Review Of Strategic Tips on Forex Signals In Forex Forum - page 4
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Can someone please tell me why this pair should reverse its down trend any time soon?
Hi radatats, I can see your chart was taken from the GBPUSD daily..The cable have been
staring at its bottomless pit like a deer in front of headlights for months now. Like the
picture suggests, GBPUSD has to break that upper resistance trendline before a reversal can
be said to take place.. And by price closing above the No 2 level of the 123 bottom( where
your 2nd purple arrow was), an uptrend can be said to confirmed in the midterm.MACD positive
divergence to price can also be seen on your chart which foretells a probable bullish run.
But remember, technical analysiswise,the trend is still down and traders are looking to sell
at any good upward correction level. I see no changes..''Buy the dips, Sell the
rallies''..ratatatata..thats just the way it is..
Hello Mystic, I am enjoying your threads and trying hard to understand it all. I am a realitively new to forex trading and your way of trading fits the style of trading I would like to master. So again Thank You and keep up the good work.Since I am a reader of your treads, can you please send me a copy of the e-books listed below. I would very much appreciate it.1 The Art Of Creativity2 Fibonacci Trading - How To Master The Time and Price Advantage
Tsk tsk tsk tsk...ur enjoying my threads and still trying hard to understand it all? Nice
paradox, jehunter...believe me, ur not all alone...such is life...lol
If one of your New Year resolutions is to invest in yourself positively and creatively, I'll
be glad to help in that respect, mon ami..Please pm your email address so I can send it to
you,ok..Thanks..
So for today, Friday the 2nd of January 2009, we are looking at GBPUSD 15 minute chart where
TA wise, price is supposed to make a turnaround to the downside..while fundamentally, price
is supposed to go up due to the lower expectations of the US ISM reports coming out 4pm
Nigerian time.. so in less than 10mins from now, news is coming out...To Be Or Not To Be? TA
or FUNDAMENTALS?
we put a sell stop on GBPUSD @ 14515..1ST TARGET @ 14490..2ND TARGET @ 14465..14415...
Also a BUY stop @ 14535..1st target @ 14575..2nd target @ 14515..3rd target @ 14655..50 pip
sl
Thank You. I am definately interested in investing in myself positively and creatively for the new year. I would like nothing better than to get off to a good start for the new year. See my pm mail address below to send me the 1 The Art Of Creativity & 2 Fibonacci Trading - How To Master The Time and Price Advantage. PM email address jehunter@cox.net
cool....please check your email box in some few hours,jehunter..And a tip..maybe you could consider WRITING your goals out for the year 2009..10 to 15 goals are okay..might be daily, weekly or monthly..just write it out and go through them regularly so as to keep focused,okay..Brian Tracy taught that strategy.
apa menatang dia ni merepek ni.....
shuo.. if i yarn wafi for you,you go ja..abi no be to gazu the kuza naim be the koko..google
am whether you go understand wetin me yarn
What the name of this system? Is it really good like I see on this graph?
Yes it is,Strategist...The name is the CHART PATTERN RECOGNITION AND PRICE PROJECTION STRATEGY. I dont mean to brag, but its one of the best techniques any dedicated trader could use to be profitable in the markets..I get invited to speak on international traders conferences on this strategy..at least,thats shows how good it is. Though it is not 100% perfect neither is it the ''Holy Grail'',you can be rest assured that your trading performance would get the required EDGE to beat the markets,especially in the long term.
like 90%, but not too low. Now if the statement was audited and certified by an
internationally known firm, I think it might just matter. By the way, where are Mandel and
Reaver????
Tradeviper,your venom is simply out of this world, you know..seems you really took the time to go through my performance report over the last 3 months of turbulent trading. Actually, I didnt even know it was up to 71%, so you must be a good statistician. You can manipulate the figures but you cant manipulate the graph of the detailed report.Check the graph below the figures again and see if they match.Even if alien extra terrestians fly down with their UFO to audit the report, there would still be doubting Thomases..so I'm not bothered.
Look at Madoff..Are you trying to tell me that 'internationally known firms' didnt audited his reports over a decade before +$50 billion was ripped off? some say Steven Spielberg, who
was one of the 'casualities', might get sued by Madoff for the rights of the pending
Hollywood blockbuster film chronicling the scandal.
I believe in honesty and ethics in my chosen path..Trading is a vocation where many are
called but few are chosen.I've paid my dues and am still paying my dues in this
industry,tradeviper..easy on the hiss,plzzz
By the way, Who are Mandel and Reaver? Sounds like Beavith n Butthead?
[09:30:38 05/01/09] Stalion : helloo fellas
[09:31:09 05/01/09] Stalion : no news worthy item for Monday so we stick to our friday's
short call
[09:34:59 05/01/09] Learning_pips : hi stal
[09:38:18 05/01/09] Learning_pips : its quite funny though in carolyn's book there is a
mention of a gartley pattern which is a complete opp of the 1-2-3 pattern
[09:40:45 05/01/09] Stalion : hmmmm....havent had time to read it myself
[09:42:19 05/01/09] Learning_pips : its chapter 8, two step pattern..she identifies the
1-2-3 pattern/gartley pattern as a continuation pattern..quite interesting..
[09:42:46 05/01/09] blue : hi
[09:42:55 05/01/09] Stalion : gartley pattern on fibonnacci?
[09:43:05 05/01/09] Learning_pips : just goes to show how many ways patterns can be
interpreted by different people
[09:43:16 05/01/09] Stalion : helloo there blue
[09:43:46 05/01/09] Learning_pips : basically fibs have to applied on the pattern to
identify a cluster
[09:45:03 05/01/09] Learning_pips : "The two-step trade setup is a zigzag pattern that
corrects a prior trend"
[09:45:09 05/01/09] Stalion : range/consolidation pattern? can u identify it on a chart?
