leanhussle
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I'd have to agree with the above...I know all us traders get into the trying to pick highs and lows...but when you look back at it in the long run..as the quote is 'The Trends Your Friend till it bends'. I see no bending in the last 2hrs!!!
Pippy5000
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I'm well aware of what the weekly trend is, but this is a high-leveraged day trader's thread.. If you think the trend is your friend then you just lost 300 pips over the last 48 hours.. The short-term trend was down down down and we are experiencing an unexpected US equity rally after Chinese stocks dropped almost 5% overnight. The likelihood of people taking profit before the weekend on fresh longs is higher than a full retracement of this week's losses. That is why I am trying an intraday short.
I'm looking at the 1hr charts and it has just been rejected at the 50% fib and is turning downward.. I'm hoping for one more try to break previous resistance in the 1.4995 region and I will short to regain my 25 pips lost
I'm looking at the 1hr charts and it has just been rejected at the 50% fib and is turning downward.. I'm hoping for one more try to break previous resistance in the 1.4995 region and I will short to regain my 25 pips lost
leanhussle
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If you actually look at a 60min chart...It was in a downtrend since first thing this morning. Then when it broke above 1.4930ish it broke the downtrend. Hence signalling a change in direction. You could at least of been long up to the 50% retracement. You got all the levels just the L/S wrong way round!
Pippy5000
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I pick tops and bottoms.. If you have a different trading style then feel free to start your own thread and make your calls there. I'm 5 for 7 this week and don't really need unsolicited trading advice. I seem to have been right about the 50% being a good short.
ahh.. and there is 25 pips for you Tuky 😉
ahh.. and there is 25 pips for you Tuky 😉
If you manage to take >100 from this 300 pips move then you are right and it means that you are excellent trader but less then that it just easier to ride long trends
leanhussle
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I'm not going against your trading style at all, and I don't disagree with your 50% Retracement short either, all I was mentioning was that the break of the downtrend signalled a good long up to the 50% retracement which gave a great reversal. Please don't take what I have said in the wrong way, It was not meant to be a dig at all.
Masquerade
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Note to self:
- Only trade eur/usd
- Don't bother hanging on to trades and be ruthless in cutting them.
Just putting that there so someone can pull me up on something if I start looking at cable/yen trades ever again.
- Only trade eur/usd
- Don't bother hanging on to trades and be ruthless in cutting them.
Just putting that there so someone can pull me up on something if I start looking at cable/yen trades ever again.
Masquerade
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urgh, rather not think about it. Saw a good opportunity yesterday to take a cable scalp. I thought the move was all BS. Then I stopped it. Got in a eur/usd position, looked bad and took a hit for about 19 pips. Then the fun really began. Saw an opportunity to go long on cable and took it, I had a mental stop of about 50 pips under. Anyway, it started dropping pretty quick - I still thought logic was BS and low volume exaggerated the move so I had little faith in it all and held and thought it'd turn around. I saw another cable opportunity (whilst holding the earlier one which was showing about 80 pips loss 🙄 ) & here I am now.
Pippy5000
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Go get a job at McDonalds Jammy.. you'll make a lot more money. There's no point in spending lots of time in front of the computer if your goal is to make insignificant amounts of money. In the real world you will not have $50,000 with which to fund your trading account and as such an 800 pip loss which results in a 2% loss will be leveraged with a pitiful amount of money. Definitely not even worth talking about.
If your trading account is funded with $250 then you're talking about a $5 gain or loss per week and that's assuming you can get a HUGE amount of movement like this week. Realistically an average week will lose or gain $2 for you.
If your trading account is funded with $250 then you're talking about a $5 gain or loss per week and that's assuming you can get a HUGE amount of movement like this week. Realistically an average week will lose or gain $2 for you.
