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got a trade on a/j -flipping it-needs to come back to me again -nite all
Aj has something similar going on with retrace level. Guess we'll find out if the boj is setting a sucker trap.
Then I hope they have bad news..Last post for today..Everyone have a good night..
Yes on both counts. Bad news from China is bad for everyone, markets included.
A break below 1.0590 will definitely set up more bearish conditions.
Still looking for 1.0430 but actually expecting 1.0375 at the bottom.
Heck yes if you're short. That is probably going to determine whether tomorrow is risk on or risk off. Personally, I think if it can't go up on unabashed exuberance at investors taking a 74 percent haircut in their investments then where else can it go? Probably going to be some repatriation flows come out of all this too but I couldn't fathom whether they might be risk on or risk off oriented.
So we want bad numbers for china news??
Also if we get below 1.059 will that semi confirm a downtrend..Only have one more post so figured I would ask now..
But wait, there's more on Greece! Like one of those tootsie roll lollipops where you can't ever get to the center.
http://www.zerohedge.com/news/reuters-reports-hedge-funds-have-found-greek-default-trigger-loophole
Unless the China news amounts to a big upside surprise, AU has now been rejected twice at the bearish hourly quad tunnel. Should be deadly.
I like .786s. That thing looks like some prehistoric dinosaur teradactyl bird with 4 wings.
I closed one lot there for 12 pips. Quick $120 just for grins and giggles.
Holding the rest.
That's what I had in mind when I mentioned the lentil h&s setup on the beast. Man that is a pretty chart. Super.
Means 1 to 1 such as AU = 1.00, leading currency is worth the same as the base currency.
Maybe they will realize its bad here shortly..All I know is I am back to green on all my shorts..
Can I ask what parity is..I have seen you guys use it before but never knew what it meant..
Great article over at FXLive about the whole Greece deal.
http://www.forexlive.com/blog/2012/03/08/the-real-headache-is-from-the-internationally-written-bonds/
I think they must still be in shock...LOL! I don't know that they've ever posted a negative trade balance before.
Either that or they're waiting on the China news to kick things into high gear.
Didn't seem to move it much though..
Here's an almost laughable look at the psyche of voters. Forget the reasons that caused it, just give me cheap gas. Friggin shame it is for people to be so damn uninformed about the causes and only concerned about the end result. Crap like this is why AU is above parity.
http://minnesota.cbslocal.com/2012/03/07/gas-prices-now-a-big-factor-in-presidential-election/
Trade balance was actually negative...horrible number.
I can't rule out a pop to 1.07 but I still feel like the overall count is bearish.
you still thinking we go down no matter what..
AU trade balance news in about ten minutes here gang...heads up! Between that and the China news, it could be a wild ride.
Still a possible hit at 1.07 at the daily middle bollie if it wants to. Just gonna sit back and wait. Not adding till tomorrow if needed.
Looking at AU's daily chart it could very easily take off to the topside in a hurry.
Well I was anyway..
So we've tested .067 twice now. Do you see another test before the flush? LOL
just seen another trick for MT4
http://www.forexstreet.net/profiles/blogs/psar-mt4-strat
I missed that one on the list. Thanks for the heads up, stargate.
tonight there is also China news (usually have impact on AUD)
Yep, that's the key. Those quad tunnel settings are SG's invention. I absolutely love them because they tell the real tale about what to expect. When those tunnels flip over hard as the price action drops, the price action will almost always come back up to test them but then they collapse and drop even harder afterwards.
I am learning and retaining..That's good..lol
Mainly the 1 hour but yes, that's correct. They never give up with just one test. They'll always hit it at least twice, maybe three times. Then they give up and it tanks hard.
Is that to retest the quad tunnel on the hourly and 4 hour..
Still looking at a possible retest of 1.0640 to 1.0650 here in the near term.
good deal cmon 1.05
Yep, that would do it.
Adding another AU short here.
Adding another AU short here.
If it gets below the 1.05 area does that confirm wave 5 down to the 1.04 target area..
Still looks like a wave four channel right now. They just moved it up to the 50% fib of the last move down.
Still looks like a wave four channel right now. They just moved it up to the 50% fib of the last move down.
On the hourly chart are we in a wave 2 pullback headed for wave 3 down??
Added a short back on AU here near 1.0620
apparently any official announcement tonight - tomorrow 6am gmt -
will cause lot volatility and (probably) risk-ON
all depend if it will last more than 1 hour
Looking at the 15 minute chart, wave 5 down would potentially bottom in the 1.0570 to 1.0580 range. Then we should get a sharp pop back up near 1.0650.
