Euro Forex Pro weekly 24-28, May, 2010

[Paata]

Look at the top of the page please.

Thank you.

 

[bombermanpc]

Oh man what a day it is. I lost so much earlier today due to messy price movement. Luckily during the Euro session it was much better I could make good enough profits to get my feet back on the ground.

Now I think its about time for Eur to rise. I think it should continue it's rise if it closes above 1.2263. It is up to you to decide the move. If it doesn't than we need to wait and see again. Looking forward to US market opening.

yes, today the price movement is unpredictable....but there's always tomorrow...good for you auna for not taking part of today. how do you think sive ? it's truly very choppy market, " it will chop us till peaces " har har har if we don't stay clear for the moment.

 

[sardinian]

too loss

Hi Sive, today I don't read your blog ....and I think that I done big damage to my self....
I have 3 positions short Eur/usd @ 1.210 (0.24 lot) , 1.2209 (0.12) and 1.223 (0.10). And today happens what you write in your forecast.....(eur at 1.2350 now).
I'm losing at the moment around 500 euro.
For me is important money....and I feel realy stupid.

My question is: how many time I have to wait for the return in profitable zone?

What can I do for don't close my account and finish in liquidation (equity is 1400 euro) ?

I wish you can help me....because I don't know what to do ...
Sardinian (Italy)

 

[sardinian]

nobody helps me?

Do I have to open a new buy position now to compensate the possible total lost of my account?

 

[Sive Morten]

yes, today the price movement is unpredictable....but there's always tomorrow...good for you auna for not taking part of today. how do you think sive ? it's truly very choppy market, " it will chop us till peaces " har har har if we don't stay clear for the moment.

Hi, bombermanpc
Market is choppy, But, in general our trading plan for today was correct. Market has reached 1.24, although it made a deep retracement.
As I've promised I'll be a buyer. And I did - enter 0.3 lot at 1.2230, exit t/p 1.2390, initial s/l 1.2180 (later moved to b/e).

Hi Sive, today I don't read your blog ....and I think that I done big damage to my self....
I have 3 positions short Eur/usd @ 1.210 (0.24 lot) , 1.2209 (0.12) and 1.223 (0.10). And today happens what you write in your forecast.....(eur at 1.2350 now).
I'm losing at the moment around 500 euro.
For me is important money....and I feel realy stupid.

My question is: how many time I have to wait for the return in profitable zone?

What can I do for don't close my account and finish in liquidation (equity is 1400 euro) ?

I wish you can help me....because I don't know what to do ...
Sardinian (Italy)

Do I have to open a new buy position now to compensate the possible total lost of my account?

Hi, Sardinian.
First of all, calm down. 1400Ђ is a solid sum, to make many profitable trades in the future. Looks like you have 2 main problems - psychology and money management. Let's go step by step.
The most important is a psychology. Do not enter this market again now, yours psycological conditions unstable now and you can't think rationally, you need to calm down. My rule is - if I loose solid sum or make 3 loses in a row I take a break for at least 3 days or longer if I'll need to. Market still will be there, so there is no need to haste. Track your emotional condition very carefully. If you're disbalanced - do not trade.
Second, may be I'm wrong, but I think that you'll try to outstrip the market. There is no need to do. Just watch and enter only after market action that you're expected.
Third, Use two simple rules. First - rule of 3 period. If you enter and do not come to profit during 3 period (may be 5), better to exit.
Second, do not risk more than 1.5-2% of capital in one trade. If you have to trade 0,01 lot - trade it but not exceed 1.5-2%.
And remember stop losses ARE MUST.

Hope this helps.

And one more. Always prepare trading plan before you act. And do not change it when you're already in the fire of battle. If you was wrong - exit and wait, but do not change the plan. For example, you have to create something like my update (but a bit more scrutiny). I've made a conclusion - I will buy on retracement. And I've made a buy with 0.3 lot, placed a s/l and t/p. THis was my plan. Sometimes I make profits, sometimes catch losses, but plan are must also to be. and then you should to analyze results - no matter what it was - profit or loss. Find mistakes if it was a loss and learn on them. think that loss is just a fee for experience.
You should not rely on my updates very much, I also can be wrong, although I try to do the best to help all the forumers. Try to understand the process itself, the way how I make a desicions, etc.

