Forex Day Trader's Thread

pippy good work mate.

rid> yeh copying the brits - making the exports appear cheaper... they are saying to china come and rescue us...
 
EUR/USD entry orders (limits) for tonight:

-200,000 1.3680 s/l -35 pips

-400,000 1.3735 s/l -30 pips

EUR/USD entry orders (stops) for tonight:

-200,000 1.3585 s/l 30 pips t/p 50 pips

WHERE IS EVERYONE??
 
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Ahhhh.. there you are.. I wonder if Trip got wiped out. He hasn't been around in a while.

Francis,

We aren't an exporting nation per se, more a purchaser, and I don't think the 2 trillion dollar economy can save the 14 trillion dollar economy.. Particularly not when their exports are down 25%.. Some countries like Japan and Switzerland want a devalued currency.. we don't .. I don't think this is a move to increase exports but a measure to end the recession. I think in the long-run this will be seen as the turning point when things started to turn around worldwide.. Someone had to do something big and they finally did it.
 
QUOTE=Pippy5000;699860]Ahhhh.. there you are.. I wonder if Trip got wiped out. He hasn't been around in a while.

Francis,

We aren't an exporting nation per se, more a purchaser, and I don't think the 2 trillion dollar economy can save the 14 trillion dollar economy.. Particularly not when their exports are down 25%.. Some countries like Japan and Switzerland want a devalued currency.. we don't .. I don't think this is a move to increase exports but a measure to end the recession. I think in the long-run this will be seen as the turning point when things started to turn around worldwide.. Someone had to do something big and they finally did it.[/QUOTE]


i havent traded forex for a while. been doing just the ftse and s&p and going well. trying to make tomorrow my 4th winning day out of 5!!

as for the fundamentals... yeh big move needed but still think there is more deleveraging to come. this is a statement saying we are in the sh*tter.

but i dont do fundamentals just trendlines and support and resistance so i cant possibly comment!! i will come back onto forex after my indices escapade just need 4 more screens...


:cheesy:
 
Indices seem pretty easy lately.. I had toyed with the idea of getting an E-trade account. When even laypeople are aware of an impending market rally it makes it easy to make some cash.. The hard part is coming now when you have to pick the top and short. What kind of leverage do you get with equities?

I've always just stuck with Forex using the logic that you can make more money than you can possibly imagine with it 24 hours per day, 5 days per week.. I just want to be as good at it as I can be, like a specialist, because there's no need to diversify if you use proper capital management.. I took a HUGE risk with my 100 lot trades overnight but I woke up to 5 figures!
 
Indices seem pretty easy lately.. I had toyed with the idea of getting an E-trade account. When even laypeople are aware of an impending market rally it makes it easy to make some cash.. The hard part is coming now when you have to pick the top and short. What kind of leverage do you get with equities?

I've always just stuck with Forex using the logic that you can make more money than you can possibly imagine with it 24 hours per day, 5 days per week.. I just want to be as good at it as I can be, like a specialist, because there's no need to diversify if you use proper capital management.. I took a HUGE risk with my 100 lot trades overnight but I woke up to 5 figures!

from the very little knowledge i do have...

i dont think anything is easy per say. its about the number of mistakes you make. the manner in which you make them and how big they are.

forex does appear to be liquid. i think you may find indices immensely boring. there is not as much action through the 24 hours so you would have to settle in.

i have usually got the usdchf / eurusd charts open and i print them out A3 size on my wall each week. there is a good correlation btw the eurusd and the indices so that is a nice little bellwether....

i was surprised/threw my homework out when the swiss took the chf out. it caused the usdchf to go above the longer term trendline. i had the usd in for a bull wedge and the eurusd in a bear wedge.

i was expecting the usdchf to come down to 1.1000 or just below and bounce.

as for the indices support and resistance lines are quite good, trendlines even better. they really work.

i trade just the s&p and the ftse and have the charts next to each other trading the ftse 6am - 12pm then the s&p for the rest of the day....

a good place to short the s&p was 800 and you can still get in on the action now... its just fallen out of its channel and is at 779. its a massive support / resistance line.

personally im still bearish and will be until after the summer at least. we have 2 more months of indices murkyness.
 
