Review Of Strategic Tips on Forex Signals In Forex Forum - page 3
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Friends todays inventories provided by AVAFX are showing the market is volital.
yea, jeff, market have been pretty much volatile since the last half of this year..Nice
observation, though..
Great thread!
Questions for you:
1-looks like you are consumed with the GBP/USD...why only this currency?...do you trade
others?
2-do you only trade micro lots or standard size lots ever?I seen you neveer trade even 1
lot...
3-you made $3,000K since you opened the account...do you have a job or other investments you
live off?
4-where do you live and what hours do you trade Forex?
Great trading to you!!
Helloo there, increasenow,
from the tone of your comment, you seem to be hiding some heavy sarcascm beneath velvet
gloves, or shall we say , ''cat's paw''? maybe its just a reflection of your inner mental
processes at work...well, I'm in a good mood so I'll humour you for now and give you some
answers..
1- consumed with GBPUSD? What do you think this is, alcoholic consumption frenzy? Trading is a
wide field like medicine,law,or any other profession out there...it pays to specialize in
one or two currencies well and be profitable, than to be jack of all trades and master of
loss..ever heard of comparative advantage? Warren Buffet said something along the line of
diversification are for those that dont really know what they are doing...put your eggs in
few baskets as possible , and watch them like a hawk...so in order words, I trade all
currencies and I specialize on the cable, just like I said on my begining post here.
2 - I manage forex accounts ranging from tens of thousands minimum, to millions of
dollars..That sample detailed report you saw was based on how much return of investment(ROI)
gained monthly from a minimum of 10k. Due to my style of trading, risk and money management
is of top priority in the first objective of preservation of capital.
The second objective of making profits comes next.I want you to understand that in trading,
garbage in, garbage out...right thinking, right product..
Never risk more than 2% to 3% of your capital in any trade...For a 10k account, dont risk
more than 200 dollars..for a 100k account, dont risk more than 2000 dollars, for a $1m
account, dont risk more than 20k in a trade..
So in the context of this sample, why should a professional trader use 1 standard lot on a
10k account, if risk mgt suggest $200(2%) risk on a single trade for that equity ? You have
the potential of losing $2,000 on a trade, which is 20% of the 10k equity, instead of just
$200 or 2%..That 20% keeps you in the game for just 5 times, while the 2% keeps you in the
game for 50 times...Devrim, a forex trader lost 90% of his million dollar account because he
wasnt using stops...learn from the mistakes of others..maybe you should go back and read
this..
Drawdown and Maximum Drawdown? | 13th Grade: Money Management | Learn Forex Trading
The higher your equity, the better capitalized you are...Dont be fooled by adverts telling
you to trade forex for $10 or $100 or claiming you can make gazillions out of a palty amount
...doesnt work that way...from your name,increasenow,dont be greedy,
3- 3k from a 10k account in 3 months amounting to an average of 10 % monthly, is not too bad
in my opinion, considering the last 3 months have been the most volatile and uncertainity
filled period in the markets, with the global economic crises,recession troubles and bad
news transmitted everywhere.. ..
Traditionally, months from October through December, have always been very hectic for
traders...most rarely trade during the period as banks, hedge funds square off positions to
the detriment of the undercapitalized and inexperienced traders.
For the 3 month to a year period, bonds have been below 2%, Treasuries Bills rates have been
slashed to pieces and stock index have been on negative for the last 9 months now..so why
make jest of a 30% return in 3 months, if you are not a court jester?
Composite Bond Rates: Bonds Center - Yahoo! Finance
Treasury Bills | Constant Maturity Index Rate Yield Bonds Notes US 10 5 1 Year Rates
For the record, that 10k account is just a SAMPLE of the other currency based accounts that
is being managed, amongst other investments.
4- Where do I live? Though trading is a lonely business, No stalking , please...
Hi Stallion,thanks for the report,am considered taking up your managed account service,if those profit trades are sustainable in the longterm.i understand the risks of trading so am not looking for wild returns or whatnot, just something consistent i need.thanks once again maestro
no probs, lancelot...
