Thread: Closed: Discuss EUR/USD News with a DailyFX Analyst

Originally Posted by Clivewaverider

Another peak for me to short - fading in from 1.3270. What a merry Waltz!

MyWave count now at 13 - I am expecting a hole to open up following this wave and for the rewards to be a little more appetizing.

Good luck everyone.

Okay, I think my point about high MyWave counts has been proven - those who have been watching for a few months will have noticed the 'wash, rinse, repeat cycle, over and over'. It is not difficult to do compared to Elliot or Delta, and keeps me out of trouble most of the time. And best of all it is free cause I gave it a way!! Four and a half year's work. If anyone is using it to help them trade, let me know. I know it is not perfect on its own but it would be nice to have someone to talk to!!!!!!

Anyhow, closed out half at 1.3210 and hope to get some more on if we get back up near the exit point. The other half is targeting 1.3130 at present whcih is the outer perimeter of my 2 day 'inner' range band and where the 240min bands seem to be heading.

Catch up tomorrow.

Originally Posted by Clivewaverider

As I have said on various occassions here, many of us will have had some interesting journeys and I for one am still on mine. Much of what you write is over my head Robert, so it is not intelligence that you are lacking in any way and that is said with the utmost sincerity. I have had so many eureka moments in the past 5 years, I have given up counting them and my wife has given up listening to them now - joining up the dots and assembling them into a cohesive and profitable arrangement is the key. Discovering all the dots or as many as you can count, is on its own, not. Much akin to a great piano player and someone who can smack the keys - you gotta find a tune in the mele and then a tune you want to hear.

There are a great many tunes being played on this forum but not all of the audience appreciates all of the tunes, even those being played well. But, this is a great place to learn Robert and I have found no better place to hang out, albiet it is undoubtedly not perfect. Some of us write here because we have been where you are now and hope to help others along their journey. There is no guarantee that you will make it as a trader Robert, but one thing is for sure.... if you give up, you definitely won't be.

Hi fellow traders - I'm a newbie in currency trading and joined this forum a week ago. I have to say that I have enjoyed so much reading the crisp, analytical and researched articles which you all have contributed to this forum. Reading through most of the writeups, I truly believe most are very learned people and probably have also done well in your other work besides trading. I can sense the comaraderie amongst the traders here and the willingness to help and support each other. I can sense your sincerity in your endeavour to help and lift the spirit of fellow traders who may be knocked and punched in their trading journey. Thank you so much brothers. I really enjoy this forum.

Not ignoring the Harami pattern developed, a bearish change seems to be underway, and could take 2-4 weeks to reach support around 1.3031. Providing accurate assessment, profit of about 185-200 pips could be gained.

The weekly timeframe is in play. There should be plenty of swing reversals for both bears and bull to profit from. The upperBoll20 band for the weekly is 1.3487 and rising. The upper band on the Daily was tagged today causing the reflex pullback but there will be more touches in the next few days.

The price action has reached the 30min Boll20 midline. The waterfall should be complete erased when the upper bands are reached. The core indicators are rising nicely out of oversold conditions.

Originally Posted by turmaz

Mr Robert, i have small mouth and i talk big and sorry for that,

you have 10$ left in your account no problem sir, market took your money and you have to take it back sooner rather then later, for this you must be i repeat must be "emotionally balanced"
and for emotionally balancing yourself you must take 2 days break from live trading, and for those two days just demo trade and when you come back on the live trading you must follow a game plan "proper" entry exits and stops and money management.
i once said on this forum i give only "20" points to technical trading out of 100 no one asked what are other 80 points for, okay today i will tell all of you what trading is to me, as i earlier said i have small mouth and big talk so dont mind my talking.

