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Author: [Investments] Topic: February Forex and beyond
bucknuts send a private message View Space | Friends | Playbook |
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#251
Posted: 2/26/2010 4:47:50 AM

just pulled off a quick scalp of 14 pips with 2 lots in GBP...watching 5 min charts after data release

Who needs sleep??????

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#252
Posted: 2/26/2010 8:45:27 AM
Not much movement after todays data...i shoulda slept in
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#253
Posted: 2/26/2010 11:21:04 AM
Big EU spike here..

Getting closer to my 110 pips sell, I wish I had bailed on the LB trade last night for a profit.


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#254
Posted: 2/26/2010 12:04:25 PM

My trade looking better as the day goes on as well...think i might hold over the weekend

 

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bobbydavecci
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#255
Posted: 2/26/2010 12:04:26 PM
Wall, are you mainly a fundy trader? I got out of this action a few years ago but the itch is coming back again. Which platform are you using for your trade? Was with cms then..thinking of reloading actually.
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#256
Posted: 2/26/2010 12:14:10 PM
Bobby,

I have never heard of CMS..now we are talking Forex right?

I am more of a stock trader than a fund trader..but yeah my experience in the market as a broker was with a fund firm.

I think buck is with Forex.com, I am with Delta and with FXDD as the brokers and I use the MT4 platform.

Would enjoy having you on board with us...ask questions and anything more detailed you can also ask other ways of course.


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#257
Posted: 2/26/2010 12:31:39 PM
Thanks a lot Wall! It's cmsforex.com last time I was with them and it looks like it has stayed the same over the years. Well, I will be shooting you guys a lot of questions because it seems like this is a very interesting and thought-provoking thread, not to mention profitable.

You mentioned the MT4 platform. I believe I have heard of it years ago! I have never used it myself. Anyway, I have a few questions for you and buck and others are welcome to answer them. I figure for the sake of orderliness(is that a word?!), I would list them?

1. Is the platform easy to set up in your experience?
2. (For wall)How, if applicable, did being a broker help you in your trading?
3. What do you look for (both technically and fundamentally)as a signal to enter the market (in fx)?
4. What do you look for (both technically and fundamentally)as a signal to exit the market (in fx)?

Thanks for all the wisdom you wish to share.


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#258
Posted: 2/26/2010 1:40:42 PM

all the tech indicators are the same as the stocks so any signals you used to trade stocks apply here..

i trade off crosses of the DIs and having been messing with trend lines and pivot points..RSI and DIs are mainly what i look at but i do throw stochastics and momentum indicators on charts too...data really moves this market so be sure to look at the economic releases due out...

We have a forex resources thread up in here with all kinds of different sites with helpful info...look forward to having another trader join the group...

 

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#259
Posted: 2/26/2010 1:50:09 PM
bobby,

For sure having experience in the markets helped me..it is hopping from one investment to another. It took me a few days to get the terminology and understand what a few different technical indicators meant, but once I got that down it was just the same as trading options or stocks.

What I have found is correlation..the correlation between what makes these pair move and it has more to do with the stock markets and risk than the actual currency itself.

If the stock markets are selling then currency pairs which have more risk get sold, if the stock markets are going up, currency traders take more risk and those pairs move up.

Also and importantly, economic events can change the shape of a currency longer term..so for example if the US decides to raise rates from the FED then the US pairs will yield a better interest rate of return and will be more desirable to be purchased, now the US currency is being used in trade that they sell SHORT the US dollar and go LONG currencies that give better yields, like the Aussie Dollar..that will reverse when rates go up.

The Euro and the LB are teetering longer term based on what happens with Greece and the European Union in general..if they bailout Greece it will weaken the Euro, if Greece goes BK then it will weaken the Euro and the LB.

buck has a great grasp on the technical aspects of trading, I use those indicators and a feel for what I think the markets will do, thus what the currency pairs will do.
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#260
Posted: 2/26/2010 1:58:50 PM
buck,

Here comes the stop on the EU.AU trade he posted..

10 pips away..
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#261
Posted: 2/26/2010 2:08:23 PM
QUOTE Originally Posted by bucknuts:

all the tech indicators are the same as the stocks so any signals you used to trade stocks apply here..

i trade off crosses of the DIs and having been messing with trend lines and pivot points..RSI and DIs are mainly what i look at but i do throw stochastics and momentum indicators on charts too...data really moves this market so be sure to look at the economic releases due out...

We have a forex resources thread up in here with all kinds of different sites with helpful info...look forward to having another trader join the group...

 



Ah...the good ole' indicators! RSI and those DMIs..yup, I still remember those for sure! I actually used a drawing tool...it's called a ruler! seriously, it was about the only technical tool i used for support-resistance. I think looking back i was good technically with very little grasp of the fundamentals which cost me in some of my trades. I recall trading on the news before and my platform would hang up lol no joke.

Anyway, I look forward to learning from the two of you. Thanks for all the help thus far.


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#262
Posted: 2/26/2010 2:14:45 PM
QUOTE Originally Posted by wallstreetcappers:

bobby,

For sure having experience in the markets helped me..it is hopping from one investment to another. It took me a few days to get the terminology and understand what a few different technical indicators meant, but once I got that down it was just the same as trading options or stocks.

What I have found is correlation..the correlation between what makes these pair move and it has more to do with the stock markets and risk than the actual currency itself.

If the stock markets are selling then currency pairs which have more risk get sold, if the stock markets are going up, currency traders take more risk and those pairs move up.

