forexgreenland, Do you actually watch the trade all the time until you are out? Do you put in hard stops and targets? I would think if the broker sees the stop especially on large account size, they will just spike the market down to take out your stop.
Helloo Fellow Traders, Hope you all had a wonderfull weekend... For some time, I've been on meditative break in order to step back from the picture and look ahead...What I saw wasnt certain... http://www.telegraph.co.uk/news/worldnews/northamerica/usa/barackobama/4953523/Barack-Obama-too tired-to-give-proper-welcome-to-Gordon-Brown.html http://www.telegraph.co.uk/news/new...ma-and-Gordon-Brown-an-uncertain-rapport.html http://www.telegraph.co.uk/news/new...-for-very-productive-visit-to-Washington.html http://www.telegraph.co.uk/news/wor...itains-special-relationship-with-America.html http://www.telegraph.co.uk/news/new...-over-refusal-to-apologise-for-recession.html How will these events affect the GBPUSD and its continous downward price movement? hOW DOES THAT AFFECT THE GLOBAL RECESSIONARY ECONOMIES? Only time will tell... We need to understand that going into political history would only dig us into deeper hole..subtle fencing matches doesnt do humanity any good, especially most in the Balkans, Isreal, Palestinians, China,Japan, Iran,Iraq,Germany, France,Russia,Sudan, Somalia,Zimbabwe,and so on..Great statesmen put the interest of humanity in the forefront...To whose gain if we blow up the world in this generation in spite of love and peace? When money, as an exchange of value, is allowed to be economic leakages via negative destructive means, it brings about destructive results...but when it is harnessed for constructive means and purposes, it brings constructive and positive results. The global recession can be overcome by improving and improvisation via constructive means..That might reduce the distortion and inversion of the human race... Nice of you to drop in,Reefer..I mean,Beaver..didnt know tradeviper was calling his bullyboys over to this thread..maybe you could do us a good turn by trying to write just one verse without a curse..your comment makes an xrated movie sound like a sunday school picnic Avishek Roy (Harry Ainlay Senior High) wrote: hi im a new trader, and i read ur stuff...great job! i was wondering if i could get in on this chat that you guys do...and what time do u trade? i was told the london open was a good time to start Thanks for your mail,Avishek..nice to hear you guys are enjoying my thread on Facebook..London Session is usually the time we trade daily..The chat is subscription based where active and serious traders earn and learn at the same time.. how do i get ur chart pattern Hi Kento,we give All glory to God Almighty for everything as we are just His instruments. But I'm not sure I understand what you meant by getting 'chart pattern', since these charts posted are based on daily trades during market sessions. If you meant how you can get the system, it is not a mechanical system where you send to an email box or something..It is more of a simple discretionary system that is thoroughly explained from mentor to student(s)..Seasoned traders, the liberal ones at that, might just go through charts and 'get it'..but the risk is that the edge tend to get faded out in time, if too much details are written out on public forums.So there must be a balance.. You also have to understand that the miracle you need is inside of YOU..You have to be AWARE that the FORCE is in you..not outside of you..My mission is not just about forex training, forex signals and forex managed account services..but it is more of helping others discover and being AWARE of our inherent possibilities. I'm aware of myself here and trying to let others know that they can still do better than me if they have the proper mindset and dedication to getting to the next level in trading or whatever they set their minds to. Rome wasnt built in a day.. Hi oraclewizard, it is nice to see that Elite trader have at least one positive comment on this thread..from your question, it seems you are averse to watching trades until you are out..It all depends on your style of trading and the times we are in..For intraday and momentum trading, it pays to watch your trades due to incoming high impact news that might affect market dynamics.. You can still put in your stops and targets, go play golf, and be back to see your equity increase by some good percentage.But you have to get to a particular SKILL LEVEL in order to achieve that.Markets tend to be on a range/accumulation phase 80% of the time, while breakouts are usually seen 20% of the time. This type of market tends to keep newbies out because they come looking for short term quick buck. By the time the rookie traders come to the market, the move has probably expired.This type of market is for the PATIENT trader that knows what is going on and can wait out long periods of boredom like a panther measuring its prey. Do you think top traders like George Soros, Paul Rotter,etc, get bothered about the time it takes to haul in substantial profits from the markets? It all comes at a price, in which, 80% of traders are not ready and willing to pay, and thats a major reason they fail.''aww, cant wake up in the early morning for good trades'',..''need set and forget system while am in tahiti sipping margaritas and pina coladas'',my blood pressure's too high to be running around like a chicken without a head'', ''..etc.. Swing trading and position trading is more better for those traders that cant find the patience to watch their trades for profitable returns. Depending on your account size, stops are normally fixed at major support and resistance areas..some traders use the Average True Range(ATR) to determine their stops, which is also part of good risk management. There are honest brokers and there are dishonest brokers..the dishonest bucketshops are the ones giving the trading industry a bad name in which they aggressively advertise to the public..Its not limited to forex alone though...we got bad eggs in the stock markets too, where Nightmare On Wall Street is having its sequel..online..real estate..toxic bonds in the Phantom of Solace,..even the few bad eggs in Nigeria,419, tend to spoil the good names of majority of the hardworking populace who are trying to make a honest living.. So its a worldwide phenomenon..until the bucketshops, Wall Street, fake HYIPs,fraudsters come to realize that their negative actions tend to affect ALL humanity in one way or the other, we would still be having all sorts of minor and major recessions..Their get quick rich materialistic tendencies, at all costs, would also get back to them in the long run since we are all one. P.S..You might consider ECNs....they are likely to be more honest and rarely consider spiking the markets to their 'best interests' since they make their money mainly from spreads/commissions.
