SSI: Retail FX Near Flipping to Net-Long EURUSD [the ssi is the opposite remember]
The gbp/usd has pushed slightly lower, so I will begin very cautiously shorting gbp pairs.
SSI: Long Interest in EURUSD Continues to Climb, Ratio Near Flip [opposite];
I tried REALLY hard to read this whole article and to understand it, but sadly my head is pounding!
lol
It can be quite confusing.
Basically it shows what fxcm users are trading. Fxcm is made up of mostly retail traders [the man in the street] and retail traders are generally wrong.
So… its showing that people are starting to go long on the eur/usd. Which means you want to do the opposite!
Its confirming what I have been saying for the last couple of weeks. That the euro in general, is looking like it should weaken.
That make sense?
Thanks for the ‘likes’ guys!!
The current state of the market is a great example of how disciplined a trader needs to be.
On my zulu page you can see I have gone from have an average of about 10 positions open, to having very few in the last couple of weeks.
Once the markets fully commit to the new long term trends then normal trading will resume, but its incredibly important to wait until then.
Trying to trade markets when they are in consolidation or distribution phases, can be a big mistake.
So… just a little more patience then normal trading will return!
Happy days!
SSI: Positioning Narrows in EUR/USD as Traders Wait for Next Leg of Move;
The gbp is continuing to push lower, which is what we want.
I have set another gbp related order as a result.
Hi WESTFX,
I have seen today your thread and read a part of it. I would make a “feedback” how I see it. I am not on your side or against you, just try to see it neutral for getting maybe better:
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Your analysis
They are great, you also answer questions and give a good overview of the market. It also makes sense what you write and you keep up with the markets. I can tell that you have knowledge of the market and confidence as well. Quite a lot of people are following your thread and asking questions which is good, because the thread is alive! -
Your trading on Zulu.
First question, how many accounts do you have? I have seen in the thread often that you wrote how many hundreds of pips you made and how your rankings you get better the whole time. As I found you, you are on 1177 and made 1500 pips. I find this reasult great in 2 months I have to accept, however if I see that you write always how great your trading is going and how many hundreds of pips you make I thought you have to be at 8 000 - 10 000 pips up based on your confidence.
You are also always mentioning your wins on the forums but lately you are basically losing or staying only at level. I think you will most likely come out negative in May. Which is not against you, but either way: I do not see your right profile or you are only talking here about your winnings. Talking and discussing your losers are also part of the game from what people can learn more then only talking about winners. Would be interesting to see why these trades were/are against you and what went wrong.
Last concern: your 26 pips/win average I find great. Unfortunately lately you started this 5-10 pip gains which followers do not like. Reason: you get the great commisions but followers pay the commisions and slippage and at the end nothing stay in the followers hand. How do you see this issue?
Thanks a lot and have a nice afternoon and further on have a great success with your trade
Hi Forexchange,
Thanks for the feedback, I do appreciate it.
However I do feel this is slightly inaccurate and this is probably because, as you say, you only ‘read a part of it.’
I try to give analysis that most will appreciate and understand and I think I do that.
With regard to Zulutrade, I don’t post up all my trades on here, win or lose, as I’m pretty busy. So when I do get chance to post then I do.
I’m sorry if you feel I’m overconfident, I don’t mean to be. I’m just saying what I think. [you don’t have to read my posts]
I have explained why recently things are slower than they normally are [maybe this was in the part you haven’t read, I don’t know], but I do believe this will change soon.
I hope this doesn’t come across as overly defensive, I just think you post is a bit strange, but that’s fine.
ps. Feel free to ask any questions regarding my trades, win or lose, I’m happy to answer when I can.
Kind regards.
I can actually answer a couple of these Qs I think (I am not WestFX or anything related to him, just another thread follower):
The 5 pip gains are trades breaking even (and covering spreads), 5 of the recent ones were closed to be re-opened with a more zulu-friendly take profit and stop-loss - the reasons the trades have not been as great win-wise recently I believe is due to the comments by Mario Draghi the other week (a number of systems seem to have been hit by this), however if you read again (Im sure you have) I believe this is mentioned a few times - including justification and predictions for future movement (again I am sure you have probably read this)
I wouldnt rely on the stats on Zulutrade being as accurate as they will be in, say, 6 months of trading (i’d say 6 months at least is needed to even vaguely work out whether a follower is good for you or not) - I follow (with a live account) on Zulu (sensible risk management applied of course) and because of everything I have read in this thread (I have learnt a massive amount just in 4 posts!) + (what I believe are) sensible TP+SL, discipline and the justifications for trading and not trading, I will be continue to follow.
Apologies if anything I have posted here is inaccurate, I will edit if corrections are pointed out to me
Edit - your best bet is start at the beginning of the forum thread with a few charts out in front of you so you can see what the comments relate to.
Thanks mbdav, I appreciate the in put mate.
I agree with everything you’ve said.
ForExchange, Obviously I know how I have performed over the years before I decided to joined zulutrade but the people on here and zulu dont, so I understand some of your comments. It is still very early days with my zulu account and people are right to be cautious as i guess ForExchange is.
ps. Also I had about 6 positions deleted from zulu recently due to a pricing error [zulu’s fault, not mine, which they apologised for] which has brought this months profit down.
ForExchange, you will also see [if your following me on zulu] that I currently have 10 orders set for new trades. So, as previously said, this quiet period, is unusual and expected to change soon.
Ah yes as for the Pricing error - I have an update (Zulu got back to me a week ago, sorry I forgot!) The trades that were triggered incorrectly due to the rate error were refunded - so props to Zulu for that
ForExchange, with regard to negative/losing positions.
I can provide some commentary on the gbp/nzd position I have open at the moment and why [I believe] that’s down.
The gbp is looking to push lower and has started to do this generally, however you will see if you look at the nzd/jpy and other pairs, the nzd is currently pretty weak. So this has acted to suppress the gbp fall, then on top of that there was poor nzd news out last night [causing the gbp to regain the loses it had made against the nzd].
So, whilst I do expect the gbp/nzd to drop lower, its got a bit of a battle going on in the markets at the moment and subsequently I have pulled the stop the break even [plus spread coverage] and believe it should get me out. Then, I can get back in once its more committed with regard to gbp weakness.
I hope that helps.
No worries, Im glad they sorted you out.
Hi mbdav:
Thanks for the reply. It is good to read it from you because you are one of the followers of WESTFX, basically the “other side”. Can you please write a bit about your Zulutrade experience? It would be great to read review how you see traders and what do you find important when you choose them. How much did you invest in Zulutrade and are you winning or losing altogether?
Have a nice afternoon guys
Ok, no worries. Good luck and happy trading.
[B][U][U][I]If anyone every has any questions about the forex market in general, please feel free to ask.
Obviously i can only give my opinion but hopefully it should be helpful.[/I][/U][/U][/B]
SSI: Retail FX long EURUSD for the First time Since July
Kiss goodbye to a strong euro!