Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

ForexTraderX

Market Wizard
 View Profile  See their activity

  • Content Count

    612

  • Joined

  • Last visited

Everything posted by ForexTraderX

  1. ForexTraderX
    So, my network crashed early on in the trading day, and I had to finish out on an iphone. Very frustrading, not to mention it was quite a bit of a handicap on my trading. However, the good news is that the EUR/JPY pulled back to my ideal entry point between 102 and 102.30. I got long of course, and will look to take something of when we retest the highs of today. Closed trades up about 1.5%, still have 2 trades open (usd/jpy long and eur/jpy long of course) will se how it all works out later on. Again, this was an opportunity that didn't fully crystalize until today, though It was determined a good opportunity last weekend, and did provide some nice moves in the meanwhile. but today was the pullback tothe ideal level, so lets see how it ends up playing out.
  2. ForexTraderX
    It's all just a pipe dream they are selling. Although it is possible for system sellers to have a 90%+ win ratio, it is 100% of the time due to risking 100 pips to catch 5 pips, or something like this. and invariably, once every 8 or 9 or 10 trades or so, they hit their stop loss. Anyone who can do basic match can see from what i've posted why this is in the long run a failing method. by the way, one of the easiest ways to check on a vendor is to see if they will connect a real money account to a myfxbook page, or something like this. An example of this is in my signature. This would in fact be a 3rd party verification of their stated claims. To date, I've never seen a single vendor hook themslves up to a myfxbook page, or anything like it, using a real money account. (Demo can and will show results that real money will always fail to produce, and I've seen vendors show demo accounts off all the time, but never once real money) This is one very, very simple way that takes about 10 minutes to set up, and just about anyone who actually trades with a retail forex account can set such a thing up for free to show the world if they want. You have to ask yourself, if a vendor you are considering buying something from does not do this, what do they have to hide? common sense folks. If a guy tells you he has a time machine for sale, well, best to see him actually send something back in time before you give him your $199 bucks. If you wanna see what a myfxbook page looks like, click my signature. it's with real money, in a real account, that I really trade. If a vendor won't show you this, then simply don't trust them. THey are trying to sell you a car but won't let you test drive it, because if you test drove it, you would find there is no engine under the hood.
  3. ForexTraderX
    hey folks, if anyone is interested i'm on skype this evening just hanging out, watching markets, picking trades, etc. hit me up if you wanna chat about trading, or ask any questions, or whatever. my skype id is: forextraderx
  4. ForexTraderX
    Well, just got long the EUR/GBP. For those reading this thread know I've been bearish on the GBP since last week, and now that the euro has hit a critical suppport level and is in fact being supported, but the GBP has been over extended, and is now also consolidating, and has not yet made any significant retraccement, but the EUR/GBP also has come to a nice support level and is bouncing... It makes a long eur/gbp trade a pretty decent choice for me. Essentially it works like this: I'm very bullish on the EUR/USD. I'm slightly or bearish on the GBP/USD. Therefore, I should be very happily bullish on the EUR/GBP. May not work out for me, but well worth the risk.
  5. ForexTraderX
    Very nice start to the day. London hasn't even opened, and I've almost already realized a full 1% profit, with another 3/4% running still. could be a very good day, but now I can guarantee it won't be a bad day. I'll make sure I finish the sessions up at least 0.5%, thus ensuring I finish near my equity high for the week so far. FUnny thing is, based on the analysis I did during the weekend, and the price levels I choose for possible entry points (including 102.65-102.50), I've had some fantastic trades. It's amazing what one can do when one considers longer term time frames to develop a bias, stacks the strongest market against the weakest market in order to isolate the best possible opportunities within that bias, breaks down possible support and resistance levels based on market profile, chart patterns, candlestick patterns, etc... and then finally looks to read price action as it approaches those "possible entry points" to decide to get in or not. Keep in mind, getting stopped out is not a problem if one keeps their risk low, because if the opportunity really is solid, you can afford to take 2 or 3 attempts at it, keeping a 20 - 30 pip stop, and a 100+ pip target, you can always afford to take a couple entries if need be. Of course, this has to work for your style and your temperment, but it's absolutely something to consider. I do it all the freaking time.