Helloo fellow traders, For the benefit of members that might not yet understand the way I trade, I invite you to log into the 10,000 virtual equity account and see how and why trades are taken.. No more than 2% risk is taken.. Acc No 100909 Password mn4picn (ALPARI US)...www.alpari-us.com Please download the mt4 software from the site , then log in to view the forex trades.. [09:12:31 09/03/09] blue : wht do u expect today [09:19:27 09/03/09] blue : Stalion im ready for ur signals today [09:19:45 09/03/09] Stalion : hi blue, the general trend in the market is still bearish...so we wait for a good sell entry [09:20:23 09/03/09] blue : ok [09:20:28 09/03/09] blue : i hope so [09:24:26 09/03/09] Stalion : sell stop on gbpusd @ 13990...1st target @ 13945...2nd target @ 13920... [09:24:32 09/03/09] Stalion : 40 pips stop loss [09:25:11 09/03/09] blue : ok [09:25:41 09/03/09] blue : should i enter from here its on 1.4010 now or wait to strike 1.3990 [09:26:59 09/03/09] Stalion : wait till 13990,blue [09:27:18 09/03/09] blue : ok [09:30:33 09/03/09] Stalion : hope you now understand how to enter the sell and buy stops,blue? [09:30:49 09/03/09] Stalion : please ask questions if you are not clear.. [09:31:11 09/03/09] blue : ya i understand wht u mean [09:31:23 09/03/09] blue : im clear now i am waiting for 1.3990 [09:37:25 09/03/09] blue : still playing arround our figure [09:39:32 09/03/09] Stalion : cool [09:39:48 09/03/09] blue : im waiting [09:41:14 09/03/09] Stalion : okay.....sell entry hit @ 13990 [09:41:37 09/03/09] blue : ya i got [09:42:05 09/03/09] blue : wht should b dont now [09:43:00 09/03/09] blue : u plz guide me ok [09:43:07 09/03/09] Stalion : how many minilots did you enter? [09:43:24 09/03/09] blue : 2 mini lots [09:44:48 09/03/09] Stalion : okay....on how much equity? [09:45:07 09/03/09] blue : i have 3000$ [09:47:22 09/03/09] Stalion : 2% of 3,000 is 60... [09:47:24 09/03/09] blue : a little account [09:47:31 09/03/09] blue : so [09:47:42 09/03/09] blue : wht should i do [09:50:06 09/03/09] Stalion : by risking no more than 2% on a single trade, you can be be able to sustain 50 losses in a row if you are on a losing streak..I would suggest you keep your minilots to just 1 for now...by trading 2 minilots at a 40 pip stop loss, you risk more than 2% of your capital.. [09:50:48 09/03/09] blue : ok next time i wil enter with 1 lots [09:51:16 09/03/09] Stalion : instead of losing just 40 to 60 dollar maximum, you lost 80 dollars wen using 2 minilots [09:51:18 09/03/09] blue : i will cut 1 lot on 1st target [09:52:12 09/03/09] Stalion : okay... [09:53:01 09/03/09] blue : and wht should i do with second lot after closing 1 lot on 1st target [09:53:14 09/03/09] Stalion : cut 1 minilot when 20 pips ahead...more safer.. [09:53:25 09/03/09] blue : ok [09:53:38 09/03/09] blue : and second one [09:56:16 09/03/09] Stalion : you would have 1 minilot remaining,right? so cut 0.5 minilot on 1st target [09:56:28 09/03/09] Stalion : another 0.5 minilot on 2nd target [09:56:57 09/03/09] blue : ok i wil [09:57:05 09/03/09] blue : thx for ur co operation [09:59:06 09/03/09] blue : is the mkt safe in sell today? [10:03:35 09/03/09] Stalion : yep...that is more about strategy than risk management,blue [10:03:49 09/03/09] blue : hmm nice thx [10:04:48 09/03/09] Stalion : risk management is what keeps you safe and sane, blue.... [10:04:57 09/03/09] blue : ya [10:07:16 09/03/09] blue : wht do u think how much i can earn in my account in month [10:11:28 09/03/09] Stalion : have you taken off half profits first? [10:12:29 09/03/09] blue : thx dear i got 68$ in tota [10:12:32 09/03/09] blue : total [10:12:33 09/03/09] Stalion : then shift your stop loss down to entry point..from 1.4030 sl to 1.3990 entry? [10:12:53 09/03/09] Stalion : 1st target hit [10:13:09 09/03/09] blue : i cut 1 lot in 1.3965 and second lot on 1st target [10:14:12 09/03/09] blue : thx alot dear i hope for more trades today [10:18:12 09/03/09] Stalion : cool.... [10:18:47 09/03/09] Stalion : 68 dollars is okay for today,blue... [10:19:13 09/03/09] Stalion : lets not get greedy and give back all those profits... [10:19:55 09/03/09] blue : ok as u say [10:20:07 09/03/09] blue : i agree with u [10:25:27 09/03/09] Stalion : cool [10:26:14 