Mysticforex

We have all heard "The Trend is Your Friend". But, have you ever wondered how and when to jump in? Here's a simple way. For this example I am using Aud/USD because it is clearly in a down trend. 1 hour time frame. 200 sma for visual reference, if price is below the 200 sma we are trending down. Stochastic 30, 10, 10. Above 80 on the Stoch is overbought, below 20 is oversold. On MT4 I had to superimpose the 80/20 lines. In a downtrend, we wait for the Stoch to become overbought. We enter on a nice solid bearish candle. Not a Doji, Not a Morning Star or a Ringo Star. S/l will go just above the most recent high. TP will be 10 pips above the next support area. In this case I had to move to a Daily to find support, It is the red horizontel line on the chart @9873. So we will round up to 9885. The red vertical line is where we entered. If, as is the case here, the 200 sma moves down below your S/L, adjust your S.L to the 200. In effect what we are doing is shorting a bounce. Never risk more than .5% R?R should always be at least 1:1 Backtest before trading "Live", people lose money trading Forex.

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Speak for yourself Some indicators I don't use... Elliot Wave. Not because I think they don't work, some people swear by them. It's just that by the time I recognize a wave, the move is over. Chart patterns like "Head and Shoulders". Again, very popular but I just don't see it.

Do you use the Cloud for SL?... say a close back inside the Cloud?, on the other side of the Cloud? The reason I ask is I have just started using Ichimoku Cloud 2 - 3 months ago.

Why so it is . . . . .

I use indicators 50% of the time. The other 50% of the time I use trend lines. Indicators I have used in the past include: Full Stochastic 30, 10,10. MACD Only to look for divergence. Indicators I use now are Pivot Points, Ichimoku Cloud ( just started with this one ), and a custom indicator that measures deviation. I currently have 5 monitors. 2, five min charts on each of 2 monitors. 1 MT4 platform on 1 monitor for deviation, and 1 MT4 platform on 1 monitor for everything else. The 5th and last monitor is for Traderslaboratory . . . . . and the rest of the internet. PS. Anyone interested in talking about Trend Lines??? Start a thread, or let me know and I'll start a thread.

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Have a funny, crazy, stupid trading story? I know I do. One day several years ago I am intently watching eur/usd, My intention was to Buy at the bottom of a channel. I felt the right moment had come and I pulled the trigger. Now, instead of watching the chart as is my custom, I was watching the open position box. 1 pip profit, 5 pips profit, 12 pips profit. At about 15 pips profit I was starting to feel that warm fuzzy feeling. Then I noticed something not quite right. In the Buy/Sell column there was an "S" and not a "B". Holey Crap ! I had hit sell instead of buy. I closed the trade with 16 pips profit and took off the rest of the day.

Well, it looked good on paper.

Bingo! Sundays candle just dipped below parity. I am looking for targets of 9860 and 9660.

That is good...... !

How have you been doing? Do you feel you are making progress?

http://http://www.cnbc.com/id/41585735?__source=vty|explains|&par=vty http://http://stockcharts.com/school/doku.php?id=chart_school:trading_strategies:john_murphy_s_ten_laws http://http://stockcharts.com/help/doku.php?id=chart_school

The general consensus in the market is that Greece will default this year. The only question now is whether or not it will be an orderly default, or if the shit will hit the fan and send the markets into a tailspin increasing the risk of contagion to Portugal, Italy, Ireland and Spain. A man is falling off a cliff and fast approaching jagged rocks 500 feet below. During his fall, in essence he is a dead man. However, technically, he is still alive.

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Aside from scalping gbp/jpy, still very interested in GBP/CHF. On a close above 15000 on the daily I will be looking to go long to 15180. Then short a retrace on the 1 hr to 14850. Attached Daily:

One night a man walks into a bar looking sad. The bartender asks the man what he wants. The man says "Oh just a beer". The bartender asked the man "Whats wrong, why are you so down today?". The man said "My wife and i got into a fight,and she said she would'nt talk to me for a month". The bartender said "So whats wrong with that"? The man siad "Well the month is up tonight".

€430M of bonds are due to be refinanced on May 15th. Also, in Ireland where betting is legal, A surge in bets has forced bookmaker Ladbrokes to suspend betting after repeatedly slashing the odds on Greece dropping out of the euro zone by year end."

Start with a modest goal. Just thinking you want to be a millionaire won't do. Set realistic goals, say earn enough to make a car payment every month, pay your rent/mortgage. Eventually enough to quit your job. Establish new goals as former goals are achieved.

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I have been watching gbp/chf. It has been moving counter to euro/usd., probably due to artificial support imposed by the SNB. A week or two ago I mentioned I was looking for a daily close above 14800. Well that has come and gone, today we have just about cracked 15000. If we see a daily close above 15000 I will start looking for a medium to long term TP. As yet I have just been scalping.

I heard one of my friends say the other day that his wife was using some kind of cream on her breasts to make them bigger. He told her, "Use some toilet paper. Look what it's done for your ass!".

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