quote:Originally posted by jon clogger: Never got picked up in the EUR/USD short before this latest break down, so I will adjust my short entry to 1.34 with stops at 1.3445.
This will be half a position because at around 1.32 this thing could have a fierce 3 wave correction rally.
Treading light during consolidation.
Chart please....
-------------------- Let the world change you... And you can change the world.
Ernesto "Che" Guevara de la Serna Posts: 4666 | Registered: Mar 2004
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you can post a link to a linkable chart, as per stockcharts.com
Otherwise, you have to have a host service (many of which are free), and from there you "upload" as explained in the "UBB Code" link you see to the left of the reply window.
Glass or Mag are excellent resources for explaining...
posted
Jon, I appreciate all the posting you're doing here. I'm a little late to the party as I hit a rough patch and backed off trading for a while--as you all seem to agree, the market was too crazy for a couple weeks, too subject to sudden news-driven flashes, the TA was too undependable. It seems to be calming down now, or at least I'm making money again at it.
To echo Mach's request last week, I started this thread to talk about trading styles--systems and methods. My main one is the tunnel method, but I know there are others (for instance, the pitchfork is popular but I haven't learned it yet). I hope this is/can be a resource for people to go to to find details on how to make money at FOREX.
You can always start a thread dedicated to your plays so you don't have to back off on the play-by-play. I enjoy reading it too, but wanted this thread to be more educational.
-------------------- Me Trade Pretty One Day. Posts: 815 | From: NYC | Registered: May 2006
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posted
Thanks for the input Tex, I have to fiddle around with that.
Good suggestion Kermit. I didn't mean to hijack the thread, but a lot of signal confirmation included in the calls came from the tunnel method parameters. I referenced them from time to time.
I'll start a play call thread as soon as I figure out how to post charts, that way it will make a little more sense. Take care.
Posts: 602 | Registered: Aug 2005
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posted
Just longed EUR/JPY at 125.00 for a scalp. Cleaned up overnight in the GBP/USD pair. I can't believe this volatility and these levels.
Working on the charts. I can print them to my desktop in pdf format, now I need to post them on a free host and give the link.
Posts: 602 | Registered: Aug 2005
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posted
Well, tonight's method is called, "spin the bottle and short just about anything against USD."
I'm up a couple hundred pips just during the Asian session, I think Europe will be breaking out the guillotine again after all these centuries and the blood will flow in the streets...
I can't put this any easier than if you see something rally, anything rally, that's your signal to smack it down.
Enjoy your money tonight fellow pipsters, you're gonna need it.
Posts: 602 | Registered: Aug 2005
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posted
Keeping with my own advice I was one of the lucky few (for now) who shorted the EUR/USD rally just above 1.30. I went ahead and used a full position and my stops are already adjusted to break even due to the immediate drop below the figure.
Here we come 1.2655, I hope before the weekend when I close all my positions.
Posts: 602 | Registered: Aug 2005
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quote:Originally posted by jon clogger: Mach, this one looks like a much better pick than the previous.
I've tried many platforms before I ended up with Oanda. The big thing I look for is slippage on trade executions.
That can only be monitored with a demo or live account, so that's your call if you want to probe a little deeper.
The only thing that concerns me is they offer 400/1 leverage. Brokers who are willing to go that high are essentially saying they don't plan on seeing any good traders, just people who will lose, and with that leverage lose fast.
I know it sounds crazy to say what would seem like a good thing really not good at all, but it's not. The good traders are happy with lots of small gains.
I look at it like this- I don't want to jump into this massive war between the banks. I just want to pick the pockets of the dead. Enough of that will eventually add up.
Oanda only offers 50/1 max, and the pros don't go over 10/1. This to me reflects financial responsibility and shows restrain and even some protection for their clients. It also helps me feel better about leaving large sums of money in the account.
Which brokers offer 50:1 or less other then Oanda?
-------------------- Let the world change you... And you can change the world.
Ernesto "Che" Guevara de la Serna Posts: 4666 | Registered: Mar 2004
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quote:Originally posted by jon clogger: Set a limit order this morning to short the living caca out of EUR/USD should it hit 1.2745 in the next day or so. Stops are just above 1.28.
Also having fun scalping using 15 minute trendlines on the way up.
Charts please...
-------------------- Let the world change you... And you can change the world.
Ernesto "Che" Guevara de la Serna Posts: 4666 | Registered: Mar 2004
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posted
The volatility is high and so as a general rule I may flex an extra 20-30 pips on my stops ONLY during the session in Asia since there can be a lot of false signals.
