Forex Tradingwithrayner

[shawnwong]

I don't know to put chart...
Anyway I should had hold the trade, looks like gbp is crashing...

When you close out at 20pips profit, what's ur target and what's ur stop loss?

In FX or in any form of trading, there is no such thing as 'I should have'. No one has a crystal ball, we can only make decision at that moment based on the available info.

If you enter a trade without having any form of money mangement (target, stop loss, trade size, etc), I will strongly advise you from doing it again.

In FX trend is all relative. The so-called up or down or sideway, it all depends on what timeframe you are looking. Don't be fear by so called drastic drop or rises.

So what timeframe r u playing and what is your stop? To be honest, a 10 or 20 pips stop, you can't possibly survive. Maybe your style is super short term scalping. Give you a piece of info, as of now, the average daily moment of cable(gbp/usd) is 120 pips. Say you caught it at the wrong side, you need at least 120 pips stop to survive a day!

Anyway, all these are not to discourage you but we all been thru it. Keep a log or journal of all your trades. It helps...

 

[HWZ1973]

When you close out at 20pips profit, what's ur target and what's ur stop loss?

In FX or in any form of trading, there is no such thing as 'I should have'. No one has a crystal ball, we can only make decision at that moment based on the available info.

If you enter a trade without having any form of money mangement (target, stop loss, trade size, etc), I will strongly advise you from doing it again.

In FX trend is all relative. The so-called up or down or sideway, it all depends on what timeframe you are looking. Don't be fear by so called drastic drop or rises.

So what timeframe r u playing and what is your stop? To be honest, a 10 or 20 pips stop, you can't possibly survive. Maybe your style is super short term scalping. Give you a piece of info, as of now, the average daily moment of cable(gbp/usd) is 120 pips. Say you caught it at the wrong side, you need at least 120 pips stop to survive a day!

Anyway, all these are not to discourage you but we all been thru it. Keep a log or journal of all your trades. It helps...

Thank you very much for your advise...

I'm trading on H4, SL 70 pips, TP 120 pips .

First trade after a long while, abit spider when saw the gbp strengthening.
Closed trade.
Live to fight another day.
Nice to hear from you ...

 

[shawnwong]

Thank you very much for your advise...

I'm trading on H4, SL 70 pips, TP 120 pips .

First trade after a long while, abit spider when saw the gbp strengthening.
Closed trade.
Live to fight another day.
Nice to hear from you ...

Have you keep track of your winning % of your system? At 70 stop, 120 target, your system need ~36.85% to break even. Say if you win 4 out of 10 times, you make money. 3 out of 10, you lose. What about your losing streak? How many do u lose in a row? It will affect the psychological aspect of your trading.

 

[tradingwithrayner]

Weekly analysis 26-05-13

 

[cocaman]

I'm new to forex, need urgent advice.

I bought 2 lots of AUD/USD at 0.9670 and 1.03 lot of AUD/USD at 0.9674

Apparently AUD/USD has dropped to 0.9620, should I just keep and hold it rather than losing it if I sell it now?

Just a NSF and started with 800$ w instaforex

 

[tradingwithrayner]

I'm new to forex, need urgent advice.

I bought 2 lots of AUD/USD at 0.9670 and 1.03 lot of AUD/USD at 0.9674

Apparently AUD/USD has dropped to 0.9620, should I just keep and hold it rather than losing it if I sell it now?

Just a NSF and started with 800$ w instaforex

For the longer term good to your account and your financial well being, please close all positions and the account.

Withdraw whatever remaining money you have in your account and keep it safe.

1) Go back to studying what this business is all about. For starters Forex Trading Online: Foreign Exchange (FX) Trading | Currency Trading

It pains me to see NSF risking their hard earned money without a clue to what they're doing!

2) And before you start wondering and say "but hey the AUD/USD has dropped so much recently, it's bound to rebound! And i could potentially make back my losses and even more!"

Well i don't care if that happens. The reason you're already down is because you have no planned for an exit when things start to go sour. And even if price does rebound and potentially bringing you back to profits, i would say it's more harm than good in the long run.
Why? Because chances are in future you will do the exact same thing again thinking that i survived the last time round, why not this time as well? Perhaps even risking even more money in future as humans are greedy by nature!
But the markets wouldn't be so kind to rebound for you and will potentially wipe out your account completely.

SO PLEASE BAIL OUT ALL POSITIONS NOW AND GO BACK TO BASICS.

 

[CherylW]

I'm new to forex, need urgent advice.

I bought 2 lots of AUD/USD at 0.9670 and 1.03 lot of AUD/USD at 0.9674

Apparently AUD/USD has dropped to 0.9620, should I just keep and hold it rather than losing it if I sell it now?

Just a NSF and started with 800$ w instaforex

Bearish trend AUD. I'll give a simple answer if it doesn't cross above 0.965 soon, and then 0.96685, then get out.

I would however look out for support at this level 0.96085. broken, bye.

try to exit beautiful with as little losses; if possible 0.97516. You should not think of buying AUD at all now. stocks can be used for value investing not fx.