  6. ForexTraderX
    Wow, got pretty lucky on that one. but then again, easing by the BOJ has continued to become more likley the higher the JPY rose against it's peers, most importantly the EUR and the USD. When bernake announced QE3 last week, it was very interesting to see the USD/JPY actually show bullish price action. Both due to a flight towards risk, and due to hightened speculation that the BOJ would ease to compete, it's not any surprise that indeed short the JPY was a good trade this week, in part because of the price points at which the BOJ has said it will not let the yen get under (they were hit last week). Again, there was absolutly an element of luck in my catch here (not to mention my timing), but part of the reason I've been so bearish on the JPY this week, and bullish the euro, and even the USD against the yen. besides, I've got no problem taking luck like this
  7. ForexTraderX
    Well, today looks like EUR/JPY should be the strongest, or EUR/USD. EUR/USD right now is at a more potentially supportive level, but EUR/JPY is more poised to move up. and, as I type this, things are taking off. strange how that happens more often than not it seems to me on this forum. Anyway, the upcoming london and U.S. sessions should provide the liquidity to see EUR/USD, EUR/JPY, and probably USD/JPY push up as I spoke about earlier over the weekend before the markets opened this week. We'll see, but i'm long all of them now.
  8. ForexTraderX
    Well, today has been primarily an excercise in frustration. However, I'm seeing things line up now a bit across multiple markets. Got long in the EUR/JPY, as I still have the conviction on the opportunity that I had over the weekend, and It seems to be making a bit of a base and being bought up from there. I was originally wanting to wait to get in at a lower price, but as I thought about it all a bit more, when a market is as strong a potential opportunity as this one, it is frequent that any retracement is shallow, and momentary. With that in mind, I pulled the trigger for a position I will let run at least until about the coming london open, pending that it doesn't stop out between now and then. I don't normally like to enter positions that I intend to hold as london is closing, however, I feel strong enough about this potential trade to do so. It may well stop out, but I believe it's worth the risk.
  9. ForexTraderX
    closed out the NQ.... bout a 5 tick loss. and I am done now. I suspected I was having a hard time reading the markets, and now, I know I am. So i'm done. good luck guys, maybe some of you will make up the bit I lost
  10. ForexTraderX
    might hold for a retest close to yesterdays lows, pending that the TRIN and TICK keep printing bearish, and other risk markets look bad as well...
  11. ForexTraderX
    actually7, just got short 2 NQ's at 2850.... looks better
  12. ForexTraderX
    lol. i really don't know what's gonna happen nowm, but sentiment today for risk markets seems bearish in general. wouldn't be surpirsed to see the ES go either way though. I think i'm staying out of here for today. I've not been able to get a good read on the market all day, be it currencies or commodities or index futures. I'll see if we can drop down to a level of significant support, but unless we do that, i'm probably done.
  13. ForexTraderX
    the TRIN and the TICK are looking pretty bearish right now... may end up being a down day.
  14. ForexTraderX
    out with a 3 tick loss
  15. ForexTraderX
    with that momentum we just saw, I think we could retest the highs of yesterday's regular session...
  16. ForexTraderX
    got in again at 1453 long
  17. ForexTraderX
    50.50 still doesn't look bad, feels like we'll move up.... ah shit. there it goes as i type. lol.
  18. ForexTraderX
    grabbed 3 ticks on the ES, out now.
  19. ForexTraderX
    got long at 1451.25... but will look to get out if it doesn't look just right
  20. ForexTraderX
    Looks a bit slow today, more consolidation so far... but I wouldn't want to be short for the most part. I'd look to get long between 1447-1450 possibly. some intersecting trendlines with some support levels, and profile on my screen shows value to be above those price points, so possibly long, but overall, I don't see anything right not to convince me strong one way or the other. 1440 or lower, i get long like crazy.
  21. ForexTraderX
    Well, after a trading day with almost no volitility at all, I've decided just to get out and hold off until later. the USD/CAD is showing some weakness now, and I'd rather not be in it unless it drops back down further to a level I want more, and the gbp/usd is simply bouncing in a 40ish pip range. Not something I want to be trading at the moment. So, took a tiny profit, and am done for now. only market i'm interested in getting in is the USD/CAD if we drop a bit, or of course the EUR/JPY from levels discussed earlier in the thread.
