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Obsidian
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Everything posted by Obsidian
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I was told that top pickers and bottom pickers become cotton pickers...I prefer to wait till top or bottom is confirmed. I don't mind making 200 pips instead of 500
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Introduce Yourself Here - Don't Be Shy!!
Obsidian replied to trading4life's topic in Beginners Forum
Welcome, you are at the right place Don't forget to check trading resources forum category. -
Looks like bulls are building defenses around 1.0700
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Seems natural selection works in trading as well
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BASIC Details (generally speaking, when choosing a broker don't forget to check their history with the laws) Forex Club | Fxclub.com reviews and ratings by Forex Peace Army
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You can't ignore Asia or especially London...Generally, 23:59 (GMT) is the close and 00:00 (GMT) is the new session.
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I always say risk management is crucial
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USD/CAD: Bounced back to 1.0070 and headed to parity again. Waiting for a breakout to confirm the direction. Yesterday's candle shows that the usd bulls are not so strong though. USD/CHF: The pair seems to be consolidating between 0.9200 and 0.9100. Close above 0.9225 would indicate that it is going to try 0.9315. If it breaks 0.9080, we will probably see 0.8950/30 next. EUR/USD: 1.3100 support is holding but the bulls still have to break 1.3230 resistance first. News from the eurozone will determine the next levels. Levels which I mentioned in the previous post are still valid. GBP/USD: Yesterday GBP/USD tested 1.5650 support as expected and now headed towards 1.5770 resistance. Let's see how the battle between bulls and bears will end at that level.
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don't drink and govern :P
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What's easier to do - consistent profits or spikes?
Obsidian replied to brownsfan019's topic in Trading Psychology
I remember my first week in the fx...there was a news release, probably nfp, I jumped in when I saw eurusd diving sharply...in a couple of mins my account was up by 46%...I thought that fx was so easy when compared to stock exchange...of course about a month later I was back to where I started...that taught me a good lesson... I made a sub-account (one for day trading, other for long-term positions) and changed leverage to 10x...since then I am after consistent gains, never trading during the news -
if there is uncertainty in the global economy, that may increase the demand for gold...
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3. Jesse Livermore, Reminiscences of a Stock Operator taught me a lot about leaving emotions behind and seeing things as just numbers
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Every market has its advantages and disadvantages...i think forex gives more time to trade-practice...
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Of course there is no ultimate single method or indicator. I just wanted people who use these patterns as a part of their system to share their knowledge&experience so that other traders can learn
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We must do everything that will restrict the recession and will begin the cycle of growth....
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do not believe any indicators unless you see it in real time. some indicators do re-paint so they look great on historical charts but they are crap when it comes to live trading...
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USD/CAD: 1.0000 is holding for now and the pair may bounce back to 1.0070. I am bearish as long as we are trading below 1.0150. If the pair goes below the parity, it may increase the selling pressure, next targets are 0.9905 and 0.9740/05. USD/CHF: The pair will continue to dive unless it can't trade above 0.9300 area. 0.9080 looks like the nearest support. If that support is broken, I will be looking for 0.8930 and 0.8765 EUR/USD: Charts show that the market is buying the pullbacks at the moment and first resistance in front of us is 1.3240/60 area. 1.3395 is the next and tougher one. If the pair goes lower, 1.3115 will be first support level. I doubt if we will see 1.3020-1.2960 zone next week but anyway I guess that zone will show strong support. I am bullish as long as we trade above 1.2950. GBP/USD: 1.5770 is a strong resistance so it may push the pair back to 1.5650/20. If bullish momentum continues, we will see 1.5900. 1.5580 is an important level to watch for next week/month. If the pair can't pass 1.58 and falls below 1.5580, we may go back to 1.54
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Eurozone debt web: Who owes what to whom? BBC News - Eurozone debt web: Who owes what to whom?
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Trading is like a marathon, not a race though. Reach the finish line and don't care about the ones who passed you. It may take a year for you to gain what you lost but does it really matter? Once you figure out how to beat the market, you will start making money. If you increase trading size to gain faster, you make another mistake by forgetting money/risk management...keep it slow and constant...you will see that you feel more comfortable...
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I remember the times I fell asleep in front of screen while watching the markets...If you are trading alone, it is very exhausting to follow too many instruments...
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I exactly think the same
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Seems like Merkel is finally realizing that Germany can't save the euro...She was complaining about placing too many financial burdens on Germany...politicians:crap:
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CHF Chart (Weekly CFTC Commitments of Traders Report)
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CAD Chart (Weekly CFTC Commitments of Traders Report)
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JPY Chart (Weekly CFTC Commitments of Traders Report)