[09:45:44 05/01/09] blue : Stalion im new here
[09:46:04 05/01/09] Learning_pips : basically the pattern is exactly the same as a 1-2-3
pattern but she says that its a continuation pattern
[09:46:10 05/01/09] Stalion : cool....howz trading, blue?
[09:46:26 05/01/09] blue : Stalion not so gud
[09:47:18 05/01/09] Stalion : meaning d downtrend would continue? can you give us an example
on a live chart?
[09:47:24 05/01/09] Learning_pips : so according to her once we have points 1 and 2, we can
apply fibs to identify a cluster where 3 would be and the price after it reaches 3 would
continue its decline if we take 1-2-3 as a bottom
[09:47:55 05/01/09] Stalion : how do you mean, blue?
[09:48:35 05/01/09] blue : Stalion im bearing a lot of loss for past few months
[09:48:36 05/01/09] Learning_pips : well there are numerous examples n the book, i am trying
to establish it in the live charts..will keep u posted..any insights on today
[09:50:41 05/01/09] blue : Stalionim so tense now a days
[09:50:49 05/01/09] Stalion : whatabout strategy?
[09:51:48 05/01/09] blue : Stalion actually i was just trading by my own mind and short
trade with the stop but mostly i faced my stop hit
[09:52:48 05/01/09] Stalion : as in, what is ur strategy in which you've been using all
those while?
[09:53:21 05/01/09] blue : Stalion actually i just watch chart with 1 hourly candle and its
spread
[09:59:07 05/01/09] Stalion : hey, dats not a strategy ,blue...just a hourly candle and
spread? did you take any training before going live?
[09:59:07 05/01/09] Maurizio77 : morning all - happy new year
[09:59:13 05/01/09] blue : hi im from pak
[10:00:13 05/01/09] blue : Stalion unfortunately im not trained and thts why im so tense
[10:11:47 05/01/09] realjimmy : such a good day!!! you guys win??
[10:13:13 05/01/09] Learning_pips : no jimmy..missed it
[10:17:03 05/01/09] Stalion : blue, in trading, you have to be trained for you are going
against professionals that have been in the game for years and know what they are
doing...its like a novice trying to play in the Champions League..no chance of winning if
you are not aware of the rules of d game
[10:29:49 05/01/09] Stalion : also using different free signals from different sources on ur
live account is only asking to get blown out on margin call...no accountability or
committment from both sides..
[10:34:59 05/01/09] Maurizio77 : reckon we'll be seeing a breakout on eur/jpy soon
[10:40:46 05/01/09] Stalion : for euroyen, we put a sell stop @ 127.49...1st target @
127.25..2nd target @ 127.08...50 pip sl
[10:45:37 05/01/09] effendy40 : hi stalion
[10:49:50 05/01/09] blue : Stalion wht wil be its buying stop
[10:51:22 05/01/09] Stalion : well, for now, no buying stop since we are looking for eurjpy
to go down in the short term...dats why the sell stop
[10:54:14 05/01/09] Learning_pips : stal the eurjpy entry is 1-2-3 if i am not worng?
[10:57:27 05/01/09] Stalion : 1st target hit on eurjpy..take half profits and move stop loss
to entry
[10:58:52 05/01/09] Stalion : the 123 pattern has already been fulfilled with the high at
128.49...
[10:59:23 05/01/09] Stalion : remember different techniques as price moves
dynamically,pips..
[10:59:45 05/01/09] Stalion : 2nd target hit on eurjpy!
[11:00:19 05/01/09] Stalion : 41 pips made in less than 1 hour on a monday morning
[11:00:27 05/01/09] Learning_pips : right..sorry realised that later
[11:02:16 05/01/09] Learning_pips : i just checked, our entry point was at 60% sell window
of the previous swing..nice!
[11:04:55 05/01/09] Stalion : cool...great start to the week...and for the New Year..
[11:11:42 05/01/09] Stalion : dats all for today...tommorrow is another day...41 pips,$41
minilot,$410 standard lot on eurjpy...
Helloo fellow traders, for today Teusday 6th of January,1.00 am, we put a sell stop on GBPUSD @ 1.4635..1st target @ 1.4605..2nd target @ 1.4575..3rd target @ 1.4545...50 pips stop loss..take half profits when +20 pips ahead then shift stop loss to entry point.
Helloo Fellow Traders,
Hope you all had a wonderfull weekend...
For some time, I've been on meditative break in order to step back from the picture and look
ahead...What I saw wasnt certain...
https://www.mql5.com/go?link=http://www.telegraph.co.uk/news/worldnews/northamerica/usa/barackobama/4953523/Barack Obama-too tired-to-give-proper-welcome-to-Gordon-Brown.html
Barack Obama and Gordon Brown: an uncertain rapport - Telegraph
Barack Obama thanks Gordon Brown for 'very productive' visit to Washington - Telegraph
https://www.mql5.com/go?link=http://www.telegraph.co.uk/news/worldnews/northamerica/usa/barackobama/4885887/Will Barack-Obama-end-Britains-special-relationship-with-America.html
/go?link=http://www.telegraph.co.uk/news/politics/gordon-brown/4934808/Gordon-Brown-increasingly-isolated-over-refusal-to-apologise-for-recession.html
How will these events affect the GBPUSD and its continous downward price movement? hOW DOES
THAT AFFECT THE GLOBAL RECESSIONARY ECONOMIES? Only time will tell...