i give 20 points to technical trading (every body knows s/r trendlines/breakouts/indicators/trends/counter trends/ and all the technical stuff you name it, technical trading no big deal but traders give alot of importance to technical trading)

i give 30 points to mechanical trading (this is more important then technical trading, its all about how that works mean how this pair moves(number of pips) and if this pair moves 40 pips then how it reacts after moving 40 pips either it stops or move another 40 pips or 120 pips its all mechanical and when and how prices react at key levels, and its all mechanical how european/asian/us traders do when they come alive learn mechanical trading, i have a friend/student who said to me i have losing alot i tried every thing every i did every "technical trading" but failed he asked what to do, i said what is risk reward while trading he said 1:2 he trade 40 pips profit for 20 pip loss, i said reverse this strategy why because i immedialtely understood he doesnt know the mechanics of this pair(eur/usd) i said from no on you will put ur stops 40 pips under ur entry and take profit after 20 pips to his surprise after one month he came back and said i took 78% profit on my all trades, cut short is learn mechanics of this pair

and i give full 50 points to mental trading you must be emotionally balanced to do the technical/mechanical trading, means most of traders are right about their decisions but they are not mentally strong to do the trade or follow the game plan this is most important, or when you book a loss what to do then learn your own psychie, alot of traders starts doing revenge trading when they took losses dont do that or either taking a smaller loss they just add up their position, this game is all about mental trading practice this and you will be successful sooner very sooner!

i will end my talk with this quote
"Trading is not a sprint; it’s boxing. The market will beat you up,
screw with your head, and do anything it can to defeat you.
But when the bell sounds at the end of the twelfth round,
you must be standing in the ring in order to win."

thank you!

i have very rarely seen any post, as matter of fact less than a dozen in many years on this forum, on mechanical trading. as a simple tape reader who use no technical or indicators and trade based on price action alone, this is refreshing. i glance at the charts and browse the news, keep aware of event risks but trade on key price levels and how the market reacts at these levels. the only holy grail that i know of is MM, which takes stress out of positions going bad and keep my emotions "balanced"

very well said.

Originally Posted by Robert Eckert

Well, I'm just about done. Finally get the big drop I've been holding on to shorts for for days: and find I was stopped out, just moments before it started, for another big loss. I'm at -$490 since I started, when I hit -$500 I'm out of this game. If I don't see you again, it's been nice meeting you.

Hey there Robers.. I have been in them shoes ur on at the present.. 500 USD down the drain........ well that is if you want them to be down the drain.. else consider this as the amount u spent towards learning a lesson and not repeating it.. I started and I was on a roller coaster ride down south... well 60k down initially within a short span.. All I was doing buying news and next thing I know on good news pairs are dropping and so on...... well.......... I knew jack sh*t then I don't know jack even now... I just get lucky is what i think on my trades... I never had anyone helping me out on how to trade... I self learned .. what u see me doing is what I have learned in past 10 yrs or so... and since i never had the opportunity to read any book on technical analysis, I started off with plotting zillions on lines on the charts and then erasing most to see what I'm left with.. since i was working a day job, when i use to get back home, I will hit the charts at home and will be on to it for the better part of the day.. Let me put it in this way.. while i was on the charts one day, it just hit me, boy didn't I just get marry 2 weeks back.... Literally, I was thirsty for knowledge and I had that feeling to master and recuperate my hard earn money back.......... well months of practice worked out and I started to make progress.. Over the time i was gaining experience and had the opportunity to read few books and was on my way to taming this beast of the mkt out.. I know consider it as my pet, but I keep a close eye on it as every now and then it tries to pull its teeth out... Well this would go on and as long as I can stay on my toe with a watch guard eye on it, I think I should be ok........
beside having a tool to trade, DISCIPLINE is imp for you need to stick to the plan, regardless whatever it is.. It is better to have a bad plan and work on it then not to have any plan at all.. someone said that and I forgot who.. someone famous...
well.. don't leverage too high and always............always and I mean ALWAYS; be willing to take profit and bank some pips whenever you can...... I hit 100+ pips on a regular basis, but I do so with banking as I go on my trades.. else there is no other way for me.. I do however take more one than 1 lottage for this purpose and do have a system working with certain percentage of leverage for certain trades and it's been tested / proven and get to define out as fine guidelines for myself to follow.......
My losses had me my lessons in this mkt....... Last big hit for me was in Swissy, had i chopped that trade off as per my plan, I would have been fine.. I started avging it out on losses and gave almost 14% of my acct out to that one trade...... and I have been maintaining a minimum draw-downs for a very long time now.....

