Review of Strategic Tips on Milking the Major Currency Pairs in Live Forex Trading - page 6
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Thanx for the response, Forexgreenland. Looks like
I'm in the wrong forum.
I googled "uptick rule" and every search result was in a language that I don't understand.
They don't allow short-selling with IRA money. They also won't allow day-trading. Ah,
according to Investopedia, the uptick rule was eliminated June 6, 2007.
There are lots of equities just lying on the floor at bargain prices, just bubbling
sideways. Good for some profits sometime in the future, but not doing anything right now. It
looks like Forex is always active. (I know nothing about this market. Looks tricky).
I liked your zen-oriented description of the trader's frame-of-mind in your opening post in
this thread. I'm still in the first stage with some forays into the second. It is an
interesting journey.Hi art,
I feel your pain...the languages coming out from those search engines on uptick rule were
kind of like finance hieroglyphics...since it had been eliminated since 2007, no worries..
yes, forex is always active with lots of volatility, but it only looks tricky when you are
not that familiar with the market.. Warren Buffet was right when he was quoted as saying
''Risk comes from not knowing what you are doing''..but you can still learn the ropes if you
are willing and committed..
Well, you dont really have to be a Zen Master, or a Yogi master, or Shaolin Master, or even
a Shambala Master, before getting ''in the flow''.. Just let yourself go..
''A journey of a Thousand Miles Begins With A Single Step..
Oil prices follow Wall Street on wild ride - Yahoo! News
As an American who has most of their savings in sterling, I've got one
word to sum up what I feel right now.
F*%K!!Me too, barbs...I feel ya...
Ohh, by the way, lemme wish you Americans a Happy Thanksgiving Day in advance..Did I hear
someone say Turkey Day?
[10:09:20] Stalion : so we put a buy stop on gu at 1.4970...1st target at 1 5025..2nd target at 1.5080...sl 50 pips away...
What is happening? usd was sold accross the board (except agains yen) by more than 200 pips in one hour or so. Can any body explain?
No probs, mon ami..The pound was battered after the Bank of England said on Wednesday the British economy would shrink sharply next year, bolstering expectations that further sharp cuts in interest rates were in the pipeline.Lower interests rates means lower value of the currency due to
investors selling the low yield currency to buy higher yielding currencies.. That would
bring about a downward sell pressure on the gbpusd.
I need to purchase 1000 GBP to pay a debt in the UK, and have
been trying to keep an eye on the exchange rate (as I'll have to buy the 1000 GBP with USDs
- I'm a US citizen and am paid in USDs
)
Can you experts offer me suggestions around when I should buy the GBPs? I must have them by
end-of-month December 2008, but am not sure how to get a good idea (forecasting and such) as
to when between now and 31st Dec 2008 would be the best time to exchange USDs for GBPs.
Any help that you can offer if VERY much appreciated!!
Thanks!!
MarkHi markdaniel,any relations with mark anthony??LOL..
You've just boiled it down to a simple question..What is meaning of forex?
It is the buying and selling of international currencies..I think you might need a cup of
coffee for this..
For example, 1 GBPUSD is equivalent to 1.4700 dollars..1000 GBP is equivalent to 1470
dollars USD..that is, at the international rate of 1.4700...You are using 1470 dollars to
buy 1000 pounds sterling..
But wait...The current fundamentals suggest Britain is in the throes of recession, while the
BOE is about to further slash interest rates in the nearest future..Low interest rates from
bad economic recessionary data spewing forth from the UK is likely to pull the T-strings of
cable down south..wow..
Technical analysis wise, price have fallen way beyond the 60% BUY WINDOW on the monthly
charts,with 4 long range bearish candles going ballistic underground.. Both MACD divergences
foretells bearish movement of price on the GBPUSD..A Category Four Trendline has already
taken place..
so come December, price getting to our projected target point of 1.3090, , you BUY 1000GBP
for $1,309 dollars..since the GBP would have likely lost more value in the weeks to come..Does that mean we might be seeing a dollar rally before the end of the year 2008? Of course..just got ma fingers crossed..
I hope you now understand..
Remember, nothing is cast in stone on forex...and in life...Also do your own research before
taking any recommendations...Feel free to discuss it here..
sorry guys, that I forgot to alert you due to internet blackout in my zone..more than 300
pips,$300 minilot,$3000 standard lot was made on the sell stop of gbpusd wednesday
afternoon.., which offsetted our previous double buy stop loss of 50 pips each..making back
more than 3 times our previous loss...Well,what can I say..
