Forex Day Trader's Thread

[WallStreetHero]

why didnt bloomberg report it.
didnt have any effect on the market either

 

[cpngtw]

Maybe it does cause the long waiting time for about 2 hours there in a very tight range

 

[Pippy5000]

I'm long Aussie..

 

[Pippy5000]

auction bid/cover 2.94 vs. 2.69 3 month average

 

[cpngtw]

UAW agrees to slash retiree benefits immediately; Treasury insisted on immediate cuts...

Does it mean retiree no longer get full benefit?

 

[Pippy5000]

FYI I just got a long Cable trade recommendation from my broker..

 

[cpngtw]

I'm not shorting it. Long would look good if it pass the last 2 days high @ 1596 or so

 

[cpngtw]

What I meant is it's not out of the woods yet

 

[cpngtw]

maybe a 10% higher than the high buy stop... let's see

 

[Pippy5000]

they are recommending sell stops sub- 1.59

 

[cpngtw]

maybe a 10% higher than the high buy stop... let's see

ew, not 10%, 1/2 ATR on daily or 1 ATR on H4 makes more sense

 

[wh92stang]

A newbie question. When you say your broker recommends something, do they tell you individually (i.e. you have a personal relationship with them), or do they send out a mass email or something? Did you have to sign up for some kind of subscription? Just asking because my broker doesn't really advise me at all.

 

[Pippy5000]

The staff at DailyFX plus tells everyone who is a subscriber what they are doing.. I don't follow their recommendations because they have a habit of using buy stops at the highs and then using a huge stop loss.. it's dumb.. BUT I couldn't live without their tech analysis and tech levels..

Sign up for a live account with FXCM (you don't need to fund the account, jsut sign up) and you'll get access to Daily FX Plus..

 

[cpngtw]

Sign up for a live account with FXCM (you don't need to fund the account, jsut sign up) and you'll get access to Daily FX Plus..

Hey that sounds like a smart idea :clap:

 

[Pippy5000]

1.6400(M) Failure Highs Nov 3 Flat On A Failure FLAT at 1.5895

open 22/05/09
time 11:07
target
stop


1.6200(M) Rejection Highs Nov 5 Flat On A Failure
1.6030(M) Bollinger Band Top Buy A Clear Break
1.5968(M) Rejection High May 26 Sell A Failure

1.5910(M) Intraday Triangle Low Sell A Break Below
1.5750(M) Daily Low May 22 Buy A Bounce
1.5570(M) 10-Day MA Buy Bounce, Sell Break
1.5520(M) 200-day MA Cover On A Bounce


Strategy:[email protected] The market got through 1.5950 briefly, but has since struggled to make a move back above there. If this continues we will worry about an eventual reversal down to test support. In particular, the rectracement low at 1.5910 presents a short-term break point. If that gives way we"d short for a play back below 1.5800, potentially. (JF) 17:09 GMT
end

 

[cpngtw]

But stang, like pipp said, don't blindly follow their recommendations. Use them as some alerts to turn your attention to that particular pair and make your own judgment

 

[cpngtw]

I posted this earlier in another thread...

Here is my take:

cable is retracing back to circa 1.56, then will continue its up trend to around 1.66. Time frame is around 1-2 weeks...

Disclaimer: this is only my view, I maybe wrong! :innocent:

 

[Pippy5000]

The really good information comes from my primary broker Forex.com.. they have guys on the floor so they know why things are happening and can tell you within a few minutes..

 

[wh92stang]

Thanks a lot for the info. If it wasn't for these forums and you experienced traders my learning curve would take much, much longer.

 

[Pippy5000]

the best advice I could give you would be to never, ever use more than $10,000 in leverage while you're learning.. things are going to go wrong, and the only way to figure out a strategy to deal with these things is to lose your money.. lose $200, not $2,000..