EUR.USD

[slam]

Well that just ruined my day[B)]
Hope no one got burnt too much

Miner may have made the best call a few days ago

"Touch 219ish first maybe?."

[peat]

yes I went home at lunch and reduced long exposure at 1.2270 but still



account wont last too much longer of this....
perhaps forex isnt for me , even with Max's assistance

[peat]

quote:Originally posted by arco


A very sudden and unexpected move south....whats
happened in Europe?

EUR/JPY Japan Trust Bank Sales Seen Catalyst For EUR/USD Break

IFR newswire

[miner]

Peat did you ever try doing your own thing?(talked about it a while ago) as if you want a job done properly do it yourself etc,no one is going to make money for you.

Please don't take the above the wrong way as last thing am trying to do is rub your loss in.

Tea leafs have said south for days,but then I only read ST now and then so clear mind etc,hope it turns north for you.

First thought usd/chf test 748ish and as this goes opp way test around 150ish?,or I just made the worst call in FX history[:0][B)].

Cheers
Miner

[arco]

Hi Peat

Yes, its not an easy business.

If this is any help -

FX trading is not at all like share trading. The
same techniques do not necessarily work.

So, one of the 'must do' rules IMO is this....

Always take some profits off the table when they are there.

Be happy with any profit, - there is always tommorrow
to take another trade, and you can always jump back on
a trend.

Every one has discovered its possible to go to bed with a very
large profit on paper only to wake up in the morning
to find the account decimated.

Therefore. If you have scored 50-100 pips....sell at least half
of your position and then put a 50 pips trailing stop
on the balance. A profit is a profit. You will not go broke
with this policy.

arco

[peat]

thanks guys , and certainly I take nothing the wrong way miner....
i was trying my own thing for a while but that wasnt working either so hence the subscription thing with TCL

arco truth be told there have not been any 50 pip positives for a while now.... so havent really had that luxury... last night was getting close for a while... but confidence that it had turned kept me in.

oh well its only money....
I dedicated this account to giving it a good shot and I have a few more trades left before I blow.

Was reading aboout the GANN charts and Three Point Break charts last nite ..... arco do use those ?

[arco]

Peat

Three Point Break charts are I think similar to Renko,
Kagi, P@F. I'm not sure if they work well on FX. It
would be slow going.

The most simple things that work well on FX are

Candlestick Patterns - see Nisons first book, or
check out on the web - heaps of info.
You will be able make money using just the main
few patterns.


Patterns like Gartley/Butterfly (see books by Pesavento)
are good but you really need to know Fibonacci, EW, etc
to use them well. A little Gann can also help but
its very complicated.

Suggest you try the Candles first, and shoot for say
20 pips initially. Then increase this gradually as
your confidence grows. Experiment on a demo account.
Use EOD if possible, but you can watch 4 hour charts
for spotting patterns and gaining knowledge.

Let me know if I can help you further.

arco

[peat]

yeh i have read about candlesticks of course
i mean I have done a lot of work on this over the year I been at it now..... but hmmm maybe not the right mental attitude
but yeh going back to demo is a good suggestion

tho I know what will happen - I will get rich with play money hahah

[arco]

Peat

The Gann 2207 level remains possible support for the
short term with resistance above at Gann 2695.

Todays candle at the moment could be forming a
Hammer/Harami on the up-trend line which if
followed by a long green candle tomorrow may
create a Morning Star Pattern (Bullish)

In this case you could get out unscathed, but
you may want to consider bailing out if that
Gann support fails decisively.

I also have Gartley projections that target the high
area, although these signals are not by any means
guarantees of a north bound passage.

arco

[peat]

thanks arco
I think I will put a stops in at graduated levels starting below 1.2190

<my policy of variable entry/exits is an attempt to mitigate my poor timing in general>

Its hard for me to believe that a reversal wont take place soon... so many down days consecutively isnt that common