Forex Day Trader's Thread

[oildaytrader]

Oildaytrader, it's about time for you to go start your own thread and leave this one.

You are roight.Most of us make more pips in a day than some people does in a month.

Anyway we had taken over this thread.

 

[Tarhini_Trade]

was long USD/JPY on the break out @ 89.85 for t/p 90.5 s/l 89.5; didn't like the trade so I'm out and waiting for a pullback that I think is inevitable (crossing fingers)

 

[Masquerade]

Did someone say there was a p.enis measuring contest? Step aside boys, get the tape measure.

I think I might just stick with the yen, if I did that today i'd have bagged reasonable profit on it.

 

[GladiatorX]

Did someone say there was a p.enis measuring contest? Step aside boys, get the tape measure.

I think I might just stick with the yen, if I did that today i'd have bagged reasonable profit on it.

Why don't you just trade one market anyway? Like everyday. Trading loads just gives you an excuse to be out-of-tune, impatient, overtrading and bad management of trades.

 

[Skitch]

bought cable @ 1.6222 -20 +40.. Hit TP whilst I was out, Waiting to fade dollar/yen

Things pretty crazy atm, stocktwits is all over the shop!

 

[Masquerade]

Why don't you just trade one market anyway? Like everyday. Trading loads just gives you an excuse to be out-of-tune, impatient, overtrading and bad management of trades.

For last few months i've been trading eur/usd. But as you can see over the last week it's become less directional biased. I'm just seeking refuge in other things till I can find a general direction and natural bias to it. If I can find something else with what seems like more "order" to it i'll do that. Otherwise it means sitting out till next year.

 

[Pippy5000]

they can't quite seem to get that option.. one more try..

 

[GladiatorX]

For last few months i've been trading eur/usd. But as you can see over the last week it's become less directional biased. I'm just seeking refuge in other things till I can find a general direction and natural bias to it. If I can find something else with what seems like more "order" to it i'll do that. Otherwise it means sitting out till next year.

You not into ranges?
I found that i started trading the S&P 500 well when i stopped EXPECTING or trying to anticipate a big move and just faded everything, and when a big move occured i'd just take a loss... Because most of the time a movement will reverse.

I'm not into FX; I like the fresh 2.30pm start in the ES; Whereas FX, i always feel that i missed the 1am chance i would of liked.... So i'm always chasing.

If you trade an equity; You have a fresh start, a gap, untouched pivots...

Not saying you shouln't trade FX; Just most people haven't thought it out enough.

 

[Skitch]

Keeping an eye out for reaction on euro to October low or weekly s3

 

[Masquerade]

You not into ranges?
I found that i started trading the S&P 500 well when i stopped EXPECTING or trying to anticipate a big move and just faded everything, and when a big move occured i'd just take a loss... Because most of the time a movement will reverse.

I can do a range, but i'd rather find a trend and just get a position on and hold it for a few hours. If the market's ranging i'll adapt to it. I'm not in the mood for chopping and changing sides in a day though as it leads to a lot of second guessing. It could be that I might just find something more "predictable" to trade instead should it come to it.

 

[GladiatorX]

I can do a range, but i'd rather find a trend and just get a position on and hold it for a few hours. If the market's ranging i'll adapt to it. I'm not in the mood for chopping and changing sides in a day though as it leads to a lot of second guessing. It could be that I might just find something more "predictable" to trade instead should it come to it.

wow
I just checked the EUR/USD futures - Haven't in a while ...
Pretty decent downtrend?
Is the reason your not enjoying it because the movements occur overnight and then it remains flat through the day?
If it is, don't trade equities

 

[Masquerade]

wow
I just checked the EUR/USD futures - Haven't in a while ...
Pretty decent downtrend?
Is the reason your not enjoying it because the movements occur overnight and then it remains flat through the day?
If it is, don't trade equities

Over the last week or so it's a decent downtrend. But the thing is for the last few months i've been able to just go long and pick it up with the trend. But now i'm having to reconsider my stance as it's not looking good for it.

Maybe i'll short, but I have in the back of my mind it might do some funky bounce. I don't mind if the moves happen overnight, i'm usually around to see some good moves over the day. I'd just rather wait and see if the market picks up and starts trending upward, if it downtrends or decides to range. Just to identify the beast i'm trying to tame.

 

[Skitch]

Selling evening star (30m) on dollar/yen stops above pattern..

 

[Pippy5000]

There is very good support at 1.448 and SUPER DUPER MAJOR support at 1.445 (MT pivot) the medium termers bias switches to short below there and that is where I give up on the Euro.. otherwise let it do what it will..

slow line and fast line is oversold on the dailies now.. The last time the slow stochastic reading was 25 (which is what it is now) Euro popped 340 pips over the next 7 days. However, the fast line is even worse than it was when that happened.. It's currently reading a 6 which is pretty horrific.. I think people will begin to t/p 1.445-1.448 and we should see a nice bounce.

Euro really has a way of hanging in there.

this chart is a little old but the support levels are the same

 

[GladiatorX]

There is very good support at 1.448 and SUPER DUPER MAJOR support at 1.445 (MT pivot) the medium termers bias switches to short below there and that is where I give up on the Euro.. otherwise let it do what it will..

slow line and fast line is oversold on the dailies now.. The last time the slow stochastic reading was 25 (which is what it is now) Euro popped 340 pips over the next 7 days. However, the fast line is even worse than it was when that happened.. It's currently reading a 6 which is pretty horrific.. I think people will begin to t/p 1.445-1.448 and we should see a nice bounce.

Euro really has a way of hanging in there.

this chart is a little old but the support levels are the same

What do you use RSI for ?

 

[Skitch]

Yep would agree with that!
I would imagine theres a lot of sell orders & stops under 1.4500, looking to ride it to the monthly s1 piv

 

[Pippy5000]

RSI can be used to read ob/os but you can also draw lines similar to trend lines and if a break occurs it tends to imply that there will be further weakness or strength in a pair

 

[Pippy5000]

See how it works with the gold weeklies..

 

[manager]

The dollar rallied to its highest versus a currency basket since the start of October, as questions surrounding the fiscal positions of euro zone states also curbed risk demand and prompted short covering in the U.S. currency.

 

[Tarhini_Trade]

well there is the dip I was talking about in USD/JPY, now ill wait for it to test 89.89-90.00 level for a real break out this time.