How to be a Trader Successfully: 20 Golden Rules for Traders - General

Daniela 2010.05.22 11:38 #1221

I think that the EUR/USD must be down more

chankl78 2010.05.22 12:54 #1222

Daniela:
I think that the EUR/USD must be down more

Yes. According to Weekly EWO, it is still going down.

But in Daily EWO, there is some retracement now.

So beware of long for a while.

Smile

Chankl78

chankl78 2010.05.22 14:52 #1223

chankl78 2010.05.22 16:17 #1224

20 GOLDEN RULES Trading Tactics for Traders

This one is from the same forum of above post. From Tsar.

It is a good points for us to learn.

Do you want to be Trader Successfully ??

Without PLANNING or DISCIPLINE, you throw money at the Market.

Technical Analysis (TA) teaches Traders to execute positions based on Numbers, Time and Volume.

MARKETS echo similar Patterns over and over again. Just choose the Good positions & avoid the Bad ones.

You face many crossroads during each Market day. This discipline forces Traders to distance themselves from reckless Gambling behavior.

Through detached execution and solid Risk Management, Short-term trading finally "works".

Follow this Rules :

20 GOLDEN RULES Trading Tactics for Traders

----------------------------------------------------------------

01. Forget the News, remember the Chart. You're not smart enough to know how News will affect price. The Chart already knows the News is coming.

02. Buy the first pullback from a new high. Sell the first pullback from a new low. There's always a crowd that missed the first boat.

03. Buy at support, Sell at resistance. Everyone sees the same thing and they're all just waiting to jump in the pool.

04. Short rallies not selloffs. When Markets drop, Shorts finally turn a profit and get ready to cover.

05. Don't buy up into a Major moving average or sell down into one. See #3.

06. Don't chase momentum if you can't find the exit. Assume the Market will reverse the minute you get in. If it's a long way to the door, you're in big trouble.

07. Exhaustion gaps get filled. Breakaway and continuation gaps don't. The old traders' wisdom is a lie. Trade in the direction of GAP support whenever you can.

08. Trends test the point of last support/resistance. Enter here even if it hurts.

09. Trade with the TICK not against it. Don't be a HERO. Go with the money flow.

10. If you have to look, it isn't there. Forget your college degree and Trust your Instincts.

11. Sell the second High, buy the second Low. After sharp pullbacks, the first test of any high or low always runs into resistance. Look for the break on the third or fourth try.

12. The trend is your friend in the last hour. As volume cranks up at 3:00pm don't expect anyone to change the channel.

13. Avoid the open. They see YOU coming sucker.

14. 1-2-3-Drop-Up. Look for downtrends to reverse after a top, two lower highs and a double bottom.

15. Bulls live above the 200 day, Bears live below. Sellers eat up rallies below this key moving average line and buyers to come to the rescue above it.

16. Price has memory. What did price do the last time it hit a certain level? Chances are it will do it again.

17. Big volume kills moves. Climax blow-offs take both buyers and sellers out of the market and lead to sideways action.

18. Trends never turn on a dime. Reversals build slowly. The first sharp dip always finds Buyers and the first sharp rise always finds Sellers.

19. Bottoms take longer to form than tops. Fear acts more quickly than greed and causes stocks to drop from their own weight.

20. Beat the crowd in and out the door. You have to take their money before they take yours, period.

Smile

Chankl78

On Balance Volume - On Balance Volume - On Balance Volume -

chankl78 2010.05.23 14:00 #1225

GBPUSD 24th - 28th May 2010

Looking at all the charts. I think it will be a week of down again. But, I think it need to goes up first until 1.47.

Monthly Chart

Haha.. Seems that it will goes down for lots of month to come. Of cos there will be retracement in certain.. But... GU will be going down......

Weekly Chart

Haha.. Seems that it will goes down this week. But anyway, let the EWO do the talking....

Daily Chart

EWO seems to be going down.... Looks like Wave 3 is not ended... Last week, I am thinking there will be bullish divergence... but...... Bullish divergence is totally disappear... making me believe this is wave 3 continuation.

H4 Chart

EWO is still down..... Bullish divergence also disappear...

Smile

Chank78

MACD - Oscillators - MACD - Oscillators - MACD - Oscillators -

chankl78 2010.05.23 15:23 #1226

EURUSD 24th - 28th May 2010

Here is my guess for this week.

Seems to be going down Looking at EWO. Let's analyse it.

Monthly Chart

See.. EWO is going down.

Weekly Chart

EWO still going down.

Daily Chart

Yet... In daily, EWO is going up.. So most likely, it will be retracing up. Once it completed it move, it will continue down trend. It could also means up move for early week, down move near end of week. That's my guess.

H4 Chart