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

[Forexgreenland]

Originally posted by forexgreenland:
[QB]

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...
[/QB]

69 pips,$69 minilot,$690 standard lot made on the GBPUSD at our first target which was hit!in less than 24hrs after posting! If traders in the forum are okay with nicking the 69 pips, they can close for the day and say 'Aloha!'like forexgump..
If you still care to continue with our 2nd and third targets,its up to you..To be on the prudent side, use just 1 minilot to take it up.

Originally posted by forexgreenland:
[QB]

Sorry, Rizla, I mean, Whistler,I see you've been using fibonacci retracements...
if you'd use your buy windows, you would have gone with the trend and taken a profit target at 170...instead of having a loss of -81 pips.
At 168.97 as at the time of my writing(5p.m New York Time), I think we still have like 103 pips to go..yumm yumm....
Please remember thats just my personal opinion...Anything can still happen...like going back down to 168.38 on the 15 minute chart.. [/QB]

Originally posted by whistler:
[QB] That's a 60% (or 61.8ish%) retrace sell window - I was just trying to go with bigger trend down. Using the fib drag and drop on the Oanda platform is just so much easier than write and calculate, but I'm still trying to do the same thing as ur windows. Nice call up. [/QB]

Our 15 min chart got to 168.38 as mentioned last nite..Please remember prices get fulfilled faster on the 15 minute charts(lower term charts) while charts from the hourly, 3 to 4 hourly,daily and weekly term charts take more time to get fulfilled. Just like life..the MICROCOSM within the MACROCOSM.

[Forexgreenland]

A total of 173 pips haulage was made in the last 72hrs after my intial call. Cable was dropping it like its hot...dropping pips after pips, after pips..

Originally Posted by masif1;475429

Forexgreenland - your brilliant!
well done another great call.
Forexgump - patience my friend, Forexgreenland has done it again!
I'm just paper trading at the moment, and unfortunatly i got out yesterday with the 69
points. i should have had faith and stayed in, how many points is that in 72 hours
Forexgreenland?
I'm buying you a whole crate Ginger Ale :clap:

Tsk, tsk, tsk...Like Master Jesus said''O Ye of little faith''..We need to believe more in ourselves and have the confidence to go along with our trading decisions. Your 69 pips was okay, masif...dont be too greedy...173 pips in less than 3 days might not sound too high but we can live with it,right?

Originally posted by batangas:
[qb] GBP is just behaving nicely at this time.. there will come a time soon when it defies
these kind of expectations.
I'm from many places in S and SE Asia, fxgl. Kuala Lumpur is a very expensive city u know.
And many refugees from Burma flowing in there. [/qb]

Yeah,batangas...cable and other currency pairs are behaving nicely this time, IF you know
where to look and HOW to take advantage of it. Like a Panther, each single move is an accumulation of years of trading experience in which the movement of the 'herd' is already known, to a considerable extent.Timing is everything when you strike.
This is the time for anyone to enter trading, AFTER the proper training. The time when it defies most usual expectations is during NOVEMBER and DECEMBER periods(end-of-year trading), where the big dogs(banks/institutional traders) are jostling for positions. That is when its prudent to take a break from trading.Lots of whipsaws and tearing of stops.
Kuala Lumpur is a very expensive city, just like Lagos, Nigeria.But no refugees here nor
earthquakes. We thank God for everything.

Originally posted by jvaustintx:
[QB]

salutations stallion,
way to go, you have been making great calls. a quick question, are you using the original T1 & T2 for T2 & T3... respectively that is?
btw, how was egypt? i would love to go there some day. Zahi Hawass is one of my favorites, i really like watching him on TV he is sooo cool!
Have a happy day, JV
[/QB]

Hi JV,sorry gbpusd has already hit before I could reply...Yes, I used the original T1 and T2 for T2 and T3, SINCE 1.9436 became our first target point.
Cairo, Egypt was okay...quite hot and exotic like the Meditterenean...but since I went there for a traders' exposition, I wasnt really able to soak up the sights and sounds of the Land of the Pharoahs.Maybe next time,I will....