[05:17:33 14/11/08] Stalion : Its 5a.m here in Nigeria and am in the
dark,with just the glow of the computer screens casting an ethereal and pychedelic sheen to
the surroundings..just the candlesticks telling their midnight stories..so we put a sell
stop on GBPUSD @ 1.4860...1st target @ 1.4845..2nd target @ 1.4825...3rd target @ 1.4790
[05:18:06 14/11/08] Stalion : sl @ 1.4010Happy weekend,folks,
Someone asked me the other day what Black Friday was..And another, to her, felt her trade
that day was Black Friday becvause she had some losing trades.. Well I did some little
research on it from INVESTOPEDIA and here are some meanings of that term
1. A day of stock market catastrophe. Originally, September 24,
1869, was deemed Black Friday. The crash was sparked by gold speculators, including Jay
Gould and James Fist, who attempted to corner the gold market. The attempt failed and the
gold market collapsed, causing the stock market to plummet.
2. The day after Thanksgiving in the United States. Retailers generally see an upward spike
in sales and consider this to be the start of the holiday shopping season. It's common for
retailers to offer special promotions and to open early to draw in customers.
3. The term "black" has been used to describe other disastrous days in financial markets.
For example, on Black Tuesday, October 29, 1929, the market fell precipitously, signaling
the start of the Great Depression. The largest one-day drop in stock market history occurred
on Black Monday, October 19, 1987, when the Dow Jones Industrial Average plummeted more than
22%.
To God be the glory, our call was hit around 5 times,back to back, on yesterday's White
Friday. 70 pips,$70 minilot,$700 standard lot was made from that call..
We could actually see there was a mini head and shoulder pattern
[05:18:06 14/11/08] Stalion : sl @ 1.4010
[05:21:05 14/11/08] pipsRus : hello
[05:21:30 14/11/08] djcarlos : hi stal
[05:22:56 14/11/08] djcarlos : 1st target hit Very Happy
[05:24:24 14/11/08] Stalion : hi pipRus
[05:24:37 14/11/08] Stalion : 2nd target hit
[05:27:54 14/11/08] Stalion : I take it you've already closed at least half of ur order, dj?
We could see a mini head and shoulderrs pasttern on the 15 minute chart, which foretold a
bearish movement..After making our 70 pips, we shifted our stop loss to the entry point of
1.4810...That was why the broken shaded blue line was now red in the second chart...
[05:29:02 14/11/08] djcarlos : im out it was an exelent trade arround 40 pips in my bag
[05:30:22 14/11/08] djcarlos : thanks to call me... it was exelent
[05:54:50 14/11/08] djcarlos : Stal Ill expecting for other alerts.... thanks, call me or
sms me....
[05:58:18 14/11/08] Stalion : Hey, dj, easy on the greed, okay...
[05:58:33 14/11/08] Stalion : are you not guys not okay with 70 pips?
[06:02:00 14/11/08] djcarlos : yes stal i ll be carefully... im taking profits to open a
managed account
[06:13:56 14/11/08] Stalion : hmmmm...
[06:51:24 14/11/08] Stalion : if you reentered again on our original sell entry, you
would've been smiling by now...
[10:12:44 14/11/08] djcarlos : hi stal....
[10:20:11 14/11/08] djcarlos : i was re-enter and i won 2o pips and then go out because de
waves is going up
[10:20:23 14/11/08] djcarlos : Very Happy
The stop loss on the right shoulder ensured that we are not stopped out in the present
downtrend..if price breaches that high, we should be seeing a new retracement....
All in all, it was a jolly Good White Friday..
So for today,Sunday the 16th of November,we await the opening bell of the Asian Session to
commence trading..
Sell stop on GBPUSD @ 1.8321...
Hi palmguy, thanks for your contribution ..though presently, price on the GBPUSD is at
1.4737...it would need to go up about 400 pips before your sell stop is triggered..
So for today, we might likely see a BULLISH GAP to the upside in less than 7 hours from now.
We put a buy stop on our 60% BUY WINDOW @ 1.4765...1st target @ 1.4805..2nd target @
1.4840...3rd target @ 1.4884..sl @ 1.4700
Hey Forexgreenland
All trends from the monthly to the 5m timeframe are down. Why do you see an up-gap coming?
In other words, on what do you base your decision?
