Currency trading (Sept. 4th > 8th)

[zuke]

ok, so here we have it. 2nd day of down.

would like to see how it acts @ 1.8880

Id wait to see it close below 905 support on the hourly before i'm convinced this is a sustained move down.Theres also a small matter of 8877 area to get through.

 

[coolTrader]

Those bulls are not going down quietly

 

[coolTrader]

+ div starting to kick in on 2mins

 

[coolTrader]

with no follow on the long. Looks like the shorts are here to stay.


standing aside for now.

 

[hornblower]

can I paste this,
this from money tec
thumbnail has not transfered
#32
4xis2ez
level 3


Join Date: May 2003
Posts: 884
Downloads: 0
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Rep Power: 0 Re: Intraweek cycles for Eur/Usd and Gbp/Usd

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The attachment is this weeks intraday cycle graph along with the daily cycle graph. On the daily graph, the market is moving to the 2 low due Sep. 6. Look for a low and then long trades would be recommended on each low on the intraday graph. The low on Wed. Sep 6 at 04:00 could be a buy for a move higher on eurusd or gbpusd. This current down move was unforseen by me as I did not consider the longer daily cycle, so I thought I would put both the intraweek graph and the daily together.
Attached Thumbnails

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[coolTrader]

slow and painful move down...

 

[hornblower]

its only painful if your long !!

 

[Offshore Trader]

Steady trends work for me. Maybe we will see an attack of the support just below 8800?

 

[hornblower]

closed short
going for a lay down ,
I cannot stand all this excitement

 

[martin brown]

where is wasp?

he must be on cloud nine with this 2nd follow through day!

 

[wasp]

where is wasp?

he must be on cloud nine with this 2nd follow through day!

He is here, had a lie in and was thinking of taking the week of but when that flag confirmed it was too good an opportunity to miss! :cheesy:

 

[coolTrader]

its only painful if your long !!

I got stopped out at the top.. Was short at 37 used what I thougt was the high the rest is history.

 

[hornblower]

I got stopped out at the top.. Was short at 37 used what I thougt was the high the rest is history.

never mind you cannot win them all
we have all been there
just push it to one side, and look for the next trade
as long you have won more point at the end of the week then you lost thats all that matters
regards
H

 

[Offshore Trader]

Closed my position at +100 :cheesy:

Think we may go higher from here but taking the afternoon off

 

[ChowClown]

Nice tradin' OT - still short here with +90, plan says leave alone 'til 4pm - v tempting to tweak tho on days like this.

 

[Offshore Trader]

Nice tradin' OT - still short here with +90, plan says leave alone 'til 4pm - v tempting to tweak tho on days like this.

Personally I gave into temptation.....I know your t/p is 150pts but when I got to +120 I had to have a stop at +100

 

[ChowClown]

aye, thinking of amending the plan with something similar; quite a few 'give back' days from +100 to improve from.

 

[T Squared Trading]

Scenario

Hi Guys,

Sorry to intervene on your thread, but I just wanted to add a scenario that seems to play out over and over, that could be applicable in your current dialogue.

You get long Eur/Usd @ .2800

Your p/t is .2900 and your s/l is .2700.

Ten times out of ten a trader will let it hit .2700 for a stop out. But if that same trader sees it approaching .2850, .2860, .2870, etc., he is more than willing to pull the trigger prematurely, not letting it reach the profit target. Why is that?

Sorry if I'm not explaining the scenario adequately, and again, I apologize for interfering with your discussion.

T2

 

[wasp]

good point and something I used to be guiilty of...

I think its called FEAR! and GREED and DOUBT...

In your scenario...

You don't take the loss till the last second becuase you hope (GREED) it will turn around you won't need take that loss.

You take the money off the table early in case it doesn't go further (GREED + DOUBT) and you think you'll miss out on the profits (FEAR + GREED + DOUBT).

Hence the requirements to have a solid plan. A cunning one if possible too! :cheesy:

 

[Offshore Trader]

That mentality leads to bankruptcy. Very true but as wasp says you must have a plan and stick to it.

Chow .. looks like your plan will be rewarded