Forex Trading Discussion!

[daniel8248]

hello fellow traders,

have a great day. brought eur/usd @1.28 now is at 1.31.

will it continues to rise.?

 

[act333]

hello fellow traders,

have a great day. brought eur/usd @1.28 now is at 1.31.

will it continues to rise.?

From what I can see, EU will be heading higher within the next 72 hours to test 1.325-7. I expect prices to fail at those levels and continuation of the downtrend.

Ben will be speaking a lot these few days though. If I were you, I'd take partial profits and buy back should price head lower.

 

[shawnwong]

You risk too much each trade and good MM is one of the factors for success...

 

[guowei]

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.

gold.... dont play with gold ba, the spread is too big liao, not worth the effort unless u plan to go for the long run. need extreme care.

 

[squan123]

You risk too much each trade and good MM is one of the factors for success...

Hypothetically speaking, if you find that you have a 90% success rate, would you keep to the 2% rule?

If one has a small account and a sound strategy, you won't get rich just by sticking to the norm. By thinking out of the box your chances of survival and success will be higher

 

[squan123]

gold.... dont play with gold ba, the spread is too big liao, not worth the effort unless u plan to go for the long run. need extreme care.

gold can be highly profitable. spreads are relative. If it can move 200pips in 1hour, will a 20pip spread matter much? Say, the euro averages 20+pips an hour for this session with a 2pip spread. It's the same.

p.s. a 200pip move in gold is like watching paint dry. open up a chart and you'll understand why. better still, demo or live trade it

 

[act333]

I just appreciated the volatility of gold the hard way today. $5 move against me = $800 paper loss. Gonna set a hard stop loss of -$1000. Lesson learnt and live to trade another day. I will stick to demo trading gold and silver for now.

Also stopped out of USDCHF for -25.

This article I read before might be of interest - Spread-To-Pip Potential: Which Pairs Are Worth Day Trading? I used to trade GBPJPY a lot until I blew up my account quite spectacularly fading the uptrend.

 

[squan123]

This article I read before might be of interest - Spread-To-Pip Potential: Which Pairs Are Worth Day Trading? I used to trade GBPJPY a lot until I blew up my account quite spectacularly fading the uptrend.

Thanks for the article. Gold spread is about 2-3% of daily range on a conservative 1000pip average, which proves my point.

I adopt a very simple trend following strategy trading the gold. I would never CT gold, but hey that's my own opinion.

Don't give up on gold just yet, keep at it until you at least double your demo account. There's light at the end of the tunnel, hopefully!

 

[act333]

Must really thank Botak Ben for my gold long. Cleared 100oz for a decent gain, left with 50oz that I bought on the way down.

@squan123 what timeframe and how big is your stop loss when trading gold? Kinda interested in trading precious metals now. But I will need to observe their behavior over the next few weeks.

 

[squan123]

Must really thank Botak Ben for my gold long. Cleared 100oz for a decent gain, left with 50oz that I bought on the way down.

@squan123 what timeframe and how big is your stop loss when trading gold? Kinda interested in trading precious metals now. But I will need to observe their behavior over the next few weeks.

it's due to the disappointing figs for US housing, bernanke hasn't give his speech yet. I longed it but got stopped out by the spike south of 1284 before it went back up.

I trade the hourly on gold. SL depends on the recent low/high. Always move up the stop to BE. It spikes quite abit. One thing good is the high r:r when u catch on the trend.

 

[act333]

Oh no la. Ben reads from the script which is released 1.5hrs before he actually speaks. You can read it here - FRB: Testimony--Bernanke, Semiannual Monetary Policy Report to the Congress--July 17, 2013 Depending on what extra dovish stuff he say later, gold may continue its upward momentum from the triangle it is forming now

 

[squan123]

Yeah, i know that. The script is within expectations as predicted by everyone. But the figs aren't and reaffirmed the need for continual stimulus.

Anyway, let's see what else he says!

 

[hellfire88]

hi act333 do you have a public myfxbook to share?

 

[act333]

FWAH woke up to a 1.7k loss! Now back to starting capital liao... Turns out I placed my TP on the wrong trade. Now have to slowly crawl back up liao

Here's my 2 myfxbook haha. Reason why start this week is cos last week made some huge losses, so decided to set up a new account with a fresh start.

Conservative SGD System | Myfxbook
Aggressive USD System | Myfxbook

 

[daniel8248]

good morning,

got any website to read more info? can sic haha

good luck trading today !!!

anyone trade base on per day chart ?

 

[hellfire88]

thanks act333 for sharing your myfxbook

i got your pm as well btw. thanks for the broker info!

 

[act333]

Hahaha if I suddenly disappear from this thread you can check my fxbook and know why liao

This morning I am short EURUSD and AUDUSD. Gonna earn back my losses from gold yesterday!

 

[guowei]

Hahaha if I suddenly disappear from this thread you can check my fxbook and know why liao

This morning I am short EURUSD and AUDUSD. Gonna earn back my losses from gold yesterday!

congra bro, dropping liao

 

[hellfire88]

hi act333, how do you determine your entry points?

 

[act333]

good morning,

got any website to read more info? can sic haha

good luck trading today !!!

anyone trade base on per day chart ?

If you have finished reading Babypips, I would suggest you pick a strategy of your liking here at Trading Systems @ Forex Factory and trade it on a demo acct. There's only so much reading up can help you. It's time to get down and dirty with the real thing.

hi act333, how do you determine your entry points?

I mostly do my analysis on the 4hr and 1hr chart. But sometimes when I am lazy I will just go to the Babypips blog or ff forums and get some ideas for a bullish or bearish bias.

For actual entry I use the 15min or 5min chart and enter long on declining weakness or short on dissipating strength. Things like the 50/61.8 Fib extensions and divergences come in pretty handy here for entering at a good price.

Once in the trade, I will aggressively manage my risk since I'm so highly leveraged. I use an EA from Stop Loss Mover - MQL4 Code Base to auto move my SL to breakeven when my current pipgain = SL size. After that, I might add on to my position since technically my margin is 'free'. Or look to enter in other pairs.

Exit is more impt than entry imo. Cos it will determine how much you earn/lose per trade. My win-lose ratio is just a bit over 50% but my earn per trade is bigger than my loss per trade (except for impulsive ones like gold ) Trading is all about keeping your emotions in check.

Perhaps you guys want to share your chart analysis for other people to comment on?