Thanks for your response
I have locked some profits, 500 pips but also lost some 200 pips due to change in position feeling that time to short… but now it seems that it has broken the resistance and going long again…
awesome topic! I wish i could follow all of signals but I’m in a time zone witch I can’t trade for nightly signals!
There are just three interesting stuffs first let me start with;
- EURusd; Price has finally jumped its way to the long term resistance zone of 1.34000-1.34200 , and its seems an indecision candle is about to form there on the 4 hours chart so we may ride it back to 1.33000 so come around at daily candle close.
2)GBPaud; Price is approaching 1.70000 a powerful psychological point so we may look for a buy price action signal or sell depending what forms there, but i will prefer a buy to join the existing up trend on the daily chart.
3)GOLDusd; This pair did a dramatic movement today by going up 80pips from our entry and retracing below our entry point during the Asian session only to move up to over 230pips during the New york session. One of my friend had to call me on phone just to rain curses on goldusd lol… Well thats just market movement sometimes its crazy…
On the daily chart goldusd the ema moving averages are showing indecisive trend.
Also a bearish pin is about to form on the 4 hours chart so we will likely keep an eye on this pair.
This month look slow in terms of profits, may be its the holiday.
5)nzdusd; this pair is forming a bullish continuation signal so if it closes above 0.80000 a strong psychological point we may buy using a buy stop. Seems price will push to 0.81000 being the nearest psychological point.
5b) Gbpaud; This pair is trying to form a bullish signal at 1.70000 a strong support level so we may likely buy this pair.
trade 42 buy stop at 1.70738 on gbpaud
stops=50pips
targets= 200pips
reason for trade: bullish signal formed a key psychological point/resistance point
risk 1% here
buy stops at 0.80139 on nzdusd
stops= 40pips
targets= 81pips
reason for trade: bullish continuation price action signal on daily chart around 0.80000.
NOTE: theres one funny report on aud the next 4 hours 30 minutes so if the gbpaud trade moves atleast 25pips please move stops to breake.
please risk just 2% on all trade
Hi Horlique
You know, NZDUSD have fall at the 4h chart at around 0.799
Any new thoughts? Or we can buy based on daily chart!
Happy weekend to all,am happy this week is over and gone. For a very long time i have never had a crazy trading week like this, the market has been too crazy with random movement on almost all the pairs. August is always a crazy month to trade hopefully we get better setups with lesser news event next week.
Happy weekend to all.
Thanks for the nzdusd signal Horlique! Got 30 pips from that one 
Hope you all have a pleasant weekend. Speak to you all on Sunday.
horlique 2 what you are doing is good work. i very much appreciate. i followed you initially with few of your trades. then i was getting dependent upon them so i let them go. i trade on my own using the ema 200,55 and the support and resistance zones. i have been in profit for quite sometime.
i think people here should not depend upon you. they must start learning themselves. most of us are newbies and all are in the learning phase. it is a request to you to post your charts as why are you taking that trade. that will help a lot of newcomers to climb the ladder of learning phase.
otherwise good work from your side. and i also request the members here to analyze the charts daily and see why you are taking that trade. use SR zones
[B]Who is Ed Seykota?[/B]
Ed Seykota is one of the pioneers of computerized trading systems and has been extraordinarily successful with a combination of technical analysis and trend following techniques. Jack D. Schwager writes that Seykota is “one of the best traders of our time”. Seykota claims that one account that he managed in 1972 started with $5,000 and over the course of 16 years has achieved a return of over 250,000 percent on a cash-on-cash basis and several million percent after adjusting for withdrawals. His interview is worth the read for traders interested in implementing a systematic trading system.
[B]Without divulging trade secrets, how have you been able to so spectacularly outperform standard trend-following systems?[/B]
The key to long-term survival and prosperity has a lot to do with the money management techniques incorporated into the technical system. There are old traders and there are bold traders, but there are very few old, bold traders.
[B]Witty and true, but the question remains, albeit in translated form: There are many trend-following systems with money management rules; why have you done so much better?[/B]
I seem to have a gift. I think it is related to my overall philosophy, which has a lot to do with loving the market sand maintaining and optimistic attitude. Also, as I keep trading and learning, my system (that is the mechanical computer version of what I do) keeps evolving. I would add that I consider myself and how I do things as a kind of system which, by definition, I always follow. Sometimes I trade entirely off the mechanical part, sometimes I override the signals based on strong feelings, and sometimes I just quit altogether. The immediate trading result of this jumping around is probably breakeven to somewhat negative. However, if I didn’t allow myself the freedom to discharge my creative side, it might build up to some kind of blowout. Striking a workable ecology seems to promote trading longevity, which is one key to success.
