I'm trying to be long term, but short term is where I came from, so it's what I know best. But short term does not mean shorting a particular position already in a trend, but rather a time frame. Every time I short this pair, it makes my butt pucker up! There is no good reason for this rally, aside from news which fades over a short period of time, and people with major money pushing it higher. The bulls are in control and I'm all aboard this train.
I'll wait for the market to tell me otherwise (in chart form), until then, this market can keep on handing me profit, I'll take it with a smile!
This trend has been my friend, I only wish I had gone long and left it alone when I saw it's beginning 2 months ago. But that's always the problem with 20/20 vision, it's only 20/20 in hind sight......
t3t4
hey t3t4...
you have a fair point. i have been bulls for a while now until yesterday. i use support and resistance as my trading strategy. even though i am short term, my positions are taken from 4 hour charts and daily. Having said that NFP is around the corner and air of uncertainty will take over the market. You like any other smart investor will start covering longs.
What goes up must come down (courtesy of newton). this market needs more bulls to push it higher and i doubt it if anyone is willing to pay anything over 1.3000 1.2950 for eur usd.
What goes up must come down (courtesy of newton). this market needs more bulls to push it higher and i doubt it if anyone is willing to pay anything over 1.3000 1.2950 for eur usd.
You may be sooo correct here, I honestly don't know. I have my theories, but they would only come from hind sight. But I chose the Metallica slogan, kill em all, let god sort em out.
Either way you look at it all, it's pretty much 50/50 at this point. But still, it's hard to beat Darwin, Einstein or newton. If mathematical law will prevail in this scenario, then we already know who the winner is, Darwin (survival of the fittest).
You may be sooo correct here, I honestly don't know. I have my theories, but they would only come from hind sight. But I chose the Metallica slogan, kill em all, let god sort em out.
Either way you look at it all, it's pretty much 50/50 at this point. But still, it's hard to beat Darwin, Einstein or newton. If mathematical law will prevail in this scenario, then we already know who the winner is, Darwin (survival of the fittest).
t3t4
lol....very well said t3t4
talking of quotes, if people dont mind me sharing....
few lines from trading place
[approaching the New York Commodities Exchange]
Louis Winthorpe III: Think big, think positive, never show any sign of weakness. Always go for the throat. Buy low, sell high. Fear? That's the other guy's problem. Nothing you have ever experienced will prepare you for the absolute carnage you are about to witness. Super Bowl, World Series - they don't know what pressure is. In this building, it's either kill or be killed. You make no friends in the pits and you take no prisoners. One minute you're up half a million in soybeans and the next, boom, your kids don't go to college and they've repossessed your Bentley. Are you with me?
Billy Ray Valentine: Yeah, we got to kill the motherf... - we got to kill 'em!
Joel Kruger strongly dollar bullish today. Good man Joel, hope you're right buddy!
I hope so, cause I just can't see the Euro hitting 1.3500 without the $ pushing it down first. Although, I have been amazed by the this pair thus far and it's strength so far, I'm just waiting on the retrace to feel comfortable again.
talking of quotes, if people dont mind me sharing....
few lines from trading place
[approaching the New York Commodities Exchange]
Louis Winthorpe III: Think big, think positive, never show any sign of weakness. Always go for the throat. Buy low, sell high. Fear? That's the other guy's problem. Nothing you have ever experienced will prepare you for the absolute carnage you are about to witness. Super Bowl, World Series - they don't know what pressure is. In this building, it's either kill or be killed. You make no friends in the pits and you take no prisoners. One minute you're up half a million in soybeans and the next, boom, your kids don't go to college and they've repossessed your Bentley. Are you with me?
Billy Ray Valentine: Yeah, we got to kill the motherf... - we got to kill 'em!
Ok, I'm laughing right now but I don't know how to spell it out as it sounds. LOL doesn't quite get me there. I would love to know where you got the bottom portion of your post, It was all great, but the bottom came from Louis Winthorpe? Thanks for posting that, So, A-men, you know it's sad but true (another Metallica song)!