 

[Dividends Warrior]

Nice!!!!

 

[tradingwithrayner]

Nice!!!!

Thanks! Great to have you around Dw!

 

[Skinny_bastard]

thoughts on usdjpy??
im waiting to enter when it breaks resistance level

 

[Dividends Warrior]

I'm new to forex, need urgent advice.

I bought 2 lots of AUD/USD at 0.9670 and 1.03 lot of AUD/USD at 0.9674

Apparently AUD/USD has dropped to 0.9620, should I just keep and hold it rather than losing it if I sell it now?

Just a NSF and started with 800$ w instaforex

Wow..........

 

[Duku888]

I'm new to forex, need urgent advice.

I bought 2 lots of AUD/USD at 0.9670 and 1.03 lot of AUD/USD at 0.9674

Apparently AUD/USD has dropped to 0.9620, should I just keep and hold it rather than losing it if I sell it now?

Just a NSF and started with 800$ w instaforex

If you are asking this question, you should just close the account.

Learn more first before stepping in. Easy money can also mean big losses especially if you are not familiar with what you are doing.

 

[supratentorium]

I'm new to forex, need urgent advice.

I bought 2 lots of AUD/USD at 0.9670 and 1.03 lot of AUD/USD at 0.9674

Apparently AUD/USD has dropped to 0.9620, should I just keep and hold it rather than losing it if I sell it now?

Just a NSF and started with 800$ w instaforex

i actually think you might have bought a good lesson with 800 dollars even if you blow up your account. 800 dollars , the price of an Ipad or a handphone? Hope this causes you some form of pain, because that will remain as a scar and be seared into your unconscious mind. That is useful.

 

[Duku888]

Aud is putting in a daily bullish hammer. If close above 0.964 , it's short term bullish with divergence in RSI as supporting a short term bullish move up. So cocaman. This might just be your get out of jail card if it close up tonight.
If you don't understand what I just wrote, better close off when you are in the money.

 

[Profee]

thoughts on usdjpy??
im waiting to enter when it breaks resistance level

I prefer USD/JPY to the downside. Looking to play the rising wedge, 1st target will be around 100. I think the upside is limited, don't think we going to see price go above 105.

I'm new to forex, need urgent advice.

I bought 2 lots of AUD/USD at 0.9670 and 1.03 lot of AUD/USD at 0.9674

Apparently AUD/USD has dropped to 0.9620, should I just keep and hold it rather than losing it if I sell it now?

Just a NSF and started with 800$ w instaforex

1st of all we do not know what's your lot size. With $800 and trading mid-long term, it's better to trade with micro lot as stop lost gonna be wide, at least 50pips.
2nd, you are a NSF. How much time you can contribute to trading? If you don't have much time, so a longer TF will be better for you. Since you are new, you should stick with daily TF. If you can't handle daily TF, I doubt you can handle any TF shorter than that.
For your situation, you should have at least a stop loss at few pips below 0.9570. You going to have stop loss of 105-110pips. So how much are you risking? Is it worth it?

Try a demo 1st, until you have a profitable system then go for micro lot live account to test your mental strength.

Just my 2cents.

 

[Lasogette]

just shorted cable. Signal was the small bearish engulfing candle on the 1 hr

 

[shawnwong]

just shorted cable. Signal was the small bearish engulfing candle on the 1 hr

Stop, target? And holding till? cable average trading range as of now, ~110 pips.

Anyone heard of or using 'Delta Phenomenon'? The so-called hidden market order based on the interaction star, moon and earth and things like that. I have trace the points for cable and fiber.

Or any systems or indicators that can trigger some discussion ? ...

 

[Lasogette]

Stop, target? And holding till? cable average trading range as of now, ~110 pips.

Anyone heard of or using 'Delta Phenomenon'? The so-called hidden market order based on the interaction star, moon and earth and things like that. I have trace the points for cable and fiber.

Or any systems or indicators that can trigger some discussion ? ...

Got stopped out yesterday at 1.5080. Suddenly cable became very bullish

 

[supratentorium]

Got stopped out yesterday at 1.5080. Suddenly cable became very bullish

It's a range. Cannot make new lows, double bottoms. Prior highs 1.5156.

 

[tradingwithrayner]

Chart talk 30-05-13

A bullish pinbar is formed at the support level.

Stops will go below the low of the pinbar.

Conservative traders could look for targets at the 102.400.

Resistance at around the 1.2980 level.

Waiting for a bearish price action signal before shorting.

Price is ranging on the 4hr TF.

However it would be difficult to look for an entry here.

I would suggest going down into the 1hr TF and look to buy at support and sell at resistance till eventually one side gives way.

A bearish engulfing pattern formed yesterday.

For those who are short in it, you could look to either take profit here or set your stops to breakeven hoping price will tank further.

And a little bonus for stock traders out there!

Stops will be above the high of the pinbar and possible targets at 1.75 & 1.65 respectively