09/03/09] Stalion : 1 strike win and we are out [10:27:24 09/03/09] blue : ya nice [11:22:51 09/03/09] blue : Stalion mkt is still on selling [11:58:44 09/03/09] Stalion : yeah....downtrend sustained, blue [11:58:51 09/03/09] Stalion : helloo joksa [12:01:14 09/03/09] joksa : hi stalion, it is my first day [12:03:01 09/03/09] Stalion : cool... [12:03:11 09/03/09] Stalion : howz trading? [12:05:43 09/03/09] joksa : i don't have to much success [12:07:19 09/03/09] Stalion : why? how come? [12:09:14 09/03/09] joksa : i tried to much forex system, but no one was good for my acc. [12:09:46 09/03/09] Stalion : what do you think is blocking you from success? [12:11:03 09/03/09] joksa : i am not disciplined [12:14:50 09/03/09] shandy : hi guys, finally worked out how to login! [12:15:04 09/03/09] joksa : if i understand, in this chatroom...there is only alert? [12:15:42 09/03/09] Stalion : hmmmm.....nice to know discipline comes with practise [12:16:22 09/03/09] shandy : how was the morning session? [12:20:17 09/03/09] Stalion : welcome, mark.... [12:20:48 09/03/09] Stalion : 70 pips was made on our sell stop [12:20:53 09/03/09] shandy : very nice [14:30:12 09/03/09] gjorge : i would like to see how they trade the london martket So for today, teusday, we could see a 1-2-3 bottom on the chart,and we put a buy stop on GBPUSD @ 1.3850..1st target @ 1.3877.. 2nd target @ 1.3955..50 pips stop loss
Hi Julie...thanks for your mail...you are right when you mentioned the ''paralysis by analysis'' factor that disable the functions of majority of the traders due to information overload.In pursuit of the quest for profits, most of us tend to disregard the knowledge, patience and determination required to come out on top in any field of endeavour,instead we only focus on money..''how much can I make daily?''...I deserve a 100 pips dropping like clockwork each and every day''... Stay with me here,viola, there's a madness to the method and method to the madness..Its called the LAW OF DETACHMENT...thanks once again for your comments, julieviola Hey forexgreenland, we have missed you at NIGERIA BEST FORUM . NBF. Since its been a while, we thought we would send you a personal invitation to return. Hello, forexgreenland! We've noticed that you've not been active on ForexForums.org for quite some time now, and we miss you! Could we not tempt you back? Hmmm.....no need to do that,mon amis...am back....just being occupied by lots of projects lately...so little or no time to post as much as before... Nice observation, dollarfinder...I concur with your findings...There's no 100% perfect system, whether technical analysis or fundamental news analysis..What matters most is proper RISK MANAGEMENT in trading.. How long can your equity last if your system is on a losing streak? How far can you go when the market goes schizophrenic over a period? 5 trades? 20 trades? 50 or a 100 trades before margin call...Hot situation makes a nice one, whatchu gonna do...call 911?That is what majority of the professional traders focus on when trading...Even in cooking, recipes of dishes are added proportionally, instead of putting the ingredients all at the same time.. That proportional blending eventually brings about a nice savoury dish....yumm yumm..Anyone hungry? Frank Says: Hello, thank you for this Posting. I am reading this Blog very often and i like to read this blog. I hope you writing alot in this Blog. What you have to doo is to write more in this Blog about everything. I know, I know, jehunter....better to be the hunter than to be the hunted,especially of pips..lol...wud send it as soon as possible,okay... Darn hayabusat,easy on the boobs fixation,okay...or you want to change the title of ''Sex in the City'' to Sex in the Trading?not that healthy for clarity of mind..I must say.. Trading mostly commences during the London Session where you have less range activity and more stable volatility. [10:02:58] Stalion : sell gbpusd @ 13920...1st target @ 13840...2nd target @ 13765...50 pip sl.