[B]What are the present and future prospects for trend-following systems? Do you think the growing prevalence of their use will doom them to eventual failure?[/B]
No. All trading is done on some sort of system, whether or not it is conscious. Many of the good systems are based on following trends. Life itself is based on trends. Birds start south for the winter and keep on going. Companies track trends and alter their products accordingly. Tiny protozoa move in trends along chemical and luminescence gradients.
The profitability of trading systems seems to move in cycles. Periods during which trend-following systems are highly successful will lead to their increased popularity. As the number of system users increases, and the markets shift from trending to directionless price action, these systems become unprofitable, and undercapitalized and inexperienced traders will get shaken out. Longevity is the key to success.
[B]What are your thoughts about using fundamental analysis as an input in trading?[/B]
Fundamentals that you read about are typically useless as the market has already discounted the price, and I call them “funny-mentals.” However, if you catch on early, before others believe, then you might have valuable “surprise-a-mentals.”
[B]Your answer is a bit facetious. Does it imply that you only use technical analysis?
[/B]
I am primarily a trend trader with touches of hunches base don about twenty years of experience. In order of importance to me are:[B] (1) the long-term trend, (2) the current chart pattern, and (3) picking a good spot to buy or sell.[/B] Those are the three primary components of my trading. Way down in very distant fourth place are my fundamental ideas and, quite likely, on balance, they have cost me money.
[B]By picking the right spot to buy, do you mean determining a reaction point at which you will buy? If so, how do you avoid sometimes missing major price moves?[/B]
Oh no. If I were buying, my point would be above the market. I try to identify a point at which I expect the market momentum to be strong in the direction of the trade, so as to reduce my probable risk. I don’t try to pick a bottom or top.
[B]What are the elements of good trading?[/B]
The elements of good trading are: (1) cutting losses, (2) cutting losses, and (3) cutting losses. If you can follow these three rules, you may have a chance.
[B]How do you handle a losing streak?[/B]
I handle losing streaks by trimming down my activity. I just wait it out. Trying to trade during a losing stream is emotionally devastating. Trying to play “catch up” is lethal.
[B]Do you decide where you are getting out before you get in on a trade?[/B]
I set protective stops at the same time I enter a trade. I normally move these stops int o lock in a profit as the trend continues. Sometimes, I take profits when a market gets wild. This usually doesn’t get me out any better than waiting for my stops to close in, but it does cut down on the volatility of the portfolio, which calm my nerves. Losing apposition is aggravating, whereas losing your nerve is devastating.
[B]What is the maximum percentage of equity you will risk on any individual trade?[/B]
I intend to risk below 5 percent on a trade, allowing for poor executions. Occasionally I have taken losses above that amount when major news caused a thin market to jump through my stops.
[B]Very few traders have enjoyed the spectacular success you have. What makes you different?[/B]
I feel my success comes from my love of the markets. I am not a casual trader. It is my life. I have a passion for trading. It is not merely a hobby or even a career choice for me. There is no question that this is what I am supposed to do with my life.
[B]What are the trading rules you live by?[/B]
a. Cut losses.
b. Ride winners.
c. Keep bets small.
d. Follow the rules without question.
e. Know when to break the rules.
[B]Your last two rules are cute because they are contradictory. Seriously now, which do you believe: Follow the rules, or know when to break the rules?[/B]
I believe both. Mostly I follow the rules. As I keep studying the markets, I sometimes find a new rule which breaks and then replaces a previous rule. Sometimes I get to a personal breakpoint. When that happens, I just get out of the markets altogether and take a vacation until I feel that I am ready to follow the rules again. Perhaps some day, I will have a more explicit rule for breaking rules.
I don’t think traders can follow rules for very long unless they reflect their own trading style. Eventually, a breaking point is reached and the trader has to quit or change, or find a new set of rules he can follow. This seems to be part of the process of evolution and growth of a trader.
[B]What is the most important advice you can give the average trader?[/B]
That he should find a superior trader to do his trading for him, and then go find something he really loves to do.
[B]At what point did you get the confidence that you could keep on winning as a trader?[/B]
I vacillate between (a) “I can keep on winning,” and (b) “I have just been lucky.” I sometimes get the most confident of my ability just before a major losing streak.
[B]Why do so many traders fail in the marketplace?[/B]
For the same reason that most baby turtles fail to reach maturity: Many are called and few are chosen. Society works by the attraction of the many. As they are culled out, the good ones are left, and the others are released to go try something else until they find their calling. The same is true for other fields of pursuit.
[B]What can a losing trader do to transform himself into a winning trader?[/B]
A losing trader can do little to transform himself into a winning trader. A losing trader is not going to want to transform himself. That’s the kind of thing winning traders do.
[B]What traits do you look for to identify the winning trader personality?[/B]
He/she loves to trade; and
He/she loves to win.
