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What’s going on here??

Discussion in 'General Forex Talk' started by RahmanSL, Feb 26, 2010.

  1. RahmanSL

    RahmanSL Major

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    LOL, when is the EUR/GBP going to reverse to the down trend??? It’s now at the high of 0.8955.
     
  2. RahmanSL

    RahmanSL Major

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    What I meant is that I thought the EUR/GBP at 0.8940 was at its zenith, and so I went in at "Sell" on 5 positions with different lots (1.0 to 2.0 lots).
    Now it is threatening to wipe out both my Demo accounts of usd5k each. LOL!
     
  3. Ricex

    Ricex Sergeant

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    Hi Rahman,

    putting the 5 (insane) positions aside for the moment, lets look at what you were expecting to happen.

    A bounce off resistance @ 8840, (I have it at 8831 but that doesn't matter) and maybe looking for a double top.

    If the resistance fails to resist then you must let go of your ideas of what you think the market should be doing and actually look at what it is doing.

    Trade what you see.

    You should have only risked 15-20pips on your original trade, beyond that the trade is deemed wrong and you take the hit. At that point you want to be looking for an entry in to follow the crowd not keep hanging on to a loosing trade.

    Had you traded what was happening you would be +100pips now.

    I'm going to post soon on reading charts and understanding market conditions.

    At least it was demo........ :)
     
  4. RahmanSL

    RahmanSL Major

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    Ricex, EUR/GBP was at 0.8968 and I opened up another position at 0.8967 and waiting for it to go down to 0.8920 9or there about).

    Yup, it’s only Demo account so no harm in making “insane” trade lots; yah! : )

    I am doing quite well on the EUR/USD trade though!
     
  5. RahmanSL

    RahmanSL Major

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    I just back check the chart and last time EUR/GBP hit this higher (and higher) was back around Jan-12-2010.
    What causes this rise now?? News?? Market conditions??
     
  6. RahmanSL

    RahmanSL Major

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    I went in long EUR/GBP at 0.8960 for 8.0 lots.
    If I closed out NOW at 0.8945, I would make USD1,825.20 profits. But, since it is a Demo, I will wait it out and see how far it will go down.
     
  7. Ricex

    Ricex Sergeant

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    Sorry Rahman I thought you wanted advice, I see now your just playing at being a trader.

    Good luck.
     
  8. RahmanSL

    RahmanSL Major

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    That long EUR/GBP at 0.8960 for 8.0 lots position is now at usd2,439.04 profits at 0.8939

    Since it’s a Demo account, I will leave it over the weekend and see the results on Monday.

    I have set TP at 0.8875 which, according to the chart, indicate to me should be the resistance level.
    This is just Newbie’s logic, so don’t get technical with me; yah!

    I am still pondering over why this currencies pair go to that level now since last 12/Jan/2010. There must be a factor there somewhere!

    Anybody got any logical explaination??
     
  9. RahmanSL

    RahmanSL Major

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    Ricex,

    I am playing being a trader??? Seems like it, but no I am not! I am only trying out a strategy.

    As I mentioned in another post, I easily get bored with small profits. My strategy is to go in with usd5k and hit 1 single trade with 8.0 lot trade. If I get it right, like with today’s EUR/GBP currencies pair, then I am done for the day or even days. Then I simply wait it out until I get another similar situation and hit that currencies pair.

    I don’t know if this will work out in the long run, but it’s more my style of making money.
     
  10. Stony

    Stony Sergeant

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    There is a simple answer: it won´t! :unhappy:
     

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