Thanks for the mataf.net Apex .... looks like a good site so far. Yeah, I went with IB for the FX because they seemed to have pretty tight spread, and becuase they will take Canadian accounts. But the main reason was becuase I want to try them out with the FX as a test... I am planning on moving all of the stock trading over to a new broker this year, probably IB .... maybe Questrade though. Hence....I opened a miniFX account at Questrade. They offer, IMO, a decent equity trading platform to Canadians.... so i figured i would check them out with a miniFX.
Here is my position. Just closed it a couple minutes ago Short at 1.77690 Took profit at 1.76716 I think we will see it on the same path down, but for now I am only going to watch Good luck everyone, -Kastro
Nice trade Kastro....77690 would have been a really nice entry there...what sort of stop would you have set on that? And what time did you enter that trade? I mentioned earlier in this thread that I would have probably put on a short around 7790....LOL...most real GBP.USD or EUR.USD traders on here probably read that and thought i am a complete idiot....since it was a hindsight post at around the top of the GBP move for today. But still....heh...i "think" i would have gone short somewhere between 7790 - 7780 when it first really ticked down at 20:16 (EST Sunday Jan15/06). Right now I would be much more 'confused'. I would still be thinking...perhaps incorrectly, uptrend from the daily chart. I would have entered LONG at around 7650ish and now be nearing my breakeven at 7664.... Not sure what I would do here...leave the trade on and see if my 7635 stop on the downside gets taken out....or kill the trade now as a scratch and wait to see what it does?
Yes. Check out the longterm charts. A strong daily/weekly trendline was intact at 7800. If your trading intraday, never forgot to review longer term trendlines to guage areas of support and resistence. Take for instance the yen around christmas. A HARD bounce off the established 1998 monthly was a sure sign to pile it on.
Thanks ach, Do you review weekly/monthly charts as well for a longer term perspective? I have been using the Daily (3YRs) but so far that is the longest time period that I have been studying. Last night would have been tough for me again....as I was still long biased on the GBPUSD. Now...i am not entirely sure, this is just based off of the daily chart. I really want to see if the GBPUSD can hold up the 7585 mark (13dEMA on daily). Not that that EMA is neccessarily that significant....but it is also right around the 7577 - 7595 area of support that occurred back on Jan12 after the collapse from 7723. GBPUSD does seem to have lots of price point, trendline, and EMA resistance in the 7790 - 7825 area....i should likely have looked at that better. I would probably have missed this move down last night though....would have closed a long, but not gone short when it couldn't maintain its rally and break up through 7700.... Thanks for all the posts guys. I am sure I sound like the worst noob....going to be trading very lightly when i first open my accounts....until I can get a better handle on the intermediate term trend, daily chart.
Only to estimate the length of a trade initiated off a short term chart. Support, resistence and trendlines - in my experience - work incredibly well for forex. You might want to check out grob/jack hersheys posts concerning the correct application of trendlines and s &r. Many consider him to be a 'guru' here. He really makes the rather beign concept of trendlines come alive in their utility and intracacies. As you progress, you'll find its the thorough extrapolation of extremely simple princibles that makes the difference between winning and losing. Its usually best not to approach the market with any directional bias. Let the market tell you where it wants to go and trade that. How do you go about that? Take a step back - determine the common thread of price action that occurs before the move you want. Just keep at it. Nobody is going to hand you the holy grail. Thats the beauty of the market: everyone is self taught. You have to crack this riddle yourself. The experienced will only point you in the right direction.
I have been doing my best to just read the trend off the Daily 3yr chart....that is what i meant by directionally biased up...i thought there could have been an uptrend started based mostly upon Jan11 and Jan13...but i should have read the trendline resistance, 200dEMA resistance, and lack of confirming breakout on the EUR.USD much better.... When you suggest to determine the common thread of price action that occurs before the move that I want....do you mean look for the right setup? Thanks for the suggestions...i have read some of Hershey's stuff before, I will try to find some of his trendline stuff. Do you have any screenshots or pictures of charts that you wouldn't mind to post? Cheers, Osi
If you're seriously getting your bias from a 3-yr daily chart, I hope you are not paying much attention to the intraday action, let alone bid ask quotes.
Yes. Look for the right setup. Play the probability. Sorry, I don't. But most of what I do is freely available. Trade volatility breakouts using trendline exit signals and sound money management.