real market access here.
  • #1,433
  • Oct 5, 2016 6:57am Oct 5, 2016 6:57am
Found something interesting just now!

Uj soaring like crazy, meanwhile GJ didnt go anywhere. Now wonder if somehow uj stuck or even retrace, guess where GJ will head to?
  • #1,434
  • Oct 5, 2016 10:25am Oct 5, 2016 10:25am
Quoting Passerby
{quote} @pursuit: at least u survive, i believe with recent movement many not as lucky as us and blow their account. At least we could take some back later. Maybe i dont follow market last week, but today i found many sudden move(speech maybe, dunno).

I'm just happy I'm learning. Today was a good day in my book -- gave up all my Sep profit yesterday, shook it off, slept early, woke early, wrote in my trading journal, and clawed back 5.56% today on under 1:15 leverage.

Days like these give me hope that I'm actually making progress.
  • #1,435
  • Edited 12:15pm Oct 5, 2016 11:48am | Edited 12:15pm
@Beniah: i cant put attachment on pm. I ll answer here instead(sorry if you guys think im posting unrelated stuff, bear with me this time).

For it to works You have to open all 10pairs on H1 chart, and maybe switch to m5 then back to H1. I forgot exactly. Its should display this on left corner:
Attached Image

Smiley face on corner left of your work doesnt matter(only indication that ea allowed to trade, its stripped ea with no trading logic so iy doesnt matter) as long all 10 value didnt show 0 value. Try restart ur mt4.

I use 6 reference point and the value was normalize, so its directly comparable. Normalization here to solve the problem when 1 pip on eu was not equal to 1 pip on uj or aj as the base value was different on each pair.

On the pic i attach, ej was the strongest as it was rank 1 between those 10 pairs. And therefor gu was the weakest.

I made this for scalping, heres how use it. Lets say we are on european 1st session, the movement will be from euro or pound. Say you found buy entry on gu, then you look for another currency which their market close at that time(either usd, aud, or jpy). Say that gbpaud or gbpjpy is stronger than gbpusd, instead take long on gbpusd you enter long on gbpaud or gbpjpy. Weaker aud or jpy(stronger gbpaud/gbpjpy) will make its pair move higher than gbpusd, as gbp bullishness will be the same across pairs while aud or jpy are weaker than usd. Aud and jpy market was close in this example so there should be no fundamental changes here.

Take caution not to switch to eu long, as in 1st session there might be fundamental shift on euro, so gu and eu could not be compared directly(both currency are moved by their own fundamentals).
  • #1,436
  • Oct 5, 2016 11:52am Oct 5, 2016 11:52am
so:

Age Experience in Forex Degree
Peruvian: 35 5 years bachelor in bussiness administration
Mr dan 29 8 years, 2 last years full
Pursuit 31 10 years
RoelsMajor 33 9 years physician
Passerby 33 7 years bachelor finance, Master in Economics


So im the oldest in that list, but we are almost in the same age.

Any of you in the list trade for living?
Im a Crocodile, Im a Sniper. Patience is everything.
  • #1,437
  • Oct 5, 2016 12:15pm Oct 5, 2016 12:15pm
benaiah is rocckin
Im a Crocodile, Im a Sniper. Patience is everything.
  • #1,438
  • Oct 5, 2016 7:24pm Oct 5, 2016 7:24pm
Quoting Peruvian80
benaiah is rocckin
...fresh start helps -- @ben: glad you didn't take too long a break.


re: trading for a living,

I personally couldn't. I did that for 3 years and it just didn't work with me. I just had too much screen time, over analysed and over traded. I like to look at life as a portfolio. Trading is one of those key pieces, and so far it has been more profitable for me this year than my contract work or my small f&b related start-up. But, I could never just do trading -- personally for me it is a bit too narrow a pursuit to give more than 4-5hrs a day.

About 3 years back, I started to put a lot of effort into cutting away as much of my trading 'methodology' as possible, seeking to keep the bare essentials and find something that is profitable around my psych and lifestyle. My current approach puts me in front of the charts just a couple hours a day for drawing key levels, I then adjust position sizing here and there as the trades unfold -- but that is just a few mins every 2-3 hrs on my phone/tablet.
  • #1,439
  • Oct 6, 2016 9:06am Oct 6, 2016 9:06am
just checking in with you guys ....

I have a question for the thread participants who trade Break-Out setups. WHEN do you consider a break out to be a valid break-out and when is it a false breakout??

I generally consider a breakout to be valid, if my candle CLOSES beyond my breakout level, then price action follows that breakout candle by breaking the breakout candle's high or low

Please let me know your take on this .. thanks very much in advance !!

Happy trading
  • #1,440
  • Oct 6, 2016 10:10am Oct 6, 2016 10:10am
Well blown again today.

So Ben, I would take Break from trading. Beside that in the next month, would be very busy with main job in another region and new challenge. You could remove Me for this challenge. Ended with -58,6% loss in 66 Days, but overall pips is +839 green pips. I guess I have to work with My money management and over-leverage issue before back to trading again.

Thank U for All Guys.

Have a nice trading always and be a good currency trader together.
fooled by randomness in art
Meditation All Time Return: 8.9%
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