Can you send me the link to that segment that you posted? I'd love to read it...
talking of quotes, if people dont mind me sharing....
few lines from trading place
[approaching the New York Commodities Exchange]
Louis Winthorpe III: Think big, think positive, never show any sign of weakness. Always go for the throat. Buy low, sell high. Fear? That's the other guy's problem. Nothing you have ever experienced will prepare you for the absolute carnage you are about to witness. Super Bowl, World Series - they don't know what pressure is. In this building, it's either kill or be killed. You make no friends in the pits and you take no prisoners. One minute you're up half a million in soybeans and the next, boom, your kids don't go to college and they've repossessed your Bentley. Are you with me?
Billy Ray Valentine: Yeah, we got to kill the motherf... - we got to kill 'em!
Strange isn't it? Normally traders with a pinch of experience will take a part of their profits when they are half million in the green and move stop-loss to breakeven ...and its difficult to BELIEVE they won't use such a common and effective tool as stop-loss. Appears the guy was talking about gamblers that risk their children's college education...
It look to me on this 1 hr chart, the downward pressure is running out of steam. I don't quite know yet for sure, but CCI has negative divergence and about out of steam on the 1 hr chart. It's pretty important, so heed caution.
Strange isn't it? Normally traders with a pinch of experience will take a part of their profits when they are half million in the green and move stop-loss to breakeven ...and its difficult to BELIEVE they won't use such a common and effective tool as stop-loss. Appears the guy was talking about gamblers that risk their children's college education...
think back then the concept of stop loss did not exist....
you are either rite or wrong and only the fittest survives.
we have the pleasure of being in this modern trading environment where we can manage our money more effective.
Get your point... Yeah without stop-loss it would be real rough since no trader is always 'right'. Wonder how the professionals managed to remain in business those days without stop-loss...
Get your point... Yeah without stop-loss it would be real rough since no trader is always 'right'. Wonder how the professionals managed to remain in business those days without stop-loss...
Simple, it was then as it is now. Watch your trades but KNOW your chart. Nothin more to it aside from the news.
Simple, it was then as it is now. Watch your trades but KNOW your chart. Nothin more to it aside from the news.
t3t4
Does watching a losing trade help? Watching a lil' kid-loss become a massive godzilla-loss? A losing trade must be exited as quickly as possible by any trader wishing to remain in the game long term. Sometimes inexperienced traders freeze when they find they are in a losing position ...they will just see it grow and do nothing, hoping and praying that it will turn and allow them to atleast breakeven. Guess most traders experience that once in their trading careers.
Does watching a losing trade help? Watching a lil' kid-loss become a massive godzilla-loss? A losing trade must be exited as quickly as possible by any trader wishing to remain in the game long term. Sometimes inexperienced traders freeze when they find they are in a losing position ...they will just see it grow and do nothing, hoping and praying that it will turn and allow them to atleast breakeven. Guess most traders experience that once in their trading careers.
Not at all. I'd say that 'every' trader experiences that same emotion MANY times over her/his trading career. We can't always win, I damn sure don't! But one of many very important lessons that I have learned, you need to have reasonable stop losses as well as reasonable profit targets.
How do you know what should be risked? Well, the answer is money management. Start with knowing what you have to work with, then determine what you are willing to risk! Period! Risk more, lose/win more, it's your call. But the delusion that one can make a living from this GAME full time is merely delusional media propaganda enticing you to buy something.
Yes sir, you can make a living from this game, but save yourself the heartache and just accept the cold hard facts. This game will cost you more time then you ever thought you'd be willing to spend, your girlfriend/wife might just hate you at then end of it all. It will take years, and you have no choice in that matter. You will lose, and you will win, but understanding why you lose is the point! Go and get that training in a school somewhere, how much would that cost even if you found a proper school to teach it?
I only have about 2 years into this market, and this is what I can tell you honestly thus far. Stay if you have the dedication, otherwise, save your money.
Sorry man, I don't mean to sound cold or even remotely rude, but it's hard to get straight answers here.
Point is: Have enough capital to ride the wave when you know your correct, have enough to ride the wave when your not. Play small win/lose small, live to play another day. But learn and know the chart always!
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Originally Posted by t3t4
midweek reversal?
