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That is actually my biggest problem: going to bed!
I often watch spot trade the entire day setting itself up nicely for something. And I see confirmation everywhere about a nice entry just at a certain level that would break when reached and move 20-50+ pips. So I wait one hour, and another hour, and another hour. I get tired, I go to bed only to wake up the next day to see, if I had waited another 10 minutes I could have had 50+ pips trades. I happenend 3 times in the last 2 weeks. grrr. I usually don't leave trades open when I go to bed unless I am 20+ pips in profits and momentum is on my side.
I am now seriously thinking about getting a partner or two, to share an account and trading times. My plan would be 9 hours per person and day, 8 hours alone and 1 hour for knowledge exchange.
However I don't know anybody around me who is good in Forex. And if I know, there is also the question about trust etc...
Does anybody have any experience in this?
eur/gbp broke the downward trendline on the daily a few days ago. But on the hourly chart it is moving down with some support around the .6880 area. So I will watch to see which way it decides to go next week.
I see, there is also a strong support line on eur/gbp at 6869, moving up 2 pips every day on daily. If this is broken to the downside, eur/gbp is in neutral territory imho. And only below 6840 it's bearish imho. However they should provide decent support next week. Will watch for clues as well. Above 6928 is bullish.
About eur/usd, if it moves above 3090-95 I might play it long with tight stops. Imho there is a high risk that this move could be a fast spike that sells of quickly again, unless it gets above 3130...
Sometimes I get impatient and enter too early that's when I end up taking a loss mostly. With nzd/usd can't quite remember why I entered that trade now. That was just way too long ago. But I do remember thinking I should have waited for better signals and I placed a tight stop before going to bed. I was stopped out for a small loss. I still have much to learn.
I would wait for the 105.95 break.
gbp/usd I will watch for a break above 1.8975 then reassess for a long trade. eur/gbp broke the downward trendline on the daily a few days ago. But on the hourly chart it is moving down with some support around the .6880 area. So I will watch to see which way it decides to go next week. Next resistance for eur/usd is 1.3090.
Actually, Su, if you look at the 30 min charts of usd/jpy and use a little phantasy you see that this week built an inverted head and shoulder, which in itself is the handle of a cup in the 8 hr chart. It's neckline is 0587, which was tested today and which should run around 0590-0595 on Monday. This neckline in usd/jpy was exactly hit today when usd/cad led the way.
So if I am right on this (and I could be totally wrong) one of the next times usd/cad rallies, this usd/jpy neckline should give in. And if there is follow through, we should see a nice usd rally across the board.
I watch out for that next week or the week after. Monday and Tuesday could be nice opportunities for usd dip buying. In usd/jpy that would be 0536-0550.
What'ya think?
If anybody finds other chart formations somewhere, bring them on!
Disclaimer: Just my opinion. Trade on your own.
You think, eur/gbp AND gbp/usd will rally?
In that case it would be better to just buy eur/usd, no???
Also, I have a question, what happenend to your Long NZD/USD 7146? Did you hold on? I am mean you were essentially right, although it first went down a bit... I was actually going to ask you about this earlier, since at the time you posted this, all my indicators where completely neutral on this pair. Reason I didn't jump on since I didn't understand what was going on. So what made you buy it???
Actually, gbp/usd might end up being a decent long next week too.
Anything can happen over the weekend so will wait till next week to evaluate the charts. I'll have a close eye on eur/gbp though for a possible long trade.
Any strategy, market insight where we are going next week?
yub, just closed usd/chf at 1832 for a whopping +1 pip. Actually I was looking for 1850 or 1880 to fall but swissy was just too sticky. I see strong resistance here at 1820-1830, so next week dip buying could be a good strategy.
I was actually also considering buying usd/cad at 2290 at the same time, should have done that instead...
About holding over the weeking is only smart when you are deep in the profit and looking for immediate action on monday morning. Otherwise it's just risk without reward...
I'm off work all next week so I hope to be trading lots too.
