Brother, I called a bottom for Euro on Friday is not for that Friday. It is for where the Euro will bounce. I also did said key word near term. Means around the corner. Not that day. It is obvious there no 5473 that day.

Everytime I call bottom I dont know when it will hit. I cant get the time for that yet. Been working on that so far didnt work yet.

Yeah, I should use "support" instead, sorry for misleading again.

As for the yest bottom. I miss another 10pips again.

After Fed Bernanke talk about the FOMC and USA rate policy, Dow jones Fly up, as from what I said b4, Dow jones UP all xxx/jpy yen up, especially UJ.

Thats why I said xxx/jpy pairs are up.


What news u are referring? FOMC or all news?

no basically it is just a typical FOMC meeting.

Yest Fed reinforce their statement by saying they are not gonna rise rate this soon. This is widely expected and I already know just a common sense, U cut rates like mad now u rise back? It is like shooting ur own toes proving ur previous action is wrong etc. With higher unemployment + red NFP + very bad US financial market I highly doubt the Fed will raise interest rate in this yr. It is just screwing up their initial plans if they raise rate this early.

Another thing Fed is also telling there is inflation concern (which is USD supportive) that they are well aware of it. <---this statement is to keep the USD to keep sliding down too much.

then they said about USA economic growth issues, which further reinforce them that they are not rising rates.

To sum it up. Fed is not rising rates now or in near future and they are also not cutting rates. So the Faith of xxx/USD pairs is now highly depending on the xxx economy. In my case is Europe.

To be honest, it is depend on case and situation. There are no real teory in this market. The Market is soo emotional and dynamic that sometimes even some economist can be wrong. So there is no real answer on these thing. U have to act and change ur plan accordingly to the market environment

but a rough figure should be DJ>FTSE + Europe stocks > Asian stock. It can only be taken as a reference, but not guidelines.

not sure not that, but can they guarranty 100% that if u follow exactly 100% u earn money?. How about asking them to help to recoup the fees u paid them in forex. It is not that hard to get 3k out from the market.

Like I said it is not about risk and reward here, it is about getting the consistency of winning first. u need to get the % of winning first then only u talk about risk:reward. Whats the point of earning 100USD and lose 10USD consistently 11 times?

As for the refund issue, to be honest, they will give all sort of reason not to fund u. It is something that practice very common nowadays.

If they are profiting in the market, why not they spend their time earn in market than trying teach someone for 6months with just 3K?

This post has been edited by billytong: Aug 6 2008, 06:30 PM

THere is no method in this forex market. All of us is trading from countless experiences and errors. No easy way lah Brother.

Guys people are selling off commodities, when the sell, they demand USD because Commodities are base on USD. This is why u see USD to be artificially strong now.

This is why I never bother shorting the Yen pairs, I just wait for big durian drop then I grab the opportunity. Even u are holding longs for big -ve pips at the end of the day the Roll interest will save u to BE may after holding for months and years.

This post has been edited by billytong: Aug 7 2008, 09:46 AM

Stay out of GJ, it is UK interest rate decision today.Spread will open to 15-20pips. U dont wanna get caught on long @ spike or short @ rock bottom or get slipped 20-40pips.

btw u can try on Demo and have fun on GJ. Feel the pain of spread during rate decision.

This post has been edited by billytong: Aug 7 2008, 12:04 PM

Believe me or not those guys @ Center Bank of England, what they said in the meeting can easily invalidate all ur analysis.

Trading in Forex is like

Respect the Fundamentals, Pay attention in the technicals & Look after your Money Management & risk/reward.

I have SL sometimes near 300pips-400pips or if I trade short term I have below 30pips.

or sometimes I take a opposite trade to earn back the -ve I have.

After many days of short EU scalping, now finally I got stuck bottom here. Well nvm. I got 600euros from scalping since July 31. The next thing is see where the EU want to go.

This post has been edited by billytong: Aug 7 2008, 03:16 PM

It is not much if u use low % of margin per trade. or u take a counter position. That 300-400 could be artificially reduce to 100.

300-400pip is because i hate to Close my trade at the very end of the trend.(for example the top of a spike or the bottom of a valley). Not worth in my opinion. But normally it wont go to 300-400pips -ve one. I just hate market hit my SL @ the bad price.

I normally hold a while and close it @ retracement.

for EU it can retrace 100pips and go 400 pips the other direction. To me 100pips in Eu is not enough. I am holding my losses at the same time I am taking the other side of the trade so that 300-400 loss is minimize. It better than doing something to take care of my losses than keep taking the losses of multiple 100pips for nothing. Well it is my way of trading, which I am not going to further explain it anymore.

This post has been edited by billytong: Aug 7 2008, 08:16 PM

Trying to chase the market ups and down and SL keep getting hit?

I gain 50 euros today on my supposedly stuck euro short

There is a high probability of retracement to the 5700. After a 650pips drop lol no retrace? no way I dont believe just dont know when only.

Exactly. I have been following those 2 as Eu indicator too. This morning move is more like a setup trap for retail trader. No fundamentals and nothing and market move South that much? Stop hunting ar?