forexgreenland
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We could put a buy stop on GBPUSD at an entry point of 1.9865, 1st target point 1.9945,with a 35 pip stop loss.
Review of Strategic Tips on Milking the Major Currency Pairs
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forexgreenland
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FXSCALPER2
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forexgreenland
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We could put a buy stop on GBPUSD @ 1.9780, TARGET POINT @ 1.9835,WITH A 35 PIP STOP LOSS
forexgreenland
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Helloo fellow traders,
We made up to 55 pips last friday as price rocketed up from 1.9780 to 1.9835, giving us something to celebrate for d weekend.
Cor blimey,fxscalper2, does seasoned traders believe in luck while trading the markets?
Napoleon Hill, in his timeless classic, THINK AND GROW RICH, referred to luck as when OPPORTUNITY meets PREPARATION.
Loius Pastuer,the great 19th century french scientist, on discussing the role of chance in scientific discovery stated ''In the field of observation, chance favours only the prepared mind''.
How prepared are you, fxscalper?
How vigilant are you when profitable setups recurr in the markets?
How ready are you to take advantage of timing in your trades?
After years coaching traders and managing funds, I believe you make your own luck in trading the speculative markets, according to your skills, abilities and hardwork. Besides, the CHART PATTERN RECOGNITION AND PRICE PATTERN STRATEGY is not based on luck neither is it based on the random walk theory.
forexgreenland
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117+ pips,$117 minilot,$117 standard lot
Hi folks,
hope you'all having a wonderful week trading the currency markets. Lets review what happened yesterday on the GBPUSD. We had the UK Industrial and Manufacturing Production reports,which came out less than expectations(-0.5% actual vs 0.3% previous). That was bearish for the GBPUSD, which supported the CHART PATTERN RECOGNITION and PRICE PROJECTION TECHNIQUE downward bias.
We also had MACD negative divergence to price,which also confirmed our move to the downside.
117 pips approximately, was made yesterday,$117 minilots, $1170 standard lots on the GBPUSD .
1.9766-1.9649=0.0117
1.9688-0.0117=1.9571(target point)
Hi folks,
hope you'all having a wonderful week trading the currency markets. Lets review what happened yesterday on the GBPUSD. We had the UK Industrial and Manufacturing Production reports,which came out less than expectations(-0.5% actual vs 0.3% previous). That was bearish for the GBPUSD, which supported the CHART PATTERN RECOGNITION and PRICE PROJECTION TECHNIQUE downward bias.
We also had MACD negative divergence to price,which also confirmed our move to the downside.
117 pips approximately, was made yesterday,$117 minilots, $1170 standard lots on the GBPUSD .
1.9766-1.9649=0.0117
1.9688-0.0117=1.9571(target point)
forexgreenland
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Thanks,Joe,really appreciate it. I'll try and Hold Fast...to your Harley
Easy on the bend!!Anyways, I was going through a good book over the weekend,which gave me a lot of food for thought and ways in which we could be better traders. It was Jack Schwager's interview with the Sultan of currencies,Bill Lipshutz in his book; 'NEW MARKET WIZARDS'.
I learnt quite a lot from those traders' interviews,especially in terms of top trader's pyschology and mentality, and if anyone is interested in reading it, please let me know.
Here's an excerpt:
''What do you believe are the characteristics of the truly superior traders? ====
Let me start with an analogy. When I was in college, my impression was that people who were really
smart could do very well, even if they didn't work that hard, and people who really worked hard could also do
very well, even if they weren't outstandingly bright. In contrast, in trading, I think you need both elements.
The best traders I know are really quite brilliant, and they all work very hard-much harder than anyone else.
By the way, when I talk about working hard, I mean commitment and focus; it has nothing to do with how
many hours you spend in the office. These traders have tremendous commitment to the markets-to their
craft, so to speak. They develop scenarios, reevaluate scenarios, collect information, and reevaluate that
information. They constantly ask themselves: What am I doing right? What am I doing wrong? How can I do
what I am doing better? How can I get more information? It's obsessive.
==== Is this type of analysis something that's ongoing during all your waking hours? ====
Absolutely. Some professional traders may claim that they separate their personal life from their business
life and are able to completely turn off on the weekends. I don't believe that for a second. I think that when
they're relaxing in their sailboats, at some level they're still focused on the market.
==== I know you like to play golf. When you're out on the course, are you still thinking about the markets?
====
Probably so. The really best traders around don't think twice about how many hours they're working or
whether they come in on a weekend. There's no substitute for that level of commitment.