[09:09:41 08/12/08] Stalion : helloo there everyone
[09:24:35 08/12/08] klho83 : hi Stal
[09:51:36 08/12/08] fasi26 : hi alz
[10:10:02 08/12/08] Stalion : hi fasi
[10:11:18 08/12/08] Stalion : our sunday trade didnt work out as planned, so we put a buy
stop on gbpusd @ 1.5045..1st target @ 1.5105..2nd target @ 1.5165...3rd target @ 1.5225...50
pip sl
[10:15:25 08/12/08] klho83 : OK Thanks!
[10:24:08 08/12/08] fasi26 : hi allz
[10:29:01 08/12/08] fasi26 : shuld v go for EUR/USD sell stop
[10:36:48 08/12/08] fasi26 : helloooooooooooo
[10:42:08 08/12/08] fasi26 : Stalion?????????
[10:46:05 08/12/08] Stalion : hi
[10:47:34 08/12/08] fasi26 : hi sir how ru
[10:48:28 08/12/08] Stalion : am okay
[10:48:31 08/12/08] Stalion : and you?
[10:48:40 08/12/08] fasi26 : same here thnx
[10:49:22 08/12/08] Stalion : we also put a sell stop on gbpusd , as a hedge, @
1.4945....1st target @ 1.4900,2nd target@ 1.4855,3rd target @ 1.4815....50 pip sl away
[10:49:27 08/12/08] fasi26 : eur/usd ?
[10:51:40 08/12/08] fasi26 : hmmmm i entered
[10:51:53 08/12/08] fasi26 : but i m luking for eur.usd any tip
[10:53:05 08/12/08] Stalion : for eurodollar, a sell stop @ 1.2869...1st target @
1.2847...2nd target@ 1.2825....50 pip sl away
[10:53:13 08/12/08] Stalion : hi avak
[10:53:26 08/12/08] fasi26 : hmmm k
[10:54:58 08/12/08] fasi26 : i got 1.4900 ... 1st trgt @ 1.4850
[10:58:50 08/12/08] fasi26 : ?
[10:59:58 08/12/08] fasi26 : did u see eur.usd forum
[11:00:24 08/12/08] Stalion : nope...where?
[11:00:37 08/12/08] fasi26 : dailyfx forum
[11:01:25 08/12/08] Stalion : whats happening there?
[11:08:29 08/12/08] Stalion : hellloooo, fasi....?please wake up....2nd target hit
[11:16:50 08/12/08] Stalion : not yet.....
[11:26:32 08/12/08] Stalion : remember to take half profits after +20 pips ahead...
[11:26:39 08/12/08] Stalion : then shift sl to entry
[11:37:52 08/12/08] Avak1988 : hello Stalion
[11:38:27 08/12/08] Avak1988 : I just try to understand what is going on and how do you work
here
sell stop on gbpusd @ 14745...1st target @ 14705..2nd target @ 14665...3rd target@
14625...also as a hedge, we put a buy stop @ 14825...1st target @ 14865...2nd target @
14900...50 pip sl on both..
Please remember to take half profits after you are +20 pips while shifting stop loss to
entry. And 15 to 25 pip trailing stop should be used after 2 nd have hit..
Helloo folks, price on the GBPUSD gave us some clues, technical analysis wise,on its 300 pip
move by the 1-2-3 bottom, which foretold a bullish move..coupled with the fundamental news
that the US was cutting interest rates..and voila...yumm yumm...
" Dont step in front of a moving train " ...:idea:
/go?link=http://www.trade2win.com/boards/attachments/forex/44704d1229468777-review-strategic-tips-milking-major-currency-pairs-eur-usd.png
Nice one, roguetrader....but please can you give more explanation on your chart?
So for today, wednesday, we put a Sell stop on gbpusd @ 15575...1st target @ 15545...2nd
target @ 15505...3rd target @ 15430...50 pip sl.....remember to take half profits when +20
pips ahead, then shift sl to entry level..
So for today, wednesday, we put a Sell stop on gbpusd @ 15575...1st target @ 15545...2nd target @ 15505...3rd target @ 15430...50 pip sl.....remember to take half profits when +20 pips ahead, then shift sl to entry level..
In yesterdays market there were some clear indications that it will remain down for few hours and give bounce back but not too much.