We need to understand that going into political history would only dig us into deeper
hole..subtle fencing matches doesnt do humanity any good, especially most in the Balkans,
Isreal, Palestinians, China,Japan, Iran,Iraq,Germany, France,Russia,Sudan,
Somalia,Zimbabwe,and so on..Great statesmen put the interest of humanity in the
forefront...To whose gain if we blow up the world in this generation in spite of love and
peace?
When money, as an exchange of value, is allowed to be economic leakages via negative
destructive means, it brings about destructive results...but when it is harnessed for
constructive means and purposes, it brings constructive and positive results.
The global recession can be overcome by improving and improvisation via constructive
means..That might reduce the distortion and inversion of the human race...
For the benefit of readers that might not yet understand the way I trade, I invite you to
log into the 10,000 virtual equity account and see how and why trades are taken.. No more
than 2% risk is taken..
Acc No 100909
Password mn4picn (ALPARI US)...Forex trading with Alpari. Real time foreign exchange trading services. Free forex news, forex charts, analysis.
Please download the mt4 software from the site , then log in to view the forex trades..
So, first day of the week, Sunday , we are seeing a symmetrical triangle on the GBPUSD,
where price made a close at the 1.4003 region. so where shall the breakout be? uptrend or a
downtrend? To be or not to be..1st target on the uptrend @ 1.4035..2nd target @ 1.4070..on
the other hand, on a downtrend,with a sell entry at 1.3950..1st target @ 1.3885..2nd target
@ 1.3835..Both 50 pips stop loss.
If bull**** was a bra, you'd be top heavy. S******* piece of s***.
to drop in,Reefer..I mean,Beaver..didnt know tradeviper was calling his
bullyboys over to this thread..maybe you could do us a good turn by trying to write just one
verse without a curse..your comment makes an xrated movie sound like a sunday school picnic
Avishek Roy (Harry Ainlay Senior High) wrote:
hi im a new trader, and i read ur stuff...great job! i was wondering if i could get in on
this chat that you guys do...and what time do u trade? i was told the london open was a good
time to start
Thanks for your mail,Avishek..nice to hear you guys are enjoying my thread on
Facebook..London Session is usually the time we trade daily..The chat is subscription based
where active and serious traders earn and learn at the same time..
how do i get ur chart pattern
I saw ur posts so i am interested in the chart how do i get it. Secondly i am new to forex but God in his infinite mercy directed me here and i know this may be the miracle i need.
Hi Kento,we give All glory to God Almighty for everything as we are just His instruments.
But I'm not sure I understand what you meant by getting 'chart pattern', since these charts
posted are based on daily trades during market sessions. If you meant how you can get the
system, it is not a mechanical system where you send to an email box or something..It is
more of a simple discretionary system that is thoroughly explained from mentor to
student(s)..Seasoned traders, the liberal ones at that, might just go through charts and
'get it'..but the risk is that the edge tend to get faded out in time, if too much details
are written out on public forums.So there must be a balance..
You also have to understand that the miracle you need is inside of YOU..You have to be AWARE
that the FORCE is in you..not outside of you..My mission is not just about forex training,
forex signals and forex managed account services..but it is more of helping others discover
and being AWARE of our inherent possibilities. I'm aware of myself here and trying to let
others know that they can still do better than me if they have the proper mindset and
dedication to getting to the next level in trading or whatever they set their minds to. Rome
wasnt built in a day..
Do you actually watch the trade all the time until you are out?
Do you put in hard stops and targets? I would think if the broker sees the stop especially
on large account size, they will just spike the market down to take out your stop.
comment on this thread..from your question, it seems you are averse to watching trades until
you are out..It all depends on your style of trading and the times we are in..For intraday
and momentum trading, it pays to watch your trades due to incoming high impact news that
might affect market dynamics..
You can still put in your stops and targets, go play golf, and be back to see your equity
increase by some good percentage.But you have to get to a particular SKILL LEVEL in order to
achieve that.Markets tend to be on a range/accumulation phase 80% of the time, while
breakouts are usually seen 20% of the time. This type of market tends to keep newbies out
because they come looking for short term quick buck. By the time the rookie traders come to
the market, the move has probably expired.This type of market is for the PATIENT trader that
knows what is going on and can wait out long periods of boredom like a panther measuring its
prey.
Do you think top traders like George Soros, Paul Rotter,etc, get bothered about the time it
takes to haul in substantial profits from the markets? It all comes at a price, in which,
80% of traders are not ready and willing to pay, and thats a major reason they fail.''aww,
cant wake up in the early morning for good trades'',..''need set and forget system while am
in tahiti sipping margaritas and pina coladas'',my blood pressure's too high to be running
around like a chicken without a head'', ''..etc..
Swing trading and position trading is more better for those traders that cant find the
patience to watch their trades for profitable returns.
Depending on your account size, stops are normally fixed at major support and resistance
areas..some traders use the Average True Range(ATR) to determine their stops, which is also
part of good risk management.
There are honest brokers and there are dishonest brokers..the dishonest bucketshops are the
ones giving the trading industry a bad name in which they aggressively advertise to the
public..Its not limited to forex alone though...we got bad eggs in the stock markets too,
where Nightmare On Wall Street is having its sequel..online..real estate..toxic bonds in the
Phantom of Solace,..even the few bad eggs in Nigeria,419, tend to spoil the good names of
majority of the hardworking populace who are trying to make a honest living.
So its a worldwide phenomenon..until the bucketshops, Wall Street, fake HYIPs,fraudsters
come to realize that their negative actions tend to affect ALL humanity in one way or the
other, we would still be having all sorts of minor and major recessions..Their get quick
rich materialistic tendencies, at all costs, would also get back to them in the long run
since we are all one.
