Review of Strategic Tips on Milking the Major Currency Pairs in Live Forex Trading

[Forexgreenland]

Hi Folks, This is Stallion,veteran forex trader and mentor. I'm glad to be here and would be reviewing strategic tips on how the major currency pairs can be milked. Though I specialize in GBPUSD, other currency pairs would also be taken into consideration during our analysis. If you have a demo account or already into live forex trading, this thread might be useful in helping us along the path to success. It has been theorized that your state of mind will dictate your trading methods. Experts in the field of trading psychology have pinpointed three main states of mind and how each has a direct effect on a trader's profitability. These three mind states are "having", "doing" and "being". Psychologists have noted that those new to trading start with a "having" state of mind. As they gain more experience, they move on to a "doing" state of mind. The pinnacle of profitability occurs when a trader moves into the last and final "being" frame of mind. The "Having" Mind Set A novice trader may focus primarily on profits. In this "having" state of mind, they are out of sync with the markets. They are blinded by their obsession to obtain the all mighty dollar and what it can afford them. Trading is not viewed as a job that must be mastered, but as a vehicle to escape from a world of mediocrity. Many traders are in the business to make money, as well as they should be. However, if they are blinded by greed, they tend to take uncalculated risks. Looking at the potential payoff without carefully calculating market trends and other factors is a recipe for disaster. It is impossible to graduate to a high performance level when you concentrate on "having" instead of how the game is won. If you trade in a "having" frame of mind, you may become frustrated when profits are not immediately forthcoming. With frustration comes a lack of focus. Without the ability to focus, you cannot gain knowledge from your experience on the trading field. Other negative consequences of this mindset are feelings of frustration and anger. Frustration stemming from a lack of expected profits and anger directed at oneself or the market in general. These adverse emotions will only cause further decline in profitability. Without witnessing gains from one's efforts, an individual may not give their best and may be tempted to "throw in the towel". The "Doing" State of Mind If an individual continues on to trade another day, they will eventually move from a "having" to a "doing" state of mind. Learning that there is more to trading than the amassing of money, a trader will turn their focus on learning new methods of trading and what does and doesn’t work. This state of mind is still primarily centered on how to turn a profit. Although a "doing" mind state is essential to becoming a seasoned adept trader, the main focus is still short of the mark. It is crucial to know what works and what doesn't. However, a skilled trader will tell you there is more to the business then choosing one method and using it arbitrarily to make trades across the board. Becoming a trader of means requires not only a winning attitude, but also a fine honing of trading skills. To develop these skills, you must make trades using various methods under a wide spectrum of market conditions. Only then can you develop the needed intuition to master the art of trading. Pinnacle of Profitability: The "Being" State of Mind A successful trader almost instinctively knows how to make a trade using the best method available for the current market trend and/or condition. This ability does not occur overnight. It is only accomplished through perseverance, knowledge of various trading methods and learning which one works given a particular market condition. No trade is ever a "sure thing". However, a profitable synchronicity almost naturally occurs when you are faced with a potential trade, have a feel for the current market trends and conditions, and utilize the method best suited for a potential payoff. This "being" state of mind ultimately lends itself to long-term success in the high stakes of trading.

[Forexgreenland]

We take another 60% sell window on the GBPUSD(my favourite) and make some dough out of it.EURUSD is too slow for my liking.
2.0075-1.9896=0.0179
0.0179*0.6=0.01074
1.9896+0.01074=2.0003( sell window).