anyways point been........... it seems you were loaded on the shorts on leverage, you should have profited some so as to use that banking for your stop-loss.. rather to have yourself a free ride..
I was short 3274, I get to cash most out into 3230-36 earlier.. even end up picking a bigger bulk of shorts from 3279 and got to cash most out into 3212-22 this time.. What i have are freebies, I can care less if they get me on break-even or I can get to make more on it..
same was on gu and i added on the shorts.. whereby my DJ shorts last ones were taken out for +1 on the surge higher and I'm now thinking of possibly shorting them again........ but most likely will wait for 2moro to take any fresh trades now..

Walk away now, and you can say .. hey I once tried it, but I failed, or you can go and say yea been there done it...
I had my fair share of big losses......... I can look back and say...................... BEEN THERE DONE IT........... but i learned from it though was expensive for that time..........

GL..

Big picture stuff:

1 year Hull is yellow for down
3month MA band is down and price is pushing it as hard as it can but as stoch moms show, time is getting used up going nowhere this time around.

Next time line - vertical dotted lines - is coming up fast. Check out how the price action reacts.

Hope this comes out okay to view.

Originally Posted by Robert Eckert

Well, I'm just about done. Finally get the big drop I've been holding on to shorts for for days: and find I was stopped out, just moments before it started, for another big loss. I'm at -$490 since I started, when I hit -$500 I'm out of this game. If I don't see you again, it's been nice meeting you.

Mr. Eckert

Well, I think we are dealing with trading (with leverage) here, not investing. It's hard to expect hitting a jackpot or getting it right the first time with your seedcorn. As Patryk (Fazi) said, Listen to the market, not expect the market listen to you. Mr. Market is always right, it is us traders who might have read him wrong. It might be a game, but it is not a game of instant gratification, but a game of patience and tenacity, and much delayed gratification. Patience to wait for the right trade, and tenacity to put in the hardwork to learning, sucking up losses and getting back in the ring. If one has not got a few falls one is hardly a good rider. When a rider gets thrown off a horse, bar any serious injury, the rider should get straight back on horseback and show the horse who's the boss. Horses are intelligent and can easily tell if the rider is competent and will tease not-so-incompetent riders and buck them off. Markets are quite similar in that it is almost always teasing you trying to defeat you and make you despondent. Your initial $490 or $500 might could be a thrown-away as an one-off game gone awry, or it could be a stepping stone as an investment paving to your future trading success. In trading as in life, out greatest joy is not in never falling, but in rising everytime we fall.

Best

F

I'm short again at 1.3275... Daily is IMHO getting ready to drop. I plan to keep loading up unless the wedge breaks my stop .

Originally Posted by Clivewaverider

Big picture stuff:

1 year Hull is yellow for down
3month MA band is down and price is pushing it as hard as it can but as stoch moms show, time is getting used up going nowhere this time around.

Next time line - vertical dotted lines - is coming up fast. Check out how the price action reacts.

Hope this comes out okay to view.

I think I get it get it. 1.3550 here we come then. Right?

Originally Posted by Robert Eckert

Well, I'm just about done. Finally get the big drop I've been holding on to shorts for for days: and find I was stopped out, just moments before it started, for another big loss. I'm at -$490 since I started, when I hit -$500 I'm out of this game. If I don't see you again, it's been nice meeting you.

what stryker said in reply to your post is golden.

But there is also one thing you need to know too...Its not about the money....its about PIPS that counts. You see if you count the pips you do in a day after a while yo will see that you have a system that appears to work...then once youve worked on your plan think pips and not money.......once youve got your system of trading comfy then think about the money....remember its about pips ,.....money will then follow

and damn well learn to take profits before the mnkt takes it from you and you ill be just fine

Originally Posted by jbiggart

I think I get it get it. 1.3550 here we come then. Right?

1.3055>>???????

Well i have been sitting on a losing trade myself....I am waiting on the next down trend to start. Price has not taken my stop out yet so i will sit and sit. And gee look at the awful timing of entry.

what are a girls best friends?