The Official FOREX Thread

[TheNewGuy]

Question on charting.......

Do you prefer candlestick or bar??? WHY???

Candlestick. Once you know how to read them, its easier.
Reading candlestick charts

A little update on my former analysis'. GBP/USD is doing what I predicted, consistently dropping. I had a 6 pip profit at one point, right now its around 3.4 but I don't see it coming up anymore than ohhh... -5. Thats assuming another weird fluctuation, which I dout will happen.

USD/JPY is also rising, as my gut was telling me. My indicators are now backing me up, so I'm going long. Just purchased 3,000 units @ 114.673. Take profit at 115.5, no stop loss. I'm going for medium term here, hence the lack of a stop loss order and relatively high take profit. I believe this will be realized within the next week maximum.

In the 3 minutes its taken me since quoting my GBP/USD profit the price has dropped giving me at one point a 14 pip profit, its now fluctuating between 8 and 12.

 

[Call_Me_Daddy]

whats wrong with this one?

The iorny is that you guys can criticize me for trolling all you want but if FOREX makes you rich you all have me to thank.

Not necessarily.

For me, I have you thank for sparking an interest. But as far as your advice goes... if you haven't made the money with FX, then I'm not taking the advice.

So thanks for the motivational story, even if it was bull****.


Now, I'm gonna try to do the same for you. I'm going to try and help you out and show you something new: http://playersupreme.libsyn.com/index.php?post_category=podcasts

Try a few podcasts on this Man's page. Listen to a few, you might learn something that you have never heard before. I know I have.

 

[Krassus]

With Angelus gone, we're now free to discuss Forex without the danger of being swayed in the wrong direction by manipulators.


I've created a Forex discussion thread on WSA Financial, and would like to extend my welcome for everyone to continue discussing it there This is finance-only section of the site, and you'll find yourself among countless like-minded people.

THE OFFICIAL FOREX THREAD ON WSA FINANCIAL

 

[Fletchrush17]

With Angelus gone, we're now free to discuss Forex without the danger of being swayed in the wrong direction by manipulators.


I've created a Forex discussion thread on WSA Financial, and would like to extend my welcome for everyone to continue discussing it there This is finance-only section of the site, and you'll find yourself among countless like-minded people.

THE OFFICIAL FOREX THREAD ON WSA FINANCIAL

Go **** yourself, I saw through your scheme the entire time. Nice way to capitalize while the tide is turned, douche.

 

[qweretyuiopas]

Whats wrong with keepin it here?
There are more people here anyway

 

[Call_Me_Daddy]

With Angelus gone, we're now free to discuss Forex without the danger of being swayed in the wrong direction by manipulators.


I've created a Forex discussion thread on WSA Financial, and would like to extend my welcome for everyone to continue discussing it there This is finance-only section of the site, and you'll find yourself among countless like-minded people.

THE OFFICIAL FOREX THREAD ON WSA FINANCIAL

SweeT!!!!

FX and FX alone with no BS!!!!

 

[Krassus]

Whats wrong with keepin it here?
There are more people here anyway

There are way more PEOPLE here. There are way more people who are actually SUCCEEDING there. Take your pick

 

[Bible_Belt]

Do you prefer candlestick or bar??? WHY???

Most traders just get used to candles. There are many famous candlestick chart patterns and many expensive books written about them. Keep in mind though that bar and candlestick charts give the same information - open, high, low, and closing price. Candlestick charts color-code the bars in accordance to whether or not the price closed higher or lower for the time period that the candle represents. Closing higher is considered bullish.

The time period at which you set each bar/candle to represent heavily influence the way that the chart looks. Common choices are 1, 5, 15, 30 ,45 , 60 minute, and daily. The longer the timeframe, the slower the signal you get, but the less noise. It's the same with moving averages.

 

[SELF-MASTERY]

I've found this site on candlesticks:

http://www.candlestickforum.com/PPF/Parameters/16_18_/candlestick.asp

I think that it would be silly to bounce over to WSA.

I use ss for casual conversations on this topic... Here's a list of 'real' forex forums-

http://www.forexfactory.com/forexforum/forumdisplay.php?f=11

http://www.forexsupport.com/

http://www.moneytec.com/forums/

http://www.theforexforums.com/

As said it doesn't matter if Angelus is a 7 year old kid (he's not) or not because we should be trying as much as we can from a variety of sources.

 

[chickenlegs03]

I think that it would be silly to bounce over to WSA.

I won't jump into this thread any more but to only say that the creator of WSA is the biggest loser, wannabe-rich idiot who I've ever confronted on the Internet.

I would never visit WSA again. Especially knowing it was created and is being administered by such low-life.

There are way more PEOPLE here. There are way more people who are actually SUCCEEDING there. Take your pick

People who are actually succeeding don't bother buying a domain name just to make fun of someone. That's called a waste of money, time, and someone who is so insecure would only do that. Dude, are you really serious about all this? If you are I will find out who you are, you twisted jerk.

 

[Call_Me_Daddy]

I've found this site on candlesticks:

http://www.candlestickforum.com/PPF/Parameters/16_18_/candlestick.asp

I think that it would be silly to bounce over to WSA.

I use ss for casual conversations on this topic... Here's a list of 'real' forex forums-

http://www.forexfactory.com/forexforum/forumdisplay.php?f=11

http://www.forexsupport.com/

http://www.moneytec.com/forums/

http://www.theforexforums.com/

As said it doesn't matter if Angelus is a 7 year old kid (he's not) or not because we should be trying as much as we can from a variety of sources.

