Forex Day Trader's Thread

[TAjammy]

not the best time to be long eurusd

 

[Pippy5000]

You in ninja pippy? Looks like a pretty good level here in the 88.20's

no, my entry was 1.5 pips too low.. I went to lunch and couldn't pull the trigger manually so I'm flat..

GRRRRRRRR!

 

[Masquerade]

Yuck This is getting beyond a joke. I'm seriously in need of stopping - this is getting ugly.

 

[Pippy5000]

it doesn't matter because I'm selling any attempt on 88.5 again..EJ broke significant psychological support and with US equities way down the Japanese might get a little scared during their turn tonight and suck ninja down into the black hole of doom. No need in spitting into the wind for a scalp if ninja will just come up a bit more I'll short it for a larger gain.

 

[Pippy5000]

how bad are we talking here Mask?

 

[Pippy5000]

but then again EJ has come down 500 pips in 2 days without any significant bounce at all and is ripe for a squeeze.. The RSI on the 2hr charts just bottomed out at the same level before it bounced last time.. UJ would be dragged up with it.

 

[Masquerade]

Bad enough that i'm considering self-exclusion for a day or so.

 

[Pippy5000]

hmm... well in Euro there's previously used support + Daily SMA support at the exact same spot if you're interested in making your money back 1.46251

 

[Masquerade]

No thanks, i'd prefer it jumped from here tbh. I've re-considered my rules. There's no reason I can't trade cable.

So here's the new rules:

1) Use a stop loss and stick to it (it seems I don't have the discipline to act on discretion.)
2) Don't go for the huge 100+ pip trades and take more modest profits often.
3) Don't do what i've done now

 

[Pippy5000]

Try ninja if you want to risk a tiny amount to gain a small amount.. ninja is pretty easy to trade.. it's a major pair with tiny spreads and there won't be anymore -100 pip days.. It's also easy to play the s/r with precise orders.

Get stopped out -15 wait for it to drop another 25 and then get back in to get your lousy 15 pips back

 

[Pippy5000]

oh but if you go for small gains you'll need a high win percentage.. it might be best to try using stops rather than limits because you'll never lower your stop loss using stops unless you really have lost your mind.. it's either a breakout or a false breakout..

Advantage: Stops also let unforeseen events happen to your advantage rather than to your disadvantage. Such as if news hits the wire that makes spot jump 100 pips.. you'll win in your sleep rather than lose like you would have with a limit order.

Disadvantage: They're usually horrifying to use because they have a habit of pulling back and threatening your tight stop right after they are filled.

 

[Skitch]

Hey,

Thought i'd contribute to the forum seeing as I'm always the one asking questions!

Wanted to present a trade i just filled on EUR/USD, looking to catch a possible reversal.

*NOTE* I AM A BEGINNER TRADER SO PLEASE DO NOT TAKE MY OPINION WITHOUT DOING YOUR OWN ANALYSIS


This is not a recommendation or signal, just giving a newbie traders point of view!

Reasons for trade
5min/Morning star
15min engulfing
30min engulfing
1h engulfing
1D hit support
On S2 PP
Divergence on osci's on each time frame
2:1 RR

Concerns
Not enough volume @ time of trade
double zero above entry (possible res)
3 lvls of minor res

Next Steps
Target near S1 (38.2 fibb)
Move to stop to break even

 

[TAjammy]

im underwater going long eurusd, short usdchf and long audusd

 

[Pippy5000]

it's worth a try depending on your stop and leverage but you've got move beyond studying 5m candles in the future, they don't mean anything. Just one big bank entering or exiting the market can cause a bullish or bearish candle to appear on the short-term charts and it won't mean a thing in the big picture.. The market eats these things up and spits them out. For example, your classic thin liquidity stop run will generally reverse.

I see strong support about 70 pips below here.. Europe could crack 1.468 easily. 1.4625 should be outstanding support.

I don't see divergence on the stochastic oscillator either and only the fast line is reading oversold.. the slow line is far more important. RSI is still not oversold..

 

[TAjammy]

what TF candles are they?

anyway here's why i think the euro could stall and reverse higher, either that or she's gonna break. hopefully stock market pushes up tomorrow and the euro with it

 

[Masquerade]

im underwater going long eurusd, short usdchf and long audusd

Why would you have so much exposure to betting on $ weakness? If it continues to strengthen you get shafted 3x.

 

[TAjammy]

i went short USD before the dollar reversed, plus there wasn't any great hedging opportunities, at the time gold was trending higher, as were stocks, dollar was just going lower...

 

[Pippy5000]

The D never reversed, just consolidated before a continuation.. I'm still thoroughly D negative, just wouldn't want to jump in when there's still plenty of potential downside.

 

[TAjammy]

it tried to reverse, then that reversed.

 

[Skitch]

Pippy5000: Thanks for your input it certainly helps. I mainly entered because of the confluence of cs patterns on multiple tfs around the same support area, thought it would give me over 50% on a reversal.. also what timezone are you using for those PP?

TAjammy: Yes, I see the hori support on 1d too.. missed that trendline, so thats reassuring :]