took another 3 on right at the open...avg still 79.74
Price now at 79.77 .. taking on more.
Might just watch it until the hr closes ..
Edited by mjoke - 4/18/12 at 8:56pm
I lost today a lot of money scalping M1.
I think it was my worsest day since i started Forex.
Was tired when started, had 4 bad trades in a row,
then tried to recover the lost, gambled high, lost again,
then freaked out, waited and lost again.
Later the day, stuck to M5 and recovered almost 2/3.
going too old for scalping..
Trading strictly M5 was like in slow motion and relaxing.
Have to over think my scalper thereness..
Im not bad with scalping M1 but the coffee and the cigarettes will kill me
in longer term ;)
And not being glued to the screen all the time is also a advantage..
Mjoke, would like to read something about how you trade.
If you have muse and time....
eh its the end years of your life.. and those suck anyways :)
im doing quite well on this .. and it inst 1 or 2 cts either ..
I cant explain how i trade.. as i dont know how too apparently by others on this forum LMFAO.
I use alot of things man, some would say its excessive, but it all relates to each other and what i try to do is get the hint before the move.
i watch crosses against each other, and a commodity to reenforce moves, as they bleed into each other and thus into the futures.
Also times per opens of various markets are important too.. can easily profit from those moves.
I just find it better for me to have something accessible 20hrs a day.. than being stuck in something overnight.
Granted i need to keep up on my options still and dont want lose that edge.. but they are not open all the time.
lol im on a mission cire.. and inst it the proper time too as there is inherit risk?
Yes i have ended up on the wrong side by over trading, however i have been able to remain more solvent than the DX can be irrational...
but yes yes i will be humble and hang my head in shame, its been in the back of my mind, just needed someone to say it.
What are you trading as of late? .. and ive kinda moved into this and copper as opposed to options as its available and i dont have to worry as much in the i cant alter my position aspect.
im not one to point fingers at over trading. i do so myself. I just thought you were against it. I have been lucky this year when over trading, in attempts to catch smaller moves against my bigger picture it has paid off very well. has not always been the case but this year i have been very in tune with the Euro. The Euro is all i have been trading actively,but i Have a long term bullish position in the stock market that is a "buy and hold" the one method everyone fears now is the method i feel is best 'and so far has proved very well.
as for the Euro right now we are in what i like to call the refresh term, cycling out the short term traders by making choppy moves, hitting stops, getting people out for the next big move. I ultimately think we head down but i dont think it will happen in the typical head and shoulders fashion everyone is looking at.
right here at this moment i see at least a move up to 3150-3160 area. I dont have much else to expect on a short term basis until further action unfolds
I do agree with the trading style, as i do have a long term view of it and just try to catch the little intra moves also, but then reference longer perception for clarity but then again as a caveat .. this is the security which most traders get wrong. It is not rational or expected in any fashion ( i think) .. As for the H&S patterns, i never hold a candle to those, most of the time they fail i think than actually complete in a smooth fashion. That is inherently due to i feel other crosses.
I dont see another move up, its been stuck in this range for 4 days or so, and frankly, if it does move up will be on anticipation of the bond auction, which its the perfect time to not have any demand and yields to climb. They dropped what 25bps in 2 days.. kinda alot on the basis of 77B euros more for the fund based on a economy which is far larger.
I see you want to play the rouge trader the contrarian aspect, "long market etc" however i think problems are far under estimated and infact the DELEVG period will be horrible. Why havent we had EPS expansion in EU when the US did and now we are stuttering,.. this low or 0 interest rate thing is going to bite us in the ass and especially the decouple from south american rates vs the rest of the planet. .. im smell 1980 x 10. lol. Where are my mixed tapes.
im bullish too, when it hits close to parity :) .. or 1.20 ill reassess.. but indeed it needs a break down to lower levels, as its not competitive for all member states in the euro.
I want to play the euro directly, but i think i would profit the same amount as i do on the inverse DX moves and well DX and EURO do things to other areas ya know..
closed, settlement.. holding still.. just a slight gain for the day due to my error.. but it will come back upon Asian open.
nothing wonderful in the scope of the news or overall aspect..
and having a french socialist president this weekend (round 1 of 2 elections) inst good for Europe and the support of other nations.