Quite right,sam...If you noticed on the chart, you could see the 1-2-3 bottom below and the
head and shoulders pattern above...They are both reversal chart patterns,telling us price
has a high probability of reversing direction from its prevailing trend..The 50 pip stop
loss was at the left shoulder, and before we know it, 200 more pips, after 3rd target, was
liberated..
Friends this market says that always travel in a running train. Means trade the movements in the market you will definitely make profits. But with patience don't hurry.
Patience is a virtue,especially in the markets,right, jeff?
Dear @AiRiCk; What is cool?
I been with these skills, crystal spills, hot bills, in Brazils..about African Black
Dreams..makes it hard to figure me..some traders be tickle me..like Fidel Castro..undercover
Dannie Brasco..sound like MACDs, the prayer mantis..so get a grip on the whip..playerhaters
getaway or my pen would spray..scribble off till I empty..dont tempt me..only to say I thank
thee..its all about the benjies..
@ Wise?TX
1- Would you give control of your live account to an EA? Would you board a flight across the
Atlantic with just robots to navigate and NO human pilots?
2- Google 'chart pattern recognition and price projection strategy' and see whether it is a
system or not, mon ami..THE CHART PATTERN RECOGNITION AND PRICE PROJECTION STRATEGY tells
us, to a considerable extent, where price is going and how far it might get there..
If it is not a system, how come you see these charts showing more profits than losses for
months now? Is it possible to make consistent profits WITHOUT, not just a strategy but a
SOUND STRATEGY? Or did I go and meet brokers and tell them ''hey, buddies, please fix some
green dotted entry lines and red dotted stop loss lines for the benefit of our bronco billy
cowboy"?
3- I think you need some glasses,Man...or maybe just remove the negativity and focus on this
thread with clarity of mind..1-2-3 bottoms,Head and Shoulder patterns, 60% BUY/SELL
WINDOWS,REACTION SWING, REVERSAL DATES,TRIANGLES, TREND LINES, MACD DIVERGENCES,ETC, are
shown and demonstrated here...Man, you need to stop popping too much Valium pills, wake up
and smell the roses.
4- Transcripts of live forex trading conversations are archived on forexgreenland, as a
source of practical lessons to students that are ready and willing to learn. Last time I
checked, I guess it was a free world. Meaning is relative, according to individual
perception and value, my friend.
5- Trading is a business and should be treated as such..Ever read the Parable Of the Talents
in the Bible? Please do.. Though this thread is about REVIEWS OF STRATEGIC TIPS,no one is
under any obligation to give live forex alerts as PREVIEWS. It is just to demonstrate the
effectiveness of the CHART PATTERN RECOGNITION AND PRICE PROJECTION STRATEGY.
Astonishingly, I bought John Crane's book some years ago and gained much from it..I didnt go
around thinking why he was promoting his business through his website or why should he be
offering his commodities services to traders..What I'm concerned with is''VALUE''..and the
results are clear to see..Dont be like that man in winter, next to his stove,telling it to
give him some heat...The stove said '''Wood''...The man insisted on getting heat first
before piling woods.Who's deceiving who? As you breathe in, you also breathe out..thats how
life is..
Warren Buffett, one of the smartest and most successful businessmen of our time, was
recently asked what he thought was the best investment anyone could make in these so called
difficult times.
His answer was fast and simple ...
"The most important investment you can make is in yourself."
That could very well be the best advice Mr. Buffett has ever offered. If ever there was a
time to take control of your future, it's now.
Like you said,maybe you are really missing something,tx..something spongy and mushy..If your
IQ gets below 50, SELL.. just kidding
hey wow hw much time does it took to writ?? whatever i read some how n was good keep going......