I know what you mean stackelbergfuehrer about holding over the weekend. I always close all my positions Fri afternoon. I'm not that brave.
bought some usd/chf for 1831. Know the weekend is near, but want to get back to trading and posting. So s/l not far away...
Both trades closed out earlier today.
Closed out EUR/JPY at 133.80
going long on the eur/usd at 1.2984 using the MACD crossing at the bottom og the one hour chart
Energy stocks should be the play next week do to the winter storms
even though you can still catch some runners its just a little tougher now
look at the Nasdaq chart ,bearish at the moment 200dma should be the support if it goes lower well we shall see
http://stockcharts.com/def/servlet/SC.web?c=%24COMP
see what I mean they put you right on the money when you run scans check out those MACD short long they look good to me since your a chart man I can only look at charts on my amertrade
Tide closed 1.87 oil should be going up and chart wise its bullish
ronnies I am going to stick my head out here I bought TIDE at $1.79 for a swing trade friday if I read the charts right i should be out monday morning wih a prophit Iam not going to work Monday so if you are here I will let you know wether I got out or held on I gave you Kip instead of just any body over ther because he the best trader. but there is alot of good traders there he just one of them.
on currencies u either go aginst the dollar or with it ,not really sure how 4xmadeeasy can be much different than your own chart configurations. I sometimes like confirmation on trades I make and added software is always a plus.
I make money but not sure if I would spend 3k on software thats basicaly has the same win lose probability that I use myself. I just thought it would be a good confirmation tool.
my post 672 that was for free that litle info is a welth of info for some one who dosen't have the money to buy all the fancy tools and you can make just as much money as you want.trading is like a traid you start out with cheap tools then when you make some money you start buying better fancyer stuf I listen to the wizetrade radio show before I bought the software and made enough money to buy the wizetrad software
yeah thats pretty high ,is wizetrade that high too?
so come to think about all that free stuff not all that free but hey I spent 3500 on wade cook and lost my head in the market along with some other body parts and left that class with a note book and a pen
I hope your sitting down its around $3000 but try to to bargain with them I had no problem with the price because of all the money I made with the wizetrade so I look at as if it was free
thanks stockd... how much is the software? I called Kip and left him a message so he should be calling me back.
stockd... I wanted to incorporate 4xmade easy software to my account. I went to see wher I can buy this software and it seems to be recommending some kind of classes. Do you know where this software can be aquired???? and do you have to have their account for trading? or can u use your own? The 4xmade easy site isn't too clear .Thanks
Thanks for the info stocDawg. Appreciate it...I'm sure there are a few lurkers that will benefit from your info.
The board is looking dead but who ever comes here I have some good books to check out THE VISUAL INVESTOR and just read the chapter on MACD you don't have to buy the book most books stores have coffee shops then look at TRADING FOR A LIVING by Dr.Alexander Elder read and read again the chapter on psycholgy of trading and read the MACD chapter by then you should be done that cup of java here is a good cd to order from the Investorshelper you can get it at www.investoshelper.com its a litle slow and boring but just hang in there. This is a cheap way to learn how to trade I spent over $3000 in stock courses and I still can't spell but I learned the most from cheap books and free websites. I do have the 4xmadeEasy it not all that easy but I won't give it up because it does make a good tool for looking at trends and I have the WIZETRADE soft ware and I have grat success would not trade with out it I thought I would have the same with 4xmade easy but not the same to me that is I have eight out of ten trades winners on the 4xmade easy but when lose I lose big now when I use the MACD on the 5minchart 100% now I am just papertrading the 4x that is lets see what happens when I go real stocks that real money but I do think 4x is much more fun I hope this helps if there is some one out there who has some wisdom plase share.
got in at .7545out at .7538
yes just went short on the aud/usd piced up 210pips on 3big lots
stocDawg, are you still using 4x madeeasy? How are you liking it?
given the EUR another go
German GDP, U.S retail sales, U.S imp/exp prices due in the a.m
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