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Mysticforex
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Everything posted by Mysticforex
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Introduce Yourself Here - Don't Be Shy!!
Mysticforex replied to trading4life's topic in Beginners Forum
Hi Peter, Welcome to Traderslaboratory. Don't be afraid to ask questions. Are you already trading? What do you trade? -
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We are range bound. I enjoy rangebound trading, but I have only been shorting at the 13665-13670 level for 40 - 50 pips. My overall bias is still to the downside I have an entry order open on gbp/jpy. The same one I entered last week. Closed 1/2 at +40, then stopped out at BE. You can see it here, post 24. http://www.traderslaboratory.com/forums/forex-trading-laboratory/13253-gbp-jpy-3.html
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My current view of GBP/USD: Place Order to Buy GBP/USD @ 1.6627 Stop @ 1.6567 Close ½ @ 1.6657, move stop to breakeven Close rest @ 1.6850 I expect the U.S. dollar to continue to sell-off in the coming week as traders readjust their positions in reaction to the latest non-farm payrolls report. All of the major currencies should benefit from dollar weakness but with a busy U.K. calendar next week, GBP/USD is in play. The currency pair is trading near its 2 year high and if this level is broken, it could be smooth sailing to 1.67.
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I will re enter this trade at the exact same point, with the same TPs, S/Ls, move to BE etc .
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Helas, I see this is your first post. I don't know if you are a new member though. We look forward to your continued sharing. Maybe you would join a future contest ?
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--------------------------------------------------------------------------------------------------------------------------------------- G/j short stopped ot... so we had + 30 on half the pos size.
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Any of you that read my threads probably know by now that I like Pivot Points. Here's something that came to my attention about a year ago, and so far has backtested very well. I have taken it live in the past month. The EUR/AUD short I posted was an example, as well as the G/J short that is positive and still open. And a EUR/JPY short I took but didn't get around to posting. It is working now, but that does not mean it will never get stale. Also never take anybody's word that something works. You must do your own testing. I have only tried this on Yen crosses, and some pairs with high volatility... ie: EUR/AUD The attached chart is G/J. Time frame is not important, I am using 4 Hr here just to get more time on the chart. Ideally I use the 15 min for a an earlier signal. G/J has been trending up. On the left side of the chart you will see 3 yellow highlighted boxes. they are around missed Daily Pivot points. They were missed with price ABOVE the pivots. That indicates continuation of trend. The 4th highlighted box on the right is a missed Daily Pivot with price BELOW the pivot. That could indicate the trend is over, or at least a serious correction is taking place. Some time ago I uploaded a pivot indicator for MT4 to TL. Otherwise the Dail Pivot can be determined by adding the High plus the Low plus the Close of the Daily Candle, then devide by 3. Hope someone finds this useful, or at least interesting.
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This trade has opened nicely. Half off and move to break even on the remainder. TP still 16625
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I see further downward pressure on the EURO. There are also euro-skeptics that doubt the ECB has done the best it can to stoke their recovery. In the Telegraph today Ambrose Evans-Pritchard had some interesting comments: "Mario Draghi removed the risk of an Italian and Spanish debt collapse in July 2012 by securing Berlin's support (through Asmussen) for an emergency backstop. People talk of this as if it were magic. All that happened is that the ECB stepped up to its responsibilities as a lender-of-last resort, as it should have done from the beginning. But monetary policy remains passive and contractionary, arguably incubating another nasty surprise. Broad M3 money has been flat for six months. Business lending has fallen by 3.9pc over the last year. There will less fiscal drag in 2014 as austerity eases, but the eurozone is doing almost nothing to generate its own internal growth. Europe is once again relying on the rest of the world to pull it along, and the world may not oblige. .....Far from building a base for recovery, the eurozone has wasted the last five years of global expansion holding together a dysfunctional currency union, lurching from crisis to crisis. The result has a been double-dip recession and a worse macro-outcome for the same European states than in the comparable years from 1930 to 1935. Europe is one external shock away from a full-blown deflation trap, and one recession away from an underlying public and private debt crisis. Nothing has been resolved."
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Well Like I said , ididn't iplement any rules at the start so this contest stands. ANY rule changes will be "discussed". I don't impose any rules "just because I feel like it". BTW: this discussion should continue in the "Contest Discussion" thread. I am traveling and on my phone now, When I return home Sun eve I will try to move it.
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Yeah, originally when we first started the contests we had a rule, I think it was max 10 or 20 percent drawdown. I forgot/didn't specify any rules at the start of this contest so anything goes I guess. Subsequent contests will hav a max 20% drawdown rule.
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Looks like price came down to the WP just to fulfill an obligation, then wnt right back up. Did anyone take this setup this week ?
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I mostly trade technicals. Don't know much about Central Banks, But here's what I am watching for a long term position. It is more or less accepted that at the next rate announcement RBZ is going to raise it's rate. RBA on the other hand might lower theirs. I am looking to short the AUS/NZD. Looking for parity.
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The weekly finale is the always unpredictable NFP report. This month it is expected to come in at 195K new hires. We normally wish to wait for the NFP and then look for a trade, but this is a busy data week. With the possibility that ECB President might be forced to act because of the deflation threat, we are inclined to sell the euro versus the USD in the 1.37 area. If the trade does not show profit ahead of Friday it will be best to liquidate, and wait for the NFP report. As always, manage your money.
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Introduce Yourself Here - Don't Be Shy!!
Mysticforex replied to trading4life's topic in Beginners Forum
Welcome to TL Progman, What type of instruments are you trading ? -
$8K. Which I blew up in 3 weeks. My second deposit of $8K lasted a bit longer. 4 months. I guess the third time's the charm. As a side note. I didn't realize it at the time but I guess I was always pissed at my first broker, FXCM. About 2 years later I decided to get even with them. Every month they have a "King of The Mini" contest. Minimum acct size to enter was $500. First prize was $25K. I opened an acct with the required $500. I had a 104% gain that month and didn't even finish in the top 10. Oh well.
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You can setup a free blog with Google's "blogspot". Post charts, ideas, etc. you could also start a thread hear, post charts etc. As long as it does not become spamming..
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Ha ! very interesting. I have always called that a "Surprise Box ". Works particularly well on GBP/CHF 5 min TF.