P.S..You might consider ECNs....they are likely to be more honest and rarely consider spiking the markets to their 'best interests' since they make their money mainly from spreads/commissions.
Hi Julie...thanks for your mail...you are right when you mentioned the ''paralysis by
analysis'' factor that disable the functions of majority of the traders due to information
overload.In pursuit of the quest for profits, most of us tend to disregard the knowledge,
patience and determination required to come out on top in any field of endeavour,instead we
only focus on money..''how much can I make daily?''...I deserve a 100 pips dropping like
clockwork each and every day''... Stay with me here,viola, there's a madness to the method
and method to the madness..Its called the LAW OF DETACHMENT...thanks once again for your
comments, julieviola
Hey forexgreenland, we have missed you at NIGERIA BEST FORUM . NBF.
Since its been a while, we thought we would send you a personal invitation to return.
Hello, forexgreenland!
We've noticed that you've not been active on ForexForums.org for quite some time now, and we
miss you!
Could we not tempt you back?
Hmmm.....no need to do that,mon amis...am back....just being occupied by lots of projects
lately...so little or no time to post as much as before...
It seems like one of the most common questions we get, especially from those new to trading, is something along the lines of "Which is better? Technical analysis or fundamental analysis?" There's no perfect answer to that question, just like there is no perfect technical system, nor perfect fundamental criteria. In fact, the best answer may simply be "It depends on what works for your style of trading".So if you choose one strategy, then work for it.. But if you want to use the two, then that's better.. Combination of these two methods could give you too much advantage.
Nice observation, dollarfinder...I concur with your findings...There's no 100% perfect
system, whether technical analysis or fundamental news analysis..What matters most is proper
RISK MANAGEMENT in trading.. How long can your equity last if your system is on a losing
streak? How far can you go when the market goes schizophrenic over a period? 5 trades? 20
trades? 50 or a 100 trades before margin call...Hot situation makes a nice one, whatchu
gonna do...call 911?That is what majority of the professional traders focus on when
trading...Even in cooking, recipes of dishes are added proportionally, instead of putting
the ingredients all at the same time.. That proportional blending eventually brings about a
nice savoury dish....yumm yumm..Anyone hungry?
Frank Says:
Hello, thank you for this Posting. I am reading this Blog very often and i like to read this
blog. I hope you writing alot in this Blog. What you have to doo is to write more in this
Blog about everything.
Hi Mistikal,You responded to my message on 01/06/09 regarding the two e-books listed below: I have not received them as-of-yet. Please send them to me at your earliest convience, I am anxious to learn how to trade in this new year. My PM address is...jehunter@cox.net1 The Art Of Creativity2 Fibonacci Trading - How To Master The Time and Price AdvantageThank You and keep up the good work! You're the best.
I know, I know, jehunter....better to be the hunter than to be the hunted,especially of
pips..lol...wud send it as soon as possible,okay...
Hi Stalion,I saw some -ve and some +ve comments on your thread. I don't really care about those -ve comments. It's not fair to judge boobs by its cover
Darn hayabusat,easy on the boobs fixation,okay...or you want to change the title of ''Sex in
the City'' to Sex in the Trading?not that healthy for clarity of mind..I must say.. Trading
mostly commences during the London Session where you have less range activity and more
stable volatility.
[10:02:58] Stalion : sell gbpusd @ 13920...1st target @ 13840...2nd target @ 13765...50 pip
sl.
Hello Stallion,You have not been posting for some time now. hope all is okay???Please if you dont mind,i will like to ask you to tell me how you do draw yourtrendlines on the price chart and MACD. what and what do you consider or do before and while drawing them.Also i want to develop a good entry and exit method while trading so that i will not enter late or leave too soon on the market. please advise me on how to do this .Please adviseOnwuka Arisa
Helloo there Onwuka, nice to get your mail... We thank God for everything..We should also
know there are times we shouldnt ignore our personal needs in order to satisfy others
needs..A burnt out Stallion is of no good to himself or to the people..just cant give out
from an empty cup whether you see it half filled or empty..so creative silence or quiet time
is essential for each and every human being..Mind you, you dont have to be a hermit
hibernating in a cave or a monk in the Himalayas before you get the centre of balance
within.. seems your questions have been asked before, and the answer was given..most times,
I often had to go back and read through the whole thread so as to get a better perspective
of where we are coming from and where we are
going..
Forex Chart Pattern Recognition technique on the Breakout System - Page 7 - Forex Peace Army Forum
Forex Chart Pattern Recognition technique on the Breakout System - Page 14 - Forex Peace Army Forum
To summarize, trendlines are connected from the current resistance/support high or low to
the previous resistance/support high or low of the candlebars.
It is also connected, if using MACD,between the current peak(highs) to the previous peak or
between the current trough(lows) and previous troughs of the MACD line. When the price
trendline is ascending in an uptrend and MACD trendline is descending in a downtrend, it is
called NEGATIVE DIVERGENCE.. When price trendline is downward and MACD trendline is upward,
it means POSITIVE DIVERGENCE.
Good entries and exits are also strategies that depends mainly on risk management principles
like risk to reward ratios.Most newbie traders/sportsmen wants to know the tricks...instant
gratification without expenditure of responsibilty..Your entries might be good but whatabout
whipsaws?what if you had perfect entry but the timing of the move sucks?How much are you
prepared to risk if the ''perfect entry'' does not manifest? Those are questions we should
ask ourselves before and during trading..
Can anyone recommend a good platform for trading CFDs?
Hi Natalie, to paraphrase annacoulli..