Originally Posted by golden1;8802

Do you have your indicators and settings available for us to download
somewhere so we can trade in this method as well?
thanks!
Brian

Alas, Brian,no indicators or settings available like mechanical trading. The CHART PATTERN
PROJECTION STRATEGY is a DISCRETIONARY system in which you trade direct from the charts.Actually,most times, MACD is just for fancy.
Like Jesse Livermore, in Reminisces of a Stock Operator,he and other top traders dont use
settings or indicators for they take trading decisions directly from the board ''tick''.Computers, settings or indicators dont even exist during the 1920's but they still made from from the stock markets.
If anyone wants a copy of the cutting edge ebook ,along with ''Trading in the Zone'', please
send an email to stalion@forexgreenland.com or stalionstable@yahoo.com.
Have a happy weekend.

[Forexgreenland]

Originally Posted by Hina Rina;175661

i have sold G/U @ 1.9272 with stop 2.0152 and target 1.8518.

2.0194-1.9569=0.0625
1.9510-0.0625=1.8885(target point)
Hi Hina, nice call on the cable... There's a Head and Shoulders pattern on the GBPUSD Weekly
chart, which is giving us a minimum target of 1.8885. We can call it the ''Surgical Dissection Of the Left Shoulder''.
Price might still get way down to your target of 1.8518 since it is a lil below the 60% BUY
WINDOW,technical analysiswise. Remember, since this trade is being taken off the weekly(higher term chart), it is logical that it would take more time to get fulfilled. Next week would unfold the mystery...Lets keep our fingers
crossed,shall we?


This is an excerpt from Trading in the Zone by top trading pyschologist, Mark Schwager, who's one of the best in the business. Most traders might be skeptical about market pyschologists by I still believe they have lots to contribute in the trading pyschology realm. Here are his views:

MARKETS MOST FUNDAMENTAL
CHARACTERISTIC
(IT CAN EXPRESS ITSELF IN AN ALMOST INFINITE
COMBINATION OF WAYS )
The market can do virtually anything at any time. This seems obvious
enough, especially for anybody who has experienced a market that
has displayed erratic and volatile price swings. The problem is that all
of us have the tendency to take this characteristic for granted, in ways
that cause us to make the most fundamental trading errors over and
over again. The fact is that if traders really believed that anything
could happen at any time, there would be considerably fewer losers
and more consistent winners.
How do we know that virtually anything can happen? This fact
is easy to establish. All we have to do is dissect the market into its
component parts and look at how the parts operate. The most fundamental
component of any market is its traders. Individual traders act
as a force on prices, making them move by either bidding a price up
or offering it lower.
Why do traders bid a price up or offer it lower? To answer this
question we have to establish the reasons why people trade. There
are many reasons and purposes behind a person s motivation to trade
in any given market. However, for the purposes of this illustration, we
don't have to know all the underlying reasons that compel any individual
trader to act because ultimately they all boil down to one reason
and one purpose: to make money.
We know this because there are only two things a trader can do (buy and sell) and there are only two possible outcomes for every trade (profit or loss).
Therefore, I think we can safely assume that regardless of one's
reasons for trading, the bottom line is that everyone is looking for the
same outcome: Profits. And there are only two ways to create those
profits: Either buy low and sell high, or sell high and buy low.
If we
assume that everyone wants to make money, then there's only one
reason why any trader would bid a price up to the next highest level:
because he believes he can sell whatever he's buying at a higher price
at some point in the future. The same is true for the trader who's willing
to sell something at a price that is less than the last posted price
(offer a market lower). He does it because he believes he can buy
back whatever he's selling at a lower price at some point in the future.
The underlying dynamics of market behavior are quite simple.
Only three primary forces exist in any market: traders who believe
the price is low, traders who believe the price is high, and traders who
are watching and waiting to make up their minds about whether the
price is low or high.
Technically, the third group constitutes a potential
force. The reasons that support any given traders belief that
something is high or low are usually irrelevant, because most people
who trade act in an undisciplined, unorganized, haphazard, and ran-dom manner. So, their reasons wouldn't necessarily help anyone gain
a better understanding of what is going on.
But, understanding what's going on isn't that difficult, if you
remember that all price movement or lack of movement is a function
of the relative balance or imbalance between two primary forces:
traders who believe the price is going up, and traders who believe the
price is going down. If there's balance between the two groups, prices
will stagnate, because each side will absorb the force of the other
side's actions. If there is an imbalance, prices will move in the direction
of the greater force, or the traders who have the stronger convictions
in their beliefs about in what direction the price is going.
Now, I want you to ask yourself, what's going to stop virtually
anything from happening at any time, other than exchange-imposed
limits on price movement. There's nothing to stop the price of an
issue from going as high or low as whatever some trader in the world
believes is possible—if, of course, the trader is willing to act on that
belief. So the range of the market's behavior in its collective form is
limited only by the most extreme beliefs about what is high and what
is low held by any given individual participating in that market. I
think the implications are self-evident: There can be an extreme
diversity of beliefs present in any given market in any given moment,
making virtually anything possible.
When we look at the market from this perspective, it's easy to
see that every potential trader who is willing to express his belief
about the future becomes a market variable. On a more personal
level, this means that it only takes one other trader, anywhere in the
world, to negate the positive potential of your trade. Put another way,
it takes only one other trader to negate what you believe about what
is high or what is low. That's all, only one!
The point is that from our own individual perspective as
observers of the market, anything can happen, and it takes only one
trader to do it. This is the hard, cold reality of trading that only the very
best traders have embraced and accepted with no internal conflict.
How do I know this? Because only the best traders consistently predefine
their risks before entering a trade. Only the best traders cut
their losses without reservation or hesitation when the market tells
them the trade isn't working. And only the best traders have an organized,
systematic, money-management regimen for taking profits when
the market goes in the direction of their trade.
Not predefining your risk, not cutting your losses, or not systematically
taking profits are three of the most common—and usually the
most costly—trading errors you can make. Only the best traders have
eliminated these errors from their trading. At some point in their
careers, they learned to believe without a shred of doubt that anything
can happen, and to always account for what they don't know, for the
unexpected.
The
typical trader doesn't predefine his risk, cut his losses, or systematically
take profits because the typical trader doesn't believe it's necessary.
The only reason why he would believe it isn't necessary is that
he believes he already knows what's going to happen next, based on
what he perceives is happening in any given "now moment." If he
already knows, then there's really no reason to adhere to these principles.
Believing, assuming, or thinking that "he knows" will be the
cause of virtually eveiy trading error he has the potential to make
(with the exception of those errors that are the result of not believing
that he deserves the money).
What the typical trader doesn't realize is that he needs an inner
mechanism, in the form of some powerful beliefs, that virtually compels
him to perceive the market from a perspective that is always
expanding with greater and greater degrees of clarity, and also compels
him always act appropriately, given the psychological conditions
and the nature of price movement. The most effective and functional
trading belief that he can acquire is "anything can happen."

[Forexgreenland]

Originally posted by forexgreenland:
[QB]

2.0194-1.9569=0.0625
1.9510-0.0625=1.8885(target point)
Hi Hina, nice call on the cable... There's a Head and Shoulders pattern on the GBPUSD Weekly
chart, which is giving us a minimum target of 1.8885.
Price might still get way down to your target of 1.8518 since it is a lil below the 60% BUY
WINDOW,technical analysiswise. Remember, since this trade is being taken off the
weekly(higher term chart), it is logical that it would take more time to get fulfilled. Next
week would unfold the mystery...Lets keep our fingers
crossed,shall we?

[/QB]

Helloo folks,
From what we could all observe, the ''dissection of the right shoulder'' of the head and
shoulders pattern yielded a bounty of 387 pips,$387 minilot,$3870 standard lot on our weekly
charts. Actually I was expecting someone to correct the first chart all these while since it was the other way round in the description...
Nevertheless, GBPUSD made a good showing this week and kept the pips raining..
Was it a fluke?No...
Was it a scam? No..
African magic? Nope..
Just medium term/position trading with the Chart Pattern projection Strategy...Traders that took the call last week are congratulating each other while clients are smiling the bank.

fROM sATURDAY LAST WEEK TO WEDNESDAY, 387 PIPS!!
NEED I SAY MORE??