Helloo there Onwuka, nice to get your mail... We thank God for everything..We should also know there are times we shouldnt ignore our personal needs in order to satisfy others needs..A burnt out Stallion is of no good to himself or to the people..just cant give out from an empty cup whether you see it half filled or empty..so creative silence or quiet time is essential for each and every human being..Mind you, you dont have to be a hermit hibernating in a cave or a monk in the Himalayas before you get the centre of balance within.. seems your questions have been asked before, and the answer was given..most times, I often had to go back and read through the whole thread so as to get a better perspective of where we are coming from and where we are going.. To summarize, trendlines are connected from the current resistance/support high or low to the previous resistance/support high or low of the candlebars. It is also connected, if using MACD,between the current peak(highs) to the previous peak or between the current trough(lows) and previous troughs of the MACD line. When the price trendline is ascending in an uptrend and MACD trendline is descending in a downtrend, it is called NEGATIVE DIVERGENCE.. When price trendline is downward and MACD trendline is upward, it means POSITIVE DIVERGENCE. Good entries and exits are also strategies that depends mainly on risk management principles like risk to reward ratios.Most newbie traders/sportsmen wants to know the tricks...instant gratification without expenditure of responsibilty..Your entries might be good but whatabout whipsaws?what if you had perfect entry but the timing of the move sucks?How much are you prepared to risk if the ''perfect entry'' does not manifest? Those are questions we should ask ourselves before and during trading.. Hi Natalie, to paraphrase annacoulli.. So CFDs(Contracts for Difference), are cash settled derivatives that reflect their underlying markets like stocks, futures or forex contracts.CFDs can easily be traded short, transaction speeds are usually fast, and they have low margin specifications, like 10% for shares, 5% for share indices,5% for futures and 2% for currencies.They are also generally open ended, as in, they have no expiration dates like options, commodities or warrants. Another thing that makes CFDs stand out is they are available for diverse underlying markets like the US, UK AND European shares CFDs, sector CFDs like Banks, Real Estate,Oil and Gas, as well as forex and futures pairs. Helloo nasir.khan...any relation with genghis or kublai khan? anyways, you can just use the standard settings on your platform, which is usually 12,26,9.. You could still tweak the settings and compare the changes on the MACD indicator to price above...whichever one fits your style is okay... Hmmm, this sounds like a counterattack from one of the feminine species,not just a welcome party....Somebody stop me!You want to know why, mami? It is because those chats and charts mainly represents a reflection of operations in the trading trenches..reflects trading minds at different levels in which enlightening market themes and principles can be glimpsed and learnt from.. At the risk of getting my eyes scratched out by our female folks, there are some observations on the gender aspect to trading.females are less willing to take risk but more willing to stick to their rules..Alpha male stereotypes tend to do the opposite..too much machismo, too much ego on the line...brings about stumbling blocks to our trading life..so if good traders are consistent at abiding to their rules and not taking unnecessary risks, the ladies should do better in their pyschological makeup to trading. So guys, we got a lot to learn from our womenfolk..thanks for your constructive criticism, Anne
Hi khairu, the red and blue lines you see on the chart is brought about through putting up a buy or sell order, which reflects on the ''graph''...To write out a text, just click the ''Insert'' tab above, next to ''View'' tab on your MT4 platform.. There, you can also experiment with trendlines, shapes, arrows, fib, gann..etc...just play around with it first and see how it translates on your chart. So for today, Teusday, we could see a head and shoulder pattern on the GBPUSD 15 min chart,so we are looking for a bearish move down south...wow.. Sell stop on cable @ 14614...1st target @ 14565..2nd target @ 14535..50 pips stop loss...Take half profits when +20 pips ahead, then shift stop loss to sell entry level.