Sometimes I think this is criminally easy and sometimes I think it's criminally difficult.. Yesterday, I was actually watching a movie and I heard "Your deal is confirmed" 5 times within a few seconds.. I thought what the hell is going on?? So I come into my office room and my buy stops were all picked up simultaneously.. I picked up $400,000 and rode it an average of 200 pips in less than a minute. I was clicking SELL 40 lots like a maniac and couldn't get the broker to execute the order because the rates were jumping around too much. I finally got my order executed and made more than $8,000 in less than 2 minutes!

Then I stayed up really late and waited for the Japanese session to end.. EUR/USD found a stable bottom and I put 100 lots long and grabbed 110 pips risking 35.. Another $11,000! Had I let it ride I would have made another $28,000.

Talk about criminally easy! Oh but then there's the days when you get stopped out long and short and you're spitting and cursing and losing money hand over fist because your style isn't working.. and then there's somebody on this site talking about how easy it was to make money that day and you just want to go get a job at Burger King where things make sense.

I may have to learn equities or commodities because governments are getting tired of the "Big Casino" because Forex volatility makes their lives miserable..
 
Sometimes I think this is criminally easy and sometimes I think it's criminally difficult.. Yesterday, I was actually watching a movie and I heard "Your deal is confirmed" 5 times within a few seconds.. I thought what the hell is going on?? So I come into my office room and my buy stops were all picked up simultaneously.. I picked up $400,000 and rode it an average of 200 pips in less than a minute. I was clicking SELL 40 lots like a maniac and couldn't get the broker to execute the order because the rates were jumping around too much. I finally got my order executed and made more than $8,000 in less than 2 minutes!

Then I stayed up really late and waited for the Japanese session to end.. EUR/USD found a stable bottom and I put 100 lots long and grabbed 110 pips risking 35.. Another $11,000! Had I let it ride I would have made another $28,000.

Talk about criminally easy! Oh but then there's the days when you get stopped out long and short and you're spitting and cursing and losing money hand over fist because your style isn't working.. and then there's somebody on this site talking about how easy it was to make money that day and you just want to go get a job at Burger King where things make sense.

I may have to learn equities or commodities because governments are getting tired of the "Big Casino" because Forex volatility makes their lives miserable..

get all the mark dougls books you can boyo.

then you will be a trader my son.
 
Boyo?? :LOL: :LOL: :LOL:

Flag says UK .. I guess it must be N. Ireland huh?

Forex books tend to be pretty elementary.. I have read one recently called Forex Patterns and Probabilities for Range-Bound and Trending Markets by Ed Ponsi (not Ponzi)

Useless information in the beginning but the guy actually has practical techniques he's used... I'm pretty comfortable with my style, but I tried some of his techniques and they have great potential me boy..

I've got 3 years under my belt but still have plenty to learn.. My specialty is a broad understanding of what's going on in the economic world and making buy and hold trades, but I also trade breakouts, reversals, ranges and I used to trade wars with huge leverage via Swissie, but I think they're out of the running now..

I use limit orders a lot more than stops.. I trust bounces off of strong resistance far more than breakouts these days.
 
PREDICTIONS NEXT WEEK:

1.34 will provide great support and last week's highs will provide great resistance.. So I'll go with the same strategy I used last week which is use huge buy and sell stops above or below these levels because there's potential for big moves.. Last week was my best week ever.
 
How are things guys. I been away for a while. You guys been successfull recently? I am looking to start trading again this week.
 
gud to hear Danny. Just read ur posts Pip, sounds like your making a killing! well dun. Hope to join you this week
 
I didn't talk about it but my friday trades were very profitable as well.. EUR/USD tanked as expected..

Just waiting for the markets to open now.. I want my streak to continue.. I'll post my trades beforehand again so you can see what I'm doing. I'm going to start trading news events with massive leverage and I'll start posting the dates and times of the events along with the location and amount of my sell and buy stops maybe 30 minutes before the event.. Basically whenever the price action goes into consiolidation mode before the announcement...

Bookmark this page boys.. this has some good info..

Economic Calendar
 
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I'm buying EUR/USD at 1.352, will double the lots at 1.3435 and will stop everything out at 1.3385 as a buy and hold trade looking to 1.44 within 2 weeks.. Not going to put too much leverage on it..
 
WATCH OUT! New plan to buy toxic debt has S&P futures way up.. We could see a really huge stock rally tomorrow (Monday) and even though GBP is struggling the USD weakness could be overwhelming.. I would go long EUR/USD ..
 
Nikkei up 3% .. Europe is sure to follow and S&P futures are now up 1.5% .. Going long USD would be spitting into the wind..
 
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