Hi sagar, thanks for your mail.. it actually takes around 2 hours to draw and write the
charts while trading is on..for me, the thrill and challenge of multitasking helps in my
trading environment which brings a fulfilling sense of being. Posting live trades in front of a global audience, where the mainstream perception tends to be ''a trader is as good as his last trade'', is all good..for true traders makes you feel and do good. We should all strive to seek balance in all things we do.
so for friday, we could see a mini 123 bottom formation on GBPUSD15 min chart..so a buy stop
@ 1.5090...1st target @ 1.5165..2nd target @ 15244..3rd target @ 15315..sl @ 1.5015
Today being Friday and last day of trading for the week it can be a mixed day for forex market. This i have been observing in the last few months that Friday has been some times mixed and some times a black day for forex traders.
so for friday, we could see a mini 123 bottom formation on GBPUSD15 min chart..so a buy stop @ 1.5090...1st target @ 1.5165..2nd target @15244..3rd target @ 15315..sl @ 1.5015
Today being Friday and last day of trading for the week it can be a mixed day for forex market. This i have been observing in the last few months that Friday has been some times mixed and some times a black day for forex traders.
Yes,though this time, our 75 pips on our 1st target would have offsetted any ''Black
Friday'' losses..
Helloo folks, We thank God for bringing us into a brand new week...Most would call it the
Christmas Week so I'm wishing all a Merry Christmas and Prosperous New Year ahead.
As we approach Monday, we could see 3 crosses on the GBPUSD 15m chart, the first candle
upturned. That was a region of indecision that paused price advance to the upside.To be or
Not To Be?
MACD is giving us positive divergence to price, which is more or less, a green light.
We put a buy stop @ 1.4960..1st target @ 1.4999..2nd target @ 1.5049..3rd target @ 1.5125...
hi Stallion,pls tell me wht is trailing stop basically n hw n when to use it .and i noticed dat u mostly hav trade in Gbp/usd.... dnt u hav trades in eur/usd
Helloo fasi, you could check out the userguide on any mt4 platform..Here's an excerpt:
''Stop Loss is intended for reducing of losses where the symbol price moves in an
unprofitable direction. If the position becomes profitable, Stop Loss can be manually
shifted to a break-even level. To automate this process, Trailing Stop was created. This
tool is especially useful when price changes strongly in the same direction or when it is
impossible to watch the market continuously for some reason.
Trailing Stop is always attached to an open position and works in client terminal, not at
the server like Stop Loss, for example. To set the trailing stop, one has to execute the
open position context menu command of the same name in the "Terminal" window. Then one has
to select the desirable value of distance between the Stop Loss level and the current price
in the list opened. Only one trailing stop can be set for each open position.
After the above actions have been performed, at incoming of new quotes, the terminal checks
whether the open position is profitable. As soon as profit in points becomes equal to or
higher than the specified level, command to place the Stop Loss order will be given
automatically. The order level is set at the specified distance from the current price.
Further, if price changes in the more profitable direction, trailing stop will make the Stop
Loss level follow the price automatically, but if profitability of the position falls, the
order will not be modified anymore. Thus, the profit of the trade position is fixed
automatically. After each automatic Stop Loss order modification, a record will be made in
the terminal journal.''
Trailing stop is also used when your 1st target is hit and price is still going your way, up
or down..It enables you to take the maximum outreach in price movement before any major
retracement/correction. Depending on the daily range and volatility of the currency pair
that you are trading, a 15 to 35 pip trailing stop would be in order.
EURUSD has a 2 pip spread..GBPUSD has a 3 pip spread and GBPJPY has like 7 to 9 pip
spread...cable is like euro on steroids, which is more stable than pound-yen. That is where
we look for balance, the median..
Due to popular demand, a la fasi, we put a buy stop on EURUSD @ 13945..1st target @
14015...2nd target @ 14085...3rd target @ 14155...50 pip sl for both..
Yea, I know, most seasoned traders might say the general trend is down..why buy? well, in
trading, you can make money both by going with the trend, and going against the prevailing
trend..if you know what you are doing. Top football strikers learn score goals with both
feet, even under pressure...so only time will tell if it would measure..to find the buried
treasure..
Good stuff, useful info!I think what a newbie like me has to do is get together all the relevant fx indicators and all systems that I can get my hands on. Study them in depth to filter out the very good from the o.k ones, get some experience under my belt by using them then trade live after.As of yet I dont know of or understand any systems and rely heavily on forums such as this one to get hints and tips as to where we're heading, or other than that put my index finger in my mouth , hold it high above my head and take a punt!!!Cant be good:confused:
Lol,fxlion, at least thats a strategy...but seriously though, we shouldnt depend on just
chance or others to make money in trading...The beauty of the CHART PATTERN RECOGNITION AND
PRICE PROJECTION STRATEGY is that you dont need to cram your screens with all sorts of
indicators because entries and exits are taken DIRECTLY FROM THE CHARTS.
