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 Forex Trading Corner, Let's discuss forex strategy

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billytong
post May 10 2007, 11:07 PM

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QUOTE(mentos @ May 10 2007, 10:23 PM)
look like all of u prefer trading for long term  hmm.gif
wondered why.... hmm.gif  rclxub.gif
*

It is because I hate dollar!? brows.gif

I have use up a lot of margin to keep on longing as it drop. Couldnt long @ 3490s. anymore. What a waste. I'm preserving some margin just in case of further drawdown. This is Risk management.

(It is the sad case I cannot short at the same time in oanda vmad.gif Wish if I could play the shorting game that worth a few hundred bucks! mad.gif ) Good job for those who benefited from the recent retraction. smile.gif

Recap, I remain long from the top till the bottom. Will hold it until it reach 3600-3610s-3620s. Grabbing a few hundred bucks here.

and hold my best entries for 3630s and possibly one swing to 3700.

This post has been edited by billytong: May 10 2007, 11:09 PM
billytong
post May 14 2007, 08:50 AM

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QUOTE(bryanyeo87 @ May 13 2007, 12:32 PM)
hafifee how about EUr/usd forecast? wanna surf that currency...dont really like cable LOL
*

If you are in long position. Stay Long. (this is my personal advice, follow at your risk)

I have many long positions from the 3580s all the way down to 3530s. I closed my 3470s for profit already. smile.gif
billytong
post May 15 2007, 11:24 PM

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Update as I said stay long,

here we go, Eur/Usd Long is getting paid! Profit is taken @ 3600s! All my position is closed!

Now I setup 1 long @ 2140 USD/CHF biggrin.gif as swing trade. smile.gif

QUOTE(billytong @ May 14 2007, 08:50 AM)
If you are in long position. Stay Long. (this is my personal advice, follow at your risk)

I have many long positions from the 3580s all the way down to 3530s. I closed my 3470s for profit already. smile.gif
*
billytong
post May 15 2007, 11:55 PM

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Closed Swiss long @ +3pips. Looking for lower entries.
billytong
post May 16 2007, 09:39 AM

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To answer bryan and woopy,

Stop loss are only useful when u are going against the major trend. (for ex. Shorting Eur/Usd)

Never use stop loss when u are on screen monitoring. U will get stop hunt.

Take profit feature = limiting your profit.

I normally use mental Stop loss or mental take profit.


Good job on the EW analysis, hafifee, GU is like EU. I expect it will have a small retraction and go up >2.00USD again. But I am not much a fan of GBP thought.

btw, look to buy Swiss on a dip below 2100 biggrin.gif

This post has been edited by billytong: May 16 2007, 09:43 AM
billytong
post May 17 2007, 09:04 AM

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Where did u long?


Me just setup a long position @ 3528, still targeting above 3600. rclxm9.gif

on a swing trade I will be going for target 3700. cool2.gif


(I miss the nice spot 3505-07 thought mega_shok.gif )

Billytong remain very bullish to Eur/Usd. bruce.gif

Edit: Did u guys buy the swiss I said b4?(USD/CHF) it rally 100 pips.

This post has been edited by billytong: May 17 2007, 09:17 AM
billytong
post May 17 2007, 04:59 PM

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QUOTE(bryanyeo87 @ May 17 2007, 01:28 PM)
went long at .3595

but eur/usd forming head and shoulders on hourly chart leh,.....how??? x_x
*

I am not sure the head and shoulders thing.

But for myself I will be holding all the way to 3600. (3700 if going as swing trade)

If u do not have margin, u might have trouble.

I wanted it to move down to below 3500 to long again. smile.gif


About dukascopy broker. not many of them is able to open acc here. U need 50K USD to be their member.
billytong
post May 17 2007, 08:50 PM

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I'm in MAD Longing Eur now. blush.gif rclxm9.gif

3528 --->3494. one more position to go @ 60s-70s!

This post has been edited by billytong: May 17 2007, 08:50 PM
billytong
post May 17 2007, 11:03 PM

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QUOTE(bryanyeo87 @ May 17 2007, 10:32 PM)
my gut tell me its gonna plunge right thru 1.3400, i closed all my long positions @ 1.3595 for a loss of 12k++ usd >_>

» Click to show Spoiler - click again to hide... «


anyway, it was also due to my margin also, cz i cant take much more movement against me..ah well...lesson to be learned....DONT increase ur positions while uncertain in the movement x_x

....time to go smoke some weed x_x

may god/fortune/destiny be with you and happy trading
*

Dear fren, I see the screen shot there showing Live. I hope that 12K USD is not real money. Is it real? Or a demo hmm?

If it is a real money, I'm very terribly sorry for your loss. sad.gif Next time NEVER EVER OVER LEVERAGE your Acc, it is a suicide game. On 200 to 1 leverage. U are recommended not to use more than 10% available margin in a time.

This is a marathon race, not a sprint race.

btw, I just got one last one @ 3486. smile.gif missed the 78 thought. Not gonna use anymore margin. Now I gonna take all these trades ride to 3600 & (3700 on a swing trade).

So where does the market can wipe my acc? When Eur dip to 1.3030
billytong
post May 18 2007, 01:14 AM

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QUOTE(bryanyeo87 @ May 17 2007, 11:37 PM)
its real cash....i opened another standard account @ 100:1 leverage, i didnt over use my leverage, i can still take it down to 1.3150 till my broker closes all my positions, but i think it would be better if i waited for another better wave or a better situation...anyway thats wut i think la...