Cheers,
SmurfHi Smurf, the up gap is not really the issue here..Price pleased us with some lyrical
teasers.
We jus chilling.. when we popped the cable glass ceiling..like an epiphany..me and
traderji..
I based my decision due to the ''market tells''..shown on those charts..mon ami..Like I said
earlier, price was at its BUY WINDOW...MACD showing bullish divergence,123 pattern,etc..As
you go along, you'll see why I based my decision on a long call, instead of a short..
In the name of the lord most merciful,
Nice thread forexgreenland. Week begins with the pound 13 percent drop against the dollar
and 8 percentagainst the euro . British banks are shrinking foreign borrowings .A weaker
currency is being recommended.Maybe, jeff15...maybe..
Bearish gap, filled and bounced off your entry point (resistance area).
Looked like a good place to short rather than long but i was sleeping. If there had been a
bullish gap then that looked like a good long trade though (bounce off support). Look
forward to hearing more.Yes, betard, I like that word ..''bounced off entry point''..like bouncy balls..At that
particular time, it looked good to short..and we got stopped out twice..
In retrospect, that might not really look like a good place to short, except for the
SCALPERS..Like Ninjas,they move in stealth, with each breath..never make their presence
felt..Price on the GBPUSD opened this Monday morning @ 1.4671..made a low of 1.4656..just 15
pips..removing 5 to 6 pip spread reduces it further..Though there was not a bullish gap in
the early hours of this morning, but a bearish gap on the open, it was just the precursor of
good times in the bullish sides..
Wow nice call today! I must be honest after been stop out twice the
third time I was not very condident with the trade and took+ 20 pips, if I had wait I should
grabe +200pips.... thx StalionIt was like 382 pips,mon ami...close to $400 minilot..$4000 standard lot on monday..But we
got stopped out twice at 65 pips each...making a total loss of 130 pips..Subtract that from
382 pips, we get net profit of 252 pips(excluding pip spread /or charges.)..But remember, we
lost twice before we can arrive at our net profit..Such is life...If Thomas Edison can fail
a thousand times before dicovering the icandescent lamp, why are we traders soo skeptical to
losses.. Every single trade does not have to be a masterpiece..
forexgreenland, I will be here with you to check the
daily analysis and strategic tips of forex.. i hope you post such this info continuously ...
I will learn more and more..
Thanks forexgreenlandNo probs, delv..We all learn and earn more and more...
So.. where are these other guys you are talking to?
Just google ''forexgreenland''
Looking at GBP/USD intraday: key ST resistance at 1.5.
Pivot: 1.5
Preferred: Short positions below 1.5 with targets @ 1.4815 & 1.467 in extension.
Alternative scenario: Above 1.5 look for further upside with 1.51 & 1.513 as targets.
Comment: the RSI has banged against a major resistance around 70% and is reversing down.
It is being said the pound's decline will assist GB's economy so as long as it doesn't turn
into a ``run'' on the currency.Investors are selling the pound on concern about the size of
GB's recession.Nice one, jeffsmith, keep it coming..
Nice analysis !!!
I think the pound keeps getting pounded for further losses after the negative view trotted
out by King and company midweek and by the backdrop of the country's current account deficit
and huge fiscal challenges. These are the same types of problems faced by the typical
emerging market country in a global crisis and some are even starting to talk up the idea of
a currency crisis for the UK. The negative momentum that GBP has worked up at this point is
getting worrisome and may demand an official response very soon if GBPUSD moves to 1.4000
and EURGBP to 0.9000. We've been taken aback at the vehemence of the moves - the GBP crosses
are dangerous territory.
RegardsYes,stalla, you might be quite right on that one, you know..especially with the GBP crosses
like GBPCHF and GBPJPY, aka the beast..so prudent money management during trading is very
important..
[11:11:55 19/11/08] Stalion: hi everyone
[11:12:17 19/11/08] Maximus : Hey Stalion good to hear from you..
[11:14:08 19/11/08] djcarlos : Hi
[11:16:02 19/11/08] Stalion : cool...
[11:21:42 19/11/08] Stalion : also a buy stop on gu at 1.5005..1st target at 1.5025..2nd
target at 1.5045...40 pip sl away
[11:25:43 19/11/08] djcarlos : so, the buy entry was hit???
[11:26:33 19/11/08] Stalion : yes, dj...
