i mainly trade using hourly and 4H also but you must also look at the bigger picture, a short term entry may conflict with longer term picture which can cause some serious damage.
try looking at the daily first then narrowing down to the 4H and 1H for your entry.
using that particular trade as an example.
if you look on the daily you will see rather clearly the strong support turn resistance.
now if you move down to a 4H and draw a fibo from the recent swing high to low you will also see price moved up to around the 61.8% fibo ratio…
if you want to be even more conservative you can then zoom down to an hourly chart and look to short the pair at the top of its short term range or using a similar method to get a good entry.
Looking on the daily chart I’m only seeing 140 as the next major resistance and it’s hurtling towards it now. Questions for the original poster:
I look for chart patterns, candle formations, trendlines and support and resistance.
That’s how I trade as well - can I ask what candle formations triggered your short trade idea here? My chart shows 2 bullish signals prior to this move that if I was a bit more gung ho I would have taken, but didn’t as I’m only looking to short this pair at the moment. They are the pin bar on the 22nd and the bullish engulfing on the 24th (chart attached).
I use 400:1 leverage.
Do you still have your account and $20k? The price has hit 139.50 this morning already
I know a lot of you are skeptical but I’m actually into forex to make money, not to engage in pedantic bickering like many of you here
.
Couple of links you should read:
The Number One Reason Why Traders Fail in the Forex Currency Market
Forex Money Management: Rules for Managing Your Forex Trading Money
you still in this trade or is the margin call going be the stop
Ugh I just typed up a detailed reply and I lost internet connection.
Im not gonna sit here and retype all of that so Im just gonna give yall an update.
GJ failed to break 138.00 so I sold at 138.11. New balance is $23998.80. Two dollars shy of my daily goal. I’m now looking for a better entry to short at. GJ is at 138.31 right now. If it touches 138.50 I will short it 20 lots.
never a truer word spoken, i have got a bottle of champagne on ice to celebrate your first million. I am thinking i wont have to wait long to pop the cork. YeeHaa - Woo Hoo - man this forex is sensational, i dont know why everyone isnt doin it. If you had been laid off work earlier then you would already be a millionare - doesn’t that suck!
i am not sure which chart your looking at but mine says 139.4 at the moment and already it has gone as high as 139.54 in the last hour.
Anyway you made approx 39pips yesterday right?, well thats a start, but your way overleveraged if you opened a $1,000,000 contract giving you the $108 pips that gave you your $3998.80 profit. So now your opening 20standard lots right, 2,000,000 (roughly $200 pips), thats leverage of roughly 80:1, thats insane, you need around 5:1 max to survive - but hey your hear to make money and you know what your doing right!
My computer or internet is having major issues right now. Sorry guys but I don’t think I am going to trade tonight. I will however answer a few questions you all might have for me.
How much will you be charging for your FX millionaire course/mentoring/signal service?
Another question:
I will short it [B]20 lots.[/B]
Does your account support that?
I have no interest in providing any “FX millionaire course/mentoring/signal service.” And for that matter I won’t be going into depth as to my method or strategies that I use. Everything I learned is readily available on the internet for free.
The only money I’ve ever spent on forex education was one of those Dummies books.
And yes my broker does supports a position that size.
Also, thanks to everyone who PM’d me the encouraging messeges.
I meant with [B]margin requirements[/B] - can you take out 20 lots with the amount in your account?
Also you’ve only made 6 posts - can you use PMs with only 6 posts? I had to wait until I made 100 posts :rolleyes:
I just tried to send you a PM and there is no option to send one. I have the option to send PMs to members with >100 posts…
See this is exactly what I mean by pedantic bickering. PM, Profile Visitor Message, Personal message, all the same thing as far as I’m concerned. If you want to contact me theres no reason why you shouldn’t be able to as some people have done it already.
Its natural to be cynical but what you are doing is heckling. If you have genuine questions then ask away, but if you are trying to prove something then don’t waste my time.
What I’m pointing out here is that [B]you are lying[/B] about PMs - so [B]what else are you lying about? [/B]
This is a beginner forum for new traders and it’s important that they don’t take you seriously, because you are going against everything that is taught about trading responsibily in this community.
I’m not doubting that you are gambling your $20k or anything else - but impressionable new traders need to take you with more than a pinch of salt. I’m just pointing that out.
[B]If you have genuine questions then ask away[/B], but if you are trying to prove something then don’t waste my time.
Still waiting for your answer to the question about taking out 20 lots, your account size and margin requirements.
There’s a reason why this place is called “baby pips”, think about it
The phrase “95% of traders lose, because they go onto Forums and get taught how to lose” comes to mind for me in this thread. Do what you like and if it works, hats off to you but if it doesn’t, we learn from our mistakes and move on 
I’m lying? I just explained that I was referring to “profile visitor messege” which I mistook for a PM. How is your reading comprehension? Not very well I see. Are you going to continue to berate me over that? Because it’s pretty pathetic.
If this is a forum for beginners and new traders then I am in the right place. I assume you aren’t new so why are you here? You haven’t added anything of value to this thread.
Refer to the second half of that quote.
Funny they’re not showing their support in the thread.
If I’ve helped some newer traders understand the sheer stupidity of placing 50-100% of their capital into 400:1 leveraged trades than I’ll have added more value than you.
[B]Now - will you please answer the question about margin requirements, your account size and putting on a 20 lot trade! For the 3rd time![/B]
By the way your GBP/JPY idea is as bad as the one yesterday. If you’d traded that with your 20 lots (margin providing of course) you would have been margin called and lost it all.
GBP/JPY climbs to five-week high
Looks like 140.00 has been hit :rolleyes:
This isn’t Las Vegas, this is where people come to learn how to trade Forex. There’s a very useful beginners school - I suggest you read it and go back to demo.
Perhaps this is an April fools joke to illustrate the importance of leverage and MM. It can’t be for real!
I don’t just blindly trade. I would have wanted to short but I was paying attention to PA and realized it wasn’t a good idea. It was an idea not a signal, don’t get the two confused.
As for your question about 20 lots, I believe I answered that already. I’ve yet to place an order for 20 lots anyway, but when I do, if I am not allowed to I will let you know. Until then, give it a rest, its not like it something you couldn’t find out yourself.
You want to see me fail don’t you?
I did refer to your GBP/JPY as an idea
No absolutely not - please don’t blow your account, poeple have been trying to convinve you not to throughout this thread. Some examples:
If this is for real then I can’t begin to imagine what being almost 30 pips down must feel like with a position of that size
Unless it’s 10 micro lots - which is still pretty painful. lets hope this isn’t a very expensive lesson in leverage and money management.
It’s back below 138.50 - I’d get out or set the S/L to B/E now…
Couple of links you should read:
The Number One Reason Why Traders Fail in the Forex Currency Market
Forex Money Management: Rules for Managing Your Forex Trading Money
I agree with this_barb. I think you’re trolling.
Not posting in this thread anymore. Best of luck and please don’t blow your account. 