FOREX PRO Weekly June 11-15, 2012

[RahmanSL]

Hi asif...hi Triantus.

"I went through EXACTLY!! the same wanted to conquer Rome in a day!"
Well, if someone had nuclear weapons in those days, it would be very possible...and downright easy to do!

"I CAN PROMISE THAT ONCE YOU THE TIME TO UNDERSTAND AT WHAT MAKES YOU TICK YOU WILL BE AMAZED!!!"
hmmmm....a paragraph comes to mind: "Man, know thy self!"

==============================

"...about how i could make the trade beautiful...beautiful meant a successful trade,..."
I have been burned so many times that it's no longer funny anymore. So, I have decided to concentrate on a trading strategy where the account would be most beautiful without even one single loss for at least 3 months. It's possible to achieve that, but patience, good entry points, coupled with good money management are the key to achieving that.
We'll see in a few months time whether I have these attributes!


"...you must become like david (the android in the movie prometheus) when trading (then switch back to being human again or you'll have no friends)."
Oh!...hmmmm......now I think I know why I have so few (next to none) real friends in the real world....plenty in the virtual one though!

P/S: Joke aside, this is almost too damn near to the truth for me....i.e the "switch back to human" thing, but (unfortunately) not that "trading" thing.


Cheers guys! Wish you all a pipsful day & week!

 

[Damian1987]

I have been burned so many times that it's no longer funny anymore. So, I have decided to concentrate on a trading strategy where the account would be most beautiful without even one single loss for at least 3 months. It's possible to achieve that, but patience, good entry points, coupled with good money management are the key to achieving that.
We'll see in a few months time whether I have these attributes!

I do not know very well if you were joking..but if you were not, plz do not hold false expectations..lossers are part of the game, sooner or later you will loose. No need to avoid losses...(it's impossible..as you do not know what is going to happen after putting a trade) just keep them smaller than the winners.

 

[Triantus Shango]

right. i was just about going to write that. do not set an impossible standard of perfection for yourself, but rather a reasonable standard. there'll always be losing trades. as i'm sure most of us here already know by now, the key is to have the winners outweigh the losers. some pro traders make sometimes 10 losing trades in a row and only get 2 or 4 winning trades in a year. but the winning trades are huge compared to the losers. you get the point. cheers, mate.

 

[RahmanSL]

Hi Damian1987,

Nope! It's very true....especially about that "burned many times" part through just 3+ years of live trading

BUT I believe you meant that "...most beautiful without even one single loss for at least 3 months.." part; right?
Yup! I believe this is absolutely achievable coz I have been trying out the strategy these past four months or so...on Demo account, of course!
But it doesn't involve day trading at all since it's that type of trading is just too volatile and unpredictable and subject to many losses.
I read a post somewhere that if we can be happy with 6.5% returns per year on our fixed bank deposit, how come we are not happy with 5-10% returns per month returns????

Anywhere, if I am able to achieve that feat, I might post something on this in three months time entitled "Lazy Trading" or something like that!

All the best!

==============

Hi Triantus...yes, 1000% agreed and point taken....but that's day trading;right??...Cheers!

 

[Louis123321]

Market has a good chance to move up a bit now I would say, judging by 1h/4h time frames, I will be buying with TP at 2.26405, as market has still not yet hit any significant supports & is already showing more sturdiness (even price action) against further downward movement, basically it seems to be hardening without much reason, like people are taking profits at this level and have just been trading this GAP retracement (unfortunately I did not trade this ).

Based on this I expect a move to the upside. Good luck with all your trades today everybody, as the current situation is not so predictable !


Edit: If you draw a diagonal line below and above this wavey market movement on 4h and 1h time frames you can see there is some sort of harmonic / funnel action taking place, & market has not really broken either side of this yet, top or bottom... It is still in line with the pattern. So I would not give up on upward movement nor would I give up on down, If anyone has been trading this bouncing from wall-to-wall pattern on 4h/1h they would of made quite a lot of pips. But the question is when will it end and breakout, and which side will it breakout? Who knows.

 

[Triantus Shango]

i wouldn't be so sure louis. although there are plenty of contradictory signs right now, we got a sell BnB on e/j H1 which if it unfolds, will drag e/u down as well. this would be consistent with the bearish engulfment on daily for e/u as well. finally, the k-area on e/u H1/H4 of the move up from 23xx to 26xx has been broken and price is still lingering underneath it.

so my guess would be that a re-test of the 61.8 fib node of the whole move from 23xx to 26xx as well as the WPS1 around 2400 is more likely than a rally. at least during the european session.

but what do i know?

 

[Triantus Shango]

also look at the USD/NDX chart with fibs and BB and MACD and DPO displayed. so far it's holding @ 83 and showing no signs to even want to retrace to 38.2%. so...

 

[Sive Morten]

Hello Sive and fellow traders, hope weekend has been fun for ya'all. For me...scoring 4 goals against Brazil has pretty much done it. lol. Viva Messi. Now..back to Technical analysis...
Sive..may I add to you analysis on daily time frame a Gap reaction point from where to draw a Fib retracement. .618 coincides with 100% expansion target and with .382 making confluence + agreement, hence giving more probabilities as to this 1,2750-1,2770 area a good selling spot? here's the chart...

Sure Damian, thanks.
Still, if you let me to comment... This K-area is beyond of daily overbought, so, probably we will not need it in nearest days. But if market will move higher - then this is valuable add-on.

Good morning Sive and thank you for your overall analysis.
I'd like to ask you which are the parameters that you use for the oscilator predictor in MT4 platform.
Thanks in advance and keep up the good job.

And something else. Can we treat today's gap as a retracement for entering short?

For EUR/USD pair I use 1;7 periods, 80% of overbought/oversold and 135 periods of data.

hi sive,

Thanks a lot for your valuable analysis.I realize that in the video analysis you have suggest us the possibly entries.Can you guide us on stoploss.I hope im not asking much as im beginner

Thanks

Hi Kuhan,
If I will give all data - enter stop and profit, this will be some kind of signal service, while I want to make you think as well. This is educational part of forum. Stavro D'Amore gives nice daily signals in corresponding part of our forum.
But here is another reason exist - usually, when I make my research, I can't foresee what pattern will appear around area that I see as suitable for entry. That's why stop could be different, depending on pattern. Also I do not make definite recommendations, since market could break this level and you may enter blindly here. THis is not the one that I want you to do.

 

[Suryadarma]

Hi Sive,
I also cannot find in the Glossar for DRPO. Can you explain about these DRPO "Buy" & DRPO Failure?
Thks & Rgds,
Surya.

 

[Triantus Shango]

once more: read 'Trading with Dinapoli Levels,' by Joe DiNapoli.

it's all explained in there.

Hi Sive,
I also cannot find in the Glossar for DRPO. Can you explain about these DRPO "Buy" & DRPO Failure?
Thks & Rgds,
Surya.