Marike says, "Hi Sylvester, I am a south african girl and very interested in learning how to trade forex. Is there anyone in Johannesburg or website that can teach me the basics in trading because I have NO experience. Thanks Marike.". Hi Marike, sorry I'm in Lagos,Nigeria and am not yet familiar with anyone in johannesbourg,SA that could teach you the basics...You can try and where some forex basics are posted. Thanks once again. Maximum wrote Hi Sylvester, I was watching your alpari account that you provide on your site and I was like very surprise when I saw that the account when from 9500$ to less then 7000$, what happen, there was a big loss of 1000$ for one trade, could you explain to me please.... thx Max Helloo Max, Thanks for your mail...The drawdowns were brought about by my divided focus lately, for I'm about completing my new forex book which has a deadline of a couple of weeks. This new project, which had been postponed so many times earlier,has taken up my time for dedicated trading...like a tradeoff, I might have to suspend market action for a short period in order to fully concetrate on the task at hand...which is writing and publishing this expository manuscript, without much external distractions. So max, dont worry,once my new project is completed, I;ll pick up from where I left off, presumably in a month's time...so as to give my usual undivided focus back on real time trading.. Thanks for your concern, my friend....please ask any questions or comments you might feel like communicating in the meantime.. Honest Injun, no padner...nothing always work all the time...remember we are living in an imperfect world...the only method to mitigate against unnecessary losses from trade entries and exits, is proper risk/money management and discipline. http://news.yahoo.com/s/ap/20090415/ap_on_bi_go_ec_fi/economy [09 15/04/09] Learning_pips : hello...hi stallion are u there [12 15/04/09] Stalion : helloo paul,Learningpips [12 15/04/09] Stalion : we put a sell stop on gbpusd @ 14950 [12 15/04/09] Stalion : 1st target @ 14928....2nd target @ 14902...50 pips sl [12 15/04/09] Paulfx : hello stallion [13 15/04/09] Paulfx : 1st target reached - closed out 1/3 of positions moved sl to BE [13 15/04/09] Stalion : cool [13 15/04/09] Stalion : how many minilots are you using,paul? [13 15/04/09] Paulfx : stallion how did you come up with the 1.4950 as entry? [13 15/04/09] Paulfx : im only doing .3 right now until i get familiar with system then will move to 3 standard [13 15/04/09] Stalion : on how much equity? [13 15/04/09] Paulfx : $3k right now with the minis [13 15/04/09] Stalion : hmmm....you see, in trading, we know that risk mgt is very important,paul...so if your risk or potential oss does not exceed 2 to 5% of your total equity while trading, you might use standard lot... [13 15/04/09] Stalion : the entry points are also important as the risk mgt factor....how much can I stand to lose if my entry is not accurate or if my timing is not precise... [13 15/04/09] Paulfx : i will have to review those figures looks like my $3k would not be enough right now [13 15/04/09] Stalion : yes....thats prudent....we missed some early morining moves earlier....but how I came up with the entry point of 1.4950 was a trendline break around that region on the 15 minute chart [13 15/04/09] Paulfx : i would be interested in reading your book when do we get a preview? [13 15/04/09] Stalion : lol....the book has been postponed times without number,paul...its only in my free time that I get to put the finishing touches and review it...dats why ur questions and comments pertaining to forex, would be a nice addition to the book...for now, trading, amongst other activities,tend to slow the Muse [13 15/04/09] Stalion : some time would be necessary before we get the chance for preview [13 15/04/09] Paulfx : its not liking the 4925 mark should be a nice move when it breaks thru [13 15/04/09] Stalion : hmmmm, there is a harami cross at the previous 15 min candle, while the 4925 mark is around the 50% level,paul [13 15/04/09] Stalion : just a period of indecision before price makes its next move [13 15/04/09] Paulfx : ok i have the same on my charts [13 15/04/09] Stalion : you can still close out 1 more minilot,while adjusting your stop loss to our sell entry level [13 15/04/09] Paulfx : i was waiting for 2nd target to hit before i close out a mini [13 15/04/09] Paulfx : i