Forex Day Trader's Thread

[benmaya]

I work a lot with charts with ema and macd.
Lately I am asking myself what's the point? If the Dow is up the Euro is up if the Dow is down same for the Euro. The last time I remember the opposite was in September when job data in the state were better than expected.
So isn't it easier just to follow the Dow?

 

[Pippy5000]

S&P 500 is more important to FX than the DOW because the S&P contains so many bank stocks. However, they are both important .. You should have the USD index, BCO/USD, XAU/USD, USD/JPY and S&P and/or DOW charts open when you trade EUR/USD and 4hr and daily SMA can provide good support or resistance.

 

[Pippy5000]

there it goes again.. random JPY strength despite equity strength.. I'm not touching anything until ninja 84.9 .. sick of chasing the headless chicken

 

[TAjammy]

i've been getting into forex day trading now , been learning three pairs for about 2 weeks which seem to move very closely- EJ EURUSD AUDUSD. is it better to learn 3 or one?

 

[Pippy5000]

just learn EU for now, then EJ

 

[TAjammy]

audusd is the least correlated to be honest .

EU/EJ maybe just them two for 4-5 months and see where that takes me.

did you start with one pair?

 

[Pippy5000]

Yes, I only traded EUR/USD

 

[TAjammy]

i've been checking stuff like how it reacts to the previous days high/low , on 15 minute charts, they are intraday but give enough thinking time.

also have pivot points

did you make many pips daily? just wonderin

edt:using 20+ spread pip stops on 15 minute seems to do fine

 

[Pippy5000]

Open the 1hr, 2hr and 4hr charts, use $100,000 trades and 30 pip stops. You basically make bets on s/r holding i.e. being the end of the line in that direction for the day. Then just watch the equity markets for clues as to whether you should hold your trade or bank it.. don't move your stop to break even. If you have some decent profits and you think that your trade will come back on you just bank it..

I try to net 400 pips per month.. The trick is to wait for a good trade to arrive rather than to jump in out of impatience or worry that you will miss a trade.. There's no harm in missing a trade. If ever I take 2 losses in a row I just wait for a high probability trade to arrive. Impatience will kill you.. Don't try to trade like it's a video game.

 

[TAjammy]

mmm i'd rather not go into a market with just S/R as my method, i'd rather just learn the market really well...kind of , so i'd know anyway whether S/R will hold...kinda

 

[N Rothschild]

anyone here cisco qualified?

 

[Pippy5000]

mmm i'd rather not go into a market with just S/R as my method, i'd rather just learn the market really well...kind of , so i'd know anyway whether S/R will hold...kinda

ok, well whenever you open a live account and begin day trading be sure to come back to this thread again..

 

[TAjammy]

mmm what i mean is like, i don't want to walk into a market with a template of what to do , before i understand the market, like S/R might or mightn't work very well in EJ, so rather than assuming that S/R will always work i'd rather find out what works best on what market...kinda?

 

[Pippy5000]

Go to the Forex First Steps section of the site and you can discuss basic trading theory there..

http://www.trade2win.com/boards/forex-first-steps/

 

[TAjammy]

i've been learning trading for over a year dude, S/R was first month stuff.

 

[Masquerade]

Congratulations and commiserations on achieving #1 spot. I can see it's a vicious cycle so i'm gracefully bowing out from it all

 

[TAjammy]

metatrader 5 is out . it's kinda mehz but i wanna use it for options stuff

 

[Pippy5000]

Yes, I got firefox which does not scroll the whole screen up and down when you use the arrow keys like i.e. does and it has opened the door for the current reign of terror on the T2W arcade leaderboards.. Evolution only thought he had no life, but he has a feint pulse.. I truly am the walking dead..

 

[N Rothschild]

i've been learning trading for over a year dude, S/R was first month stuff.

a whole year?

 

[Pippy5000]

i've been learning trading for over a year dude, S/R was first month stuff.

You seem to ask a lot of really basic questions after 1 year.. You very rarely make sense. Plus, you're rude and very annoying and my patience is up. I've asked you nicely to post in the appropriate section, but I really don't have to ask nicely do I? I will delete your posts on this thread from now on and if you continue to post in order to continue to harass us your accounts will be banned.