I have seen most of the charts and read about the news for today. I have come to the conclusion that the market for today can be down. But some we can see some stability also. Am i right friend.
Yes, you are right, mon ami...Price on the GBPUSD made a high of 14991, which was 8 pips
less than our 1st target of 14999..by placing your stop loss at entry point after +20 pips
ahead, you would have been stopped out at a profitable breakeven of 31 pips or less..Not too bad..
Stallion, I am having a hard time following your past calls. Where exactly can I find them.
I have a time difference and I'm trying to make proper adjustements prior to trading. You
start calls around 1am my time. Please let me know where on the website I can find an
archive. Also, from reading your posts you suggest to take half profit at 20 pips, then move
other half to break even s/l, if 1st target hit then sell half and so on. Is this correct
and holds true for all your calls? Thank you for the help. I should be up and running on new
year, I see big market swings coming our way.
Thanks for your mail,pips...I thank God for the positive mental attitude displayed in your
comments about the New Year..If we can make profits during the most volatile 3 months in
trading (October to December), then there's good reason to expect better things to come in
the nearest future.
I assume London Session starts 1am your time, depending on where you are in the US. The
archives can be found here:
Review Of Strategic Tips On Forex Signals In Forex Forum
It would be better to take off half profits when +20 pips, rather than waiting for 1st
target to hit..Time and tide, along with price,waits for no man..
Robert Kiyosaki, of the Rich Dad Poor Dad series,talked about the stock market burst some
ears ago, along with its effects on baby boomers and their Social Security program. Even
though he gave out some suggestions on how to avoid that pitfall by personal development and
education, most people then castigated him as a fraud who just wants to sell his books and
seminars. From what is going on in the global economy and the US, it appears he has been
vindicated.
ABC News: Will We Be Forced to Work Until Death?
Late last year, on one of the popular Nigerian forums, I predicted the Nigerian Stock
index(NSE) have reached its top and suggested readers should cover their positions and
unload their stocks. But as at then, the bulls were in control, stock newsletter and article
writers were fueling the bubble frenzy and screaming ''BUY''..
The young admin of the forum, maybe out of ignorance and emotional bias, reacted by banning
all forex traders off his site. But that didnt stop the stock market bubble to burst and
uneducated investors losing substantial amount on their equity. Those that took the time,
money and energy to understand and educate themselves on market behaviour saved themselves
from the bearish drop and even made profits from the decline.
In essence, as investors,we should strive to invest in ourselves.No one knows it all. Most people made money in the Great Depression of the 1930's..We can too..
Hi Stal,
First of all thanks for pointing me to forexpeacearmy as it is a very good source of forex
information. I have been going through the broker reviews and feel like it has stopped me
from taking a wrong decision. I have managed to shortlist a few which I beleive are honest
as per the reviews.
Your comments or experiences on any of these would be very helpful, especially if u could
point one or two which I can go live with.
1.MB trading
2.Ikon-Royal
3.Tradeviewforex
4.Alpari Uk
Any help and insight would be highly appreciated..
Thanks,
Helloo there...
Well, it would be unseemly if I publicly endorse any of the brokers due to conflict of
interests.So am throwing it out in the open...Anyone that has comments or experiences with
any of these is free to post it here. Thanks once again.
so for wednesday, we put a buy stop pn GBPUSD @ 1.4740...1st target @ 1.4765..sl @ 1.4715...
also a sell stop @ 1.4700..1st target @ 1.4671...2nd target @ 1.4665..50 pips sl
so for wednesday, we put a buy stop pn GBPUSD @ 1.4735...1st target @ 1.4765..sl @ 1.4715...also a sell stop @ 1.4700..1st target @ 1.4671...2nd target @ 1.4665..50 pips sl
Season's Greetings to everyone,
If you check out our chart above, you could see price moving dynamically from left to
right..we first followed it with our buy stop that yielded 30 pips, and the sell stop that
yielded 35 pips..
