Agreed what happened last week is over its a new week. I do trade mondays but keep risk to a minimum till you have a clear picture of what is going on. Check the weekly chart to get a feel of what larger time frames might be doing.
This is a good lesson for me. I need to temper the bias with the overall picture and not just assume blindly.
Cheers!
You do know what assume means right? lol
Patience young padawan.
Now where is Villain.
AU H1
Finally hit home run after so many hours.
Good night and Cheerios.
nice I was hoping it would have made that move later today but thats alright at least someone got to trade it. Good job and good night
I was in the babypips chatroom today morning and [B]lehm[/B] posted some video links.
This one has really caught my attention. I think I would have listened to it about 40 times.
I think the lesson from the video is, a very simple thing like a nursery rhyme can sound so powerful. It all depends on how you play it, or sing it, or how you trade it for the matter.
Think about it.
Enjoy.
Edward Reid - Britain’s Got Talent 2011 Audition - YouTube
Edward Reid, you rock!.
Hi Nikitafx I just finished reading upto page 52 and I will carry on as long as it goes, once again I like to thank you for the great explanation, and thanks to all other respected member who also contributed to this thread for the newbee like me.
I am waiting for the GU to retrace then will open a sell position.
Am looking to short GU at either 1.5915 or 1.5950. It is currently bearish at 1.5880 so am awaiting the pullback. Is my assessment ok os is it off. For EU am looking at 1.3650 region.
If GU breaks 1.5875 and stay there I suspect a new wave will form from that point and will short it when the wave is complete.
Im sorry the thread is long and scattered.
Secondly I wont sell GU unless i see a proper pullback. Which has not happened so far.
AU H1
This are lines and levels from yesterday. The levels still hold. I got a quick 30 pip scalp on that entry with reduced risk.
AU H4
This is my confirmation candle on H4. See how the candle pointed by the arrow shows a stalled upward move ? So we take a risk and enter on the turn and put a SL at the top of that wick.
I dont dare short GU or EU because I dont not see a proper pullback.
I for one dont dare to just enter in the middle and hope it will fall further just because bias is sell.
Do you ever sleep Nikita. Any how I agree with you on GU. My bias is down but I dont see nothing but consolidation ATM. It has tested last weeks low and I just dont see the asians pushing it down more. I see consolidation till GBP open. Then possibly heading north (200 EMA?) a little witch will be good for a short. Then let the us drop it lower to break last weeks low.
From there Good luck been a crapy night I have a short on the AU been here for 6 hours and only 6 pips Stop did get to break even though so hey what ever better chances tomorrow hopefully.
LOL, I break my sleep into two parts Bobmaninc.
One is at about 2 or 3 am my time or late US session, and I get 4 to 5 hours and I am up at 7 am my time or Sydney open.
Than I snooze again between 5 pm and 8 pm my time or in between UK and US session.
Total 7 to 8 hours a day. Hope to keep this up for atleast until the middle of next year.
After that hopefully my per pip would be significant enough that i only need two or three trades a month to be happy.
Than I will kick back and relax.
well better than me it is 2 am here mt trade got stoped but for a small gain. I have to be up for work in about 4 hours. So its that time for me I am usually in bed by now. Tired didnt even take my usual nap when I got home from work since I have been crunching numbers on the COT report released on fridays. Since friday was a holiday here the cftc was close and did not release the report till today. Thats alot of number crunching but its off to never never land for me. Night.
Missed this and by the time the signal for GU appeared I can’t take it as the stop would be too big. I am not too disappointed as I managed to control the urge to trade.
No trigger so nothing to pull hopefully tomorrow will be a clearer day.
Hi Psylence I am also waiting for the GU pullback but as you mentioned SL will be big that is why I am also watching the Market, may be tomorrow we will have an opportunity.
But now almost middle of the London session if the GU pullback what will be the bias, is still will be the sell bias.
Tell me again is Euro in trouble or Kiwi and Aussie.?
All of them is going down!
I’m looking at these charts and see the price break below 1.58307. Am I right in thinking this will move down to 1.57262 area?
NEVER EVER TRADE AGAINST BIAS.
EU H1
This one hit TP but in accordance to the 2% quota, its still on.
UC H1
This one missed TP by 1 pip.
This is why I hate putting in TP and leaving.
Secondly, this is what happens when we become greedy and try to milk the extra 20 or 30 pips after a good days run.
FX pastor, It could move to that level, or it might not, we dont know. More importantly, we dont know when it will touch this level, from which level. Will it be a straight move from where the prices are currently? These are the things we have to decide on.
If we are planing to go short, than the question would be, where are we going to sell and most importantly where would we decide that we made a mistake and we should get out?
If we are already on a short from a much higher price and holding, than great job.
Finally, if you are just planning to short, than I have to remind you that you are making a very newbie mistake.
You are planing to sell at retail prices.
We ought to be selling at wholesale prices. Wholesale prices were way way way up like how the charts here demonstrated.
The current levels of price is where it would be logical for alot of profit taking, especially for those who sold at wholesale prices, and frankly, if we are unlucky, this could also be levels where people are buying wholesale because they think the price is right and it might push up a little more.
It takes some time for those who have just started to trade to see this.
We need to sell high and buy low. Always remember that.
In this instance, unless we have solid technical analysis to back our entry, we will be taking enormous risks shorting. So our lot size and all has to be a minimum. If I am planing to just short now and hope the prices to hit the level you are speaking off, than I wont risk more than 1% of my account.