Forex Trading Discussion!

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act333

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Hello fellow traders!

I thought I would l open a thread here for people to share ideas about FX trading since the previous FX thread seems to be dead for quite some time.

A bit about me: I'm 21, learned forex trading while in the army, though didn't do very well cos always outfield and I'm unable to monitor the markets then since I was an intraday trader then. Also, I tend to use lots of lagging indicators which really just causes indicator fatigue.

Finally, I settled on trading price action instead and settled on swing trading by analyzing 1 to 4 hour timeframes. I also use some Elliott Wave Theory in my analysis. Fundamentals-wise, I do take care trading around news events, but trading goes on if my technical analysis gives me the green light.

I risk 75% of my margin and take trades that have a reward to risk ratio of min. 2:1, but usually it's 3:1 and above. As you can see, I am more risk-loving haha. But I try to keep my stop loss within 10% of account equity.

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My goal is to gain 20% per week, 50% per month, 500% per year to pay for my school fees! So far looking good! :D

Conservative Acct: http://www.myfxbook.com/members/brianho/conservative-sgd/637218
Crash-and-burn Acct:http://www.myfxbook.com/members/brianho/aggressive-usd/637212

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Stuff I am looking at this week!

AUDUSD - Looking to buy on pullback towards 0.9150 with target 0.93 and beyond :D
USDJPY - still blur???
EURUSD - favour longs now with eventual target of high 32xx/low33xx
AUDJPY - looking to short a (very unprobably) spike of 92.30
Nikkei - bearish divergence, looking for nice short (actually I'm already short a lil' bit)

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Recommended threads at ForexFactory (I can't post link so have to Google yourself)

Christopher's Corner
The James16 Chart Thread
The WoRmHoLe
Trade what you see NOT what you expect
 
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guowei

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hmmmm, i might be a noob so i might not know what i talking about... but 75% per trade doesnt seem like much of a money management :s13:
 
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act333

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I don't really have much to lose cos I started with 4.5k, traded till 8k then I faster withdraw my 4.5k liao. Capital preservation in case account blow up haha.

So now back to 3.5k. Hopefully can double that or sth haha.
 
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act333

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Taking a long now for USD/CAD at 1.0519 with SL of 1.0460 (-59) and TP of 1.0700 (+181) which is a R:R is around 3:1.

Also, an impulsive long from GBP/USD demand area at 1.488. Let's see how this trade goes.

Lost $900 today shorting NZDUSD >< Note to self: Don't fade rallies.
 
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revered_man

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act333 said:
Taking a long now for USD/CAD at 1.0519 with SL of 1.0460 (-59) and TP of 1.0700 (+181) which is a R:R is around 3:1.

Also, an impulsive long from GBP/USD demand area at 1.488. Let's see how this trade goes.

Lost $900 today shorting NZDUSD >< Note to self: Don't fade rallies.
Click to expand...

I was eyeing the same long for cable, 1.48782 to be exact. But i did not get long as i did not see any candlestick pattern. Why did you take the trade? Was it just based on a blind touch trade?

What's your first TP? Mine would be 1.4920 and 2nd Tp would be 1.4950 if i am on the trade.

Thanks.
 
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act333

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revered_man said:
I was eyeing the same long for cable, 1.48782 to be exact. But i did not get long as i did not see any candlestick pattern. Why did you take the trade? Was it just based on a blind touch trade?

What's your first TP? Mine would be 1.4920 and 2nd Tp would be 1.4950 if i am on the trade.

Thanks.
Click to expand...

My TP would be half at 1.492 (which was hit already) and TP2 at 1.4975-14980.

I placed an order at 1.488 cos 1.4878 was tested and rejected 5 times before a breakout occured convincingly at the 1.05pm candle. It was a trade based off the break and retest of the resistance-turned-support.
 
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If you look at 15 min chart, I connected the lows of yesterday's 2230 candle and today's 1000 candle. That, tgt with the 1.4878 S/R line forms an ascending triangle. I am using it to trail my stop loss, currently at 1.486.

There's an internal trendline you can plot too to get a good entry at ~1.4997. :D
 
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revered_man

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act333 said:
If you look at 15 min chart, I connected the lows of yesterday's 2230 candle and today's 1000 candle. That, tgt with the 1.4878 S/R line forms an ascending triangle. I am using it to trail my stop loss, currently at 1.486.

There's an internal trendline you can plot too to get a good entry at ~1.4997. :D
Click to expand...

Yeah. I see it.

Market's messing with you..lol..price hovering near your entry :s22:
 
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act333

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revered_man said:
Yeah. I see it.

Market's messing with you..lol..price hovering near your entry :s22:
Click to expand...

ya really mindfugged sia. haha.

Aiyah I already did my analysis liao but too bad Mr. Market won't follow my analysis...Small fry mah.

Waiting for NY Open! :s12:
 
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act333

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Had a rough night. :s22:

Woke up at 2.20am when my stop loss for USDCAD and EURGBP was triggered. +$16 and -$620 respectively. Did some analysis and went long AUDUSD at 0.9121 at 3am and went back to sleep. Margin call from Oanda at 4am but slept through it. Thankfully, it shot up after botak head's speech and closed at +$1600.

Looking to enter a AUDUSD long again, a USDJPY short and NZDUSD long when a decent RR setup plays out.
 
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revered_man

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act333 said:
Had a rough night. :s22:

Woke up at 2.20am when my stop loss for USDCAD and EURGBP was triggered. +$16 and -$620 respectively. Did some analysis and went long AUDUSD at 0.9121 at 3am and went back to sleep. Margin call from Oanda at 4am but slept through it. Thankfully, it shot up after botak head's speech and closed at +$1600.

Looking to enter a AUDUSD long again, a USDJPY short and NZDUSD long when a decent RR setup plays out.
Click to expand...

Mr Botak head little speech cost me over 300 pips in the fiber. I was over 500 pips in the green but was stopped out at just over 200 pips. I got a shock when I saw that there is no longer an open position in the fiber when I checked my phone when i woke up. I thought I accidentally closed the entry. :s13:

Anyways I'm eyeing for a long in the Aussie (0.9210-0.9230) if PA presents itself.

Btw great job on the Aussie long. Got time to share why you took the trade or not? ;)
 
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act333

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jxgIyb8.png


Bearish divergence on 5min TF. I think mostly tyco one.

Currently don't have any good trade setup cos the volatility really too high. I will post here if I see any though.

EDIT: Long E/U at 1.3025 cos AB=CD at 1.302
 
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