1.9979 should be our first target point.
1.9963 should be oursecond target point

[Forexgreenland]

Originally posted by forexgreenland:
[QB] We take another 60% sell window on the GBPUSD(my favourite) and make some dough out of
it.EURUSD is too slow for my liking.
2.0075-1.9896=0.0179
0.0179*0.6=0.01074
1.9896+0.01074=2.0003( sell window).
1.9979 should be our first target point.
1.9963 should be oursecond target point [/QB]

Originally posted by demons19:
[QB] Can you define "window"?
because while price is falling to your targets, it never did reach 2.0003 after you posted.
[/QB]

Hi demon19,quite an interesting name you got there..hope you can see from the charts that
price actually reached 2.0003 and even made a high of 2.0024 before falling to our target
points netting us a total of 40 pips,$40 minilot, $400 standard lot in less than an hour of
trading.It is already there if you have the eyes to see it and the confidence to take
ACTION!
Yumm Yumm!
Remember in live intraday trading, you must be very fast in making and taking decisions,
like a fighter jet pilot else the opportunity would lose itself.
Windows would be explained in subsequent posts.

Originally Posted by onwukarisa;8436

Hello Mystikal,
I will have to say that your method of trading is very cool. i have been applying it and it has been working in my demo account with CMSFX.
Is this method of trading only applicable to breakouts? Cant you use this method when there's no breakout in the market.
Please reply
Onwuka Arisa

Thanks Onwuka, breakouts offer more potential for profits than range and consolidation trading. Thats why its more powerful during trend breakouts.Hope you understand.

Originally Posted by tabattery;14040

appreciate ur post. hmm can u tell me wat method is gd or appropriate for a novice guy like me?
i have difficulties in using the fibonacci method...i heard woodie method...but do not know the exact way to go about it. i read up their stuff..when the method apply to future, it's workable, if apply to forex, erm, i totally messed up...complex to me..
i have to try using macd, candlestick, rsi and even stochastic...tat is d problem with novice.
i cant seem come up a gd trading strategy with the necessary gears to go abt it. can help me with tis? thanks, ops:

Hi tabattery,thanks for your message...Jus keep it simple,dats the main thing...Follow the thread and ask questions and I'll try and help as much as I can

[Forexgreenland]

We have made close to 120pips from the triple bottom that has occured on the GBPUSD!
Is it a fluke that price has respected the 60% window and formed a range between 2.0003 and 1.9963 level, THRICE,AS PREDICTED?
Price levels that were projected before time,really, Random Walk Theory does not work in trading , neither does CHANCE.

SELL WINDOW ON THE GBPUSD
2.0022-1.9906=0.0116
1.9952-0.0116=1.9836(target point from sell window)

[Forexgreenland]

Originally posted by forexgreenland:
[QB] SELL WINDOW ON GBPUSD
2.0022-1.9906=0.0116
1.9952-0.0116=1.9836(target point from sell window) [/QB]

Price closed down TWICE on our 1.9836 target price, netting us 116 pips from our SELL WINDOW of yesterday,116 pips,$116 minilot,$116 standard lot on the GBPUSD.
Trading is more of an ART than a SCIENCE.

[Forexgreenland]

Originally Posted by masif1;470967

It triggered early this morning and hit the first target at 13:52 BST.
Nice one forexgreenland - you magician!

Originally posted by
whistler:
[QB]

I know you asked
Stallion but since I'm all
caffeinated and he hasn't
answered yet I will say what I
see.
his numbers:
0.7891-0.7446=0.0445
0.0445*0.6 =0.0267
0.7446+0.0267=0.7713
0.7738-0.7491=0.0247
0.7604-0.0247=0.7354( TARGET
POINT)
The highs and lows are a few pips
different on Oanda but anyway.
Looking for sell window in
downward trend.
.7891 is the high on June 3
.7446 is the low on June 13
difference is 0.0445.
60% retrace is .6(0.0445) =
0.0267
add that to low = 0.7713 the 60%
entry point
I'm not sure how he got the
target but when taking .8 times
the difference between high and
low it's close to his.
.8(0.0445) = .0356
.7713 - .0356 = .7357
[/QB]

Originally posted by
batangas:
[QB]

Call posted Jul 30,
18:59 NY time. GBPUSD bid dropped
to 1.97794 around 0100 Jul 31 NY
time, 9.4 pips above the stoploss
(Oanda min/max chart). Almost
stopped out but profit targets
reached.
Seem to be doing pretty well so
far. Let's see you stay
profitable for 6 months,
forexgreenland.
Many beginners have made
spectacular gains for just a few
months, but if a trader stays
profitable for a lot longer than
that, then it might, possibly, be
something to rightfully hold
one's attention, like you must
know if you've traded very long.
But I enjoy seeing live calls,
the longer period of time they're
done, the better. [/QB]

