FOREX PRO Weekly May 28 - June 01, 2012

Damian1987

Corporal
Messages
149
Lol Asif you truly sound like Mark Douglas indeed. And that's very good. It's funny u make this comments about his book as this week I've decided to re-read his book (it's been like 9 months since the first time I've read it) to see if I could process his teaching in a different way with all that I had learned in the past 9 months. Let me say I agree 100% with you that is not Market analysis but the mental framework that makes us consisten winners. His book has taken a whole new meaning after this time I just can't put it into words. Absolutely essential tool!!!

Morten traders..I salute you!!! have a good WE. Cheers Sive!

Damián.
 

Louis123321

Corporal
Messages
166
Everybody seems to have started talking about QE3. Don't you guys think that if indeed QE3 is perceived by the market as a very real probability this will affect the pair dramatically (i.e. it will shoot north)?
Thanks
With everything taken into account currently, the Greek exit, Italy & Spain, UK still in recession, weak German data, everybody piling on the sells, & so much negativity surrounding the euro, plus also our long term target being down to around 1.14 on EUR USD, the probabilities would suggest any upward move of the euro will be sold out until at least around 1.20 level where there is massive support.

Market has charged through the daily & weekly supports & barely retraced at all also, this would suggest the power to the downside is too much ! I think any upward move would barely pass the 1st resistance, never mind the 2nd - like it has been for the past month on daily time frame. :) the market is not even pushing past level 1 resistances in this current trend and even if it does (barely & not yet happened) it needed the NFP news release to push it up there. Market may look bullish now but I would not count on it lasting for very long before it gets sold out again!

Good luck trading.. & have a good weekend.
 

asif faryad

Sergeant
Messages
194
Lol Asif you truly sound like Mark Douglas indeed. And that's very good. It's funny u make this comments about his book as this week I've decided to re-read his book (it's been like 9 months since the first time I've read it) to see if I could process his teaching in a different way with all that I had learned in the past 9 months. Let me say I agree 100% with you that is not Market analysis but the mental framework that makes us consisten winners. His book has taken a whole new meaning after t

You have made my day!!! thats great Damien i have read it so many times and always read a chapter every couple of weeks...

As this is the Secret THE MIND Not the system so much as long as you have a good edge sensible money management a good win ratio for take profits thats it!!!!!!!!!!!!

You will be a consistent trader make this your new belief and part of you...

Wishing you a great weekend buddy.. we will chat soon in the chat room as and when

Asif
 
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seedof

Corporal
Messages
99
now i think we've perfect opportunity to sell now as we can see that the downtrend is likely to continue but i foresee a retracement at the opening of next week to around 2600 area before we see the downside continuation in view of this i've closed the sell order i took after retracement due to NFP and lookin forward to enter next week around 2600 area. hope market will get there
 
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Synchronicity

Sergeant
Messages
166
Thanks for posting about the Mark Douglas book. I have just started reading it and I have all of the issues he describes. I have now had 7 weeks in a row with profit - my most consistent trading ever - yet that profit is much smaller than it could have been because of the issues he talks about. Closing winners too early, not closing when I should and all the rest.
I'm looking forward to the rest of the book and finding out how to change my mindset - and then putting that into action!!

All the best

Michael
 

seedof

Corporal
Messages
99
hi guys i think its a nice idea if after each week before Sive post the new week analysis we should kinda share views and opinion on the next week,this will help some of us develop faster under the tutoring of Commander Sive.
 

dna9179

Recruit
Messages
3
now i think we've perfect opportunity to sell now as we can see that the downtrend is likely to continue but i foresee a retracement at the opening of next week to around 2600 area before we see the downside continuation in view of this i've closed the sell order i took after retracement due to NFP and lookin forward to enter next week around 2600 area. hope market will get there
could you explain why would it retrace to 2600 area? Thanks
 

Damian1987

Corporal
Messages
149
hi guys i think its a nice idea if after each week before Sive post the new week analysis we should kinda share views and opinion on the next week,this will help some of us develop faster under the tutoring of Commander Sive.
I think the best training is to make your own analysis first, before reading somebody elses..it will help you develop independance. Anyways if you make your analysys and share it with some specific doubts many of us will give you answers. "correcting" somebody else analysys is not something very honorable as an analysys is a PERSONAL view of a market..but still if you share it, and you don't have any doubts but there are some "technical mistakes" (pattern recognition for example) I'm pretty sure many people will do their best to make you aware of these mistakes and that will help you. Remember to go through the forex military school....it's full of great info, and once you've finished it reading you will be able to make our own analysis if you aren't yet able to do so.
 

seedof

Corporal
Messages
99
could you explain why would it retrace to 2600 area? Thanks
though 2600 area will be the safest target to enter short considering response to NFP after a strong sell and butress by the fact that this is where WPR1 coupled with MPP Sive do say WPR1 do hold in this type of situation. and since the WPP is just close at 2444 then market could just shot past it for a better point to sell
 
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