no la.. before this i used to buy bigger lots with tighter SL and i didn't really bother much with entry points as i know there is a short selling rally for EU.. because of the tight SL i always get stopped out before the trend manages to go where i want it to .. i just change my lots to smaller lots .. increase SL and TP..

Entry i use pivots.. exits i use pivots n fibo.. to determine uptrend or downtrend i use 50 sma and ema.. comfirm it wil stoch, RSI, MACD and also Oil prices (for EU).


I'm a daytrader btw so we may aim for different things for those who trade for longer term. I'm still new and i'm still finding a trading system which suits my own taste. Any advice on how I should determine entry timing? as i feel entry timing could still be improved.

Credits to mphpopular for his charts which allows me to further comfirm my trading directions =)

This post has been edited by kelvin_tan: Oct 17 2008, 01:30 AM

Dont credit to me, my small account get pawn for today and yesterday.

@normeck, where are you? I wanna met you for the first time I MC soon I guess. LOL

haha ur charts good ma.. anyway is that a symmetrical triangle forming on EU hourly ? EJ also..

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Added on October 17, 2008, 5:04 pmur small account kena pawn a lot mer? but u got big account mer.. big account dun kena pawn then ok lo

This post has been edited by kelvin_tan: Oct 17 2008, 05:04 PM

haha, U also saw that triangle. I juz wanna post the chart for u guys.

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Added on October 17, 2008, 5:05 pmSMall acc kena pawn half. Hurt badly, Big account didnt get effected much. Luckily is small.. LOL

This post has been edited by mphpopular: Oct 17 2008, 05:05 PM


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shit man.. what a time to form a triangle.. i'm already in trades with negative pips ..

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Added on October 17, 2008, 5:07 pmhalf ? walao.. ouchie >< my account this week if we count by total account at peak period.. i lost 7% of my account

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Added on October 17, 2008, 5:12 pmprobably the triangle will end with a downward movement... oil from 72++ this morning is slowly sliding down again.. now at 71.4 ..

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Added on October 17, 2008, 5:15 pmtime to monitor it tightly... mph placed any trades yet ?

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Added on October 17, 2008, 5:17 pmooo trying to breakout d.. check it out..

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Added on October 17, 2008, 5:22 pmbroke out of the triangle already.. not much..like 10 pips..

This post has been edited by kelvin_tan: Oct 17 2008, 05:22 PM

Damn it, EJ just broke through the Daily Pivot line and i pulled out early. Sigh...the price for being too kan cheong...

Not really placing any trades yet. MY GJ LONG just get stopped out by +1. EJ get stopped out by +102.

I trying to control my emotion by not thinking to recover my losses, the more I wan to recover my loss, the more I will enter the wrong trade.

Ya, LOSE HALF, it is pain. Luckily it is small, juz take it as a tuition fee to forex. LOL

pleasuresaurus any XXX/JPY pair is very volatile..

@mph
102 pips on EJ? ok what.. thats like USD10 .. or USD1 ?
dont repeat the same mistake like me.. want recover loss ended up lose even more.. now emotionless trading coz smaller lots.. lose also wont feel pain.. win happier la of course.. but last time my loss one time is 18-20 usd and my SL so tight.. so very fast get stopped out..

This is my view, I wishing for an invalid symetrical triangle. Besides, this is not my expected price to short it, too much of risk for me to short around the bottom value. My expected value to short is nearby the yellow arrow there.

Besides, If i really wanna count the breakout, I rather wait for H1 candle to close, Bcoz the market this few day is too ranging, better safe rratther than losing.

PS:
THis might not applicable for others bcoz I was aiming for Bigger pips value.


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Man, thats so true. I'm kinda frustrated that I keep hitting the same problem with emo-trading everytime. Like last nights quick spike on the EJ at 12:00 GMT, i kept putting in shorts as it went up then watched them all get stopped out...sigh. Somehwo the "hope" of the price action turning kept getting at me.

That was my small account. USD 1 only (1pip = USD 0.01). LOL, normal acc I dont wanna make any trade on it unless I get an biased view on these pair.

