My long position on USD/NOK is still working out so I will hold into another day. One must always be carefully when in any correction area. Have not really looked at fundamentals this week. Anything interesting Pipme?
I know I regard you as the foremost authority in this area.
Sterling is still going lower. I should really be in this trade seeing I was saying short even before the data came out and confirmed the trend. Anyway it is always safer to stay away from those anticipated moves. Anyway there will be an opportunity to buy it. It is nearing the end of its cycle. I still think it will test 1.6460.
How has everyoneâs trading day been in a time when the market feels so predictable?
Cool! This is the missing link I have been looking for. Best explanation I have seen on volume and it is worth itâs weight in gold! Even Wyckoff material hasnât explained it this well. I was getting to this point but slowly. I had pretty much given up on the low volumes. In fact I quit using volume all together and started using the stochastic and on balance volume instead, which has worked well, but I still did not have a full grasp of it. Now I can get a new look at volume. Very good indeed!
I am out of my USD/NOK trade long. Closed the position after that major reversal that appears to be backed by volume. -15 pips. This is always what I say about trading a correction price can turn around on a dime. However the trend is holding I didnât need to close the trade but this late in the week, it is best to play defense and not carry loosing trades into the weekend.
All in all it has been a positive week.
I am looking at GBP/JPY again it is in a correction. Potentially we should see a down move on this pair correcting the previous up move that mysteriously is backed by institutional buying. IMO this is late in the week to jump into trades. Need to see what this wave is doing into next week. Of course if the 200EMA is violated, the immediate thought is a new trend has resumed upwards.
Now just looking at related markets. Crude is definitely in a 3rd wave move on the daily chart which is extending and we are still yet to see the 4th wave correction, likely a choppy or deep one but we will see a 5th wave so at this point. I would say there is further USD strength to come seeing this currency works inverse to oil.
Yes Pingback, welcome to thread. OBV is good there are some great techniques for using it on short term trades. It however only takes the close of candles as its prime parameter. So a diversion in the close to OBV peaks are sell and buy signals. It is incredibly accurate, knowing when to take profit can be the tricky area.
Glad you found our posts helpful. Interpreting low volume can be difficult. However the key is to look for the marketing moving volume which coincides with EWP patterns. It is no mystery that the highest volume is always on retracements as these normally birth 3rd wave impulses and 5th wave impulses.
Just stick with itâŚIt is the only way to trade. Thanks for rating us higher than Wyckoff, all though I would not equate my knowledge to him, the masterâŚ
Totally understand Pip. The day job is always a reality check that income is different from investment. I have a lot more flexibility due to nature of my work, I was off for a week, next week onward will be a little trickier but I am back to looking at the longer time frames, so all will be well.
Hopefully come 2015 I would be closer to my full time trading goal considering my buddy still wants to open a joint fund. If it does happen, then I will have even less time. So you are definitely not alone. The forum is fun but when people are depending no you it is all systems go you need to get into gearâŚ
Thanks on the photo compliment. Honestly, I realized most of you guys have pics and I donât so I thought just upload that one, put a face to the emeraldorc handleâŚ
This weeks trades. You never stop learning, notice all these trades are in a correction area, so are high risk. Note we missed all the actual trends unlike last week. So it is important to get out of trades that are loosing and not hold for a reversal, use your instinct more, it wonât always be right but can save you more times than not check out my loosing trade (I could lost a lot more). Also on the same vein look at my Aussie short that I closed price continued down to gain a further 30 pips.
Thanks a lot for your continuous support and help. So, now I need your final approval.
1) What you say is that if this is the best time to close all my trades or shall I wait in hoping that it may retrace back even a little to like 1.66 level? What are the odds that this pair will go bearish more without a retracement?
2) Shall I only close GBPUSD or also close EURUSD trades too?
Please Help. Even if there is a little retracement chances than please let me know. Please consider yourself in my shoes and my account size and advise what would you have done in my position. Thanks a lot.
Hello everyone, and thank you Emeraldorc for this!
I just wanted to highlight that so-called âhigh impactâ GBP-specific news releases for next week will be very thin, especially due to the London Stock Exchange being closed on Monday (Bank Holiday):
Hi Kashif, in your shoes I will close all positions like yesterday⌠Take a nice nap to shake the anxiety, wake up go for a walk, not touch the markets for a week to prevent revenge trading.
Then come back with a renewed mission to trade with a reliable system with sound money management. No more EAâs.
It will take me a whole book to describe to you based on market micro structure why you should exit your position and further loses are inevitable. Friday to Monday I was long the Euro actually made some cash got out the moment it backed up from the 55EMA. FxPro EURUSD h4 7LTwn | cTrader
I could have held it till my stop but I got out. My gut said it. So get out now and live to fight another day. Hope and change are just two hamsters in a bag that have been certainly whacked to death.
Thanks a lot both PipMeHappy and emeraldorc. Like you guys suggested I closed all the trades.
It was a painful thing to do but I did it to save further loss and equity. It may take time for me to back to trading and now I want to be back with a new plan and the important factor of that plan would be to trade manually. I have to learn first. I learnt a lot from you guys and I still have to learn a lot from both of you. Like I said I need a break from trading but I have a lot of questions to ask when I ll start demo. I ll use this thread for this purpose. I will check and reply on forum in the meanwhile.
Thanks a lot once again for all the support and help.
Thanks a lot bro for your reply. Yes I cant agree more. I want to spend rest of the month without trading and see how things settle. It was a big shock. I should have gotten out of those trades early but was not expecting this strong trend. All this time I always told others to never enter in a trade without a stop loss but I myself lost because of absence of a Stop loss but it was the EA which doesnât have a Stop loss before 600 pips. Anyways I learned my lesson and will try not to repeat this mistake.
When I started demo and experimented with many systems. Paid and free but none of them work. Then I tried to set up a system of my own with the 200 and 100 MA. It worked for a while but at the end of the month its loss mainly and that was the reason I was compelled to use the EA which did make some money for me but to save just one trade which started from 0.01 it started doubling the volume and resulting in which we all know.
So now I ll come with a new plan. I will need guidance from both of you in developing a trading strategy and money management. I want to keep it simple and I always hate to see charts which are loaded with indicators and stuff. Like I said I am out of trading but will monitor the forum so any advise or suggestion will be highly appreciated.
Best of luck with your trading and everything you do in life. Wish you guys lots and lots of pips
Ive been a way. I love spending time with my family, but I love working too. But 3 marriages later has taught me balance between work and family is what really counts. Even when part of the family time is with the brother in law says, you call what you do work? He said heâd love to drive a Mercedes, generally spend a few hours on the computer then the rest of the day in the pool. . . I told him funny how someone as smart as you thinks about what someone has today, instead of what they did to get there. My wife gave me the evil eye and said be nice itâs only for 5 days. So I told her okay, but please take a break trying to cheer me up with itâs only 5 days. Any how back now and looking forward to be back at it.