Besides intelligence and extreme commitment, are there any other qualities that you believe are
important to excel as a trader? ====
Courage. It's not enough to simply have the insight to see something apart from the rest of the crowd,
you also need to have the courage to act on it and to stay with it. It's very difficult to be different from the
rest of the crowd the majority of the time, which by definition is what you're doing if you're a successful
trader.
Many people think that trading can be reduced to a few rules. Always do this or always do that. To me,
trading isn't about always at all; it is about each situation.
So many people want the positive rewards of being a successful trader without being willing to go through
the commitment and pain. And there's a lot of pain.
==== The pain being what? ====
You give up a lot of things. It's all tradeoffs. It's the middle of the night, everyone else is asleep, and
you're sitting in front of a machine with glowing green numbers, with a pain in your psyche because the
market is going against you and you don't know whether the fundamentals have changed or whether it's just
a meaningless short-term move. Those are very trying times.''
Culled From Jack Shwager's book ''The New Market Wizards''
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forexgreenland
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106+ pips, $106 minilot,$1060 standard lot yesterday on GBPJPY
Helloo fellow currency traders,
Hope you'all had a nice trading day.Lets review what happened on the GBPJPY (British Pound/ Yen) yesterday. After getting bored seeing 1-2-3 bottoms almost all the time on the charts,surprisingly we had a 1-2-3 TOP show up coming in from the Asian Session. A 1-2-3 top is the direct opposite of the 1-2-3 bottom, which is usually seen in an uptrend, signifying that price is about to go down. MACD was also trending downward which was also a good sign to go bearish. 106 pips was made,$106 minilots,$1060 standard lot yesterday.
And if you observed, price then made a turn around and shot way up after breaching the final target point of 201.88
203.67-202.61=1.06
202.94-1.06=201.88
Helloo fellow currency traders,
Hope you'all had a nice trading day.Lets review what happened on the GBPJPY (British Pound/ Yen) yesterday. After getting bored seeing 1-2-3 bottoms almost all the time on the charts,surprisingly we had a 1-2-3 TOP show up coming in from the Asian Session. A 1-2-3 top is the direct opposite of the 1-2-3 bottom, which is usually seen in an uptrend, signifying that price is about to go down. MACD was also trending downward which was also a good sign to go bearish. 106 pips was made,$106 minilots,$1060 standard lot yesterday.
And if you observed, price then made a turn around and shot way up after breaching the final target point of 201.88
203.67-202.61=1.06
202.94-1.06=201.88
forexgreenland
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We could put a buy stop on GBPUSD @ 1.9460, TARGET POINT @ 1.9546, WITH A 35 PIP STOP LOSS
hi stallion,i been going thru ur thread and i must say its thrillin,fun n filled wiv suspense.usually thot traders r a intense,forbiddn lot but u er diffrnt in a way dats refreshin,my spouse use to ride a harley bike in the country wenever he's stressed out from trading and comes back in better mind.please i need to read d new trading wizards book,my email is [email protected]x for educating thread
forexgreenland
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Evolving your State of Mind Insures Long-Term Trading Success
Thanx,cako, yes,you can join the forexgreenland chatroom during London Session where trading calls are made based on the CHART PATTERN RECOGNITION AND PRICE PROJECTION STRATEGY.
@fxlilian,
I've sent it to your mailbox.
It has been theorized that your state of mind will dictate your trading methods. Experts in the field of trading psychology have pinpointed three main states of mind and how each has a direct effect on a trader's profitability.
These three mind states are "having", "doing" and "being". Psychologists have noted that those new to trading start with a "having" state of mind. As they gain more experience, they move on to a "doing" state of mind. The pinnacle of profitability occurs when a trader moves into the last and final "being" frame of mind.
The "Having" Mind Set
A novice trader may focus primarily on profits. In this "having" state of mind, they are out of sync with the markets. They are blinded by their obsession to obtain the all mighty dollar and what it can afford them. Trading is not viewed as a job that must be mastered, but as a vehicle to escape from a world of mediocrity.
Many traders are in the business to make money, as well as they should be. However, if they are blinded by greed, they tend to take uncalculated risks. Looking at the potential payoff without carefully calculating market trends and other factors is a recipe for disaster.
It is impossible to graduate to a high performance level when you concentrate on "having" instead of how the game is won. If you trade in a "having" frame of mind, you may become frustrated when profits are not immediately forthcoming. With frustration comes a lack of focus. Without the ability to focus, you cannot gain knowledge from your experience on the trading field.
Other negative consequences of this mindset are feelings of frustration and anger. Frustration stemming from a lack of expected profits and anger directed at oneself or the market in general. These adverse emotions will only cause further decline in profitability. Without witnessing gains from one's efforts, an individual may not give their best and may be tempted to "throw in the towel".