Sive.

 

[Mahtab Sarwar]

Sive,

Congratulations on another precise trade. How did you know that 1.2390 was the point to exit at, and how did you figure that after the retracement the price would bounce back ?

 

[Sive Morten]

Sive,

Congratulations on another precise trade. How did you know that 1.2390 was the point to exit at, and how did you figure that after the retracement the price would bounce back ?

Hi, Mahtab,
1.24 - is 1.0 (I call it OP) Fib expansion from previous swing on 1 hour chart.

Concerning bouncing - I did not know exactly, but i had some daily bullish bias, price behavior in previous day and trend was on Buy side.

 

[sardinian]

thanks for reply

Hi, bombermanpc
Market is choppy, But, in general our trading plan for today was correct. Market has reached 1.24, although it made a deep retracement.
As I've promised I'll be a buyer. And I did - enter 0.3 lot at 1.2230, exit t/p 1.2390, initial s/l 1.2180 (later moved to b/e).





Hi, Sardinian.
First of all, calm down. 1400Ђ is a solid sum, to make many profitable trades in the future. Looks like you have 2 main problems - psychology and money management. Let's go step by step.
The most important is a psychology. Do not enter this market again now, yours psycological conditions unstable now and you can't think rationally, you need to calm down. My rule is - if I loose solid sum or make 3 loses in a row I take a break for at least 3 days or longer if I'll need to. Market still will be there, so there is no need to haste. Track your emotional condition very carefully. If you're disbalanced - do not trade.
Second, may be I'm wrong, but I think that you'll try to outstrip the market. There is no need to do. Just watch and enter only after market action that you're expected.
Third, Use two simple rules. First - rule of 3 period. If you enter and do not come to profit during 3 period (may be 5), better to exit.
Second, do not risk more than 1.5-2% of capital in one trade. If you have to trade 0,01 lot - trade it but not exceed 1.5-2%.
And remember stop losses ARE MUST.

Hope this helps.

And one more. Always prepare trading plan before you act. And do not change it when you're already in the fire of battle. If you was wrong - exit and wait, but do not change the plan. For example, you have to create something like my update (but a bit more scrutiny). I've made a conclusion - I will buy on retracement. And I've made a buy with 0.3 lot, placed a s/l and t/p. THis was my plan. Sometimes I make profits, sometimes catch losses, but plan are must also to be. and then you should to analyze results - no matter what it was - profit or loss. Find mistakes if it was a loss and learn on them. think that loss is just a fee for experience.
You should not rely on my updates very much, I also can be wrong, although I try to do the best to help all the forumers. Try to understand the process itself, the way how I make a desicions, etc.

Sive.

Hi Sive,
thanks for reply.
Is very hard moment for me, psicologically.
I will try don't close those 3 orders now.....and resist loss of 33% nearly.
Sardinian

 

[auna]

China Saves the day in cognito... Around 400 bn invested in USD.They said they would buy 500 billion more euro bonds. Now we are not going to see Euro below 1.19 for some time. Big boys are Talking Mr Morten it seems.They want the Euro to go high up in the 1.30 it seems before they all can put it to rest in the 1.10 or 1.00 by the end of the year. I m staying out for now still. Know this thing is going up now but how high is yet to be determined.Waiting for the 1.2450 to be breached. Great possibilities for it to go in the 1.30-1.31.Heard some big shots have some positions stuck there . Those who love risks.....put a long anywhere in the lower 1.23(122 if you get it) with the 1.2150 SL .I am sure you will make at least 50 to 100 pips

 

[Mandrake]

Alright guys, US session wasn't good at first and I made again some losses due to messy movement again but I made some on EUR when the long green candle came along. It did not close above 1.24 as I wanted.. everything would be easier. But still now I see that the price has moved back into the trending range, I hope my trendlines are correct due to messy movement yesterday I have a very narrow and high flowing trendline and another very wide and very volatile trendline. I don't know which is correct.

As I am typing this now it is floating around 1.2345 I hope this candle closes at or above the current price than the narrow trendline is very plausible. We can expect very high and fast movement probably.

auna thanks for the news update. I also see Euro flying very high again. I just hope no more messy movement today. I am always cautious on friday though. Its a public holiday here today, I will be trading throughout Eur and into US session.

Good Luck