Brokers fall into 3 broad categories: ECN, non dealing and market maker and from experience I have found there are at least 16 questions you should ask before opening a forex account and these are as follows: 1. What is the net capital of the company 2. Is the company regulated 3. Is the company a dealer or a broker 4. What are the leverage and margin rules 5. What are the costs of trading 6. Does the company offer telephone support 7. How easy is the platform to use 8. Is the trading platform reliable 9. What is the charting like 10. How long has the company been in business 11. What reputation does it have in the forums 12. Trading style and order types 13. Micro, mini and regular account spreads 14. Interest on the account 15. Hedge trades allowed 16. RolloverOnce you have your answers it is so important to select a broker which matches your trading style - it is pointless opening an account with a broker which is classified as a market maker and then expect to be able to scalp - you will not be able to do so because spreads widen alarmingly when the markets are volatile.
So CFDs(Contracts for Difference), are cash settled derivatives that reflect their
underlying markets like stocks, futures or forex contracts.CFDs can easily be traded short,
transaction speeds are usually fast, and they have low margin specifications, like 10% for
shares, 5% for share indices,5% for futures and 2% for currencies.They are also generally
open ended, as in, they have no expiration dates like options, commodities or warrants.
Another thing that makes CFDs stand out is they are available for diverse underlying markets
like the US, UK AND European shares CFDs, sector CFDs like Banks, Real Estate,Oil and Gas,
as well as forex and futures pairs.
hello whats your setting for MACD indicater . Thanks.
Helloo nasir.khan...any relation with genghis or kublai khan? anyways, you can just use the
standard settings on your platform, which is usually 12,26,9.. You could still tweak the
settings and compare the changes on the MACD indicator to price above...whichever one fits
your style is okay...
yeah i know forexgreenland your work speaks for itself.........but can you tell me why you always summit chats on your maximum post. don't you have anything to discuss....
Hmmm, this sounds like a counterattack from one of the feminine species,not just a welcome
party....Somebody stop me!You want to know why, mami? It is because those chats and charts
mainly represents a reflection of operations in the trading trenches..reflects trading minds
at different levels in which enlightening market themes and principles can be glimpsed and
learnt from..
At the risk of getting my eyes scratched out by our female folks, there are some
observations on the gender aspect to trading.females are less willing to take risk but more
willing to stick to their rules..Alpha male stereotypes tend to do the opposite..too much
machismo, too much ego on the line...brings about stumbling blocks to our trading life..so
if good traders are consistent at abiding to their rules and not taking unnecessary risks,
the ladies should do better in their pyschological makeup to trading. So guys, we got a lot
to learn from our womenfolk..thanks for your constructive criticism, Anne
How to set the graph become like this ?
Hi khairu, the red and blue lines you see on the chart is brought about through putting up a
buy or sell order, which reflects on the ''graph''...To write out a text, just click the
''Insert'' tab above, next to ''View'' tab on your MT4 platform.. There, you can also
experiment with trendlines, shapes, arrows, fib, gann..etc...just play around with it first
and see how it translates on your chart.
So for today, Teusday, we could see a head and shoulder pattern on the GBPUSD 15 min
chart,so we are looking for a bearish move down south...wow..
Sell stop on cable @ 14614...1st target @ 14565..2nd target @ 14535..50 pips stop
loss...Take half profits when +20 pips ahead, then shift stop loss to sell entry level.
Hmmm the chart is showing breakout for short sellCool..Fxcool...if it breaks our triangle to the downside, we are looking at a short sell, like you said..but if price breaches the ''HEAD''(1.4775) level of the Head and shoulder pattern, then we might be seeing the continuation of a new uptrend..so buy stop at 14775..1st target @ 14825, 2nd target @14865..50 pip stop loss
Marike says, "Hi Sylvester,
I am a south african girl and very interested in learning how to trade forex. Is there
anyone in Johannesburg or website that can teach me the basics in trading because I have NO
experience.
Thanks
Marike.".
Hi Marike, sorry I'm in Lagos,Nigeria and am not yet familiar with anyone in
johannesbourg,SA that could teach you the basics...You can try Forex Trading: Online Currency Trading in the Foreign Exchange Market, and
Forex Factory, where some forex basics are posted.
Thanks once again.
Maximum wrote
Hi Sylvester, I was watching your alpari account that you provide on your site and I was
like very surprise when I saw that the account when from 9500$ to less then 7000$, what
happen, there was a big loss of 1000$ for one trade, could you explain to me please.... thx
Max
Helloo Max,
Thanks for your mail...The drawdowns were brought about by my divided focus lately, for I'm
about completing my new forex book which has a deadline of a couple of weeks. This new
project, which had been postponed so many times earlier,has taken up my time for dedicated
trading...like a tradeoff, I might have to suspend market action for a short period in
order to fully concetrate on the task at hand...which is writing and publishing this
expository manuscript, without much external distractions.
So max, dont worry,once my new project is completed, I;ll pick up from where I left off,
presumably in a month's time...so as to give my usual undivided focus back on real time
trading..
Thanks for your concern, my friend....please ask any questions or comments you might feel
like communicating in the meantime..
Hi When you specify limits or stops, does it always work.
Honest Injun, no padner...nothing always work all the time...remember we are living in an
imperfect world...the only method to mitigate against unnecessary losses from trade entries
and exits, is proper risk/money management and discipline.
Consumer prices dip unexpectedly in March
[09 15/04/09] Learning_pips : hello...hi stallion are u there
[12 15/04/09] Stalion : helloo paul,Learningpips
[12 15/04/09] Stalion : we put a sell stop on gbpusd @ 14950
[12 15/04/09] Stalion : 1st target @ 14928....2nd target @ 14902...50 pips sl
[12 15/04/09] Paulfx : hello stallion
[13 15/04/09] Paulfx : 1st target reached - closed out 1/3 of positions moved sl to BE
[13 15/04/09] Stalion : cool
[13 15/04/09] Stalion : how many minilots are you using,paul?