[11:26:46 19/11/08] Stalion : we are on the ride
[11:44:07 19/11/08] klho83 : All targets hit
[11:45:24 19/11/08] djcarlos : yes
[11:50:35 19/11/08] masif1 : wow - quick 40pips!
[11:50:35 19/11/08] Maximus : do we live the sell stop there?
[11:50:47 19/11/08] masif1 : and still going up!
[11:53:16 19/11/08] Maximus : guys do myou keep your sell entry activated or not?
[11:56:07 19/11/08] djcarlos : I saw in dailyfx.com that GU will going to make pivot in
1.5050
[11:56:34 19/11/08] Stalion : no...delete the sell stop entry for now, since market dynamics
have changed
[11:56:46 19/11/08] djcarlos : ok
[11:57:00 19/11/08] Maximus : thx...
[11:57:03 19/11/08] Stalion : hope you got ur trailing stop on
[11:58:00 19/11/08] Stalion : what kind of pivot,dj? what do you mean about pivot at 1.5050
[11:58:03 19/11/08] Maximus : exit 1.5045 because only trading 0.10 lots..
[11:58:35 19/11/08] djcarlos : I can send to you the chart by mail
[11:59:07 19/11/08] klho83 : Is the sell stop still valid?
[11:59:48 19/11/08] masif1 : i have left the sell in place
[11:59:54 19/11/08] Stalion : it doesnt matter, max..you could close half of the 0.1 lot
...as in, 0.05..the allow d other half to ride with a trailing stop..
[20:33:40] Stalion : hi folks, its a cool evening here in the city of Lagos, so we put a buy
stop on GBPUSD @ 1.5045..1st target at 1.5070...2nd taRGET AT 1.5095..3rd target at
1.5120...50 pip sl away
And we also put a sell stop on GBPUSD @ 1.4970...1st target @ 1.4945..2nd target @ 1.4920..3rd target @ 1.4895..
We call it TRAPPING THE DRAGON TECHNIqueza
Hello Mystikal, How are you doing?Please i will like to ask apart from the 123 top and bottom, is there any other type of chart pattern that can be formed.
Yes, onwuka...there are some good chart patterns around...just google head and shoulder patterns, W top and bottom, wedges,triangles,pennants, etc..You could find something useful that might assist you in your trading activities..If you checked those charts, you would hardly see any indicators...every trading decision is based from the charts and patterns..no mumbo jumbo indicators or lines all over the place,,just straight from the charts..
it seems too complicated/technical for me . really for beginner? for me, I just need easy/simple indicator or EA to decide buy or sell.
Lol,kitty...in reality..it is quite simple and easy in forecasting..Dont stop it if you think you gonna make a profit..
Many of the most simplest things in life are the most profound..like hydrogen,with the atomic number of 1.
We need 2 atoms of oxygen with an atom of hydrogen, to form 1 molecue of water(H20)..Very simple but many people are not AWARE..''For the Bible says;My people Perish Due To Lack Of Knowledge/Vision''..
Until you are AWARE that YOU are the INDICATOR..YOU are the Expert Advisor...YOU are the ROBOT...YOU are the HOLY GRAIL'',,you would always see yourself as a beginner in the markets..
Until you throw off the clutches of EA's, robots,and diverse indicators, and start taking trading decisions straight from the charts,you would always tend to see yourself handicapped from reaching your goals of making profits through trading..
YOU TAKE THE DECISION...YOU TAKE THE RESPONSIBILITIES..NOT A ROBOT..FOR YOU ARE THE R-O-B-O-T!
I went short @ 1.4944 yesterday at about 7am with limit set at 1.49 and stop loss at 1.50. Up to 11am the range fluctuated between 1.4960 to 1.4995 even after the BoE minutes. Did I miss something? After the CBI report obviously I was out the trade and seeing the trend of GBP extend to 1.51+. Why didn't this go my way?
Sorry,logoodung, you were right in the middle of the 3 low of the 1-2-3 pattern,which usually foretells a bullish bias..Problem was, you thought short, instead of long..Thats what you missed, mon ami..ohh, by the way, there was also a bullish hammer candlestick just where you went short, which formed as support to price..so where you would've gone right, as in the solution, was by putting a sell stop below the low of 1, of the 123 chart pattern,which if triggered, would confirm your bearish bias in pric e movement..
[20:33:40] Stalion : hi folks, its a cool evening here in the city of Lagos,
And we also put a sell stop on GBPUSD @ 1.4970...1st target @ 1.4945..2nd target @
1.4920..3rd target @ 1.4895..