[Forexgreenland]

[11:41:04] boludotun : hiii everyone
[11:45:57] masif1 : hi
[11:48:42] boludotun : hello masif
[11:51:23] masif1 : hi boludotun
[11:55:35] boludotun : masif?
[11:56:53] r2r : hello everybody
[12:00:04] masif1 : yes
[12:30:16] Stalion : hi masif1...helloo r2r
[12:32:10] r2r : hi stallion
[12:32:35] r2r : cable direction unclear at the moment
[12:35:32] Stalion : yea....going on a head and shoulders pattern on the 15min chart...we could see some bearish action if
price moves out of its range
[12:35:37] r2r : gbp/chf looks good for a long
[12:36:58] r2r : usd/jpy bouncing off Fib for a long
[12:37:06] r2r : eur/usd bouncing off fib for a short
[12:41:04] Stalion : cool
[12:42:40] Stalion : patience is a virtue in forex....the thing is not only knowing when to trade but also, when NOT to put
a trade...
[12:45:30] r2r : knowing when not to trade is what has been killing me in the past
[12:48:33] Stalion : yep....fallin into the risk of overtrading is not a cheap prospect,my man
[12:53:03] r2r : not sure where my entry shoud be for gbp/chf
[12:53:16] r2r : think i'll wait for a pullback
[12:57:30] masif1 : hi
[13:05:51] Stalion : helloo
[13:14:14] Stalion : gbpchf is trying to break the 60% sound barriern of 2.0506, after it does we should be seeing a
reversal down to a 1st target of 2.0456
[13:20:42] masif1 : so gbpchf?
[13:22:51] r2r : hmm well in that case I will watch and wait to see what happens
[13:26:38] Stalion : yes....lets see it move up to 2.0525 first
[13:35:52] masif1 : what is the stop loss for the gbp/chf?
[13:36:41] masif1 : just entered on the demo account gbp/usd
[13:36:56] masif1 : and starting to go into profit ;-)
[13:37:29] masif1 : where should i place the stop loss ofr the gbp/usd?
[13:54:00] Stalion : we are still waiting for authentic signals to be generated by the market, tundope...rather than jumping
in and losing money unnecessarily...lets say we are ''testing the waters'', so to speak...for now, it would only b pending
orders to confirm price bias
[13:55:37] Stalion : so for the gbpusd, we are seeing a head and shoulders pattern on the 15min chart, in which it
portends a bearish downward move..
[13:55:58] tundope : k
[13:58:03] Stalion : gbpchf just breached our high of 2.0525...
[13:59:08] tundope : so u trade gbp/chf, dats too volatile for my liking
[14:01:34] masif1 : hi guys
[14:03:23] masif1 : i acted on the paper trading account for the gbp/chf
[14:05:06] Stalion : here, we wait with patience...besides, mondays are notorious for slow trading
[14:10:30] Stalion : so, for the gbpusd, we put a sell stop @ 1.8650, 1st target @ 1.8601, 2nd target @ 1.8576, stop
loss 40 pips ahead
[14:11:54] r2r : the panther strikes!
[14:14:35] Stalion : not yet, mon ami....until our sell stop gets triggered....
[14:18:41] Stalion : nothing newsworthy dis week, dats why dere's little momentum in the market
[14:21:57] r2r : gbp/chf starting a retrace like you said it would
[14:26:16] Stalion : going down with a vengeance...hope it keeps it up to 2.0456
[14:53:48] r2r : ok gbp/chf rebound. I am inclined to think the downtrend is broken
[16:30:26] masif1 : hi emzee
[17:57:37] masif1 : hi
[18:29:20] Stalion : hi kilo83
[18:32:16] r2r : well stopped out of the cable short

[18:32:28] r2r : wait for the ranging to stop
[18:37:09] Stalion : our gbpchf call went down to 2.0456 after making a high above 2.0225 as predicted...gbpusd wasnt followed up so we scratch dat off...anyone took d gbpchf trade?


[18:39:08] r2r : nope - watching and learning
[18:40:01] Stalion : okay.,....
[18:44:07] Stalion : the 231 pips made from d gbpchf call more than covered up for the cable's 40 pips loss...so 191 pips
net was made...
[18:44:29] r2r : ouch
[18:45:58] r2r : a high above 20525
[18:46:31] Stalion : ??????
[18:46:59] r2r : gbp chf didnt make a high of 20225?
[18:48:03] Stalion : gbpchf made a high of 2.0530 before going down to 2.0225
[18:48:50] Stalion : around 8.45 a.m EST
[18:49:47] r2r : before going down to 20456
[18:49:51] Stalion : what broker are u using, r2r?
[18:50:28] r2r : just spreadbetting
[18:50:31] Stalion : yes....2.0456
[18:50:32] r2r : ig indewx
[18:50:46] r2r : this netted 69 pips
[18:50:57] Stalion : dats nice....
[18:51:27] Stalion :
[18:51:29] r2r : unfortunately i didnt take the sell signal
[19:03:27] Stalion : no probs...tommorrow is another day...

