Forex: Early Monday, May 17

I've been following eur/usd all week, looking for a strong move and finally got one well up into the 1900s. I'm going to place a trailing stop when the market nears 2000 and ride the move as high as it goes.

Shinken what leverage are you using? (if you don't mind saying) I was working backwards from your $150 on a 15 pip move and was siphering the variables to get that kind of profit. Its good mental exercise for understanding margin.

$150 profit on a 15 pip move

= $10 per pip

@ 40:1 leverage 1000 units (eur/usd) = $0.10 per pip

10,000 units = $1.00 per pip

@ 40:1 you would need 100,000 units to make $10 per pip;

to control 100,000 units you would need approximitely $3000 margin on deposit.

Of course you're trading the aud/usd pair, and you're probably @ 50:1 margin, so my numbers are going to be off for your set of variables.

Anyone see any flaws in my logic? Critique would be appreciated

Karl, lol your maths is correct mine was a typo. The profit was only $15-00 hence my dismissive tone to the profit.

So don't feel that I am pushing you that much just yet ;-)

Any trades open yet?

I haven't had time to sit down for 2 minutes to check the markets and thus have not opened anything. Maybe later :-)

Anyone else out there with a trade open?

Long Eur/JPY at 136.39 looking for 136.85

Well on the way, nice entry Yankee!

I've got nothing open, I'm going to see hoy Yankee's trade does around the 136.90 level, could be good for a short after it gets up that high.

Yankee are you using any trailing stops?

New comming out this morning.

8:30 USA Empire Manufacturing Index

9:00 USA TIC + Quaterly Analysis

That was fun..out of the trade for 40 pips profit. I traded 4 lots so a nice start to the week. I wasn't using trailing stops. I hope this dips down so I can enter to go back up again.

Yankee what are you using for indicatiors? Entry and exit points?

I'm still using only support and resistance points, I haven't learned enough to add more to my bag of tricks.

I'm waiting for the USA TIC + Quaterly Analysis news to come out in 20 minutes, I'll see where it drives the market and look to fad the move.

I am a Concorde Forex Group trainer (mentor) I use their software and their methods of trading. I draw trendlines and only trade the direction of the 4hr, and 2hr trends.

There are several other indicators that I look for but the main thing is I trade the direction of the trend and I look for other strong entry points off the 5 minute charts.

Thanks Yankee, I'll backwards engineer your trade so I understand it better.

Long eur/usd @ 2036

trailing stop hit @ 2040 for +4 pips.

I'm becomming a beleiver of the maxim "trend trading is the cost of being in the market for the big move".

I'm experimenting with ways to get in the market, setting a trailing stop above my entry point, then hanging on to see where the market goes. Still got lots of work to do.

Yankee there a trial tutorial that we could go through with Concord to see if we want to commit to the $5,000 training? I'm intrigued everytime I see you post your trades.

Shinken are you trading still or is it bed time at your place yet? What area of South Africa are you in again? What's the time difference?

Actually you can download the cfg software demo and try it for 30 days. Download it then I will help you use it. Goto www.cfgtrading.com and get it, then let me know!

"I draw trendlines and only trade the direction of the 4hr, and 2hr trends."

Is this in the 4 & 2 hour charts (over a long time frame), or are you using 1 or 5 minute charts with a 2 or 4 hour time frame?

Short eur/usd @ 2042, looking for 2025, stop 2065

Don't fight the trend. Entered wrong side of the market again.

I will not fight the trend.
I will not fight the trend.
I will not fight the trend.
I will not fight the trend.
I will not fight the trend.

I thought I'd get a double top @ 2048 but didn't wait long enought to enter, didn't wait for the double top to confirm, and fought against the trend. 3 mistakes and I'm sure that I'm going to pay for them.

Out @ 2041 for +1 pip. Didn't like the trade as soon as I got in.

I'm going to wait for another double top ! 2060 then go short again.

Long 2038 eur/usd, stop 2016, target 2060

stopped 2016 - 22 pips

I'm switching to the aud/usd with you Shinken, the eur/usd has it out for me. Cocksucking pair!

{Karl looks over shoulder and flips the eur/use the bird}