My SL is uncertain, is depends on trades, but mostly around 40pips for EU GU pairs.

@mph
use oanda to adjust lot size lo ? i mean u could just buy 100 units and if hit TP at 100 pips get 1 USD lo... in a way its practising also ..

Ya, I'm practising now. I hate to demo-ing, bcoz I dont have emotion involve.

So, I play small so that I can have my emotion inside. Besides, I stingy, so, even lose USD 0.01, I also heart pain jor... LOL

EDIT:
See on my chart posted earlier. THE orange horizontal line 1.3422 still holding... I still waiting.

This post has been edited by mphpopular: Oct 17 2008, 05:33 PM

@pleasuresaurus
take a leaf out of mph's books.. like he said..once u have traded.. stop worrying bout it.. read newspaper.. watch tv.. or do something to keep ur mind of it and later return to have a quick look thats it..

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Added on October 17, 2008, 5:33 pmlol mph... 0.01 <--- like that each time u trade sure heart pain lor? coz got spread LOL... ur big account is mini account? 1 pip = 0.10?

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Added on October 17, 2008, 5:34 pmgrrr what kind of breakout is this? ? ? ? it went back into the triangle.. -.-

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Added on October 17, 2008, 5:35 pmthe small channel ? hmm i didn't notice that... what is that actually? fibo? or SR for 15 min chart ?

This post has been edited by kelvin_tan: Oct 17 2008, 05:35 PM

I'm stingy even with demo-money hahaha. Yeah kelvin, thats what I'm trying to learn - the whole trader mentality. But letting sheer stupidity wipe out my entire days earnings and then some...man.

As a side note, what do you guys think of the medium term market sentiment with all these bail outs going on?

Yupy, 1pip = 0.10, but sometime I trade more than that. Hehe. Depends on situation.

Actually heart pain also dont mind la, juz take losses as an expenses. See this "EXPENSES". Even for a succesful businessman, they also need to have expenses, so it is normal for us to expense a little portion of money, so that we can profit a bigger portion of money. This is how I think la.

Besides, why I dont like short EU now?
Guess guys still remember the EU at 1.5xxx and 1.6xxx ranging area for 2months?

This is wat I was worrying now, currently if you did notice, the volatility is all gone. 1000pips per day is no longer exist. So, is it posible for our EU pair to ranging now? If yes, then if we take the short now, tat means we are taking short at the bottom of price.

My few huge losses is bcoz of this. I expect EU will go up, Then I long at the TOP, but the market drop until the bottom.

Wish I did make it clear

This post has been edited by mphpopular: Oct 17 2008, 05:40 PM


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the bailouts? it wont have much of an impact as banks are still dying.. pleasuresaurus.. keep a close view on oil if u intend to be a FA trader.. oil correlates with the EU pair very tightly..

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Added on October 17, 2008, 5:39 pm@mph yeap.. which is y some people say u need both FA and TA ... FA wise.. they were saying a bull market is coming within the next 6 weeks.. BUT they did mention a lot bout recession this n that.. i still dare to short because my profit target is small..when it hit my TP .. it still isn't the bottom yet .. if u remember from ur TA .. 1.32 is the bottom..

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Added on October 17, 2008, 5:41 pmanother side note to y i still see shorting is feasible.. oil is now 71.15 ... just now 71.4..

This post has been edited by kelvin_tan: Oct 17 2008, 05:41 PM

As i understand, oil correlates best with CAD pairs, although i do realise that other pairs would also likely be strongly affected. From what little i know, oil ties with CAD and gold ties with AUD. Overlaying them on a screen actually gives a somewhat relevant pattern of movement.

now its 70.85 ... it keeps sliding euro will continue sliding also..

http://www.forexfactory.com/showpost.php?p...&postcount=4107

This is the the post whereby show what pair correlated to what pair and also why.

Credits to ...... (There is someone who post this out in here sometime ago, But I forgotten who.)

@kevler
Wish you did see the orange line now. I edit a post earlier by posting image on it.

This post has been edited by mphpopular: Oct 17 2008, 05:47 PM