The "Doing" State of Mind
If an individual continues on to trade another day, they will eventually move from a "having" to a "doing" state of mind. Learning that there is more to trading than the amassing of money, a trader will turn their focus on learning new methods of trading and what does and doesn’t work.
This state of mind is still primarily centered on how to turn a profit. Although a "doing" mind state is essential to becoming a seasoned adept trader, the main focus is still short of the mark. It is crucial to know what works and what doesn't. However, a skilled trader will tell you there is more to the business then choosing one method and using it arbitrarily to make trades across the board.
Becoming a trader of means requires not only a winning attitude, but also a fine honing of trading skills. To develop these skills, you must make trades using various methods under a wide spectrum of market conditions. Only then can you develop the needed intuition to master the art of trading.
Price is on a consolidation range right now on the GBPUSD, so we could put a BUY STOP @ 1.9500,target point @ 1.9531,with a 35 pip stop loss
Thanx,cako, yes,you can join the forexgreenland chatroom during London Session where trading calls are made based on the CHART PATTERN RECOGNITION AND PRICE PROJECTION STRATEGY.
@fxlilian,
I've sent it to your mailbox.
It has been theorized that your state of mind will dictate your trading methods. Experts in the field of trading psychology have pinpointed three main states of mind and how each has a direct effect on a trader's profitability.
These three mind states are "having", "doing" and "being". Psychologists have noted that those new to trading start with a "having" state of mind. As they gain more experience, they move on to a "doing" state of mind. The pinnacle of profitability occurs when a trader moves into the last and final "being" frame of mind.
The "Having" Mind Set
A novice trader may focus primarily on profits. In this "having" state of mind, they are out of sync with the markets. They are blinded by their obsession to obtain the all mighty dollar and what it can afford them. Trading is not viewed as a job that must be mastered, but as a vehicle to escape from a world of mediocrity.
Many traders are in the business to make money, as well as they should be. However, if they are blinded by greed, they tend to take uncalculated risks. Looking at the potential payoff without carefully calculating market trends and other factors is a recipe for disaster.
It is impossible to graduate to a high performance level when you concentrate on "having" instead of how the game is won. If you trade in a "having" frame of mind, you may become frustrated when profits are not immediately forthcoming. With frustration comes a lack of focus. Without the ability to focus, you cannot gain knowledge from your experience on the trading field.
Other negative consequences of this mindset are feelings of frustration and anger. Frustration stemming from a lack of expected profits and anger directed at oneself or the market in general. These adverse emotions will only cause further decline in profitability. Without witnessing gains from one's efforts, an individual may not give their best and may be tempted to "throw in the towel".
The "Doing" State of Mind
If an individual continues on to trade another day, they will eventually move from a "having" to a "doing" state of mind. Learning that there is more to trading than the amassing of money, a trader will turn their focus on learning new methods of trading and what does and doesn’t work.
This state of mind is still primarily centered on how to turn a profit. Although a "doing" mind state is essential to becoming a seasoned adept trader, the main focus is still short of the mark. It is crucial to know what works and what doesn't. However, a skilled trader will tell you there is more to the business then choosing one method and using it arbitrarily to make trades across the board.
Becoming a trader of means requires not only a winning attitude, but also a fine honing of trading skills. To develop these skills, you must make trades using various methods under a wide spectrum of market conditions. Only then can you develop the needed intuition to master the art of trading.
Price is on a consolidation range right now on the GBPUSD, so we could put a BUY STOP @ 1.9500,target point @ 1.9531,with a 35 pip stop loss
Last edited:
forexgreenland
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Buy Windows
Helloo Currency Traders,
Hope you'all enjoying the weekend. Lets review what happened yesterday on the GBPUSD.
Price is on a consolidation range right now on the GBPUSD, so we could put a BUY STOP @ 1.9500,target point @ 1.9531,with a 35 pip stop loss
Maybe I took too much black coffee, no sugar, no cream, like my guy roussell..Well, we got stopped out before price reversed and rocketed up from our initial target of 1.9531 to 1.9596, approximately 65 more pips than projected. Imagine what you could do with that pile of moolah when you dont argue with money in the bank.
So what happened?How come we got stopped out?This involved not properly observing the difference between a trend and a retracement, while wrongly applying the BUY/SELL WINDOW in the opposite direction..
BUY/SELL windows are one part of trading tools used to implement the ''BUY THE DIPS, SELL THE RALLIES'' rule, a la John Crane's book ''Advanced Swing Trading''
. A buy window is used in an uptrend, while a sell window is used in a downtrend. A 60% buy/sell window is used in trends and retracements in order to know where price might retrace.
