Forex Trading Signal 08/25/08

[Crazy Cat]

Hi there my Forex friend

Hi-Quality Preview/Review + Outlook:
1) 8-25-2008r-p.swf

Let's review what happened on Friday.

UK GDP came out at 0% so lower than expected, and GDP/USD went down by about 90 pips. After so many fast retracements, I am surprised we did not see a big one here. Since some people expected it to come out at 0.1% and some at 0.2%, we got a very solid -0.1 deviation.

Let's talk about Monday.

1. Monday, August 25th, 2008 (10:00 a.m. New York Time) USA
At 10:00 a.m. we will have U.S. Existing Home Sales. Last month it did not hit my trigger (-0.08) but we saw 30 pips move on USD/JPY. This month it is expected to come out at 4.91M and I would use 0.08 deviation. If it comes out at 4.83M or lower, I would sell USD/JPY and look for 30 pips move move in the first 30 minutes. If it comes out at 5.00M, I would buy USD/JPY and expected 30 pips move as well.

2. Monday, August 25th, 2008 (6:45 p.m. New York Time) NEW ZEALAND
At 6:45 p.m. we will have Trade Balance out of New Zealand. Please skip it.

Please also watch the video. This time this is one video for Review/Preview AND the Outlook.

That would be all for Monday.

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-Sir Pipsalot & Crazy Cat



The video with the signal is recorded by Sir Pipsalot.
For your convenience, this text is written based on the video by Crazy Cat

 

[kenoseiasare]

Dear friends, this is a call for help on my trade (GBP/USD) since Friday last week. I went long based on previous retracements, but since then its been trending down drastically, leaving me with a loss of close to 5,000 USD and my free margin is barely 1,000 USD. I am so divastated and do not know what to do. Can anyone give an advice on the above currency pair? Is there any posibility it will retrace back up soon? Please any useful information will be highly appreciated. I can be reached via e-mail: kenoseiasare@yahoo.com
PLEASE HELP...

 

[emoghene]

Re: Retracements

i dont know if your free margins can carry it but if you can be patient you can reduce the loss you make or even make some profit
i went long on GBP/JPY on friday and was down 198pips before i left with tears in my eyes but it retraced this monday morning and event went to 30pips. even though i made a loss of 10pips a few dollars but its better than the scary 198pips. pray and hold on

 

[kenoseiasare]

Emoghene, thanks for your response. It is highly appreciated and I would like to make you my friend. What I did was to go short on the same currency just to stop my margin from dropping more and I did that with the same volume, but now its retracing upwards. What do I do Forex people???

 

[Paul Sweeney]

Gbpusd

Guys

My advice would be to employ some money management techniques to your trading. You should never be in a position where you have tears in your eyes or have your tradeable margin reduced catastrophically. Check out some advice from Doctor Van Tharpe on this with his "snow fight metaphor".

ALWAYS employ a stoploss at a sensible level and be prepared to take regular small losses. The GBPUSD is very firmly in a downtrend at the moment and I believe it will not truly bottom out until 1.5000 sometime near April 2009. Why do things the hard way and trade long on this one? I have taken out several short positions on the way down from 1.9300 and as soon as each position is safely in profit, I move each individual stoploss to the break even point.

This way, I have never risked more than $2000 but now have an overall position of $314,000 (spot equivalent)! This kind of position trading does require patience but for me any way, it actually works - plus; I do not get stressed which in itself is worth a great deal.

I hope that you find this useful.

Good luck with your trading.

Regards,

Paul

U.K.

 

[kenoseiasare]

Hello Paul,
Thanks so so much for your useful advice, but as it is now, I'm afraid not to loose all my money... I'm really confused on what to do cos the difference between my long and short positions are like 1.86420-1.83400. Now the price is at 1.84930. Can you please be my adviser on this just to save this trade. I'm loosing my mind already! Please let me have your chat ID so we can talk more on it if you dont mind. I beg for help... I know you are more experienced in trading and I beg for you to be my mentor. Please Paul, I need help URGENTLY. Thanks for your anticipated cooperation.

Regards,

Kenneth.

Ghana

MY YAHOO CHAT ID: kenoseiasare@yahoo.com
HOTMAIL: kennethonobo@hotmail.com

 

[Pharaoh]

There's nothing anyone can do to directly help your position.

You have choices

1. Hold on and see if you can recover some/all of your losses - but you may get a margin call while waiting.

2. Add money to your account to give yourself more of a buffer against a margin call.

3. Close the position to save what's left in your account.

No matter which option you choose, I STRONGLY recommend reading about risk management before ever making another trade.


https://www.forexpeacearmy.com/fore...2272-how-manage-risk-while-forex-trading.html

 

[kenoseiasare]

Pharaoh, God bless you for your interest. What I've done is; when I realised I'm loosing too much on my long position which I entered the market on two trades at volume 1.0 each, I had to balance it by going short with volume 2.0 on one trade to avoid a margin call even if it trends up or down. But if I have an idea on where the market will trend towards, I will be able to close either my long position or short and watch the other till i take profit. I have a balance of USD6,800 in my trade account and now my free margin is at USD990. I do not have money to add right now as I used my last Dollars to subscribe with Secret News Weapon. Moreover, it takes days to make wire transfers from Africa to my broker's account. I just need help to save this trade and from now I'll have to seek more knowledge before I continue. PLEASE HELP ME PHARAOH... I need a good trader to chat with right now. I intended registering with FOREXDIAMONDS when I make my first withdrawal, cos I cant understand how to use the SNW up till now. Please HELP...

Regards,

Kenneth

 

[Pharaoh]

OK, if I understand that correctly, you've hedged. That's a very reasonable option for buying some time, but eventually, you'll have to close one side or the other since the swap will slowly nibble away at your available balance.

My internet connection makes SNW not viable for me (until I decide to break down and get remote hosting). Definitely read the manual carefully before attempting to use it, and trade tiny amounts at first to make sure it will work with your broker - or you could end up in worse shape.

 

[Sir Pipsalot]

on GBP/USD I recommend you put your SL to 1.8495 and trail your SL up to keep it a bit below the 20 ema on the hourly chart. Set your TP to 1.8695