forex trading is so hard...

FXX

Experienced member
1,140 195
I trade like this all the time. After huge candle spike, I try get in for couple more candles, looking for exhaustion. I short when I think I see that for the retrace. Then cover, try get back in for another run higher. Get out higher (hopefully), but then wait for nice little drop into "the pocket". take another long, this one let it claw & climb higher. Get out. then wait & see what happens, thats how i scalp that chart..

:cool:
Just a suggestion because its definitely going to chew through your account. Don't trade against a move. Why don't you trade with the move off the bat? Getting in on a retrace is okay but not nearly as lucrative as getting in off the initiator.

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Brumby

Established member
593 137
I did take this on the release. My thinking at the time was the lack of cpi growth and core sales. I was also watching oil running lower into the release. The lack of cpi growth put any hike on ice with the core sales being the nail in the coffin. I was also in the mindset that this was the only opportunity on the day so there was likely going have have some attention if it was soft. I was expecting a softer reaction so only took 25 pips from the trade.
FXX,

Good read and trade on your part. I wasn't connecting the dots as quickly. I was aware that OIS was pricing in a 43 % probability going into the release but forgot about the BOC dovish data dependent stance in the April statement.
 

piphoe

Legendary member
10,038 194
Just a suggestion because its definitely going to chew through your account. Don't trade against a move. Why don't you trade with the move off the bat? Getting in on a retrace is okay but not nearly as lucrative as getting in off the initiator.

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Actually, I know this already FXX but thx for suggestion anyhoo.

I try to do both because I see so many lucrative retraces mostly after the fact.:eek:
 

piphoe

Legendary member
10,038 194
At the first time you place an order you will loss som $ depend on your broker spread. Try to analyze with higher chance to win and get profit.
Has my thread become a suppository for every new t2w member to get his obligatory post count and get off probation ;)
 

piphoe

Legendary member
10,038 194
dead in water for taking on new trades till EURO "retraces" a few hundred pips.

it's oversold i know :innocent:
 

FXX

Experienced member
1,140 195
Actually, I know this already FXX but thx for suggestion anyhoo.

I try to do both because I see so many lucrative retraces mostly after the fact.:eek:
Okay but do you have statistical evidence that these lucrative retrace pay off enough to warrant trade selection. I only ask this as I have seen many people go off what they see and when they break it down statistically, it doesn't end up being as lucrative.

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piphoe

Legendary member
10,038 194
Okay but do you have statistical evidence that these lucrative retrace pay off enough to warrant trade selection. I only ask this as I have seen many people go off what they see and when they break it down statistically, it doesn't end up being as lucrative.

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Unfortunately my eyeballs over yrs is my "statistics". I have realized my entry WITH THE TREND may not be best but that trend gets me out of lot of scrapes.

Going AGAINST the trend, better be RIGHT or dang close or tight stops or get slaughtered.

Learning that the hard way. Counter-trend trading is an advanced art & science.

And then there is the problem of "what is a trend". Obviously a big 15 min spike, may be. but seen lot of these come back to haunt too.
 

piphoe

Legendary member
10,038 194
Something fundamental going on with EURO that I don't get. Going down down down no matter what any of US indices are doing at moment. I look at US indices and consider trades in EURO to generally go opposite way. I'm missing smthg, and got burned.
 

piphoe

Legendary member
10,038 194
Looks like EURO on a tear higher today, will it continue don't know. do i hope it continues yes. do i want to see 2400 YES! will i settle for LESS probably. just to get back in the game if nothing else. (tempted to find another 500 bucks and reload. :)
 

Dowser

Experienced member
1,293 293
Has my thread become a suppository for every new t2w member to get his obligatory post count and get off probation ;)
Don't be so cynical, they're just trying to help you out man...
 

FXX

Experienced member
1,140 195
No worries, won't touch your thread again.

All the best

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piphoe

Legendary member
10,038 194
No worries, won't touch your thread again.

All the best

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sorry if i offended you, i was agreeing with you

the trend is your friend... i agree! best trades are with the trend. now what IS the trend??

the bigger the TF the bigger the SL. small traders don't have that advantage.
 

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