FOREX PRO Weekly March 21-25, 2011

[Sive Morten]

I might be the only trader in here who had a pitfull week..!

The only 2 days when the market didn't respond my studies, and acted funny (Tuesday & today) I lost badly.. those were the only days when I could sit in here and try to trade. Freaking unbelievable..!!

I'm a day trader but I am beginning to consider that this is not the way to go. My lifestyle doesn't allow me to sit hours and hours in front of a laptop waiting for a set up, and tried order to open 2 times - never filled.

I need to ask Sive a question: Sive, do you think that I would be too fearfull if I moved my stop loss to break even, when market reaches +10 points only from my entry point?

Have a good one guys.. i know better times will come, but this is it for me for the month, too much bad news on the market for my taste.

Hi, Maluco,
if you let me, I would like to say, that may be will help you. I can't describe all stuff here in details, so I tell, what I want in points:

1. Loss is a part of business. If you can't accept it and frustrating too much - it could hurt your health. Be carefull with that.
2. Try to keep your max risk at one trade - no more than 2% of your total assets.
3. Try to trade only on single pair, or 2-3 pairs - not more.
4. REST IS MUST. You have to rest at least 3 days every 2 weeks. If you're intraday trader - rest each third day
5. Be very carefull to your mentally health. If you are down by some situation on your life - do not trade.
6. If you take a loss in three consecutive trades - take a break for 3 day.
This is must even more, if you make solid profit in some consecutive trades, that around 10-12% from your assets. Take a break for 3 days
7. Trading time of any trader is a cycle - good periods follow after bad one etc. So, try to catch these bad periods, reduce trading volume and rest more.

Now about trading plan:
Make the trading plan on paper before push the trigger. Try to execute it letter to letter. Never change trading plan after you've entered in trade. Do not force it to current market action - don't move entry points, stops, etc...


I suggest you to read carefully our Forex Military School. Yes, there is very initial knowledge currently, but later we will turn to advanced and sophisticated details with stop placing, risk management and how to make solid trading plan.
May be I forget something important to say. But this simple rules should help you, I think.

 

[mp6140]

MP -- bullish, bearish ---- hmmmmm

for a while ive been watching the fact that the EU DID NOT HIT ITS BOTTOM before it started its upswing.

the charts show a definite bearish trend line aiming for 3937 at the moment

certainly not tomorrow, but if you notice the price progression, we are making lower highs and lower lows and that has a distinct smell of BEAR in the air.

now, if one wants to throw in fundamentals, the DOW is heading UP, Europe is feeling STRONGLY its recession while the USA is slowly emerging from its and we have the usual silliness in sand land --- combine the fundies with the charts and its not looking good for the European market for a while

while i will certainly ride the upside moves in the market, i will also be VERY MUCH AWARE of these lower highs and lows, which at this point are even trend line illustrated for all to see ---

Personally, I agree with you and firmly believe that the overall trend is bullish, BUT we are presently heading DOWN in that channel and i would not be surprised at 3890 support getting a solid beating down to the 3987 mark, it giving way to the 3717 and (who knows how long by golly) then, after the usual retrace games, down to the 50 bols support at 3332.

I'm not a trader who uses stop losses (DONT try this at home, newbs !) but if I tolerate any floaters at this point, i want them to be shorts and not longs because that is the SECONDARY trend I see on all charts. (PRIMARY being up, as you point out)

climbing out on my weak limb, there is a point at 2281 (presently) that "should" be hit at some time, but golly that could take a full martian year although we have made a double top (or about to at 4281) and legend has it that things fall down and go boom when that happens, which might then produce even LOWER support (over time of course) of 3675

and with all them predictions, there is MAGNIFICENT support living at 3504, which (gasp) has every reason to be hit

clear as mud, huh ?

simply my opinion

enjoy and trade well

mp

experience and knowledge are the handmaidens of forex, and I buy them flowers each day with many a profuse thanks !

 

[qwerty63]

Thank you for also your view on the e/u market!

 

[mp6140]

MP -- perhaps a warning

with many apologies for another post, but when i find an intelligent one going forth, i like to watch and listen and this time put forth a warning

4180 is strong medicine as far as resistance is concerned and i would ask that you watch it carefully with your long at this time, assuming we get there since we are presently downward ho !

next retrace point i see is 4031 which should retrace upwards to the pivot at 41117 and drop again to 4005.

At that point, we could see a run to 4179 or 80 (chart presently says 79, but the trend is down -- when it starts back up for its retrace, it should push the price up to at least 4180, and if Im correct, that should be tuesday.

once again, my apologies for interrupting anothers thread, but thought i should point out my feelings for you to at least examine.

ADDENDUM -- watching the momentum and present direction at 954 PM edt, there is a possibility of seeing 4082 later tonite, assuming we can break up through the 4065 resist --- if not, then i would stick with the above

65 broken and 73 -74 shows -- momentum is nice but 15 min shows 70 -73 as a safe top at the moment with higher later.

Hi Maluco.


I am long on Euro at 1.4155 and last night it went down to 1.4052 more than 100 pips down:unhappy: and very close to my stop loss which is at 1.4030 which I hope is far enough below the swing low to protect me from stop grabbing. Even this stop is not deep enough to qualify for the current market structure..
Chin up Maluco
YOU HAVE GOT WHAT IT TAKES!
All the best,
Paul

enjoy and trade well

mp

Within the great hall at Elfinore stands a wondrous coffer, precisely four cubits square and securely latched against the outside world. Inside that repository, shut away from impertinent eyes, abides many an intriquing trading secret garnered from around the
world and over the ages !

As a child, i used to watch from the darkness as the secrets were debated and annotated by the elders. No one there held a single thought of my presence -- BUT I KNOW WHERE THEY HID THE KEY !!