The present buy stop @ 14705, 1st target @ 14730, 2nd target @ 14745, sl @ 40 pips away, is
anticipated to yield 40 pips or so..more like chess.
For readers of this thread, I want to say a big thank you for everything...
To show my gratitude, I am giving out 2 e-Books titled
1 The Art Of Creativity
2 Fibonacci Trading - How To Master The Time and Price Advantage
Merry Christmas and a Prosperous New Year, my friends..and may the New Year 2009 bring hope,
joy,health,love,and success to all.
ala tuan, tau ler last2 mesti ada nak jual ebook ngan online
tutor nanti ni.....tul tak masta forestgreen
p.s if u dint understang....google it, welcome to CG(suppose to be) 100% Malaysia
Boonga boonga,what? reminds me of Indiana Jones and Temple of Doom...hey king of diamonds,
thanks for your hospitality..really appreciate it..howz kuala lumpur? The Russians said I
should google their language, the Japanese, the Indians,the Italians,Germans,even the
Peruvians tried to do me in but no online translation yet..like a frigging UN linguistic
convention met..would be grateful if you could teach me a lil Malay, for the ones I know is
virtually nonexistent..lol..going down to Singapore next year for some traders' conference
but dont know whether the language barrier can get me past the airport...thanks once again,
king of diamonds
The present buy stop @ 14705, 1st target @ 14730, 2nd target @ 14745, sl @ 40 pips away, is anticipated to yield 40 pips or so..more like chess.
Helloo there,folks,
Price made a BULLISH GAP on the start of the Asian session, and before we knew it, more than
40 pips was emancipated from our buy entry of 14705..
Even the 60% BUy WINDOW was negated as price on the GBPUSD dropped more than 200 pips
afterwards from the TRIANGLE PATTERN shown above.
Well, what can I say?
Hi guysI think its just too riskiy trading full stop at the moment, spreads are wide, trend is non existent, and volume is extremely low.I think its best staying out until at least a week into new year when everyones back from holidaying and markets have settled down some what!But thats just what I am thinking!
Well, fxlion, maybe a lil positive mental attitude thinking might be in order?
Hello guys, I wanna say great job my strategy is very much like yours But actually i don't watch the trades i just put the safe buy/sell STOP orders and targeting 10 pips . I put my buy stop for up-trend when i get the confirmation of the 1,2,3 pattern at fibo level 0.0 and only take 10 pips profit the opposite for the sell but it's the same and i always lay those pips no loss But after reading all your posts i might consider sitting in front of the screen and make bigger profits . My profits are big because i increase the lot size when my analysis gives higher probability and i lay $200+ a day using it . best of luck and again great job but why aren't you drawing your fibo levels on the charts or you don't want it to look complicated ? :blink:
Helloo moneyadd, thanks for reading all my posts...trying to make the time to read them myself..lol..fibonacci are great support and resistance levels that can be used in trading to ascertain price movement..but even with the knowledge of 'fibo'' levels, many traders still make losses..prefer the 60% windows which are more simpler and accurate in my personal opinion..remember KISS? Keep it simple,Smarty..so its about applying the right tools for the right markets...not all size fits all in trading..
If you check out our chart below,we used the TRIANGLE PATTERN, more specifically, the SYMMETRICAL TRIANGLE PATTERN. but why is it called a triangle? Because it looks like one..Triangles usually form part way through a strongly trending move and represents a congestive phase in the marketplace. These patterns are important because they are typically followed by sharp increases or declines in price. An established triangle pattern is a valuable signal prior to a relatively predictable price change.
Yesterday, we made more than 200 pips from our symmetrical triangle which was part of our live practical trading.
1.4770-1.4576=0.0194
1.4651-0.0194=1.4457(target point)
Symmetrical triangles,which are lines connecting peaks and troughs tend to converge at the apex which is at the centre of the pattern.When price breaks outside of the pattern, there is a high probability that the price will trend in the direction of the breakout.Once price hit our target for more than 200 pips, it now retraced upwards,. Our buy stop @ 14507 caught the bullish correction for 75 pips..