[13 15/04/09] Paulfx : stallion how did you come up with the 1.4950 as entry?
[13 15/04/09] Paulfx : im only doing .3 right now until i get familiar with system
then will move to 3 standard
[13 15/04/09] Stalion : on how much equity?
[13 15/04/09] Paulfx : $3k right now with the minis
[13 15/04/09] Stalion : hmmm....you see, in trading, we know that risk mgt is very
important,paul...so if your risk or potential oss does not exceed 2 to 5% of your total
equity while trading, you might use standard lot...
[13 15/04/09] Stalion : the entry points are also important as the risk mgt
factor....how much can I stand to lose if my entry is not accurate or if my timing is not
precise...
[13 15/04/09] Paulfx : i will have to review those figures looks like my $3k would not
be enough right now
[13 15/04/09] Stalion : yes....thats prudent....we missed some early morining moves
earlier....but how I came up with the entry point of 1.4950 was a trendline break around
that region on the 15 minute chart
[13 15/04/09] Paulfx : i would be interested in reading your book when do we get a
preview?
[13 15/04/09] Stalion : lol....the book has been postponed times without
number,paul...its only in my free time that I get to put the finishing touches and review
it...dats why ur questions and comments pertaining to forex, would be a nice addition to the
book...for now, trading, amongst other activities,tend to slow the Muse
[13 15/04/09] Stalion : some time would be necessary before we get the chance for
preview
[13 15/04/09] Paulfx : its not liking the 4925 mark should be a nice move when it
breaks thru
[13 15/04/09] Stalion : hmmmm, there is a harami cross at the previous 15 min candle,
while the 4925 mark is around the 50% level,paul
[13 15/04/09] Stalion : just a period of indecision before price makes its next move
[13 15/04/09] Paulfx : ok i have the same on my charts
[13 15/04/09] Stalion : you can still close out 1 more minilot,while adjusting your
stop loss to our sell entry level
[13 15/04/09] Paulfx : i was waiting for 2nd target to hit before i close out a mini
[13 15/04/09] Paulfx : i got stopped out
[13 15/04/09] Stalion : on breakeven?
[13 15/04/09] Paulfx : yes i broke even on the other 2 minis
[13 15/04/09] Stalion : cool....
[13 15/04/09] Stalion : I was stopped out on breakeven too....though 2 minilots were
closed out before price got advancing upwards...the remaining 1 minilot was a sacrifice
[13 15/04/09] Paulfx : i try to stick religiously to trade management taking profit
and sl
[13 15/04/09] Paulfx : on the 1h chart we are still in a downtrend
[13 15/04/09] Stalion : yes....the current trend on the hourly chart is down....usdchf
is moving up
[14 15/04/09] Paulfx : anything on the horizon to look out for?
[14 15/04/09] Learning_pips : hi paul
[14 15/04/09] Paulfx : hey there
[14 15/04/09] Stalion : price went back to our 1st target again
[15 15/04/09] Paulfx : are we going to re-enter?
[15 15/04/09] Stalion : to be on a safe side, we put a buy stop at 14970
[15 15/04/09] Stalion : 1st target @ 14990...2nd target @ 15035
[15 15/04/09] Paulfx : bah i missed the entry
[15 15/04/09] Stalion : 40 pips sl
[15 15/04/09] Stalion : hmmmm...you can still enter at current market price of 14970
[15 15/04/09] Paulfx : i got in close to entry price
[15 15/04/09] Stalion : cool
[15 15/04/09] Paulfx : not much activity today on the markets it seems like
[16 15/04/09] Stalion : helloo paul
[16 15/04/09] Paulfx : hello stallion - looks like gbpusd is catching a downward trend
[16 15/04/09] Paulfx : 1h chart still bullish
[16 15/04/09] Stalion : yes....we jus have to sit on our hands and wait for price...
[16 15/04/09] Stalion : 1st target hit
[09:36:40 17/04/09] Stalion : helloo there, LP....
[09:39:32 17/04/09] Stalion : We put a sell stop on GBPUSD @ 14795...1ST TARGET @
14735...2ND TARGET @ 14665.. STOP LOSS @ 14850...
[09:40:58 17/04/09] Learning_pips : hmm
[09:42:30 17/04/09] Stalion : looks like the CHF report got the swiss pair in an uptrend
frenzy....
[09:43:35 17/04/09] Learning_pips : ok. I am only lookin at gbpusd for now.just one pair is
enough for me to begin with lol
[09:45:26 17/04/09] Stalion : of course, gbpusd might still have some strength for a rally
when the CAD report comes out in a few minutes
[10:06:47 17/04/09] Learning_pips : sell stop got triggered
[10:36:06 17/04/09] Learning_pips : made 35 pips before I did something while putting a
trailing stop and my position got closed by mistae
Stallion, I didnt enter the market on this play however it seems like it was stopped out. After entry, I have a candle with high tick of 1.4850 which was also the SL. From the chat log, it seems like learning pips picked up this play and made money. What am I missing? Thank you,
Hi Paul...hope you are enjoying your weekend?what you might have missed was proper risk
management.. Our sell entry on the cable,last friday, @ 14795 was on the mark at the first
foray, which went to a low of approximately 43 pips downward before reversing back beyond
our initial entry, up to a high of 14850..
Assuming you had entered, you would utilize the risk mgt tool of ''closing out half minilots
when +20 pips ahead, then shifting stop loss to initial entry level''...in this case,
SL=14795=initial sell entry...
