Thank you to everyone for your kind wishes. Just reading them has made me feel better!
Hey Mike,
I closed out my short of eur/usd from yesterday when you sent a signal earlier to buy the pair @ 1.3254 w/ sl of 1.3226. I broke even b/c i profited from the short but lost when the long hit its sl. I just go a message from tweeter saying you covered half your gbp/usd short, did you send a signal to short gbp/usd? I only got a message saying that you feel both pairs will plummet after the eur hit its stop loss.
Hey Ramlied,
Here is a copy of the brief message I put on my skype room not long ago:
In summary: we were in shorts on both pairs, and it was my mistake to call the long this morning - we were actually STILL in unresolved shorts on both pairs, but i missed it because I was too sick in bed most of the time to be able to carry out a thorough analysis. My sincerest apologies - I promise never to get the FLU again!!! *(y)
With respect to my tweet regarding covering half my gbp/usd short - i mentioned in the skype room at the time when gu was at approx. 1.5820 that price was likely to plummet - for this reason some traders decided to take up short positions on the pair considering the nice tp level.
I hope this explains at least a little. If it makes no sense at all, I am certain I will be making a lot more sense next week once Iāve shaken this bug off once and for all.
Wishing you and everyone in our team a wonderful weekend,
Prosperity
I am hoping everybody had a pleasant weekend.
Things should be completely back to normal in 2 or 3 days, I am gathering my energies.
Hereās to a great trading week!
Michael
Hi,
we are eagerly waiting for your quick recovery, for without your posts, we are all lost sheep.
thank you
GBP/USD has completed its downwards cycle from last Friday. We are now awaiting starts of new trends on both pairs. A strong long trend is very likely. PFXP
I just went long on GBP/USD SL BELOW. 1.5699
TP 1.5807 BUT MAY CHANGE TO GREATER VALUE.
Hi, ProsperityFXPro,
thank you very much for a good indication. By putting a long postion for GBP/USD this morning, Iāve realized 40 pips in one hour. Unfortunately, when I want to do the same for EUR/USD, the pair had already been climbing quickly, so I gave up the latter.
Anyway, thank you so much and please keep posting.
Hi Mike, glad to see that youāre backā¦ It was a tad quiet yesterday!
After todayās SL on the cable, are we looking for a bearish or bullish trend? Are we waiting for a new signal?
Thanks
A
Not a rant.
As with any signals you can NOT follow these blindly.
Mike has enjoyed some incredibly success and I have enjoyed shared in that and commented on here.
BUT
If you follow these signals blindly you may well have got burnt this last week or so. āNo Lossesā in this title isnāt quite accurate at the moment, Stops getting hit a fair bit of late.
This isnāt Mikeās fault, the market isnāt a vending machine however, If you follow traders blindly in the hope youāll become rich off the back of someone else youāre not going to survive.
If my trades donāt match with Mikeās signals I donāt take Mikeās signal .
Just want the thread to balance up the bias. Yes Mike has made great trades and long may he continue to do so but beware if youāre on a live account you want to double check Mikeās signal match your own market analysis.
Listen to the chart, not your heart.
Wanted to quickly add, Iām fully expecting Mikeās immensely loyal following to disregard what Iāve just said but if they are honest and Mike is (which Iām sure he is) they will admit itās been a difficult week or so.
Hi A,
Thank you for the welcome - I was around yesterday but I was not feeling very social. I am well on the mend and expect to be right as rain very shortly.
In answer to your question: cable needs to reach 1.5656 for its 4hr timeframe-based bear trend to come to its completion. From that point onwards we will be able to enter on a fresh signal which is bound to move - unfortunately today it was not reacting to a 1 hr TF signal - and usually it does and yields a nice profit.
As far as fiber is concerned - the price action I was waiting for occurred at exactly 18:45 gmt. Since this is outside out trading hours I would recommend waiting until London open before taking action on the signal.
I will keep you updated tomorrow first thing.
Best wishes,
M
Hi LearningFast,
Thank you for your comments.
I appreciate them for many reasons:
Firstly, you sink home nicely the point I have been making from day one, which is that each and every trader SHOULD LEARN how to trade - learn the tools of the trade, develop their own technique and master their own system and trading style. I have made know various fx education resources that I personally feel are of a better quality than most, and I fully expect everyone following our thread and/or in the team to do their bit and take responsibility for their forex education.
Secondly, one must NEVER follow anything or anyone blindly, regardless of whether or not we are discussing forex signals, health advice or any other matter. I clearly stated that the best way to use them would be as a confirmation of oneās own trading method or system, or at the very least, to confirm trading direction e.g. for scalpers.
Furthermore, as far as original trend entries go (ie. the 1st clear, precise entry into the trend) these always work out, and hence the name in the title. The sad truth is recently I have not been well and not had the privilege of spending quality time carrying out my technical analysis - which is actually rather involving and fractal. The market has also had some unique nuances of price action behaviour with the recent bear trends and all these factors coupled together have unfortunately meant some rather gloomier trading days than we are used to.
I hope all the above makes sense, and if you require any further clarification into anything mentioned please reply back to this thread and I will be glad to oblige.
Other than that, looking at how the pairs have been moving today and yesterday, I expect we could find ourselves entering into new trends as early as tomorrow, so watch this space.
Best wishes,
Mike
i totally agree with the opinion of āfastā and āpfxā. there is no holy grail, nobody can predict the market. doesnt matter how good a trader is, there will be losing trades ( if not: something is wrong ). we only have to take care about the risk and the moneymanagement. thats why we use stop-loss to minimize it. so, be careful with the postionsize of your orders.
best regards
as
:38:
Hey Mike - you mentioned on your tweet that we should set the stop loss 10 pips above todayās swing. I am still new to this, can you tell me what that level is? That would really help me out. Thanks!
Hey Ramlied,
Yes - perhaps this screenshot will help explain.
The black arrow corresponds to the recent swing high on the 15min chart at the time of the red arrow. Can you see?
So 10 pips above this level makes up our stop loss (1.5736). I generally add 3 pips for sell trades.
Best wishes,
Mike
That helps a lot, thank you Mike! You think I can still enter into this trade?
Hi Ramlied. I feel that entering now is unjustified. Best to wait for the next entry.
We entered short yesterday on GBP/USD on an alpha trend entry, the original entry prices being 1.5704, 1.5713 & 1.5706 respectively. Sl is around 1.5733 (adjusted for spread) and current tp is still 1.5637
P
At 9am GMT GBP/USD closed a candle that had its lower wick ākissingā a bearish signal line from above. This occurrence, together with the fact that price was hovering at the low of the pattern that 2-3 weeks ago created a long trend which has yet to be resolved (the one with TP at 1.5973 - remember?) led to price breaking its downtrend (yes, it was a downtrend, and a technically very good downtrend at that) and pushing through.
In retrsospect, I should have given the call to take profits ļ»æat the first close below the āinverted signal line reactionā ļ»æ ie. on the close of the 1200gmt candle and from then on wait to pounce on the inevitabel long.
Trading will always throw up new circumstances, and if we learn from each of these and implement what we learn ļ»æas soon as we canļ»æ, ļ»æthen the sacrifice was well worth it.
I intend to enter ļ»æveryļ»æ heavily into triggered longs in this trend, which could even happen this very next hour from 1600 gmt. The trend is shaping up to be huge and I would strongly suggest you consider doing the same (within the limits of your own money management) so that we can recoup all recent losses will the greatest of ease.
Hereās to our success,
Mike a.k.a. ProsperityFXPro