got stopped out [13 15/04/09] Stalion : on breakeven? [13 15/04/09] Paulfx : yes i broke even on the other 2 minis [13 15/04/09] Stalion : cool.... [13 15/04/09] Stalion : I was stopped out on breakeven too....though 2 minilots were closed out before price got advancing upwards...the remaining 1 minilot was a sacrifice [13 15/04/09] Paulfx : i try to stick religiously to trade management taking profit and sl [13 15/04/09] Paulfx : on the 1h chart we are still in a downtrend [13 15/04/09] Stalion : yes....the current trend on the hourly chart is down....usdchf is moving up [14 15/04/09] Paulfx : anything on the horizon to look out for? [14 15/04/09] Learning_pips : hi paul [14 15/04/09] Paulfx : hey there [14 15/04/09] Stalion : price went back to our 1st target again [15 15/04/09] Paulfx : are we going to re-enter? [15 15/04/09] Stalion : to be on a safe side, we put a buy stop at 14970 [15 15/04/09] Stalion : 1st target @ 14990...2nd target @ 15035 [15 15/04/09] Paulfx : bah i missed the entry [15 15/04/09] Stalion : 40 pips sl [15 15/04/09] Stalion : hmmmm...you can still enter at current market price of 14970 [15 15/04/09] Paulfx : i got in close to entry price [15 15/04/09] Stalion : cool [15 15/04/09] Paulfx : not much activity today on the markets it seems like [16 15/04/09] Stalion : helloo paul [16 15/04/09] Paulfx : hello stallion - looks like gbpusd is catching a downward trend [16 15/04/09] Paulfx : 1h chart still bullish [16 15/04/09] Stalion : yes....we jus have to sit on our hands and wait for price... [16 15/04/09] Stalion : 1st target hit
[09:36:40 17/04/09] Stalion : helloo there, LP.... [09:39:32 17/04/09] Stalion : We put a sell stop on GBPUSD @ 14795...1ST TARGET @ 14735...2ND TARGET @ 14665.. STOP LOSS @ 14850... [09:40:58 17/04/09] Learning_pips : hmm [09:42:30 17/04/09] Stalion : looks like the CHF report got the swiss pair in an uptrend frenzy.... [09:43:35 17/04/09] Learning_pips : ok. I am only lookin at gbpusd for now.just one pair is enough for me to begin with lol [09:45:26 17/04/09] Stalion : of course, gbpusd might still have some strength for a rally when the CAD report comes out in a few minutes [10:06:47 17/04/09] Learning_pips : sell stop got triggered [10:36:06 17/04/09] Learning_pips : made 35 pips before I did something while putting a trailing stop and my position got closed by mistae Hi Paul...hope you are enjoying your weekend?what you might have missed was proper risk management.. Our sell entry on the cable,last friday, @ 14795 was on the mark at the first foray, which went to a low of approximately 43 pips downward before reversing back beyond our initial entry, up to a high of 14850.. Assuming you had entered, you would utilize the risk mgt tool of ''closing out half minilots when +20 pips ahead, then shifting stop loss to initial entry level''...in this case, SL=14795=initial sell entry... By applying that rule, you would have been stopped out at breakeven profit, since you've already closed out half your position at +20 pips...Remember price made a freefall down to 43 pips or so, to reach a low of 14752, 17 pips shy of our 1st target of 14735.. So its more of a case of good entry but less spectacular finishing/exit, if proper risk management is not adhered to...like you observed on the log, Learning pips took out 35 pips or so from the trade, which was enough for him for that day.. also we had like 3 opportunities to go in and out of the trade for 30 or more pips that friday...so it is still valid till Monday..Hope you understand... Learn from yesterday, live for today, hope for tomorrow. The important thing is not to stop questioning. - Albert Einstein Helloo onwuka, how is it going? No offence taken, mon ami...we all learn at each of our different levels in life...not just in trading... To answer your question, we might take a little look at what interest rates mean.. They are more or less payment for the use of a given sum of money, or its equivalent over a period of time. Implied in this defination are demand and supply as determinants of market price, in which price is the rate of interest. Interest is a COST to demanders of funds and an item of INCOME to suppliers of funds, and the rate of interest influences their entry into a given market in varying ways and degrees. The rate is stated on the basis of one year(per annum),even though loans can be made for shorter or longer periods. You