We call it TRAPPING THE DRAGON TECHNIqueza[20:45:50 19/11/08] Maximus : ok I got it, thx Stalion.....
[20:50:33 19/11/08] djcarlos : thanks Stal
[09:24:57 20/11/08] klho83 : I missed that
[10:31:43 20/11/08] klho83 : Hi Max.
[10:58:56 20/11/08] masif1 : guys stalion did NOT post the following alert
[10:59:05 20/11/08] masif1 : And we also put a sell stop on GBPUSD @ 1.4970...1st target @ 1.4945..2nd target @
[11:00:48 20/11/08] masif1 : 1.4920..3rd target @ 1.4895..
[11:00:55 20/11/08] masif1 : this was on the forum
[11:01:08 20/11/08] masif1 : T2W Day Trading & Forex Forums
[11:01:13 20/11/08] masif1 : posted last night
[11:01:23 20/11/08] masif1 : the buy call we would have got stopped out on
[11:01:37 20/11/08] masif1 : however the sell call we would have made profit Wink
[11:06:42 20/11/08] masif1 : or was that the original sell alert stalion sent yesterday morning?
[11:06:59 20/11/08] masif1 : i know i should not have cancelled it ;(
so for Friday,we put a buy stop on GBPUSD @ 1.4865...1st target @ 1.4900...2nd target @ 1.4950...3rd target @ 1.5050
hello stallion,
please i have some questions for you:
1) Please how do you know which time frame to do your analysis. i just noticed that at ties,
you do your analysis on 5 minutes chart, 15 minutes chart or 4 hours chart. Please what
factors
do you actually put into considerations when choosing this time frame?
2)i have also noticed that the way you choose your pattern formations vary(whether 1-2-3 top
or
bottom). in some cases,you space out the distance b/w the points 1,2,and 3. And in some
cases,
the distance b/w the points are very close? Please why is this so?
3) You sometime made mention of a hammer to me. Please if i see a bearish or bullish hammer,
what does that mean or what do i expect to see?
4) "Since a doji session represents a market at a juncture of indecision, it can often be
an early
warning that a preceeding rally(rise) could be losing steam.."
My question here is this: can a doji also tell you that a preceding fall or drop is also
losing steam?Trust onwuka to ask some of those deep questions...
We use what traders popularly call the TOP DOWN APPROACH..starting from the higher
timeframes(monthly, weekly, daily and four hourly), to the lower timeframes(hourly,
15min,and 5 minutes..)..As we are mainly on intraday trading,we use lower timeframes to
pinpoint entries and exits...higher timeframes are mainly used by position and swing
traders..also good for knowing the overall trend..
2..The spacing of the 1-2-3 pattern is quite irrelevant due to the fact that market dynamics
change as time progresses..trading is a function of time and space..HOW long can price
travel in a session(s)..What you are looking for is the OVERALL pattern, not the difference
in sums between the parts of the whole..
3..A bullish hammer is oulined like a hammer...where the shadow or tail is twice the length
of the real body of the candlestick..whether dark or white..it means price is pausing in
order to reverse or continue its walk..
And yes, a doji can also foretell a preceeding fall losing steam..
Market has recovered some shat. But we cannot say it a recovery because some market news say
that the market might once again show some dip. So be cautious when the market goes up.
Yes, we surely will,Reeal...
Hello,
How long to stay short of sterling? how long until sterling recovers?
I have a USD fund with a STG equivalent, at some point I should switch from USD into STG, I
am wondering if now is to soon.
Thanks in advance for advice.
Regards
Arran.'The Reaction Swing is the centre of the cycle, where you can look back and then based on
this information, determine where the cycle will go in the future.Since the Reaction Swing
is where the Action ends and the Reaction begins, it marks the centre of a repititive cycle
in which the past can project the future..
In the monthly chart below, the price movement between B and C is the Reaction Swing.
A Reaction Swing begins and ends with the lowest and highest closing prices..All you need to
know are the dates of the highest closing price and the lowest closing price of the Reaction
Swing in order to move on to the next step- PROJECTING FUTURE TURNING POINTS IN THE MARKETS
CALLED REVERSAL DATES, WHERE PRICE AND TIME CONVERGE.
