Forex Trading Discussion!

[act333]

mind sharing what do you look out for trading the 1min charts?

Yesterday was one-off cos the volatility was so great that trading higher time frames meant a 100-pip stop loss.

 

[act333]

Ended this Friday pretty badly with a total $1.4k loss cos of a naked AUDUSD long. That's almost 20% of my account equity wiped out in a day! FML

This week stands at +2.4k. Equity at 6.6k.

 

[squan123]

u didn't have a SL? when you're so highly leveraged it doesn't sound right to hold a position without a SL.

but what matters is a positive return at the end of the week!

 

[JobHunter]

Hey a few question would like to ask:

1. Any good books to recommend for beginner?
2. when you do your trade, can it be done by our self e.g buy and sell?
3. What is the minimum amount required to open an account?

 

[squan123]

Hey a few question would like to ask:

1. Any good books to recommend for beginner?
2. when you do your trade, can it be done by our self e.g buy and sell?
3. What is the minimum amount required to open an account?

1. go to babypips.com and finish the 'school' section
2. yes
3. depends on each broker. you do have to satisfy certain requirements before you can trade live. check with individual brokers.

create a demo account with a broker of your choice and play with the software for awhile.

 

[act333]

Through the weekend, Chinese GDP numbers came in better than said earlier due to 'misquote'. Hence, I am looking for longs in AUDJPY and AUDUSD.

Trades made today:
Long 100k AUDUSD @ .91066 (SL at .906)
Long 100k AUDUSD @ .90970 (SL at .906)
Long 100k AUDJPY @ 90.127 (SL at BE now)
Long 100k AUDJPY @ 90.066 (SL at BE now)

Hope this week will be a good one.

 

[act333]

Stopped out of AUDUSD for -35 average.

Rumors of German downgrade sparked selloff

 

[guowei]

any tips for today? plan to short USD/INR today, waiting for my indication to give me signal to enter

 

[act333]

I'm currently long EURJPY at 130.63 on a breakout from triangle and in an uptrend. The H&S is worrying though.

I'm currently 0.2 of my usual position size, will be buying 0.1 every 10 pips it goes against me until it reaches my final SL at 129.7

Other than that, my AUDJPY is doing pretty well and I took profit on 60k at +70 to cover my AUDUSD losses. Also shifted my SL on the remaining 140k to 90.7 to lock in +70.

USD/INR looks like a good short, though you missed a super good entry when it was testing the lower trendline

I think it may go down to the 58.2 area before retracing to 58.95 for a possible short entry.

Here's a chart

 

[guowei]

i always lose money on EUR good luck bro

 

[revered_man]

Nice TL's you have drawn there.

 

[act333]

Took a AUDUSD long here at 9155. Second time this week after my failed trade yesterday. Higher SL of 9090 (-65) this time targeting 9300 (+145)

Add: Looking to short USDJPY at 100.85. SL undecided. TP at 98, reverse AUDJPY position at around 92.3

 

[squan123]

I'd TP @ 9265-70 for audusd. Price hasn't come back to any recent high since mid April.

 

[act333]

I'd TP @ 9265-70 for audusd. Price hasn't come back to any recent high since mid April.

Thanks for the suggestion, but I'll stick to 9300 for now. On the hourly chart, there's a swing high that should be targeted. Beyond that, retail positioning in AUD is generally heavily short, which should lead to a short squeeze and targeting of shorts beyond the 93 level. Just my thoughts behind my stop loss placement.

 

[act333]

Wah kena stopped out from my 40k EURJPY at -30. Damn suay. Trying again at a better price of 130.2... Only consolation I have ><

After clearing some, now left with 85k AUDJPY, 100k AUDUSD, 100k EURJPY and 10 shares #AAPL. I can play US shares at 500:1 leverage leh

 

[guowei]

Wah kena stopped out from my 40k EURJPY at -30. Damn suay. Trying again at a better price of 130.2... Only consolation I have ><

After clearing some, now left with 85k AUDJPY, 100k AUDUSD, 100k EURJPY and 10 shares #AAPL. I can play US shares at 500:1 leverage leh

500:1!!!! i only 50 :1 Bro your heart is make of steel sia

 

[act333]

Ya I have the leverage doesn't mean I'll do it. It's for the times when an enticing trade set up occurs but I'm still in other positions where their SL is > break even. Hence, I'm not really taking more risk even though it seems so.

 

[hellfire88]

hi act333,

you are using 75% of my margin, which means you only have a maximum of 1 open position at any given time?

which brokerage you are using that allows 500:1 leverage?

 

[act333]

Eh no no. The 75% was for Oanda who offers 50:1 leverage. So right now, my margin use is more towards 10%.

I try to have max 2 open positions where their SL is still in the negative. Once their SL is at least break even, I can open more positions while keeping risk to a minimum.

As for the brokerage which offers it, I don't recommend it. 50:1 leverage is more than sufficient to generate a healthy return. Playing with 500 just means you will over leverage and blow up your account faster. If you really want to know, PM me.

 

[act333]

FX didn't move much when asleep. Decided to clear all this morning except for my 20 AAPL shares.

Weakness in US economic data matches with technicals on longs on Gold. Buying 100oz gold at 1291.4 with upside target of 1330-1350 and SL of 1260. Also in 200k USDCHF as a hedge, and also as a pure technical play.