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[Forexgreenland]

hmmmm...tsk...tsk...tsk....

[Forexgreenland]

[10:57:32] caprica1 : morning guys.
[10:57:42] bros1234 : welco caprica
[11:01:04] Stalion : [10:43:13] Stalion : [10:25:19] Stalion : so, we buy gbpusd @ 1.8574,for a 1st target of 1.8616 and a 2nd target of 1.8641
[11:01:38] Stalion : 1.8574...not 1.9574
[11:03:12] tundope : hi bros
[11:03:37] bros1234 : hi tundope
[11:04:17] bros1234 : i was wondering if stallion can tell us reason for the buy
[11:05:33] caprica1 : I've just tried t oplace an order on my demo account, and it keeps saying off orders. What does that mean?
[11:05:53] bros1234 : maket has passed that price
[11:06:25] Stalion : nothing to be confused about, caprica...as at the time of my writing, price on the gbpusd was at 1.8574..but I wrote it out as 1.9574...dats where d typo came from...but by checking ur charts at dat time, u wud've known what we were talking about
[11:07:49] r2r : stalion are we waiting for price to retrace below 1.9574 before putting in the buy order?
[11:09:16] bros1234 : fxdd price 18584 so not a bad buy based on his target
[11:09:32] caprica1 : the ask price is now 1.8577. I should still be able to place a buy order with a 1st target at 1.8616 though no?
[11:12:54] Stalion : not a bad buy, as long as its okay with your risk to reward ratio...and placing ur stop loss would be below the low or support area...
[11:13:57] bros1234 : Stalion...sorry to bother u...any reason for this buy...technical...am curious
[11:14:28] Stalion : dats like 40 pips or so....
[11:17:18] Stalion : yes,bros1234....we hit the 60% sound barrier early this morning, and chances are price tendsto reverse around that area and form a new trend...
[11:19:21] bros1234 : Stalion...i was thinkin the major trend is down though oversold and i saw a 123 pattern on the 1 hr so me thinks it might still break that barriar and cret a new low...but thank i will be watchin from here
[11:22:38] Stalion : no probs....we sit back and watch....
[11:23:11] Stalion : where's price now at your broker?
[11:24:57] bros1234 : fxdd...18561...
[11:26:33] caprica1 : GBPUSD now at 1.8559 on my window.
[11:27:02] bros1234 : caprica1...yeah
[11:29:54] Stalion : on the USDCAD, at 1.0648, we would likely see price going up to 1.0695 first...then to 1.0714
[11:29:59] bros1234 : caprica1...sorry...the trend is down so i think...it will change soon but i dont know when...
[11:30:15] caprica1 : my S/L is @ 1.8515
[11:30:50] caprica1 : yeah i know bros1234, all my signals are short. lol
[11:37:03] Stalion : market takes its cue from technicals and the fundamentals just agree - I bet small now that now that everybody sees doom and gloom over EUR and GBP - they might reboud..
[11:37:29] masif1 : caprica - is that your stop loss on gbpusd at 1.8515
[11:37:54] masif1 : how did you come to this?
[11:38:11] caprica1 : yeah thats the s/l masif1
[11:41:41] fxjedi : hi all
[11:47:35] fxjedi : several highly automated and sophisticated alghoritmic funds lost huge somes this round... most not planning to pay out any redemption to investors this year... list is quite long and goes to the core of the more sophisticated pfolios built in wall street
[11:58:05] fxjedi : Dovish BOE To Push GBP Even Lower - BNPP 0833 GMT [Dow Jones] Following dovish comments from the BOE's Tim Besley, while UK recession fears grow, the GBP is likely to fall further against the USD and EUR, says BNP Paribas. "GBP/USD is likely to break
[11:58:33] fxjedi : through the recent lows at 1.8520, to open downside potential into the 1.82/1.18185 area," the bank says.
[11:59:00] tundope : lol
[12:05:49] r2r : attempt to move prices lower so the bank can buy?
[12:06:20] boludotun : hi everybody
[12:30:14] fxjedi : looks cable is going higher
[12:37:36] fxjedi : going higher!
[12:37:54] bros1234 : yes
[12:38:12] bros1234 : 18616 now
[12:38:39] masif1 : just hit our first target!