Thank You SM.

BTW, did you check out the babypips site from Angelus? Seems like great intro material. Already halfway through and its a great "simple" read.

 

[SELF-MASTERY]

Thank You SM.

BTW, did you check out the babypips site from Angelus? Seems like great intro material. Already halfway through and its a great "simple" read.

Yes sir! I did checkout babypips and I've finished all of the intro material, but I need to reread it...

I just gained 16 pips going long on usd/jpy.

 

[Fletchrush17]

dear god, I learned the lesson of not going until all the indicator matchup... I tried to beat the EMA cross on the USD/JPY, the Stoch and RSI all were heading down, so I shorted 4, ended up with a -21 pip before I was able to just cut my losses...bought 4 a bit ago with all positive indicators, only at a +1 pip ATM, but the trend continue to show a rise.

 

[Bible_Belt]

For everyone who is posting trades, these are with real money, right? Several people are on a simulator, so it is confusing.

How much did you guys start your account with? Is there a real difference between 2,3,4,5 grand? I don't know if I should start with a very small account or wait until I have a little more money, like at least 5k.

 

[TheNewGuy]

USD/CHF just broke the low bollinger band, RSI at 42, stochastic at 31, EMAs crossed.

All signs point to short. I'm gonna see how the next 5min candle comes in and then decide, but its looking good.

EDIT: Bible Belt, I'm on a simulator with 20:1 leverage and $1,000 initial balance. I believe the majority of others are on sims as well.

EDIT2: Nope, no short (yet at least). Glad I waited to check the other candle, I didn't check the candle last time it hit the top band and I lost a couple pips. From what I've seen so far, the bollinger squeeze isn't too reliable.

 

[Bible_Belt]

I am happy to see that so many people are interested in trading, and I do not wish to discourage anyone or sound cynical, but it is going to be very different with real money. I used to be on the broker end of day trading, and I was the one pimping out the simulator accounts. We used to call it "the stimulator." They tend to give a false sense of confidence, and there is a reason that they are being used as marketing tools by these brokerages. The most dangerous thing that can happen to your trading account is for you to suddenly think that you are a talented trader. Even if you just made a million bucks, pride will get you killed. I been around hundreds of traders. The guys making money are telling you how stupid they are and the dumb trades they made, and the newbies are bragging about their own knowledge.

 

[TheNewGuy]

I am happy to see that so many people are interested in trading, and I do not wish to discourage anyone or sound cynical, but it is going to be very different with real money. I used to be on the broker end of day trading, and I was the one pimping out the simulator accounts. We used to call it "the stimulator." They tend to give a false sense of confidence, and there is a reason that they are being used as marketing tools by these brokerages. The most dangerous thing that can happen to your trading account is for you to suddenly think that you are a talented trader. Even if you just made a million bucks, pride will get you killed. I been around hundreds of traders. The guys making money are telling you how stupid they are and the dumb trades they made, and the newbies are bragging about their own knowledge.

I see what you mean. You don't want people that did good on the simulation to come into the real market, see what they think is a good deal and go "Well I did awesome in the sims, so this is obviously going to work in my favor" and lose a ton of money when it doesn't.

It takes discipline, but I think a good amount of us here are smart enough to try and stay away from that kind of situation.

 

[SELF-MASTERY]

I'm using the sims like I use play money with poker, and that is as a tool for learning the basics. We all have to start somewhere and most people suggest that new traders spend at least 3 months on the sims, and Angelus suggested 6 months. The fools play would be to hastefully open an account without any experience.


BB-- babypips suggests an account with at least 5k, they are quite adamant about it...

 

[Bible_Belt]

I am yet to get my feet wet with the forex, so I am hesitant to assume that the market is a certain way. But I have traded nasdaq/nyse extensively and I have traded stocks alongside many former futures traders. We used to get the s&p futures 'squawk box' feed, which is like a narrated play-by-play of the pit in Chicago. In all of these markets, no one wants to sell when it is going up, and no one wants to buy when it is going down. If you are trying to sell into weakness and buy into strength, you will get horrible fills if you get traded at all. Did you notice that it was a little over Angelus's head when I talked about buying as it goes down? He thought it was a typo. That's how alien it seems, but I promise that that is how good traders trade. Price action is an ebb and flow of fear and greed. Good trading is sensing that the tide is about to turn before it becomes obvious to everyone else. You buy from the last panic seller and then the crowd follows you, pushing your position into the green. When it looks so good that the schmuck idiots will pay anything, that same trader who bought when it looked bad will sell into the strength when it looks like the position is a sure thing. He ends up selling near the high, essentially b!tch slapping the entire crowd of morons. This is how you separate yourself from the vast majority of traders who lose. Although I am no market wizard, I can tell you that it is just about the best feeling in the world to be able to 'jedi mind trick' a group of people like that. Trading is very zen, and going from losing to making money is often a 'see the matrix' event.

 

[TheNewGuy]

Upper bollinger band broke on USD/CHF @ 15 mins. RSI around 70, teetering near overbought territory. Stochastic at 70 as well, EMAs headed up.

I bought 3,000 units at 1.2337, 5 pips profit right now. Looking promising, maybe the bollinger squeeze does work.

Sold 1,500 units for a 9 pip profit and then sold another 1,500 for 11 pips. The RSI was getting too high for my tastes, its overbought. I just went short on 1,500 units with a stop loss at 1.2365 and take profit at 1.2335, hopefully its going to fall soon.