Price then retraced downward again to our previous short target of 14457, hitting it twice..
Before we knew it, price knocked 3 times and slipped downwards where our sell stop was on hand to take the move...''come to papa''..
So moneyadd, hope you now understand...actually, my clients dont really want to know the process or method in which trading takes place...all they are concerned with is whether we make money at the end of the month,recession or not..thats the primary objective..making money.
Can any one here tell why do clients trading this market online face problems. I have been trading online with AVAFX and facing problems like not receiving proper mails from them on time, downloading problem, customer support is not responding etc. I have also heard from other persons trading this market online facing the same problems. After threatening the customer support people they are now responding on time. But still i have not come to know why online clients face such problems.
sorry about that, jeff...try and look for a better and more honest broker...Even if you got the best strategy in the world, the choice of brokers is pertinent for the realization of your trading goals.
[11:53:40 30/12/08] Stalion : no need to be confused....we put a buy stop on gbpusd @
14550...1st target @ 14575..2nd target @ 14615..3rd target @ 14655
[11:53:44 30/12/08] Stalion : sl 50 pip away
Dear All,Just a novice question. I keep hearing/reading the word 'intervene' by apex banks to control their currencies. When BoJ says it would intervene to maintain a strong USD, will there be any impact on EURUSD pair to maintain the correlation?
Helloo needinfo,central bank intervention is the buying and selling of currency, foreign or domestic, by central banks in order to influence market conditions or exchange rate movement for fiscal or monetary policy purposes.
Why should the Bank of Japan intervene for a strong dollar? Because it is to their best interests. Japan, as we all know, is an export driven economy and if the Japanese yen is stronger than the dollar, it hurt their exports and consequently their economy. Why import 15000 dollar cars from Japan when you can get it cheaper right there in America? Why import expensive electronics, computers,due to a strong yen, when you can get it cheaper from America itself, or even China or India?
But wait..Japan is also a savings oriented economy, in which, majority of the US international papers or debt are held by it...So the Japanese are not thrilled to watch the value of their investments in the US bond,Treasuries and Capital markets go down the drain as the US dollar weakens..
The USDJPY monthly chart below shows the decline of the currency pair..
Compared to EURUSD(eurodollar), which is on an uptrend,a strong dollar would have a weakening impact on the euro, popularly known in international financial circles, as the ''antidollar''.. Even Trichet, the President of the EU Central Bank(ECB) might likely welcome the gesture of the Japanese with open arms, because a strong dollar would weaken the euro and save them the unsavoury task of slashing interest rates in the nearest future..You could do more research if it affects your personal finance or business objectives, need
info..Did I hear someone say ''Don ichiban''?
[11:53:40 30/12/08] Stalion : no need to be confused....we put a buy stop on gbpusd @ 14550...1st target @ 14575..2nd target @ 14615..3rd target @ 14655[11:53:44 30/12/08] Stalion : sl 50 pip away
Let me whisk you away to the forex charts on the DISSECTION OF A TRADE GONE WRONG. Remember the loss was also important though the LESSONS LEARNT from the loss are MORE IMPORTANT.
Now we are going into the reasons why we took a buy stop at that point..
A 123 bottom formation was observed prior to the alert given out, along with an inverted head and shoulder pattern forming at the bottom...Both are reversal pattern telling us that price is about to reverse from its downtrend to an uptrend.
MACD also made a positive convergence to price which was a buy signal..For the our fib fans out there, a la moneyadd, price made a turnaround on the 30% window, instead of the 60% sell window..which is not that unusual given the strong trend downward in price..
So it was more of a matter of TIMING, rather than STRATEGY. We might be right in taking a trade based on what our strategy is telling us, but if the timing is off bat,we take the loss...In this instance, we lost 50 pips yesterday..the market is always right..quite an humbling experience, isnt it?
So for today, wednesday, price finally came around and rocketed past our 3 targets like a valkyrie..technical analysiswise, our strategy was sound but the timing was off...price then compensated us with more than 105 pips..$105 minilot,$1050 standard lot on GBPUSD.
HAPPY NEW YEAR FOLKS and we give thanks to God for seeing us through a bumpy 2008..WELCOME
2009.