Schools out for[ex] summer....June edition

Time for a new thread fellas..lets have another good month....dont just peek in,if anybody reading has any ???s ask away somebody will reply ASAP..

Finally have all my charts back..it has been agonizing not having everything I need.

Much better now, and I am ticked that I missed that Eu.Au drop..almost 200 pips from yesterday.

I wish id bought LB/JPY...we were calling for these prices last week,fib lines dont lie....i had this pair on Friday and closed it just because i was worried we may see more bad EU news

JPY didnt run up enough for me to add on,most i was down was around 63 pips or so,4hr setting up to cross but the shorter charts are saying it prob runs up again this may cause my 4hr to reject the cross...im almost even here so im not worried,highest she goes is 9530s,if that happens ill clean up on the pullback

What price are you short at?

I am about even now on my 2 lots..if they break the USM down I will get out at 134 and that would equal 175 pips. I dont have an order set though just yet..

Im at 9222...like i said though im not worried ive had a good week if im forced to hold or average ill be ready

 i got my limit set for 134.40 on gbp/yen i still think that puppy runs up higher after the retracement.  

hell i might pull off my limits if by my computer around there. 

i think usm will drop to around -100 soon and then come back EOD i think we'll be out of this trade pretty soon. 

The Euro keeps dropping, man I was thinking about shorting over 1.23

Par is where she is heading..just like that greedy sucker Soros predicted.

Forget down 100, start thinking up 50..

They are revving the engines seriously..oil moving up, they erased 50 down points in hardly no time at all.

So far the drops since about noon are thin and the moves higher are stronger, usually a sign that they are going to run the markets into the close.

Hey guys!!! Been really thinking about starting back up again. After being so stubborn, and getting my ass kicked a while back, I'm awful gun-shy though. Like gambling, I don't just want to tail blindly, even though I'd never bash anyone, because "I" made the decision, with "my" money........ Wishin' everyone all the best!!!!!

Its all good SJ...just remember your margin..id open a practice account just to be fresh...dont start positions with more lots than can be managed properly..

I dont know your plans on starting bankroll but if you were to start with $2500-$3000 and started trades with two lots it would be hard toget into any real danger

Experienced Traders,
I took your advice and opened up a practice account.Began to touch the surface of the currency platform.. I had a few questions; first, in regards to Lots and lot sizes. Say for instance, USD/JPY spread is: Sell is at 92. 68^4 ; and BUY is 92.70^4 . However the lot says, 1 Lot (100,000) ; say i would want to only buy $300 worth... would i change the lot size? would i divide (sell) $300/ 92.68^4 or $300/92.70^4 (buy) ?? It is very confusing to translate $dollars to Lots, and vice versa. Also, i notice most currency has 1 lot at 100,000 ; except for XAU/USD which has 1 lot as 10.. why is that?

Second question,
In regards to choosing an entry position... I believe in technical analysis; therefore RSI, MACDs, EMA, The godly Fib retracement, etc. I understand ; however, following those indicators, highly depends on what chart you are using.

For instance, a 30 minute chart could show a MACD converging; while a 4 hr chart of the same currency shows it diverging. My point, is regardless of the chart, the patterns will occur, so when you look for an entry opportunity, what type of chart to you use? That would most likely depend on how long you would like to hold? Which in the case of a 5 minute chart, the most you could probably make is a couple pips as the pattern unfolds; as opposed to the 4 hr chart where a complete pattern to unfold is substantially more, say 40 pips?

Also, are you pure techincal analysis traders? Or long term holders? I mean, currency trading is vastly different from USM, in that in the market you look for stocks who have earnings estimates, etc. How would you trade currency using fundamentals? Countries Interest Rates?

Last question, as the qoute states 92.70^4 (buy) USD/JPY buy; is a pip defined as the exponent of the 92.70^4 which in this case is the 4.? or is a pip the 0 place on the stated qoute?

Thank you in advance, and sorry for so many questions as i am trying to get the hang of this.
And i assure you i will be in a PRACTICE account for some time...

Thanks again


 

WP 

You need to contact customer service and have them make it a micro account..which broker did you choose?you would be looking to trade 10k lots not 100k...10k lots use around $100 of margin per lot..pairs vary though..as you customer service rep for the rates page or margin calculator..

I use a 4hr to find a trade then scale down to find a good entry..using short term charts to base a trade on is dangerous.. the tech level can move from one extreme to another without alot of pip movement

I guess im a technical trader i use crosses of the ADX indicator along with RSI and moving averages and fibs..i dont worry about intrest rates much unless its a news release..its all in the charts for me..

just put the entire price in we will know what you mean..92.704 to 92.714 would be a pip

i think i got em all...dont worry about asking question we all started the same way,im here to help...once you get a handle on things,help out the next guy

looking to get out at 133.75 here..getting close.

Got it..

Nice drop in the USM made for a 125 pip drop in 5 minutes, so 225 pips in total.

If she hits 133 I will go long.

Pretty tame first 30 minutes..markets within 30 pts of the open, I expected more of a down push to be honest.

They are closer to bouncing than dropping.

well this throws a curveball into where i thought gbp/jpy might go. thought for sure 138 was gonna get touched soon. 

going long here gbp 133.85

papa,

Thats an interesting trade, if you think they rescue the markets you will make an easy 100, I am on the fence as to where they take the markets..

They held the EU and the LB right off a key number..

Why havent we smacked these Euro rallies? It has been a cash cow straight down..

Does anyone think this is a bad Idea:


I had a buy set @1.1999 on Eur/Usd

I am thinking about holding it over the weekend.  I think a lot of this talk about Hungary is overblown.

rick,

If you had that order it is filled.

I show a low on the EU at 1.992

They arent going to sell it straight down, if they try to salvage the markets you could make a quick 50 even today.

Yeah, filled about 20 min. ago. 

I think I can get a good 50 off it today, but I think there is a great chance of a huge gap over the weekend.