Still waiting for confirmation before entering another trade.
Possible AU wave four completion in this area near 1.0620. We're six candles in now on the 15 minute chart. Still need to see a new low to confirm.
Yep...things are playing out nicely for a bull trap.
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This is not a get rich quick scheme but patience and hard work
How to make the FX into a fulltime living. Before you do this please learn how to play first. 25 pips per day can sometimes be a dog fight to get. This will require a principal of $500 to $1000 to start but you must know how to play first.
1. 10K units=$264 principal at 25 pips per day for a month=$500 per month. Do this for 2 months straight from say Jan-Feb
END OF 2 MONTHS PROFIT=$1000
2. 30K units=$794 principal at 25 pips per day for a month=$1500 per month. Do this for 2 months straight from March-April
END OF 2 MONTHS PROFIT=$3000+$1000=$4000 TOTAL PROFIT
3. 60K units=$1590 principal at 25 pips per day for a month=$3000 per month. Do this for 2 months from May-June
END OF MONTHS PROFIT=$6000+$4000=$10,000 TOTAL PROFIT
4. 80K units=$2120 principal at 25 pips per day for a month=$4000 per month. Do this for 2 months from July-Aug
END OF MONTHS PROFIT=$8000+$10,000=$18,000 TOTAL PROFIT
5. 100K units=$2650 principal at 25 pips per day for a month=$5000 per month. Do this for 2 months from Sept-Oct
END OF MONTHS PROFIT=$10,000+$18,000=$28,000 TOTAL PROFIT
6. 150K units=$3975 principal at 25 pips per day for a month=$7500 per month. Do this for next 2 months Nov-Dec
END OF MONTHS TOTAL PROFIT=$15,000+$28,000=$43,000 TOTAL PROFIT IN A YEAR AT 25 PIPS PER DAY
7. In Jan next year you can use 200K units for 10K per month to get $120K per year. From there you can even go higher if you want to. Slow and steady wins the race. 200K units is only $5300 principal.
FOREX TRADING The Major Currencies
This Section Is Devoted Exclusively To FOREX Related Info To Try To Better Equip You In The Exciting And Lucrative World Of FOREX
FOREX Correlations Table
http://fxtradeinfocenter.oanda.com/charts_data/fxcorrelations.shtml
Link to some excellent FOREX Webinars
http://transcripts.fxstreet.com/2007/12/longer-term-sup.html
Major Currency Index Charts
$USD=US Dollar chart http://stockcharts.com/h-sc/ui?s=$USD&p=D&yr=0&mn=4&dy=3&id=p94889101590&a=123152351
$XJY=Japanese Yen chart http://stockcharts.com/h-sc/ui?s=$XJY&p=D&yr=0&mn=4&dy=3&id=p94889101590&a=123152396
$XBP=Pound chart http://stockcharts.com/h-sc/ui?s=$XBP&p=D&yr=0&mn=4&dy=3&id=p94889101590&a=123152405
$CDW=Canadian Dollar chart http://stockcharts.com/h-sc/ui?s=$CDW&p=D&yr=0&mn=4&dy=3&id=p94889101590&a=123152434
$XAD=Australian Dollar chart http://stockcharts.com/h-sc/ui?s=$XAD&p=D&yr=0&mn=4&dy=3&id=p94889101590&a=123152468
$NZD=New Zealand Dollar chart http://stockcharts.com/h-sc/ui?s=$NZD&p=D&yr=0&mn=4&dy=3&id=p94889101590&a=123152472
$XEU=Euro chart http://stockcharts.com/h-sc/ui?s=$XEU&p=D&yr=0&mn=4&dy=3&id=p94889101590&a=123152476
$XSF=Swiss Franc chart http://stockcharts.com/h-sc/ui?s=$XSF&p=D&yr=0&mn=4&dy=3&id=p94889101590&a=123152485
USD Index Intraday Chart - compliments of Idzi
quotes.ino.com/chart/
Gold Bullion Prices...
http://www.usagold.com/gold/price.html
An overview of the Forex market
The Forex market is a non-stop cash market where currencies of nations are traded, typically via brokers. Foreign currencies are constantly and simultaneously bought and sold across local and global markets and traders' investments increase or decrease in value based upon currency movements. Foreign exchange market conditions can change at any time in response to real-time events.