Subtract the low of 1.7047(C), from the high of 1.9554(B) to get a difference of 0.2507
Divide 0.2507 by 2 (half) to get a total of 0.1254
Subtract 0.1254 from the high of 1.9554 and you get a price of 1.8304 ass the centre of the
Reaction Swing.
Place a sell stop at 1.8304.When the market passes through this price, the sell stop is
triggered and you are short GBPUSD at 1.8304.That should be around august this year..
The next step is to determine the maximum possible timespan of the trade..According to TIME
PROJECTION strategies, the Reversal date(high probability turning point of its trend) is
scheduled as from 4 to 8 months from now..Those on March futures could take mental note.
Whichever comes first...1.3090 target for our price projection or 4 to 8 months in our time
projection..whichever one comes first
is everyone here ever use indicator cat50fx ???
Not sure,kong..
Hi trackstar,It is much of a ''method'', than it is a strategy...The CHART PATTERN
RECOGNITION AND PRICE PROJECTION STRATEGY simply tells us where price is going and how far
it might get there, to a considerable extent..
technamental wrote:
you have any intent of interacting with this forum's users on the other threads
here...You are quite mistaken, my good fellow..maybe there's a slight misunderstanding here...I
intract by answering comments and questions addressed in this thread..Just by reading your
posts along with others, here, shows inclusion..I'm sorry if it seems self promoting to you,
but I believe readers have a lot to gain when going through this thread,whether
participating or non participating..very educative and reveals how real life practical
trading works..no spouting of theories that brings no profits to members..Why cover the
light under a basket in darkness? The purpose and nature of light is to shine!
This is like a JOURNEY...A JOURNEY INTO THE HEART OF TRADING...A MOVEMENT...A MOVEMENT INTO
THE FRONTIERS OF OPPORTUNITIES! And if along the way, showing that trading can be a
winner's game..or something good can come out of my country Nigeria, despite all the media
negativity...if considered as self promoting..then so be it...Cant win'em all, can we?
[09:57:05 21/11/08] Stalion : hi everyone
[09:57:23 21/11/08] Stalion : so for Friday,we put a buy stop on GBPUSD @ 1.4865...1st
target @ 1.4900...2nd target @ 1.4950...3rd target @ 1.5050
[10:33:27 21/11/08] Maximus : I received the sms to late for the trade....
[10:43:26 21/11/08] Maximus : masif1 did you had the chance tp enter in the trade...
[10:49:06 21/11/08] djcarlos : i enter ... and after to 1st target hit... went out and
re-enter... and now in 2nd hit go out.... thanks Stal
[10:49:18 21/11/08] djcarlos : 80 pips in the bag
[10:54:00 21/11/08] djcarlos : The sell stop is 1.4970????
[11:12:04 21/11/08] masif1 : hi maximus
[11:12:15 21/11/08] masif1 : i did and trailing a the s/l
[11:12:25 21/11/08] masif1 : 50pips already in the bag!
[11:13:11 21/11/08] djcarlos : do you will enter the sell stop ???
[11:13:30 21/11/08] djcarlos : now is hiting
[12:55:08 21/11/08] masif1 : 3rd target hit
[12:55:41 21/11/08] masif1 : 185 pips
[12:55:55 21/11/08] masif1 : cheers
[13:15:14 21/11/08] Maximus : whatr is the sell stop????
[13:38:07 21/11/08] masif1 : it was buy stop order not a sell
[14:04:34 21/11/08] Maximus : what was the sell stop that Stalion send on the sms???
[15:37:20 21/11/08] masif1 : 10:39:43 20/11/08] Stalion : okay....sell stop at 1.4820..1st
target at 1.4785....
[15:51:44 21/11/08] djcarlos : the sell Stop of Trapping the Dragon its in 1.4970..
[16:24:45 21/11/08] masif1 : lol
[16:24:54 21/11/08] masif1 : your right djcarlos
[16:24:57 21/11/08] masif1 : good call
[16:25:03 21/11/08] masif1 : shame i missed it
[16:47:39 21/11/08] Maximus : the sell stop 1.4820 is still good or not!!!!
[17:04:57 21/11/08] djcarlos : I used 1.4970 sell stop... and go out with 170 pips
[17:05:16 21/11/08] djcarlos : Very Happy
[17:05:23 21/11/08] djcarlos : thanks Stal
[17:07:44 21/11/08] djcarlos : the trapping of dragon worked exelent..
[17:29:48 21/11/08] masif1 : what a dragon!
