Agree - AU is short on monthly -weekly - daily etc etce
But intraday from midday today and for us the trend as been up from 8910/15 to 65+ - so 50 pip rise.
In a 700 or multi thousand pip drop over say 2 yrs it nothing - but 50 pips to me can be anything from $1000 to $3000 - so would sooner be with it than ignoring it and see it come off my monthly or quarter;y profits.
Plus the fact for all I know from 8910 - we might go up 500 pips - we never know and if the AU prime minster wants it lower - the players will want to rip all and sundry off - ;-))
The trend is your time frame and for intra session traders last 5 hrs bullish ;-)
There were nice trades but sadly that just one blew it. Good is just demo. The moring was very good MM.
Hope you guys bring next week again such nice work.
Some days and X-mas will be there, hope you guys are prepared?
Lets have a look at some stats from this thread after first 30 trading days ( ie from start of November 2013 )
1. Yes - I have traded everyday - unusual - many trading months of possible 20 + days - I might only trade 10 to 12 full days and then a few morning or afternoon sessions only
2. I have now taken approx 430 trades ( none on demo) - 78 trades wrong ( ie I have pulled for minus 1 to minus 7 pips ) - 350 trades making profit - ranging from $9 to best of $1288 with average money results all in the $180 - $300 range
3. I have not had one losing day - repeat - I have not had one losing day with my worst day being 47 pips and many days over 100 + pips.
4. My consistency is down to many reasons - including the fact that I am very experienced trading forex and have been doing it full time for now over 6 yrs - with 5 yrs prior part time.
5. Without - "advanced money management" - "free trades" - "no bias" - "trade both ways" - "reading price at the coalface" - "willingness to lose" - "multi trading at least 2 to 4 pairs" and about 10% luck - I would not be so consistent.
6. I don't like working with just "one edge" in trading - I like to have several - that is impossible to gain without 5000+ hrs of live price reading. Many say you need 10k hrs - yes it does help ;-)
7. I am not able to make millions a year out of forex trading because of my own "financial wall" - ie I am comfortable trading under 10 full lots per pip etc - If i traded 30 or 50 lots per pip ( on my own money) - I would struggle and probably lose many of my "edges" and then suffer.
Yes it is possible for me to make multi hundred K's from trading - but it is a myth that you can keep compounding up all the way to make say 1 million or 5 million + per year as a retail trader.
Maybe a few traders out of 100''s can do it - I know I can't - due to my own psychology make up etc - but why should I bother at my age ;-).
8. Anyone who has followed me for a few full days will see I am "ultra cautious" and miss loads of pips due to my "safety first" approach - no losing day takes priority over trying to have days over 200+ pips
9.After 30 trading day and over 32000 thread views on T2W - I have enjoyed it - always need challenges etc - keeping a trading log on my thoughts and actions is great to look back on and hopefully some of the members here have had their laugh - and even might have learned something ;-)
10. Would like to thank MM for joining in and trying to learn intraday forex trading my way - he will get there if he is determined and I welcome all to join in as they like on any intraday calls on any forex pairs.
Thank you for all the nice comments - and even the ones pulling me apart - its all character building and as a forex trader I am used to getting "kicked" everyday - if you cannot handle it - you are no way going to handle $500 or $1000 losses ;-))
Regards
Forexmospherian
PS - yes hope to do most days up to December 20th ;-)
Monday AM - prior to European Open at 7.00am and last full trading week before Christmas Holidays
Quick review on pairs I will be watching and probably trading
AU - interested in this pair this week as it as not been able to crack under 8900 yet and as shown signs of trying to do a small retrace. Managed 8969/70 on Friday - but since then as posted a HL at 8920 and then a LH at 8962. Result - a lovely Bermuda Triangle tease area to set up and pull in bulls and bears.
Over 65 and 72 yes more scalp buys . Under 52 and 45 more scalp sells - but would expect supports at 25 -35 area to still hold ;-)
EU - above 3742 and 50 in scalp bullish mode - but need another high ober 3762 and 65 to hold buys on for higher
UChf - under 8890 - scalp sell bearish mode - but need another low under 8880 and 75.
GU - Up again at 6300 after a fall down to 6265 and a HL at 81 - still scalp buy bullish mode over 6290.
EA - Range 5400 to 5300 - can scalp in between OK but need a proper break again either way
EJ - bearish after fall down to 141 21. from a 142 80 area on Friday am. Will 141 25 or 141 hold for a try back up ?. Need really to see over 60 to hold scalp buys on
OK - will update again in next hr - presently just scalping for 5 -10 pips with AU being a scalp sell under 56 and 52. Hope to buy it again above 37 -40 area
Also EU scalp sell under 56 but need under 50 to hold on for any lower