By applying that rule, you would have been stopped out at breakeven profit, since you've
already closed out half your position at +20 pips...Remember price made a freefall down to
43 pips or so, to reach a low of 14752, 17 pips shy of our 1st target of 14735..
So its more of a case of good entry but less spectacular finishing/exit, if proper risk
management is not adhered to...like you observed on the log, Learning pips took out 35 pips
or so from the trade, which was enough for him for that day.. also we had like 3
opportunities to go in and out of the trade for 30 or more pips that friday...so it is still
valid till Monday..Hope you understand...
Hello Mystikal,Please i will like to ask: if a country's interest rate is held ,will it depreciate or appreciate against other currencies?Am sorry if ur annoyed with the last question i asked the other time,dont mean any harm.just trying to learn ok. stay cool.Onwuka Arisa
Learn from yesterday, live for today, hope for tomorrow. The important thing is not to stop
questioning.
- Albert Einstein
Helloo onwuka, how is it going? No offence taken, mon ami...we all learn at each of our
different levels in life...not just in trading...
To answer your question, we might take a little look at what interest rates mean.. They are
more or less payment for the use of a given sum of money, or its equivalent over a period of
time. Implied in this defination are demand and supply as determinants of market price, in
which price is the rate of interest. Interest is a COST to demanders of funds and an item of
INCOME to suppliers of funds, and the rate of interest influences their entry into a given
market in varying ways and degrees. The rate is stated on the basis of one year(per
annum),even though loans can be made for shorter or longer periods.
You see, the market referred to, is a credit market, in which debt is seen as an obligation
to pay money and credit is the right to recieve money. Such markets bring together borrowers
and lenders(investors), and in them are established and communicated the prices at which
they are willing to make transactions.
The price of credit is an interest rate, and that which is demanded and supplied are credit
or debt instruments, whose primary function is to allow control over money to be
transferred. Suppliers of debt instruments are demanders of funds, and demanders of such
instruments are suppliers of funds, so that in essence, it is the price of these instruments
at a given time which gives the market yield, or rate of interest. Interest rations the
supply of savings, serves as compensation to lenders, helps cover the costs of risks, and
can be used to help stabilize an economy or promote growth.
So onwuka, if a country's interest rate is held, under normal market conditions, it tends to
appreciate against other currencies with relatively lower interest rates. Short term
interest rates are the important factor in currency valuation - traders look at most other
indicators merely to predict how rates will change in the future;thats where we get to the
inflation/unemployment tradeoff.. If a country's Central bank feels inflation is high, they
usually increases interest rates in order to mop up excess liquidity..but that constricts
credit flow for growth and productivity which increases the unemployment rate..
But wait..
if unemployment is the top priority of the government, then interest rates are lowered in
order to increase credit expansion flows in the system so as to enhance employment through
wider growth and productivity...but that tends to increase inflation due to excess
liquidity...a TRADEOFF in the country's kitty..
Worst athletes from whom to ask financial advice - Yahoo! Sports
Hi, FxGreenLandI have read some of your posts dating last October of 2008 and I must say that I'm impressed with the way you analyze the markets. I would like to request from you, if its possible that you could share with me your next trading plans on the markets. Since I live in a different timezone, I don't think I can spot you online so is there a way that I can receive on my email or on my inbox here in this forum your trading advices on the prevailing market movements? I would appreciate any help you could extend
Hi katipunero, thanks for your mail...the right trading system is essential for the right
individual...not all size fits all...if you want to take up my services, then you are
free...just send a mail specifying which of them you are interested in, and I'll get back to
you,ok...
The Arabs have an ancient proverb that affirms:
He who knows not, and knows not that he knows not,
is a fool—shun him
He who knows not, and knows that he knows not,
is a student—teach him
He who knows, and knows not that he knows, is asleep—wake him
He who knows, and knows that he knows is wise—follow him
[09 17/04/09] Stalion : helloo there, LP....[09 17/04/09] Stalion : We put a sell stop on GBPUSD @ 14795...1ST TARGET @ 14735...2ND TARGET @ 14665.. STOP LOSS @ 14850...
[09:02:51 21/04/09] Stalion : we put a buy stop on GBPUSD @ 1.4574...1st target @
1.4613...2nd target @ 1.4645...stop loss @ 1.4510..
[09:03:08 21/04/09] fxjedi : hi stal
[20:59:09 21/04/09] Stalion : hi paul
[20:59:50 21/04/09] Stalion : do we trade da retracement?
[21:00:56 21/04/09] Stalion : sell 1.4662..1st target @ 1.4615...2nd target @ 1.4560
[21:01:31 21/04/09] Stalion : stop loss @ 1.4710
[22:57:24 21/04/09] Paulfx : hi stallion, did you get my email?
[23:31:44 21/04/09] Paulfx : my question was regarding how you are calculating retracement
[23:32:02 21/04/09] Paulfx : on the call you posted not too long ago
[10:07:47 22/04/09] Stalion : helloo Paul...
[10:09:56 22/04/09] Stalion : total of about 102 pips made to 2nd target around the early
hours of this morning
[10:11:38 22/04/09] Learning_pips : hi stal
[10:19:46 22/04/09] Stalion : helloo LP....
[10:24:11 22/04/09] Learning_pips : I see so if the price moves the opp direction and then
moves agian in the direction of the call we are supposed to re-enter??
[10:27:00 22/04/09] Stalion : more often than not, LP...it depends...if the charts show its
a high probability thing, we reenter..
[10:28:36 22/04/09] Stalion : there are also times where you reenter but get stopped out
again and again..most times, it coz price is trying to shake off the weak hands with as few
traders to its target...