[12:41:13] eugen3000 : did you move sl to be when 1st target hit? or just leave to hit sl or 2nd target?
[12:48:59] Stalion : yes, masif....1st target hit....42 pips in less than 2 hours...
[12:49:23] Stalion : $42 minilot,$420 standard lot on the gbpusd live call
[12:50:02] eugen3000 : Stalion could you please answer my question? thnx
[12:50:31] Stalion : we take the rest minilot on the 2nd target...move stop loss 20 pips above initial stop loss
[12:51:36] fxjedi : cable at 18626 and advancing, stallion
[12:53:03] eugen3000 : thank you
[12:58:16] masif1 : 2nd target is getting close
[13:09:58] Stalion : so, remember guys, as our first target have been hit, we place our stop loss at our initial entry point and let d rest of the lots run on our second target..that way, we lock in profits on our first target and worse case scenario, we breakeven if our 2nd
[13:14:41] Stalion : target doesnt get hit
[13:14:44] fxjedi : very smart move, stallion
[13:21:33] Stalion : eugen, since the first target has been hit, we put our stop loss at our initial entry point so as to breakeven, IF price doesnt get to our 2nd target point...its jus a way traders insure against going back to losses when they are in profits...anything can
[13:22:22] eugen3000 : yes i understand, i just asked, because you said before this: [10:50:31] Stalion : we take the rest minilot on the 2nd target...move stop loss 20 pips above initial stop loss
[13:25:03] Stalion : happen, u know...we've all experienced where we see our paper profits going higher but price retraces and eats up those potential profits...thats why we lock in at our initial entry point..
[13:29:03] Stalion : of course...that was based on the prevailing market conditions as at then...
[13:38:01] albashir : hello room
[13:38:28] albashir : wats on the market for today
[13:40:23] fxjedi : i think stallion was saying first step was to go up 20 pips above sl, then second step to cover stop loss at inital entry point.,
[13:44:04] albashir : wats the entry point or was he talking on news entry or making use of some indicators??
[13:44:36] albashir :
[13:45:32] albashir : ..jedi, u still dey?
[13:48:57] anddy26 : good day folks...do you have a fixed set of pairs you deal with or just the ones that show the signals
[13:49:54] Stalion : hi albashir, anddy26...
[13:50:26] Stalion : Not predefining your risk, not cutting your losses, or not systematically
[13:50:49] Stalion : taking profits are three of the most common—and usually the
[13:50:54] albashir : hey, Baba... isaw u were away then logged off... was just asking wat the info for today is all about
[13:51:01] Stalion : most costly—trading errors you can make
[13:51:52] albashir : ok... got it & noted!
[13:53:28] r2r : usd/cad beginning to take off like u said Stalion
[13:53:41] anddy26 : hi stallion Masif has told me to check you guys out..ur doing better than our system.lol..we we trade EOD usualy
[13:54:48] albashir : r2r, wats d info on UCAD
[13:56:40] albashir : Stalion wats d trading plan on UCAD
[13:57:07] r2r : scroll up and read
[14:00:04] Stalion : [11:29:54] Stalion : on the USDCAD, at 1.0648, we would likely see price going up to 1.0695 first...then to 1.0714
[14:03:32] r2r : usd/cad chart is sooo messy I dont know how u can read it Stalion
[14:23:46] r2r : price rejection in usd/cad
[14:25:44] Stalion : yes...dats the news dats about to come off the US....seems its negative for usd....so we hold off our buy on the usdcad for now,
[14:28:07] r2r : but the news isnt out yet!
[14:28:27] r2r : are these the ppl in the know moving the price?
[14:36:06] albashir : Stalion does tis mean we close our position on ucad?
[14:38:39] Stalion : from what we could deduce from the news, looks like the PPI was higher than expectations, so its favourable to the dollar
[14:39:10] albashir : so .....
[14:39:21] tundope : yeah u got dat rite