The main enticements of currency dealing to private investors and attractions for short-term Forex trading are:
24-hour trading, 5 days a week with non-stop access to global Forex dealers.
An enormous liquid market making it easy to trade most currencies.
Volatile markets offering profit opportunities.
Standard instruments for controlling risk exposure.
The ability to profit in rising or falling markets.
Leveraged trading with low margin requirements.
Many options for zero commission trading.
Forex trading
The investor's goal in Forex trading is to profit from foreign currency movements. Forex trading or currency trading is always done in currency pairs. For example, the exchange rate of EUR/USD on Aug 26th, 2003 was 1.0857. This number is also referred to as a "Forex rate" or just "rate" for short. If the investor had bought 1000 euros on that date, he would have paid 1085.70 U.S. dollars. One year later, the Forex rate was 1.2083, which means that the value of the euro (the numerator of the EUR/USD ratio) increased in relation to the U.S. dollar. The investor could now sell the 1000 euros in order to receive 1208.30 dollars. Therefore, the investor would have USD 122.60 more than what he had started one year earlier. However, to know if the investor made a good investment, one needs to compare this investment option to alternative investments. At the very minimum, the return on investment (ROI) should be compared to the return on a "risk-free" investment. One example of a risk-free investment is long-term U.S. government bonds since there is practically no chance for a default, i.e. the U.S. government going bankrupt or being unable or unwilling to pay its debt obligation.
When trading currencies, trade only when you expect the currency you are buying to increase in value relative to the currency you are selling. If the currency you are buying does increase in value, you must sell back the other currency in order to lock in a profit. An open trade (also called an open position) is a trade in which a trader has bought or sold a particular currency pair and has not yet sold or bought back the equivalent amount to close the position.
However, it is estimated that anywhere from 70%-90% of the FX market is speculative. In other words, the person or institution that bought or sold the currency has no plan to actually take delivery of the currency in the end; rather, they were solely speculating on the movement of that particular currency.
4)strongtower
Here is a post to a detailed way I trade http://investorshub.advfn.com/boards/read_msg.aspx?message_id=37074251
How to better read trends http://investorshub.advfn.com/boards/read_msg.aspx?message_id=37247267
___________________________________________________
_____________________________**STI(2,5) Tehnical Indicator Details**
ATTENTION BOARD:SA and I have agreed to and have decided to formally introduce all here to a technical indicator that I designed and lately some may have been noticing on my charts...we call it "Simplegreen Technical Indicator" and will refer to it as simply STI(2/5) or STI(6/14).The 2 versions are necessary IMO since the 2/5 shows "anticipated" PPS rise/fall short term whereas the 6/14 though not fully tested should give "anticipated" PPS rise/fall longer term...continuation.I have been using this quietly in the background since I developed it and have had excellent results even in a crashing market.It works exceptionally well on daytrades as well using the 2/5 period version on a 2 day daychart and 10 minute setting.Bottom reversals to peaks are easy enough for a novice to trade by IMO and I have seen real success in using it.The beauty of this indicator is easily seen by chart examples as I will soon show.This thing shows a buy trigger BEFORE the PPS rises...not AFTER it rises as in conventional indicator analysis.I also will be building scans specifically to glean the best prospects using the STI(2/5) and STI(6/14).This post is the first to introduce you to it with others to follow.In my next post I will put up a chart with annotations for the purpose of demonstration.A careful study and full understanding of the indicator is imperative to weed the false signals from true anticipated run signals.
This is a set of instructions to use for the overlay setup.Do this for both the STI(2/5) and the STI(6,14).
Set up your chart just like mine with RSI(5) first and select green for color..then below it add RSI(2) ..select red for color...then on RSI(2) on "position" select "behind indicator".Its a piece of cake!I stumbled across this idea some time back in trying to find entry point before PPS rise not after.I'm not greedy...I just want the WHOLE RUN..not just part of it(LOL)....Sharp rises can have early reversal and failures but a smooth rounded rise to trigger is very effective for prediction and you will also find strongest runs follow a depth from below 30 RSIs.The deeper the cut below 30 brings more powerful moves up from bottoms.Also there is a secondary buy trigger as RSI(5) remains bullish and approaches 70..THAT is where some serious PPS moves are found!
