FOREX PRO Weekly July 16-20, 2012

[ochills]

Hi Sive, thanks for your response.
I have read Trade what u see by larry pesavento(and I love it deeply),the disciple trader by Mark Douglas,dinapoli levels and few other books but am currently reading Fibonacci ratio with pattern recognition by larry Pesavento and I have gotten the book on Mastering elliot wave by Gleen Neely. I am just thinking may be U can recommend some books that U find worthy of reading.
thanks as usual and for recommending the market wizard by jack D. Schwager. I must say it is wonderful and I do hope to read the new market wizard. but Sir I dont know if can lay my hand on some of this book in audio format(audio book). pls Sive can U recommend any book risk control/ money management for me I have not read anythink on risk.
Thanks Commander in Pips It lovely to learn under U even If I dont see U. thanks FPA.

 

[Louis123321]

I cannot decide whether to close my longs and start shorting now or to wait till 1.233, for sure it will slump down after hitting 1.233, but it does not look like it even has the power to reach that level based purely on price action, even these positive US news events making chaos on USDJPY has not even effected EURUSD! Madness. Think I shall wait till it passes the first support of the whole swing upwards before i start shorting, and if it just breaks the support with heavy downward move I will begin shorting & forget about upward move for the time being.

Problem is, market is not fully moving down either and looks to have some bullish power holding it up still - Half the traders are probably waiting for 1.233, and the others are shorting from now, which is confusing the market ! Like a stalemate :/

 

[D.R.&Quinch]

i think im leaving one position short

 

[ochills]

Hi frd,
Sive recommended different types of book based on the topic he his teaching in the Forex military school. Some of the books he recommended are Trade what U see by Larry Pesavento, The market wizard by Jack D. Schwager Mastering Elliot Wave by Gleen Neely and Dinapoli Levels by Dinapoli. Finally I think it is important to read the Forex military school lectures they are very rich and extremely valuable also it will serve as a good foundation in understanding all the books Sive recommended. if You like to know more on candle stick Sive also reccomended Beyond Candlesticks and Japanese Candlestick Charting Techniques by Steve Nison. Honestly friend I have read all these books except Beyond Candlesticks and they are wonderful to behold and study.

 

[Louis123321]

And down we go !! Very good. did not even reach the resistance... So expect strong move downward now in my opinion.. But I am not sure where it will stop, where to put my TPs.

 

[minimax]

here are some Pesaventos movies, enjoy

Larry Pesavento on Fibonacci Ratios and Pattern Recognition

 

[asif faryad]

And down we go !! Very good. did not even reach the resistance... So expect strong move downward now in my opinion.. But I am not sure where it will stop, where to put my TPs.

WHY DO YOU NOT KNOW THIS LOUIS????

AS YOU ARE A EXPERIENCED TRADER FROM WHAT I CAN OBSERVE...

WHERE IS YOUR WRITTEN PLAN???? AS ALL THESE DECISIONS ARE TAKEN BEFORE!! NOT AFTER ENTERING THE TRADE!!!!

AS YOUR A CORPORAL IN THE FX PEACE ARMY I HAVE NO CHOICE BUT TO COURT MARSHALL YOU!!!! BACK TO H.Q. AND WRITE OUT YOUR PLAN 100 TIMES AND FOLLOW IT ) LOL

BEST

Asif

 

[asif faryad]

i think im leaving one position short

Hi D.R.

see what i mean by the Market always factors in ahead of the event:::::U.S. stocks surrender early gains as Fed chief Bernanke strikes a sober tone in testimony


Remember this as very useful ....

 

[Louis123321]

WHY DO YOU NOT KNOW THIS LOUIS????

AS YOU ARE A EXPERIENCED TRADER FROM WHAT I CAN OBSERVE...

WHERE IS YOUR WRITTEN PLAN???? AS ALL THESE DECISIONS ARE TAKEN BEFORE!! NOT AFTER ENTERING THE TRADE!!!!

AS YOUR A CORPORAL IN THE FX PEACE ARMY I HAVE NO CHOICE BUT TO COURT MARSHALL YOU!!!! BACK TO H.Q. AND WRITE OUT YOUR PLAN 100 TIMES AND FOLLOW IT ) LOL

BEST

Asif

LOL

This is true, however.... I do have my SL's and TPs in place, but just not sure how the situation will unfold. Enlighten me as to where you would TP? I do regularly make money from this, more than my job! lol, but actually in my head i have a rough plan, I have never written it down, as it is due to change too often based on many things, and like you i am also not a LONG weekly term trader. All i know is, market is going to break the roof of hell & then some.. I genuinely have no firm TP in mind, because I had planned on the hitting of the 1.233 level! Did not expect a downfall so early.

Forgive and enlighten me Asif, I love you.

 

[asif faryad]

LOL

This is true, however.... I do have my SL's and TPs in place, but just not sure how the situation will unfold. Enlighten me as to where you would TP? I do regularly make money from this, more than my job! lol, but actually in my head i have a rough plan, I have never written it down, as it is due to change too often based on many things, and like you i am also not a LONG weekly term trader. All i know is, market is going to break the roof of hell & then some.. I genuinely have no firm TP in mind, because I had planned on the hitting of the 1.233 level! Did not expect a downfall so early.

Forgive and enlighten me Asif, I love you.

lol lol

Ok what my plan says is that if a situation like the one you describe happens is to adjust my S/L to breakeven or lock in a little profit or depending on lot size take half of the table and then set the S/L to break even and watch the movie!!

As my trades normally have a s/l of about 400 pips so as i break into the money first thing i am looking to do is reduce my risk totally....as i work on a minuim 2:1 ratio but preferably 3:1

So i have been short from the euro summit at 12650.00 and been adding position on the rallies .... have taken 70% money already as was short with 10 lots at 12650 took 7 lots profit at 123000 and bought my stop loss down to break even so no risk and have been chilling watching the movie!!!!!!

Hope that helps out!