see, the market referred to, is a credit market, in which debt is seen as an obligation to pay money and credit is the right to recieve money. Such markets bring together borrowers and lenders(investors), and in them are established and communicated the prices at which they are willing to make transactions. The price of credit is an interest rate, and that which is demanded and supplied are credit or debt instruments, whose primary function is to allow control over money to be transferred. Suppliers of debt instruments are demanders of funds, and demanders of such instruments are suppliers of funds, so that in essence, it is the price of these instruments at a given time which gives the market yield, or rate of interest. Interest rations the supply of savings, serves as compensation to lenders, helps cover the costs of risks, and can be used to help stabilize an economy or promote growth. So onwuka, if a country's interest rate is held, under normal market conditions, it tends to appreciate against other currencies with relatively lower interest rates. Short term interest rates are the important factor in currency valuation - traders look at most other indicators merely to predict how rates will change in the future;thats where we get to the inflation/unemployment tradeoff.. If a country's Central bank feels inflation is high, they usually increases interest rates in order to mop up excess liquidity..but that constricts credit flow for growth and productivity which increases the unemployment rate.. But wait.. if unemployment is the top priority of the government, then interest rates are lowered in order to increase credit expansion flows in the system so as to enhance employment through wider growth and productivity...but that tends to increase inflation due to excess liquidity...a TRADEOFF in the country's kitty.. http://sports.yahoo.com/top/news?slug=ys-rcsbadspenders041509&prov=yhoo&type=lgns Hi katipunero, thanks for your mail...the right trading system is essential for the right individual...not all size fits all...if you want to take up my services, then you are free...just send a mail specifying which of them you are interested in, and I'll get back to you,ok... The Arabs have an ancient proverb that affirms: He who knows not, and knows not that he knows not, is a foolâshun him. He who knows not, and knows that he knows not, is a studentâteach him. He who knows, and knows not that he knows, is asleepâwake him. He who knows, and knows that he knows is wiseâfollow him.
[09:02:51 21/04/09] Stalion : we put a buy stop on GBPUSD @ 1.4574...1st target @ 1.4613...2nd target @ 1.4645...stop loss @ 1.4510.. [09:03:08 21/04/09] fxjedi : hi stal [20:59:09 21/04/09] Stalion : hi paul [20:59:50 21/04/09] Stalion : do we trade da retracement? [21:00:56 21/04/09] Stalion : sell 1.4662..1st target @ 1.4615...2nd target @ 1.4560 [21:01:31 21/04/09] Stalion : stop loss @ 1.4710 [22:57:24 21/04/09] Paulfx : hi stallion, did you get my email? [23:31:44 21/04/09] Paulfx : my question was regarding how you are calculating retracement [23:32:02 21/04/09] Paulfx : on the call you posted not too long ago [10:07:47 22/04/09] Stalion : helloo Paul... [10:09:56 22/04/09] Stalion : total of about 102 pips made to 2nd target around the early hours of this morning [10:11:38 22/04/09] Learning_pips : hi stal [10:19:46 22/04/09] Stalion : helloo LP.... [10:24:11 22/04/09] Learning_pips : I see so if the price moves the opp direction and then moves agian in the direction of the call we are supposed to re-enter?? [10:27:00 22/04/09] Stalion : more often than not, LP...it depends...if the charts show its a high probability thing, we reenter.. [10:28:36 22/04/09] Stalion : there are also times where you reenter but get stopped out again and again..most times, it coz price is trying to shake off the weak hands with as few traders to its target... [10:28:39 22/04/09] Learning_pips : cool [10:29:22 22/04/09] Stalion : while most times, we are just simply wrong..maybe due to range consolidation [10:29:41 22/04/09] Learning_pips : hmm [10:29:44 22/04/09] Stalion : or some other technical/fundamental reason [10:30:23 22/04/09] Learning_pips : because I have often seen the calls are absolutely spot on targets but sometimes its the timing thats different [10:30:41 22/04/09] Learning_pips : I am talking about my own calls [10:31:06 22/04/09] Learning_pips : sometimes even urs too [10:32:07 22/04/09] Stalion : wrong timing....wrong entries.... [10:32:45 22/04/09] Stalion : right timing, right entries [10:32:53 22/04/09] Learning_pips : hmm [10:34:44 22/04/09] Learning_pips : i still have some understanding on levels and price but timing wise not that good [10:35:44 22/04/09] Learning_pips : hammer on 15min gbpusd around last support area [10:44:20 22/04/09] Learning_pips : stal i hv entered buy with a stop on the hammers low [10:44:45 22/04/09] Stalion : buy stop on GBPUSD @ 1.4575..1st target @ 14595..2nd target @ 14609,,, [10:46:49 22/04/09] Stalion : sl @ 1.4521 [10:55:54 22/04/09] Paulfx : stal great call i was in it but didnt get alll the pips... still ok took profit and no sl [10:56:03 22/04/09] Paulfx : morning lp [10:58:27 22/04/09] Learning_pips : hw s it goin [10:59:39 22/04/09] Stalion : helloo Paul... [10:59:44 22/04/09] Paulfx : its always great in the land of profits [11:00:10 22/04/09] Stalion : am preparing a response to your question for general edification... [11:00:37 22/04/09] Paulfx : ok thank you! young grasshopper eager to learn! [11:01:05 22/04/09] Stalion : Greenland...the Land of Profits...nice connotation, Paul... [11:01:53 22/04/09] Stalion : the time of profits or success is when ur most vulnerable....you can fall if no proper risk mgt [11:02:18 22/04/09] Stalion : and overconfidence [11:02:36 22/04/09] Paulfx : yes it is- fear and greed [11:03:07 22/04/09] Stalion : hmmmm... [11:09:13 22/04/09] Paulfx : i was asleep to reenter for that gbp call last night, would have been another good play but like you and LP were talking about earlier could have been stopped out [11:15:03 22/04/09] Paulfx : would it be wise to make a play on the retracement? [11:15:04 22/04/09] Stalion : maybe you could trying pulling the trigger, then ask some incisive questions later...got ur question thru pm less than an hour after sending the gbpusd call last night...the opportunity lay waiting for hrs before finally going down around 0300 GMT....you had time ,Paul...but you hesistated [11:16:03 22/04/09] Learning_pips : second target reached [11:16:09 22/04/09] Paulfx : ok... wow... obviously not! [11:16:31 22/04/09] Paulfx : now that is what i call momentum! [11:16:43 22/04/09] Stalion : 1st target hit....@ 14595....current price now 1.4610 [11:16:47 22/04/09] Learning_pips : wow it was so quick [11:17:15 22/04/09] Stalion : dats intraday trading for you, Paul [11:17:25 22/04/09] Stalion : did you enter? [11:17:28 22/04/09] Learning_pips : i closed out with 33pips [11:18:40 22/04/09] Paulfx : yes [11:19:28 22/04/09] Stalion : cool Helloo Paul, I assume you are taking about the GBPSD call made in the early hours of the morning..Those first set of figures are correct, in a way...but you need to go back a step further...Since you seem like more of a system trader,I'll try and make some exposition using fibonnacci retracements on the charts..back a step further,around 17/4/09, to a low at 21/4...That is the 1st step... The 2nd step is down below, where am replying fahd.. Helloo fahd, maybe we might make a prognosis of what you are missing here..Hi Felix, hope you dont mind if I answer him...just a symphony of events that flows like an epiphany.. UK Claimants count report that came out around 4.30 a.m this Wednesday morning,is the change in the number of people claiming unemployment-related benefits during the previous month..Although it's generally viewed as a lagging indicator, the number of unemployed people is an important signal of overall economic health because consumer spending is highly correlated with labor conditions..So it's the first indication of the employment situation, released a month earlier than the Unemployment Rate... The previous change was 136.6k (revised), while economists are forecasting 118k ...but the actual result turned about to be 73.3k.. To cut long story short, the market has already discount that piece of information..Normally, if the ACTUAL was less than the EXPECTED,it is good for the currency...In this case, technical wise, price had to fulfill the 60% window before rocketed upwards, according to fundamentals..That downward retracement was observed from,''on da retracement'' [21:00:56 21/04/09] Stalion : sell 1.4662..1st target @ 1.4615...2nd target @ 1.4560 [21:01:31 21/04/09] Stalion : stop loss @ 1.4710 Now GBPUSD ressurrects...figuratively.. That, mon ami...is ze 2nd step.. Sayonara..