[17:29:54 21/11/08] masif1 : well done djcarlos
[17:30:39 21/11/08] masif1 : that's a possible 300-400 pips made today!
okay- a few things ive learned through the years of fxing -
go with the trend & dont try and guess when the trend is over
BUT.......
did anyone else see the USD turnaround signs? Not really a strong one with GBP - but a
perfect trendline touch on EUR, almost a double top reaction spike on CHF.
All pairs showed serious rection spikes today - without surpassing former lows/highs
Kind of like slamming the brakes on your car.
Wonder if Mon Asian market will dump lots of cash in - or wait because of light US trade
week?
Will the slow trade week basically reset all the indicators and make this one giant
bull/bear trap?
Set yr stops close ~
Thoughts?
:confused:Quite elementary, my dear Watson..I mean, Bert..The Doggy Style move on the GBPUSD have the
potential of yielding approximately 135 pps when we put a sell stop @ 1.4922..1st target @
1.4881..2nd target @ 1.4840..3rd target @ 1.4787...if you fear a trap, you can also put a
buy stop on the same entry @ 1.4922..1st target @ 1.4945..2nd target @ 1.4970..3rd target @
1.4995..on the bullish side..USDCHF might also open on the bullish side @ 1.2225..1st target
@ 1.2245..2nd target @ 1.2262
[00:07:31 24/11/08] Stalion : hi everyone
[00:09:04 24/11/08] Stalion : price made a bullish gap on the opening gap of the Asian
session....so its a very good opportunity
[00:09:40 24/11/08] Stalion : we put a sell stop @ 1.4922..1st target @ 1.4881..2nd target @
1.4840..3rd target @ 1.4787...if you fear a trap, you can also put a buy stop on the same
entry @ 1.4922..1st target @ 1.4945..2nd target @ 1.4970..3rd target @ 1.4995..on the
bullish side..USDCHF might also open on the bullish side @ 1.2225..1st target @ 1.2245..2nd
target @ 1.2262
[00:10:13 24/11/08] Stalion : we revise our sell stop to 1.4945
[00:53:13 24/11/08] djcarlos : FXCM it having problems... i cant enter the sell stop
[01:14:33 24/11/08] djcarlos : entry point was hit??? I cant see
[01:26:30 24/11/08] Stalion : hmmmm....
[01:27:04 24/11/08] Stalion : the doggy style didnt work?
[01:27:46 24/11/08] djcarlos : I dont know ... I cant see .. my plataform it having
problems...
[01:32:03 24/11/08] djcarlos : how was the alert???
[01:33:52 24/11/08] Stalion : we just hit first target
[01:34:07 24/11/08] djcarlos : Sad
[01:39:46 24/11/08] Stalion : u can still enter now....
[01:40:01 24/11/08] Stalion : price still has some distance to go....
[01:50:28 24/11/08] djcarlos : I cant because my broker is not working
[01:51:19 24/11/08] djcarlos : The doggy style is going to be like trapping dragon.... it
will going up.. after down??
[02:57:15 24/11/08] djcarlos : I cant enter yet
I dont know Holmes, looks like the USD is about to go down.
Dr Who?
Sorry...bert...stuff happens..right?
Hi everyone, hope ur all having a nice day...the UK gdp REPORT CAME OUT THE SAME , SO FOR
NOW,WEDNESDAY, TECHNICAL ANALYSIS IS PREEMINENT..we put a sell stop on GBPUSD @ 1.5300..1st
target @ 1.5260...2nd target @ 1.5175..3rd target @ 1.5090..sl @ 50 pips away from entry..
The MONTHOBAMA TECHNIQUE
I need some advice from some seasoned forex traders...I am a college
student studying finance and I am fairly new to forex trading but i have frequently day
traded some stocks. I opened up a fxcm account 3 days ago funded with $5,000. Today was the
first day that I traded it for about 3 hours. At the end of the 3 hrs I made a profit of
$1,042.25. It doesn't seem like I'm executing my trades very well though, so I'm wondering
if this is just luck or something like that. Is significant profit a sign of good
trading?Hi mfostel,
Its quite encouraging of you to admit you've not been executing your trades very
well..Though some might say its just 'luck to catch a drop', it all depends on you, at the
end of the day..
Significant profits is just a MEASURE of good trading....You still have to create structures
based on your trading plan , in order to know where, when and how you went right or wrong in
your trading activities..