[14:39:34] tundope : its dollar buying time
[14:40:03] Stalion : so we are seeing the dollar going up, while gbpusd is going down due to news
[14:41:43] masif1 : we got dtopped out on the gbp/usd
[14:41:50] masif1 : stopped
[14:42:09] masif1 : therefore we broke even
[14:45:29] Stalion : yep....breakeven on the gbpusd with a first target haul of 47 pips...
[15:01:34] Stalion : usdcad is now going our way
[15:13:51] tundope : 50 pips left to go on the usd cad target
[15:22:49] Stalion : remember guys, in trading, u dont need to go for the home run or risk all in just a single trade...chances are you might be right or wrong...a 40 pip sl,depending on ur equity, gives price some wiggle room to move and confirm whether we r right or wrong..
[15:24:44] r2r : Stalion is it worth looking at usd/jpy 1hr double bottom ?
[15:30:04] Stalion : yep...nothing bad in dat....looks like the usd pairs are in a range...market is busy digesting the news,u know...technical analysiswise, usd pairs are supposed to go down, while pairs like gbpusd are supposed to go up in the short term..but d surprise
[15:32:00] Stalion : favourable news from the US have brought in a state of indecision..so, who would win the fight? technical analysts or news traders? personally, its the camp that puts in the biggest funds to support their bias that is going to win
[15:40:36] albashir : got stopd out
[15:41:13] albashir : on ucad.....fx is not 100%...
[15:41:34] Stalion : 1.8693 next target
[15:42:39] albashir : Stalion wat pair is this?
[15:43:11] Stalion : how come, albashir, u got stopped out on usdcad...?
[15:43:12] Stalion : Stalion : on the USDCAD, at 1.0648, we would likely see price going up to 1.0695
[15:43:36] Stalion : first...then to 1.0714
[15:44:09] Stalion : if u used a 40pip stop loss, ur risk would've been like 1.0608
[15:44:31] Stalion : price is still at1.0642 on the usdcad right now...am i right?
[15:46:03] Stalion : or where did u enter on the usdcad?
[15:48:14] albashir : I actuall entered @ 1.0667 and had 30pips sl
[15:49:30] albashir : I came in late...
[15:50:08] albashir : well lost some $90...
[15:50:36] Stalion : that means u didnt follow d call and did opposite of what was given out on the chatroom..well, u u cant blame anyone for dat, my friend..
[15:51:36] r2r : nice call on nzd/usd tundope
[15:52:17] Stalion : price on the usdcad is now at 1.0655...7 pips higher dan our initial trade call...
[15:52:19] albashir : i take the blame i came in late and saw a buy order...( I think) & dats wat I did...
[15:52:24] r2r : how man currency pairs do u follow?
[15:52:34] r2r : many
[15:57:13] Stalion : for today,just two....gbpusd and usdcad...we've already made 47 pips off our 1st target for cable...before breaking even on d 2nd target point...looking at usdcad to give us the next set of pips...also keepin an eye on cable to see if it would breach 2nd
[15:59:16] Stalion : target....it looks like cable and usdcad are trading opposite each other...one goes up, d other tends to go down..
[16:07:46] Stalion : PPI release was higher than expectations,quite favourable to the dollar
[16:08:39] Stalion : 15 pip profit on the usdcad
[16:09:38] Stalion : trying to break above d 1.0663-7 resistance barrier..
[16:12:05] Stalion : if it does, then up we go for almost another 47 pips on 1st target
[16:35:45] Stalion : usdcad is not behaving the way its supposed to...so we cut it off at breakeven
[16:35:57] Stalion : 1.0648...
[16:37:13] Stalion : so anyone that is on that usdcad trade could let it off...our 47 pips on cable should be quite enough for today...
[16:38:33] r2r : good call
[16:41:41] Stalion : thanx,r2r....lets not forget that cable might still go up to a target of 1.8693...so lets take note and keep our fingers crossed,shall we?
[17:03:37] eugen3000 : thnx stalion, and see you tommorow
[17:10:47] r2r : thanks Stalion, cable moving up - fingers crossed