================================================================================
This interview is culled from: Curated Interview With Ed Seykota From Market Wizards | Curated Alpha
[B]Trading outlook for 12th August to 16th August 2013[/B]
First i will start with my favourite pair:
[B]1) [U]Eurusd: [/U][/B]This pairs did finally jumped it way to the nearest key resistance zone 1.34000-1.4200,and there was some downward movement of around 55pips from this level. So i expect price to kiss that resistance level before going down to 1.32400-1.31700 being the nearest support level. so we will be looking for a sell signals(on the daily chart or 4 hours chart) at 1.34000-1.34200(near term resistance point).
[B][U]2) GBPusd:[/U] [/B]we had a decent entry on this pairs last week but price is at the mid point between 1.56000(the nearest resistance point) and 1.54100(the nearest support)
so i expect price to either move up to 1.56000( for us to look for a sell signal) or price will move down to 1.54000(nearest support) for us to look for a buy signal to rejoin the uptrend. so lets see where the markets will open on sunday.
[B]3)[U]AUDusd:[/U] [/B]This pair had five consecutive bullish move from the nearest support zone 0.88660(we could see a decent bullish candle on the weekly chart) to close at 0.91950 so i expect price to continue moving up to 0.93000(being the nearest resistance point) before falling like a rock downward. The moving averages are also pointing up, so lets see where the market opens on sunday.
[B]4)[U]GBPaud:[/U][/B] This pairs had two consecutive bearish movement and now Price close on friday very close to 1.68000 a strong psychological point and also a support line, so we will be looking for a bullish signal on the daily/4hours chart to rejoin the uptrend.Also there are some strong GBP news this coming week i will also alert us about these economic reports.
[B]5)[U]EURaud:[/U][/B] We had a nice bearish setup on this pair last week but the Aud employment change made a good mess of our position, we can clearly see that price eventually
moved down over 300pips from our initial entry. price did closed on friday few pips above 1.44800-1.44300 a key support point, on the 4 hours chart a spinning top has just formed signalling that we may likely see a strong bullish correction next week, so we will be looking for a bullish signal on either the daily/4 hours chart depending where the markets opens on sunday.
[B]6)[U]Nzdusd: [/U][/B]This pairs had 5 consecutive bullish candles and closed at 30pips above 0.80000 a strong psychological point so i expect price to surge higher to 0.81000 which is the nearest resistance zone before falling down. this market is clearly bullish and our last trade on this pair was a good one.
[B]7)[U]GOLDusd:[/U][/B] This pair gave us a decent entry last week after forming a good bullish signal at 1274.000(nearest support) on the daily chart but the market presented a dramatic retracement in the asia session only to surge higher over 250pips during the new york session. The moving averages are showing a new bullish trend but on the Daily chart a bullish candle did formed on friday sitting on the moving averages, this indicates a strong bullish movement to 1348.000 being the nearest resistance point.On the weekly chart a perfect bullish signal did formed on friday close confirming that next week we should expect bullish movement on this pair.
So lets see where the markets will open on sunday.
I WISH EVERYONE A HAPPY TRADING WEEK AHEAD.
Waiting for the market open with your forecast horlique! Really it was a confusing week!
Being a trader made me dislike weekends except on sundays. Well the markets opens few hours from now. So let these golden rules guide us through our trading this week:
- Utilize excellent risk/money management every trade(dont risk more than 2% per single trade).
- Trade only A setups and wait for the right setups according to your trading strategy.
- Follow your trading plan 100% of the time.
- Show no emotion after a win or loss.
5)Use a trade journal to track all your trades.
6)Dont force a trade (same like#3/ your trades) instead close your chart onces theres no valid setup. - Be aware of Economic news reports (most of our A+++ setups have been spoil by news report) and dont take setups on the news currency close to the news time.
8)Dont set unrealistic target for the week to avoid overtrading/over-risking. - Pray before trading.
Some very good suggestions/tips to remind us on or before the week begins…
seems we missed a nice buy signal on goldusd according to my forecast; but never worry GBpaud or Euraud may give us our first trade.
Jumped almost 300 pips today - But never took that entry. There will be a retracement on it sometime this week.
We have a likely buy trade on gbaud and euraud but i will stick with euraud cos of the ‘‘GBP cpi news’’ that will be release the next 12 hours from daily candle close.
For euraud a bullish inside day is about to formed at 1.4444 a strong support level/psychological point. Also on the gbpaud a strong bullish signal is about to form at 1.68000 being the nearest support/ a strong psychological point. So just come around at todays daily candle close we may have a festival of pips.
We may definitely stick with euraud lets see what happens at daily close.
Lol.
trade 43 buystop on euraud at 1.45506
stops=50pips
targets=150pips
reason for trade; bullish signal formed at support in the direction of daily trend.
please risk 2% here.
Order Created