In the earlier call, I mentioned my stops were below 1.2660, they were actually at 1.2648. But EUR/USD dipped to 1.2625 and I wasn't stopped because I babysit my trades until 11pm PST for exactly this kind of stupid crap. So I was willing to widen my stops for this dip and not get tagged out for 2 reasons:
1. Asia session, chop chop 2. Movement on the 1 minute chart had absolutely NO conviction.
Now my stops are back to their original place as we trade back over the figure. I say this because in these markets there has to be some breathing room with even the T.A.
I apologize if J or B got stopped.
Posts: 602 | Registered: Aug 2005
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quote:Originally posted by jon clogger: Set a limit order this morning to short the living caca out of EUR/USD should it hit 1.2745 in the next day or so. Stops are just above 1.28.
Also having fun scalping using 15 minute trendlines on the way up.
Charts please...
I know Mach, I'm working on it. This play was stopped anyways, and I'm looking for the 3 wave correction within the bigger downtrend.
Give me some more time to post charts. Also, as a general rule, what studies do you like? I keep mine pretty simple, the 3 EMA's in Kermits strategy, and sometimes stochastics or RSI, but not too much clutter for me.
I do better looking at oil, gold, S&P overlapping the currency pairs.
PS, Forex.com (Gain Capital Group) offers less than 100/1 leverage. They are decent too.
Posts: 602 | Registered: Aug 2005
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posted
Woke up to a nice solid 250 pip gain on EUR/USD this morning.
Now everything revolves around the Fed cut today and this magical 1.30 level in EUR/USD. If the resistance breaks, I will aggressively buy dips with stops below 1.30.
Conversely, if resistance holds at 1.30, then short all rallies with stops above.
Posts: 602 | Registered: Aug 2005
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posted
On board for round 2. Longed EUR/USD on the solid break above 1.30. Stops are already to break even in hopes we will reach 1.3360 tonight.
This thing may fly to 1.35 before getting whacked down by the bear.
Then, and only then, will we start to see some fresh bottoms in this pair, along with oil, DJI, S&P, etc... It will get bad.
Posts: 602 | Registered: Aug 2005
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posted
EUR/USD traded up to 1.3298 before coming back down to hit my enormous 100 pip trailing stop, but still managed to put another 170 pips in the bag.
Wave counting on this correction could get tricky during the Asia session, so I'm gonna wait and watch for now.
Posts: 602 | Registered: Aug 2005
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posted
I've been playing AUD:NZD a lot lately. It's been pretty predictable for atleast the past week--it moves a lot on the 5-minute chart while hardly budging on the 60-min chart. Just keeps going up and down, up and down.
-------------------- Me Trade Pretty One Day. Posts: 815 | From: NYC | Registered: May 2006
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posted
Okay, here's a glimpse at a trade I put in tonight to go short GJ at 156.50 (3/4 position) based on what I saw first with the hourly, and then the 5 minute chart for entry.
The 5 minute chart doesn't show the break below 154.00 but currently I'm up 250 pips and will move SL to lock in 200 on a reversal.
Notice on 5m at the trade entry (orange arrows) the tunnel EMA's (blue and brown 144/169) dropped down for added resistance along with fib ret. levels. Also, the 50 and 12 EMA were just about to cross right after I submitted the short which I looked for as the bulls were getting exhausted.
This is why I like Kermits original post. I would have never thought to add the larger value EMA's as a broader protection barrier.
Posts: 602 | Registered: Aug 2005
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posted
Thank you Kermit, although I don't know about being a good trader yet...but striving and accepting advice from seasoned traders with enthusiasm and humility.
Kind of choppy during election night. Plus we have a rate cut coming up from BOE and friday is non-farm payrolls.
I'm treading really light for 30-40 pip scalps because of these conditions.
Posts: 602 | Registered: Aug 2005
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There's quite a bit of resistance at 1.30 in EU and you can see my little trap waiting to short it at upper TL resistance. SL is 1.3040 and a 50 pip trailing stop with a target of 1.2770
Posts: 602 | Registered: Aug 2005
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posted
Mach, log on to CNBC.com and register for the million dollar portfolio challenge. As an incentive you will get a free live account with FXCM where they will deposit $25.00 for you to trade on their platform and use the popular MT4 (similar to esignal) application.
Yes they are 400/1, but you don't have to use that much, and besides, it will be a live account on their money.
Baddaboom Baddabing, problem solved.
Other than that try itradefx.com
Posts: 602 | Registered: Aug 2005
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posted
On a side note, $25.00 doesn't sound like much, but with really good Money management (no more than 1.5% risk on each trade) and a goal of 5% gain each trade with a net of 4 successful ones per week, you will have made $638,725.44 after one year of trading.
Sure, you start small with 100 units and .01 pips, but you start taking $1 here, $2 there, and before you know it your up to $100.00,$500, $1k, etc... It's the best test a trader can put themselves through.
Posts: 602 | Registered: Aug 2005
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