*

U seems to have much larger account than most of us here.

it is already hovering @ 3495 as I type this reply, upped from 3478 low. Ready for 3600s in short term, 3700s in long term. if u can hold a bit longer u would be benefit from there instead of losing 20-25% of ur acc.
billytong
post May 18 2007, 09:20 AM

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QUOTE(bryanyeo87 @ May 18 2007, 02:02 AM)
its a collection of a few ppls fundings to open that account...

i test with a mini account at base capital of 250usd only before starting this fund.. for the past 5mths been testing a strategy whc gave almost 141% ROI per month of trading from my mini account for 5mths ade then i started the standard account with cousins... but now seems to be losing $$ at a rate of -15% ROI Per month, i think i  became trigger happy when i handle that standard account...i hold the largest share so decisions are mine to make...but still the loss is like not nice la..next CNY sure kena screwed wan if continue like this...

i know im still a noob in this FX, thats why i ask for you sifu/tok guru in this thread to help me learn..and for us to learn more, after all, even if i do learn something great and share it out, it wont affect my profits/losses, and im pretty sure if you guys were to learn something new too, it will not affect on ur profit or loss when u share it out right?
*

Eeek! I'm not sifu lah. doh.gif luqmanz and hafifee is. *pointing finger to them.

Each and everyone of us are sharing here. I'm sharing my trades across the forum. Hafifee is sharing his EW view & many others are sharing too. I can see there are a few cool lowyat elite trades here.

Anyway I can really feel the pain you have. Lets forgot the past and learn together. biggrin.gif We are a team, not separate each other.

billytong
post May 21 2007, 10:50 AM

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Recap, I still holding 7 Eur/Usd Long positions from 3528 to 3486 from last week.

Target will be 3600 in short term, 3700 on a swing trade (Long term).
billytong
post May 21 2007, 11:44 AM

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QUOTE(luqmanz @ May 21 2007, 11:07 AM)
I have only one position and a number of limit order on the way to 3600. Target is 3600.
I'm averaging up my positions  laugh.gif
*

lol no good, I dont do averaging up one. I do averaging down. last week I closed one 28 with 1 pip profit and open another @ 23 tongue.gif
billytong
post May 21 2007, 07:09 PM

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Wow EUR/USD is in dirt CHEAP bargain right now. A long for a swing trade would be nice here.

I have run out of margin.I have a certain rules to follow not it break that margin level. I need to keep my margin at safety level.
billytong
post May 22 2007, 09:08 AM

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When you trade against the major trend. Only Long/Short @ the very best price. You only need to benefit from the correction.

When you along the major trend, do not fear that a 10-50 pips negative drawdown is going to hurt u. Chances are when u hold long enough for a swing trade, You will get your money.

I rarely close a trade with negative figure when i trade along with the trend. smile.gif


billytong
post May 22 2007, 09:41 AM

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QUOTE(bryanyeo87 @ May 22 2007, 09:14 AM)
i see, so does the current trend for euro/usd and gbp/usd looks as an uptrend? or downtrend?

long term duration= at least the next 6mths
medium term = at least the enxt 2 months
short term = at least the next 3 days
*

Things should be fix within 1 month.

I have 7 long positions from 3528 to 3486.

I remain very bullish on Eur/usd. Targeting 3700 on a swing basics. smile.gif


Luqmanz lets us ride the bull up. rclxm9.gif icon_rolleyes.gif
billytong
post May 25 2007, 08:05 AM

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Just a reminder, Never Short EU unless u are looking for a short term scalping.

the US economy is as bad as it can be. The news numbers are faking the economy it didnt tell the real story behind. The Fed is lying.

I'm still holding my Eu long positions.





This post has been edited by billytong: May 25 2007, 08:05 AM
billytong
post May 29 2007, 08:41 PM

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Closed 3 positions with profit. This month my trades are near >95% win. Only 3 small losses. ~4USD only. The ress are all profit. smile.gif

4 more to go. smile.gif
billytong
post May 30 2007, 08:44 AM

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Just to share my trades, I plan to long Eur/Usd again near 1.3440-3445 support level. But I look closely on the market and see how it perform. smile.gif


Update : I setup one long @ 1.3443(ask price) @ 8.48a.m. Lets see how it will do for me. tongue.gif

Update2 : Setup one more long @ 1.3429 @ 7.26p.m.

Update3 : Setup my last long @ 1.3418 @ 7.50p.m. drool.gif

This post has been edited by billytong: May 30 2007, 07:50 PM
billytong
post May 31 2007, 08:56 AM

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QUOTE(bryanyeo87 @ May 31 2007, 08:26 AM)
I would like to remind that non farm payrolls are due on friday, with market sentiments that dollars will be bullish due to the higher count then last release.

so what do you guys think? looks like dollar is gonna wipe eur and gbp on the floor ....
*
It will only create more Eur/usd long opportunity for me. i am well prepared for that drawdown. I will long more at bottom. smile.gif

Update: Close 3443 @ 3463. I keep 2 other longs and see how is the housing can affect the USD.

Update2: Close 3429 @ 3465. Left 1 long.

This post has been edited by billytong: May 31 2007, 11:31 PM
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