Hope you guys enjoyed my weekend
gift that netted more than 105
pips,$105 minilot,$1050 standard
lot on the GBPUSD IN LESS THAN
24HRS this friday. Price moved
from our initial entry point of
1.9810, then rocketed up to
1.9887, then gave its coup de
grace beyond 1.9915. Yummy
yummy...
Lots of moolah on the table just
begging for some alert trader to
come pick it up! Using the sell
window would've added total pips
to more than 200 in the bank.Too
bad my broker is giving me quit
notice before his platform gets
bankrupt.Is it my fault?All is
fair in love and war,isnt it
?


Well,jvaustinx,whistler has said
it all..just go over the thread
and check the charts and see how
it goes.Mind you, nothing in
trading is cast in stone and the
''Holy Grail'' is yet to be
found.Understanding market
behaviour would go a long way in
helping to make real money off
the forex markets.
Hi,batangas, I take it you might
be from Indonesia or Malaysia in
South East Asia...Hows it going
over there? Hope you made some
pile of dough from that live
call..Remember,nothing in trading
is 100% perfect. That is why the
main goal of a trader is to
maximize profits and minimize
losses in order to achieve his or
her objective.
Assuming we got stopped out due
to wrong timing,not wrong
strategy, we would have still
gotten gains from that call,by
subtracting our 40 pips from our
net profits of 105 pips,which
would have left us with 65 pips
or more.Professional traders call
it ''testing the waters''..before
scaling in..Thats one of the
reason for 1st and 2nd target
points. Timing is of the essence,
that is why PATIENCE is a virtue
in trading.
I wish everyone a happy weekend
and more pips ahead.
Stallion

[Forexgreenland]

Sell Gbpusd @ 1.9505
Stop Loss@35 To 40 Pips Away
1st Target Point@ 1.9385
2nd Target Point@ 1.9332.

Waiting For News To Fuel The Downward Drive...remember No 100% Perfection In Trading...
Stallion

[Forexgreenland]

Originally Posted by masif1;474399

Nice Nice Chiken and Rice,
triggered and going in the right direction

Lol....masif, you are one cheerful bloke that I admire...care for a pint o' ginger
ale?..some trader just emailed now, saying he's afraid of pulling the trigger coz he feels
the target might be too high...so I redid my calculations and adjusted our first target
point to 1.9436....
hey,forexgump,hope you are now able to take the trade since its adjusted...1st target point
would now be 1.9436...
Lol....like I said...Dont Try This At Home...

Originally Posted by onwukarisa;8539

Hello Mystikal,
Please do you mind explaining to me the meaning of consolidation or range trading. i have
googled consolidation but couldnt get anything reasonable.
Onwuka arisa

Hi Onwukarisa,
A consolidation is a congestion area that follows a strong trend, either up or down. In a
rising market, a consolidation represents a temporary battle between buyers and sellers
prior to the resumption of the uptrend.
In declining markets, a consolidation is followed by a resumption of falling prices.
A consolidation pattern is a price pattern in which prices trade in a sideways range prior
to resuming the prevailing trend.
Occasionally, reactions within a trend develop as a sideways movement where price
experiences a TRADING RANGE.
In A,it is consolidating gains during the ranging action

In B, it is digesting losses..

These TRADING RANGES are also known as lines or consolidation, as originally termed in Dow
Theory.Whenver the price experiences a breakout from a trading, such as these, it has the
same effect as if the range was a rally (rise) or reaction.This means that it is possible
for a breakout from a trading range to act either as buy or sell signal, as in, B and c
c=


or as a reconfirmation of a prevailing trend...D


Hope you now understand...
Responses to the next questions would be made as soon as possible...
Happy Pipping..