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M.A
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Posts posted by M.A
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Loosing? [i thought it was spelled losing]Thankyou for pointing out
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Are you frustrated by your trading results? If not then continue ur practice. If yes then how about starting from "Point zero"?
You r frustrated because u have considered forex as an "ehyip" (extremely high yeild investment program). IT IS NOT.
If u r frustrated then u r no longer ready for trading. Neither on demo nor on live. Everything is already messed up so what good can u extract from this messed up situation. Take a break.
Test ur stamina
During messy period, you had learned a lot about trading but wasnt able to implement in past because ur brain was busy in calculating and then crying over the loss.
Now that u have taken a break from trading, open a fresh demo account. Dont even look at ur past demo account. On NEW demo account, if u still want to scalp or even day trade... Think again. If you still want to be over aggressive... Think again. If you considering "NEW demo" still a demo.... Think again.
For those of you (including me), who do not get real (hidden) message behind a phrase, Think Again = DO NOT.
Trade on longer timeframes. You will not only increase your "patience" skill level but also be able to lower ur "greed" level significantly.
Try to divide ur time, which u have allocated to trading, in more than one session. For example 4 sessions of 1 hour may be a good idea. After each trading session, take a break. Most of you may not be able to make more than 2 sessions but thats ok. The logic is that trading in different times will tell you which time yeilds better results for you.
Place one trade in one hour. It means u have 59 minutes to analyze and 1 minute to place ur trade and if u r fast then just 20 seconds to place a trade and remaining time to analyze and read chart.
Apply same strategy in all sessions.
Analyze ur performance on monthly basis.
Analyze collective performance and performance of each session.
After 6 months, your results will tell u if you r able to trade on a real account or not.
I have to remind you an important point... "Trade on longer timeframes".. You must look at daily and weekly or even monthly timeframe to analyze trend and then place ur trade accordingly which may end in a day or 2 or a week. Do not try to trade like a day trader or scalper when u r practicing.
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I haven't followed this thread so I'm confused as to who said what to whom and who told whom to do whatever and who led whom and who followed whom.:haha:
My goal is to produce a consistent income of 10k plus per month. One that would cover my overhead of my family. I did not need to achieve this as a get rich quick scheme, I was willing to give years and years but I knew I was asking for a lot when only using 100k or less in capital. I figured I could build. Start with 1 or 2 contracts and add onemore for every 10k in gains. Over time I imagined that even 5 ES contracts could provide this with consistency. Less than 10 points per week would allow for this target to be reached.
Realistic goals are also challenging. dun u think?
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Buy @13272 09:30 EST:hmmmm:
Closed with minor gain. right?
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Have u ever tried to apply forex strategies in binary options? Do u think Strategies with TP and SL can work in binary options? IMO, timeframe, which is most important in binary options, is of less importance in forex.
In forex u dont need to restrict ur trade to an hour, a day or a week or ............... But in binary options, u have to specify expiry time.
So even if u can predict trend with high probability, in binary options, u have to make sure that price continues in predicted direction within the given timeframe. There can be other factors too which makes it very hard to implement forex strategies in binary options.
Have u ever tried that?
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There are no economic data release from U.K today.
Yesterday, Preliminary GDP figures from U.K came as expected. Gbp/usd showed significant fall after GDP figures. It found support after weaker than expected data release from U.S. Gbp/usd is range-bound since then.
It was expected to reach at resistance level of 1.5478 but strong U.S consumer sentiments data pulled it back below 1.5400.
This week Eur/gbp found good support near 10-july low and retraced back above 0.8630. Long term trend remains bullish. But in short-term pair is mostly range-bound.
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Tomorrow we will be doing Jpennybags Tails/short.This is wild, 3 in a row so far. If we win tomorrow it will blow my mind.
My trading day is usually done by 09:30 so I have never really watched PA on a small TF at the NY open.
Some very interesting stuff going on. After this "experiment" we should talk about it.
:applaud:
:missy:..... Getting excited for my friday's entry. Dun want to be the first "random looser".
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I am currently moving my post to news section..... I will provide the link soon.
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CBI industrial orders data came better than expected but it wasnt enough to strengthen gbp against eur and usd.
Gbp/usd has touched 1.5315. U.S home sales data is yet to come in next half an hour and it will have significant impact on gbp/usd.
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As expected from previous image, eur/usd continues to play above support trend line. It has already touched minor support zone of 1.3250 to 1.3255 and then retraced back. As long as it remains above support trend line, expectations will remain bullish. By looking at current scenario, 1.3400 looks highly probable. Major support lies at 1.3416.
Range-bound movements for usd/jpy continue to swing around 100 level. Breakout is expected to occur in favor of bears.
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M.A. , have you down in the next empty slot.Fri 7/26 Heads/Buy
Great.