'well, during live forex trading, most traders make a recurring mistake of mistaking trends from retracement. A trend occurs when price makes higher highs and higher lows(uptrend) or lower lows and lower highs(downtrend). while a retracement is a price movement in the opposite direction of the previous trend. Buy the dips, sell the rally refers to the retracements of an upward or downward trend..
a general observation of the markets shows that they do not trade in a straight line. There is always a struggle for control between the bears (sellers) and the bulls. In this struggle, each side enjoys victories and defeats.
For example, if a market makes a nice bottom formation after an extended downward move and then retraces up to a price where many chart readers believe the market will run into resistance, the bearish traders will move in and sell. The bearish traders believe that the trend is still down and this correction provides a good selling opportunity.'
So lets illustrate what we are trying to say here, by use of charts;
On the 13th of May, we had a HIGH of 1.9588, which then commenced a LOW of 1.9362.Since it was in a downtrend,we use the SELL WINDOW to ''SELL THE RALLIES''.
The total price range of the original move from A to B is 1.9588-1.9362=0.0226
Now multiple the range by 60% SELL WINDOW= 0.0226* 0.6=0.01356
Add this total to the low; 0.01356+1.9362=1.9498(SELL WINDOW).
This price(1.9498) was the begining of the SELL WINDOW in which we could take a selling position and go short. Observe as price knocked the 1.9498 SELL WINDOW which is now a resistance area.
Knowing in advance where a market is likely to reverse or at least run into support or resistance can help give any trader an EDGE only when ENTERING or EXITING a trade.
This time 15th of May, price formed a new low A(1.9403) and a high of B(1.9525). since it was in an uptrend,I should have used the BUY WINDOW to ''BUY THE DIPS''.
The total price range of the original move from this current A to B is 1.9525-1.9403=0.0122
Now multiply the range by 60% BUY WINDOW=0.0122*0.6=0.00732
Subtract this total from the high; 1.9525-0.00732=1.9452(BUY WINDOW)
This price(1.9452) was the begining of the BUY WINDOW in which I should have placed a BUY STOP and go long. Observe that price formed an INSIDE CANDLE BAR formation(like a railway track) at that area, found support then and went up.
So guys, that was where I made my error...Stuff happens,right? Like my friend nine would say'' 1 AM RESPONSIBLE!':cheesy:.. The most important thing is to go back, know where you made the error, study and learn from it, then move on.
Well, from what was written above, who could help project where price on GBPUSD is going to be by market open on Monday?
First 2 traders that gets the price right BEFORE MONDAY OPEN would have FREE coaching sessions on the CHART PATTERN RECOGNITION AND PRICE PROJECTION STRATEGY.
Please feel free to ask any questions or make any comments.
Helloo Currency Traders,
Hope you'all enjoying the weekend. Lets review what happened yesterday on the GBPUSD.
Price is on a consolidation range right now on the GBPUSD, so we could put a BUY STOP @ 1.9500,target point @ 1.9531,with a 35 pip stop loss
Maybe I took too much black coffee, no sugar, no cream, like my guy roussell
..Well, we got stopped out before price reversed and rocketed up from our initial target of 1.9531 to 1.9596, approximately 65 more pips than projected. Imagine what you could do with that pile of moolah when you dont argue with money in the bank.So what happened?How come we got stopped out?This involved not properly observing the difference between a trend and a retracement, while wrongly applying the BUY/SELL WINDOW in the opposite direction..
BUY/SELL windows are one part of trading tools used to implement the ''BUY THE DIPS, SELL THE RALLIES'' rule, a la John Crane's book ''Advanced Swing Trading''
. A buy window is used in an uptrend, while a sell window is used in a downtrend. A 60% buy/sell window is used in trends and retracements in order to know where price might retrace.
'well, during live forex trading, most traders make a recurring mistake of mistaking trends from retracement. A trend occurs when price makes higher highs and higher lows(uptrend) or lower lows and lower highs(downtrend). while a retracement is a price movement in the opposite direction of the previous trend. Buy the dips, sell the rally refers to the retracements of an upward or downward trend..
a general observation of the markets shows that they do not trade in a straight line. There is always a struggle for control between the bears (sellers) and the bulls. In this struggle, each side enjoys victories and defeats.
For example, if a market makes a nice bottom formation after an extended downward move and then retraces up to a price where many chart readers believe the market will run into resistance, the bearish traders will move in and sell. The bearish traders believe that the trend is still down and this correction provides a good selling opportunity.'
