Forex Day Trader's Thread

pippys new title seems to have gone to his head and is forgeting who is friends are, ****
 
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EUR/USD is looking bearish on the 15 min chart. lower highs in the near term make it look like it wants to drop. However, Im not so sure about all of the supports that would get in the way...what do you think
 
I'm only trading ninja this week.. Still waiting for 87.5

I think Aussie could reach 94 again in 30 days.. There was an option at 1.5075 in Euro causing problems.. I think it could rise a bit more.. Stocks rallying on good jobs data.
 
yeah...i dont really like it much either.

in other news, USD/JPY is nearing the top of an ascending triangle. thinking about longing the break out around 87.5
 
This weekend we divide forces and use a double pronged attack on Evolution.. We need to crush his spirit thereby discouraging further attempts to annoy us.. If he bounces back again then he is a zombie whose lifelessness cannot de dealt with..
 
the top of the triangle comes in slightly above 87.5 and adds even more resistance to the trade.. now that the 4hr SMA has dropped further I can now use a 15 pip stop and have 3 forms of converging resistance.. this is why I'm waiting and waiting and waiting for 87.5
 
Looks like we have some RSI divergence on the gold dailies..

it could also go from overbought to normal back to overbought back to normal.. This is one of the best signals generated by RSI.. the divergence is also really good.

Euro will go with it.
 
Have you guys noticed a margin increase in Euro pairs or is it just Gain doing this?

When I make a $100,000 deal with Euro it occupies $150,000 worth of margin.. Same with EJ, but UJ only occupies $100,000 worth on a $100,000 deal.

I'd rather do a $200,000 deal with a small stop on UJ than have my margin eaten up by Euro with a 30 pip stop.. UJ is pretty boring though I must say. Haven't had a trade since Monday night.
 
BLURB:

Rumors of a large bank potentially writing down $3 billion in derivatives making the rounds.
 
this sucks i just gave up on my EU short and he drops like a hoe's drawers. 2 scratch days in a row with such great movements!

hey pippy do u think it's wise to add a breakout strategy to a retracement strategy to get back losses immediately?
 
Are you talking about a stop and reverse? I definitely don't recommend that.. It opens the door for a big loss for minimal potential gain.. If you're using fib levels just be patient and trust that it will reach the next level. If you're using any sort of s/r method that's the thing to do although it's not easy to wait.. I know it's horrible to get stopped and then watch the trade reverse for profit in the direction you originally wanted it to go, but jumping back in in no man's land is a margin murderer. I usually go take a shower after I get stopped so I'm not tempted to jump back in.
 
although I wasnt asked...let me just say that any strategy to "immediately make back losses" is a not a good idea and will likely result in more losses, based on the mentality of the trader at the time and the willingness to disregard risk management. anyways I suck so dont listen to me
 
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