:missy:.....
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BBA mortgage approvals came weaker than expected which caused a loss of approximately 50 pips in gbp/usd. GBP is also down against eur, nzd and cad. It has gained significant strength against yen.
Gbp/usd is trading near minor support level of 1.5325 and is expected to retrace from this level to continue bullish trend.
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Eur/usd has consolidated around 1.3200 after retracing back from resistance zone. Overall trend has not changed and remains slightly bullish. Major support lies at 1.2994. Eur/usd has been bullish since 15-july and moving above support trend line.
Usd/jpy was expected to go below 99.00 level to touch support level of 98.90 but it retraced well before that. Overall sentiments remains bearish. Major support lies at 1.9828.
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Interesting:)
Heads.... If there is an empty slot.
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Gbp has shown strength against usd and eur but fell against other major counterparts.
Gbp/usd has gained around 70 pips today. Eur/gbp has lost more than 20 pips today.
There is no important data release from U.K today.
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Eur/usd is moving steadily towards key resistance zone of 1.3200 to 1.3205. It has already reached 1.3192 but retraced back below 1.3170. Exisiting home sales data is due in next 1:45 hours and eur/usd is expected to reach near resistance zone before this release.
Usd/jpy fell around 1% today within a few hours when trading session resumed this week. Retracement has taken it back above 99.90 level. This quick fall was mainly due to winning of Abe's party, in parliament's upper hourse elections, on sunday.
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There are not many important news this week from U.K.
Most important news, from U.K, in coming week is preliminary GDP release on Thursday.
Other than that U.K is to release report on mortgage approvals on Tuesday and industrial order expectations data on Wednesday.
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Disappointing week for those who were expecting any significant change in eur/usd. Even though usd/jpy performed much better than eur/usd and remained bullish but was unable to cross key resistance of 101.19.
Coming week has some important fundamentals to surprise traders.
On Monday, U.S existing home sales data will be released.
Eurozone will publish manufacturing and service sector activity data on Wednesday. Then U.S will release data on new home sales, same day.
On Thursday, first we have german lfo business climate index and then later U.S is to release durable goods order and initial jobless claims data.
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Believe it or not…this could be a way to bring back a verisimilar of the real Taylor Trading method.Such ‘virtual’ structures are basis for, acknowledged or not, the same types of emergent, informal, loose collusion blocs taylor noticed and leveraged on wacker way back when…
Please translate it to "English".
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Unlike eur/usd, gbp/usd is struggling more to get out of range-bound movements. It broke above key resistance of 1.5222 but then consolidated a few pips above it. Sentiments remains bullish. Next resistance level lies at 1.5304.
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Eur/usd is swinging around 1.3100 and even some important fundamentals, including jobless claims and Bernarke's speech, were not able to make any significant impact as expected. It showed strong bullish trend on 16-july but wasnt able to continue it. There r no important fundamentals today. Reistance lies around 1.3155 and support lies at 1.3052. Incase support is broken, pair will most probably go to 1.3000 level.
Usd/jpy reversed today, falling to 99.81, and erased part of the yesterday's gains. Retracements have taken it above 100 again. Overall sentiments for today are in favor of bearish trend.
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Social media means that many people can work together on finding signals and working out a strategy, rather than doing everything yourself.I dun think so otherwise forums are more active but even here people do not share "secret recipe"
One of the major benefits of social platforms is that they are more trustworthy than a lot of advice that you’ll find on the internet; you can see exactly how people are trading themselves, and how successful they are.That is right.
Of course, it’s very important that social media is treated as a tool just like any other. Relying on others for all your signals and strategy is not a good idea,Very true.
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Retails sales data from U.K came better than expected.
GBP remained almost neutral against usd and eur. But it gained more than 1% against jpy and it has reached key resistance level of 153.03.
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Usd showed strength after jobless claims data and bernarke speech. Overall movement remains range-bound. Bernarke told that stimulus program is essential for economic recovery and Fed plans to continue it for foreseeable future. He also added that lending rates will remain low.
Eur/usd was down after Bernarke's speech but retracement has taken it above 1.3100 again. Technically resistance lies at 1.3177 and then at 1.3206. Support lies at 1.3052 and then at 1.2994.
Gbp/Usd's Next Probable Target
in Forex
Posted
Lets look at the simple image below (which is drawn with the help of paint). Nothing messy, nothing rushy.
Simple diagram attached is giving an indication of next probable target of Gbp/Usd. Area between red lines represent major highs and lows. Area between blue lines represent lower highs and higher lows.
Image has 3 important levels highlighted.
1- Support trend line becoming Resistance trend line.
2- Higher high point. Bearish move started from this point
3- Price is moving below blue support line which is giving indication of its movement towards black line.