So lets illustrate what we are trying to say here, by use of charts;
On the 13th of May, we had a HIGH of 1.9588, which then commenced a LOW of 1.9362.Since it was in a downtrend,we use the SELL WINDOW to ''SELL THE RALLIES''.
The total price range of the original move from A to B is 1.9588-1.9362=0.0226
Now multiple the range by 60% SELL WINDOW= 0.0226* 0.6=0.01356
Add this total to the low; 0.01356+1.9362=1.9498(SELL WINDOW).
This price(1.9498) was the begining of the SELL WINDOW in which we could take a selling position and go short. Observe as price knocked the 1.9498 SELL WINDOW which is now a resistance area.
Knowing in advance where a market is likely to reverse or at least run into support or resistance can help give any trader an EDGE only when ENTERING or EXITING a trade.
This time 15th of May, price formed a new low A(1.9403) and a high of B(1.9525). since it was in an uptrend,I should have used the BUY WINDOW to ''BUY THE DIPS''.
The total price range of the original move from this current A to B is 1.9525-1.9403=0.0122
Now multiply the range by 60% BUY WINDOW=0.0122*0.6=0.00732
Subtract this total from the high; 1.9525-0.00732=1.9452(BUY WINDOW)
This price(1.9452) was the begining of the BUY WINDOW in which I should have placed a BUY STOP and go long. Observe that price formed an INSIDE CANDLE BAR formation(like a railway track) at that area, found support then and went up.
So guys, that was where I made my error...Stuff happens,right? Like my friend nine would say'' 1 AM RESPONSIBLE!':cheesy:.. The most important thing is to go back, know where you made the error, study and learn from it, then move on.
Well, from what was written above, who could help project where price on GBPUSD is going to be by market open on Monday?
First 2 traders that gets the price right BEFORE MONDAY OPEN would have FREE coaching sessions on the CHART PATTERN RECOGNITION AND PRICE PROJECTION STRATEGY.
Please feel free to ask any questions or make any comments.
Last edited:
rags2riches
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Hello again Stallion,
I continue to learn from this all your teachings on this thread. Thanks again.
I have a question about profit targets - what do you do if your trade is in profit but does not hit your target by the end of the day? Do you also use a time stop for closing out a trade?
I continue to learn from this all your teachings on this thread. Thanks again.
I have a question about profit targets - what do you do if your trade is in profit but does not hit your target by the end of the day? Do you also use a time stop for closing out a trade?
forexgreenland
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Buy Window Ii
We have lots of techniques to take care of that situation in live trading, but I'll give out just 2 for now;
1.. You could decide beforehand, to execute just 70 -80% of your target for prudent reasons or 2. You could use a trailing stop of 15 to 25 pips when your trade is in profit
Well, fxlillian,price on the GBPUSD actually went up to 1.9595 before going down to our buy window.Since you got the answer in a way, you are now entitled to a 3 day intensive one-on-one coaching class on the CHART PATTERN RECOGNITION AND PRICE PROJECTION STRATEGY.Please contact me through email when you are ready.Since its going to be through online means, have a headphone mic with a cam ready when coming to the trading room,ok.
Hi fellow currency traders,
so lets see what happened this morning.
1.9596-1.9440=0.0156
0.0156*0.6=0.00936
1.9596-0.00936=1.9502(BUY WINDOW)
so, at this point, we should be looking to buy on the retracement once price hits our BUY WINDOW to the upside.
We have lots of techniques to take care of that situation in live trading, but I'll give out just 2 for now;
1.. You could decide beforehand, to execute just 70 -80% of your target for prudent reasons or 2. You could use a trailing stop of 15 to 25 pips when your trade is in profit
Well, fxlillian,price on the GBPUSD actually went up to 1.9595 before going down to our buy window.Since you got the answer in a way, you are now entitled to a 3 day intensive one-on-one coaching class on the CHART PATTERN RECOGNITION AND PRICE PROJECTION STRATEGY.Please contact me through email when you are ready.Since its going to be through online means, have a headphone mic with a cam ready when coming to the trading room,ok.
Hi, cako, the chatroom is on top of the forum page when you log in after registering. Its just some few technical issues that are being worked on the site(mainly the chatroom) recently. I'll let you know when everything is settled.Thanx.Stallion, i saw before chat room on your site.
I tried to log in few times but there was no one online
Is that the chat room on top of the forum page?
Thanx
Hi fellow currency traders,
so lets see what happened this morning.
1.9596-1.9440=0.0156
0.0156*0.6=0.00936
1.9596-0.00936=1.9502(BUY WINDOW)
so, at this point, we should be looking to buy on the retracement once price hits our BUY WINDOW to the upside.
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