These structures includes your trading strategy, risk management and trader psychology..like
how do you reconcile an 80% gross profit with a 50 % relative drawdown?
How exposed are your trades for that session , in relation to your total equity? How do you
know when you are on a losing streak and how does that affect your successive trading
activities? Those, and more questions you ask yourself, would surely help in making you the
seasoned trader that you are meant to be.
P.S- As a graduate of Finance from the University Of Lagos, I would say you are building a background in news trading..as in, economic analysis and forecasts would be right up your alley..if you are real jiggy with your major.
[08:13:41 01/12/08] agba : Hi Stal
[08:14:34 01/12/08] agba : Is the sell stop at 1.5300 still valid, it has been stopped out
once today?
[10:37:35 01/12/08] Stalion : helloo everyone
[10:37:57 01/12/08] Stalion : yes, agba....it is...if stopped out, you reenter..
[10:38:05 01/12/08] Maximus : Heu Stalion...
[10:39:41 01/12/08] Stalion : 1st and 2nd target already hit for 125 pips..going for 3rd
target
[10:39:56 01/12/08] Stalion : helloo there, max..
[10:40:03 01/12/08] Stalion : howz ur trading going?
[10:40:39 01/12/08] Maximus : very good i am out at 1.5175, thx...
[10:41:36 01/12/08] agba : DId not reentered waited fr ur response
[10:43:49 01/12/08] Stalion : Here, we tend to nurture traders to become independent after
time..once you get the thick of it, you tend to trade better yourself...in this case, am
sorry you didnt reenter..
[10:43:58 01/12/08] agba : Can I enter now?
[10:44:41 01/12/08] Stalion : not sure...it depends on the risk to reward ratio
[10:45:18 01/12/08] Stalion : our 3rd target is 1.5090..
[10:46:08 01/12/08] Stalion : u can still enter now, with a 50 pip sl..agba...
[10:46:10 01/12/08] agba : I will wait till us session
[10:47:29 01/12/08] agba : ok thanks
[10:47:43 01/12/08] Stalion : though the reward would be approximately the same, at current
market price
[10:48:12 01/12/08] Stalion : but the risk would be double since you got stopped out earlier
[10:48:44 01/12/08] agba : I entered @1.5128
[10:50:21 01/12/08] Stalion : no probs...time will tell..
[10:52:04 01/12/08] Stalion: remember, put a 15 or 20 pip trailing stop on price when you
are +20 pips ahead
[10:52:21 01/12/08] agba : ok
[11:15:57 01/12/08] agba : Thks Stal. Got 38pips
[11:41:17 01/12/08] Stalion : lol!
[11:42:24 01/12/08] Stalion : price on cable have gone way beyond our 3rd target of
1.5090...for more than 210 pips,$210 minilot,$2100 standard lot
[12:08:50 01/12/08] Stalion : even after subtracting the 50 pip stop loss earlier in the
morning, we are still ahead
[13:33:36 01/12/08] djcarlos : I missed that exelent trade .... Sad
[13:34:07 01/12/08] Stalion : why? it has been out in the open for more than 24 hrs
[13:34:23 01/12/08] djcarlos : I stal.... this falll is going to have retracement???
[18:30:17 01/12/08] djcarlos : Hi, im looking CNN and US it was declared recently in
recetion
[18:30:45 01/12/08] Stalion : recession?
[18:31:37 01/12/08] djcarlos : sorry... yes recession in US... CNN said that is officialy
[18:35:07 01/12/08] djcarlos : about 20 minutes was declarated ... but they sais that the
recesssion start in december 2007
[19:10:07 01/12/08] Stalion : from a sell entry of 1.5300 to a low of 1.4805
[19:10:15 01/12/08] Stalion : almost 500 pips
[19:13:12 01/12/08] djcarlos : yes.... and I missed it.... I want to die .... I looked the
chat at 5:00 am... and the fall start at 6:00 am...
[19:15:52 01/12/08] djcarlos : but now i hope a good retracement
Stocks fall sharply on consumer spending worries - Yahoo! News
now wht wuld be the rebound of GBP/USD..............( i m holding the position sell 153.5 to going on.
If there's going to be a rebound or retracement, fasi, I think its better we put a buy stop
on cable @ 1.4900, 1st target @ 1.4935..2nd target @ 1.4985..3rd target @ 1.5135...with a
stop loss @ 1.4805...Please check your risk to reward ratio before taking any trades.