Any questions..feel free to ask
Simplegreen
Here is a link to an explanation of the technical indicators used on charts ..if terms confuse you then simply use this link for a quick explanation of that particular indicator...I suggest that you add this to favorite links as well
http://www.prophet.net/analyze/popglossary.jsp
WWW.STOCKFETCHER.COM
Stockfetcher has absolutely no equal when it comes to scanning for your next big play and I use Fetcher exclusively for scanning..it is phenominal..TRY IT!!Strongly Suggested!!
_______________________________________________________________
Disclaimer:All information posted by me or others on this board is opinion and I will make no claims or guarantees as to the success you may have in utilizing my personal methodology.What works well for some is a losing proposition for others.I do not intend to "pump" any stock here but rather will try to at all times find new plays that are successful for me with the intent of having uptrending stocks giving consistant profits and letting others see what I am doing.Please at all times do your own DD and make your own decisions.....Simple
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
Simple's Trading Methods Part1
Here is where we roll up sleeves and get to work!!This series will be quite long so monitor the board from time to time for all of this training series...
Assume first off that your account is very small and you have ..let's say $2500 cash just $500 more than needed for margin privileges(BTW I do not recommend actually using margin) Ok..you have no stock and $2500 cash so with this limitation 2 things are a MUST..EVERY BULLET MUST COUNT and PATIENCE is cultivated in your brain.At this point I will say that this is the way I treat my account even now...as if I only had that $2500 !!Burn this into your thinking and you will reduce your bad trades and losses dramatically.It is very rare that I take a loss of any significance and the percentage of bad trades I make is very low.Even Warren Buffet once said about 1 out of 8 calls turn out to be good calls and I certainly do a lot better than that but it is only because I have myself brainwashed into being "hungry" on every trade.The greed factor that Dspetry posted about is also cured by this type of thinking...If you are "hungry" you will take profits at a good profit point and not look back..you are just happy to add to that $2500 portfolio value that you started that trade with!This type of thinking IS IMPERATIVE to me and I WILL NEVER.. NOT be hungry in my trading again.When I first started years ago with $4000 I did quite well til I got up to around $11,000 I would start to backpeddle.After a few cycles of this I realized I was the problem because I was no longer "hungry" and would start getting sloppy,greedy and would make mistakes.I DO NOT, on the other hand trade to make money ,I trade to TRADE WELL! If I have made a good well planned trade in both the buying and the selling then the money is a byproduct of that trade.Read this area repeatedly and practice it religiously and it will serve you well...it has me.
________________________________________________________________
Part 2
Now I will talk about the greed factor a little more.When I determine an entry point for any stock that I intend to buy then next I must ask myself how large a position will I take.Lets say I want 50,000 shs of a stock trading at .08.Once I make that firm determination and feel it is a good entry point then I buy but only 25,000 shs which is 1/2 the shares I had decided on!Why do I do that?The reason is that if you think about it many of the problems that traders have is being too high on their entry whether thru getting caught up in a MOMO play near the high end or simply miscalculating the Market Makers intent and the MMs set the bid/ask not the traders...IOW traders may want to move it up and MMs want to open a spread and walk it down to serve their needs and you bought too high tho it seemed a good call.If you follow my method you can turn loss into profit due to the fact that you have less leverage if it goes up but you have only 1/2 the leverage against you if it goes down instead plus you have the liquity to at least break even and pull out or more often you can pick up enough shares as it bottoms too have leverage to profit on a trade that could have been a loss.Bear in mind one other fact...fewer shares mean less leverage for profit or loss but also the way I operate is usually in much more conservative position sizes so that I can move into a stock and out of a stock with relative ease!Watch how MMs like Goldman Sachs (GSCO)work...studying GSCO methods on Level II several years ago caused me to develop this style of trading that allows me to be somewhat invisible in the market but compound my profits easily without the dangers that come from trying to make a killing.If all were trading like this then it would seriously reduce the selling pressure on a perfectly good play.Huge positions tend to be counterproductive to my efforts if I am still in and momentum is gone.Trying to make a killing many times result in loss.I try to simply make a good trade that is profitable and money compounds quite easily._
**New Elliott Wave Trading Website**
Several of us who trade using EW theory have gotten together and created a website dedicated exclusively to wave theory trading. The website is still under construction but we post
our charts and our trade ideas with specifics including entries, exits, and TP levels. Just click on the Analysis tab to view trades past and present. Each chart is listed on the calendar
for each pair in play. To view details about the trade itself, click on the Trades tab at the top of the screen.
Vist us at http://www.ewtrader.com
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