[10:28:39 22/04/09] Learning_pips : cool
[10:29:22 22/04/09] Stalion : while most times, we are just simply wrong..maybe due to range
consolidation
[10:29:41 22/04/09] Learning_pips : hmm
[10:29:44 22/04/09] Stalion : or some other technical/fundamental reason
[10:30:23 22/04/09] Learning_pips : because I have often seen the calls are absolutely spot
on targets but sometimes its the timing thats different
[10:30:41 22/04/09] Learning_pips : I am talking about my own calls
[10:31:06 22/04/09] Learning_pips : sometimes even urs too
[10:32:07 22/04/09] Stalion : wrong timing....wrong entries....
[10:32:45 22/04/09] Stalion : right timing, right entries
[10:32:53 22/04/09] Learning_pips : hmm
[10:34:44 22/04/09] Learning_pips : i still have some understanding on levels and price but
timing wise not that good
[10:35:44 22/04/09] Learning_pips : hammer on 15min gbpusd around last support area
[10:44:20 22/04/09] Learning_pips : stal i hv entered buy with a stop on the hammers low
[10:44:45 22/04/09] Stalion : buy stop on GBPUSD @ 1.4575..1st target @ 14595..2nd target @
14609,,,
[10:46:49 22/04/09] Stalion : sl @ 1.4521
[10:55:54 22/04/09] Paulfx : stal great call i was in it but didnt get alll the pips...
still ok took profit and no sl
[10:56:03 22/04/09] Paulfx : morning lp
[10:58:27 22/04/09] Learning_pips : hw s it goin
[10:59:39 22/04/09] Stalion : helloo Paul...
[10:59:44 22/04/09] Paulfx : its always great in the land of profits
[11:00:10 22/04/09] Stalion : am preparing a response to your question for general
edification...
[11:00:37 22/04/09] Paulfx : ok thank you! young grasshopper eager to learn!
[11:01:05 22/04/09] Stalion : Greenland...the Land of Profits...nice connotation, Paul...
[11:01:53 22/04/09] Stalion : the time of profits or success is when ur most
vulnerable....you can fall if no proper risk mgt
[11:02:18 22/04/09] Stalion : and overconfidence
[11:02:36 22/04/09] Paulfx : yes it is- fear and greed
[11:03:07 22/04/09] Stalion : hmmmm...
[11:09:13 22/04/09] Paulfx : i was asleep to reenter for that gbp call last night, would
have been another good play but like you and LP were talking about earlier could have been
stopped out
[11:15:03 22/04/09] Paulfx : would it be wise to make a play on the retracement?
[11:15:04 22/04/09] Stalion : maybe you could trying pulling the trigger, then ask some
incisive questions later...got ur question thru pm less than an hour after sending the
gbpusd call last night...the opportunity lay waiting for hrs before finally going down
around 0300 GMT....you had time ,Paul...but you hesistated
[11:16:03 22/04/09] Learning_pips : second target reached
[11:16:09 22/04/09] Paulfx : ok... wow... obviously not!
[11:16:31 22/04/09] Paulfx : now that is what i call momentum!
[11:16:43 22/04/09] Stalion : 1st target hit....@ 14595....current price now 1.4610
[11:16:47 22/04/09] Learning_pips : wow it was so quick
[11:17:15 22/04/09] Stalion : dats intraday trading for you, Paul
[11:17:25 22/04/09] Stalion : did you enter?
[11:17:28 22/04/09] Learning_pips : i closed out with 33pips
[11:18:40 22/04/09] Paulfx : yes
[11:19:28 22/04/09] Stalion : cool
How are you basing the retracement? I am looking on the hour chart and seeing a low of 1.4466 04/21 00:00h and a high of 1.4707 04/21 16:00h. Are those figures correct? Also, are we looking to retrace to what level? 60% 1.4614 about? Thank you,
Helloo Paul, I assume you are taking about the GBPSD call made in the early hours of the
morning..Those first set of figures are correct, in a way...but you need to go back a step
further...Since you seem like more of a system trader,I'll try and make some exposition
using fibonnacci retracements on the charts..back a step further,around 17/4/09, to a low at
21/4...That is the 1st step...
The 2nd step is down below, where am replying fahd..
Hi everybody,According to the signal today, GBP/USD had to go up 40 pips in case of a UK's claimant count change of 99k or lower. However, the very opposit just occured as GBP/USD went down by more than 50 pips at the count of 73.7kCan anybody explain to me what i am missing here!
Helloo fahd, maybe we might make a prognosis of what you are missing here..Hi Felix, hope
you dont mind if I answer him...just a symphony of events that flows like an epiphany..
UK Claimants count report that came out around 4.30 a.m this Wednesday morning,is the change
in the number of people claiming unemployment-related benefits during the previous
month..Although it's generally viewed as a lagging indicator, the number of unemployed
people is an important signal of overall economic health because consumer spending is highly
correlated with labor conditions..So it's the first indication of the employment situation,
released a month earlier than the Unemployment Rate...
The previous change was 136.6k (revised), while economists are forecasting 118k ...but the
actual result turned about to be 73.3k..
To cut long story short, the market has already discount that piece of
information..Normally, if the ACTUAL was less than the EXPECTED,it is good for the
currency...In this case, technical wise, price had to fulfill the 60% window before rocketed
upwards, according to fundamentals..That downward retracement was observed from,''on da
retracement''
[21:00:56 21/04/09] Stalion : sell 1.4662..1st target @ 1.4615...2nd target @ 1.4560
[21:01:31 21/04/09] Stalion : stop loss @ 1.4710
Now GBPUSD ressurrects...figuratively..
That, mon ami...is ze 2nd step..
Sayonara..