  22. ForexTraderX
    Looks like the tone of the RBA release is a bit more hawkish than most were expecting, and it seems they have little reason onverall to take much action to change rates, or take any other action for that matter. Of course some things were mentioned as possible concerrns, but overall the consensus is that there seems to be a decent balance of strength and weakness, and other than a few commoditiy prices dropping and a slightly slower china, there is little reason for them to act at this moment. Pretty much same thing that's been going on for the last few months. won't help or hurt my view much, unless price starts showing otherwise as we move into the london session.
  23. ForexTraderX
    I've looked over a few charts, and I can't help but get the feeling we are a bit overbought for now on the euro. I don't think this move up in risk markets is anywhere close to over, but I do think we'll see a slowdown in for at least the next 24 hours. I am looking to get long pretty much anything USD, JPY, GBP, EUR against the comdolls. The best plays seem to be long "risk off" markets like USD and JPY, against AUD or CAD, and then close behind is NZD. So, i'm currently sitting with a very small USD/CAD long trade, and will be happy to get in for a bigger position if it can drop back to 9730-9710, with target somewhere around 9775-9800. The comdolls have been weak for a little while now in general, and for the moment, the european currencies look quite overbought too. the GBP in particular has pretty much hit a very over extended price point, and has made a symmetrical high with where it previous peaked out at a few months ago. These types of moves that return to the price point from which they initially moved tend to stall a bit, particularly when the market has gone parabolic, and is over-exteneded in the short term, and the parabolic move is breaking down. At any rate, seems that the crazy good bullish strength I see forming in risk markets needs a break for at least a day. I could well be wrong of course, and wouldn't be shocked if I am given my underlying bias, but for some smaller than usual positions and stops wide enough to have a piece of skin in the trade for as long as I believe my play is valid, I'll take the risk, for now.
  24. ForexTraderX
    Well, as I said in an earlier post I made over the weekend regarding the weekly candle price action on the USD/JPY looking bullish, and also on the EUR/USD looking bullish, therefore the EUR/JPY being the best possible trade in the forex markets, it played out pretty much as good as I could have hoped for. the ES futures and the bond futures didn't do much really, and I am not so sure either way what to expect for the next 24 hours. Of course, I will not be going long bonds or short the ES, but I will hold out establishing any position until something changes or it looks like we will see a break one way or the other. I'm still holding a very small long on the EUR/JPY, and I actually kinda hope it stops out, becase I'd love to get a better, bigger fill down at 102ish. Haven't checked the charts much to see if there is any great opportunities that have developed, but I doubt it, since the best ones I feel already moved, and would have to either pull back more, or move up more to be really A+, and some markets just kinda consolidated. So I'm not expecting much but i'm going to look of course. Maybe just take some "scalp" trades when the london or U.S. session open up. Anyway, just one really nice example today of how daily and weekly price action can give some very powerful, very high probability signals, particularly when you can "stack" opportunities like bullish E/U + bullish U/J = extremely bullish E/J. This stuff works. And if a person can get the most likely direction of the day figured out, that's really half the battle in my opinion.
  25. ForexTraderX
    Well, the first part of the day looked perfect. Now seems as though things are slowing down quite a bit however, and pulling back. So i've moved stops to various price points that even if they do all stop out, I will have made at least 0.75% for the week so far. Kinda like a free ride in the EUR/JPY and the EUR/CAD. One of the advantages of watching ones trades on smaller TF's is the ability to trade around a position. I rarely hold trades all the way to either their stops or their targets, but usually will take some off or put more on as I see price action developing as I like (or don't like). But, it does take a fair amount of experience and desire to watch the markets to be able to manage trades as they move along, and there is the obvious downsides as well. However, I find it works well for me, and today (and friday as well considering how wrong I was on some of my market biases) is a decent example of that so far.
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.

  I accept