Also and importantly, economic events can change the shape of a currency longer term..so for example if the US decides to raise rates from the FED then the US pairs will yield a better interest rate of return and will be more desirable to be purchased, now the US currency is being used in trade that they sell SHORT the US dollar and go LONG currencies that give better yields, like the Aussie Dollar..that will reverse when rates go up.

The Euro and the LB are teetering longer term based on what happens with Greece and the European Union in general..if they bailout Greece it will weaken the Euro, if Greece goes BK then it will weaken the Euro and the LB.

buck has a great grasp on the technical aspects of trading, I use those indicators and a feel for what I think the markets will do, thus what the currency pairs will do.


You sure understand your fundamentals Wall. Now, if you don't mind explaining something to me lol (u know that was coming right?)

How do you find out if the stock markets are selling or bullish? What I mean by that is do you look at that Country's market Index in a particular time frame and use a confirmation tool?

The economic data and such is another thing. I used to go to fxstreet.com for news schedules but didn't really understand much what the outcome of the news meant to the currency or even pair. This is what I am hoping to learn from you guys.

I did seem to have a good grasp of the general direction of the pair and was always conservative in my trades.
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#263
Posted: 2/26/2010 4:34:25 PM
Bobby, News is tricky,  Fxstreeti is alright for news but for my money there is no better news analysis than Dailyfx.com they do a good job with their briefings.  They outline sentiment 24 hrs in advance of releases, and offer live coverage of the major reports.

Still though

I always wait for confirmation. 
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#264
Posted: 2/26/2010 8:02:50 PM
QUOTE Originally Posted by rick3117:

Bobby, News is tricky,  Fxstreeti is alright for news but for my money there is no better news analysis than Dailyfx.com they do a good job with their briefings.  They outline sentiment 24 hrs in advance of releases, and offer live coverage of the major reports.

Still though

I always wait for confirmation. 


Thanks for the site reco. It's interesting that you mentioned confirmation. I understand traders tend to develop their own confirmation over time. Would you mind sharing what your confirmation is? Thanks for your assistance.
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#265
Posted: 2/26/2010 8:25:13 PM
I mainly use candles as confirmation, with a host of other tools

an example would be if a 4hr candle is piercing a fib line, and the next four hour candle starts the first 20-30 min with a continuance, then it is looking like confirmation of a sustainable trend.

Multiple time frames are also helpful for me.
 
I read that you have experience but this is a good primer on Candlesticks for forex. 

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#266
Posted: 2/27/2010 11:20:34 PM
Bobby,

To answer your question in post 262..

The Forex markets seem to slightly lag the general markets..so say that I can tell the S&P will be up in the morning but the markets arent open yet..the Forex pairs which are effected wont fully price in the S&P move until the move happens..if you watch the US markets and you watch the pairs you will see direct correlation as it happens.

So if the markets are going UP you will see almost replicated declines in US pairs and increases in contra risk pairs..and the reverse if the markets are going down of course.

Plus over a longer time frame, a few days or weeks..if you think that the US markets are either over bought or oversold and you think there is a chance it will reverse you can get into a Forex pair and take advantage of that.

Just this week I mentioned to buck that I thought an Aussie short was a bad idea that all we needed was a reversal in the US markets and that trade would get hit..that happened as it is the strongest contra US pair out there..since the Aussie Dollar moves with commodity moves, if the US markets are up then it REALLY pushes the Aussie..and it also seems to push the Lb and the Euro (but lately the Euro has been under extreme pressure as it is being shorted to death and the issues with the E.Union)


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#267
Posted: 2/28/2010 9:08:33 PM
GBP gapped lower to open...anybody gonna trade it?
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#268
Posted: 2/28/2010 9:25:07 PM
QUOTE Originally Posted by bucknuts:

GBP gapped lower to open...anybody gonna trade it?


Not much of a gap..pretty dead tonight.
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#269
Posted: 2/28/2010 9:53:52 PM
im seeing 120 pips?
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#270
Posted: 2/28/2010 10:07:05 PM
im sorry 90 pips
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#271
Posted: 2/28/2010 10:07:30 PM
Hey fellas! I began firing blanks aka paper trading again tonite after how many years of not seeing a chart?..5 maybe?

This is mainly due to my bias and my good ole' fib fan trading (oh and a ruler!)

Wish i could post a chart here but anyway...

E: .0725
SL: .0775
PL: .0675

GL to you guys live trading. I may go live in a week or two after I fire up my trading psyche.


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#272
Posted: 2/28/2010 10:34:44 PM
QUOTE Originally Posted by bucknuts:

im sorry 90 pips


Yeah and since the open it has been stuck in the mud.

I think the LB and the EU are in downtrends for sure, I am not looking for big returns on either of my positions.

Bobby, what do those things mean?


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#273
Posted: 2/28/2010 11:22:10 PM

entry

stop loss

profit limit

looking for the pair

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#274
Posted: 2/28/2010 11:55:09 PM
Thats what I thought buck...but I didnt get the pair either, and thought TP would be take profit vs PL.



I wonder how many followers got smashed on his EU.AU trade..it is very dangerous going against the AU down below 90 cents US..plus I read they might be raising rates again, which could power it even more.
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#275
Posted: 3/1/2010 7:21:32 AM
QUOTE Originally Posted by wallstreetcappers:



Yeah and since the open it has been stuck in the mud.

I think the LB and the EU are in downtrends for sure, I am not looking for big returns on either of my positions.

Bobby, what do those things mean?





Yes, buck got it Wall. buck. Anyway, got stopped out...I was way off there. I think myyou  best course of action is to follow you two and learn as much as I can from the ride. This AU discussion is very interesting. Thanks guys.
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