Forex: Thursday, April 15

Anyone got a trade open? My internet connection has been going on and off, watching the markets has been frustrating so I have no positions yet today.

Again, can't wait until the tax season is done (May 1 in Canada) so I can concentrate on trading.

Holding long USD/CAD, currently up 62 pips. See thread for yesterday

Closed for a sweet 69 pips; great number ;-)

Short EUR/USD @ 1-1933. Looking for 10 pips, will accept 8 :-)

Might have caought the wrong on that one. If I lose 15 pips I am out of there.@&#^%

"Closed for a sweet 69 pips"

" Looking for 10 pips, will accept 8 :-) "

You're a fucking mad man!! Sweet fucking trades!!

Are you looking for large pip trades or just taking anything that you think will turn a profit?

I'm still at the point that I'm just looking for failure or price compression, I haven't taken the time to figure out what treades to pick and choose from.

If I am looking/searching for a trade 5-10 pips is cool. Most of the time I am looking for more in that I look for a break in the pattern, whether it is a gap in time before trades, or a change in the candles. I want to know where the trend is going to go and when it is going to change. I figure TA is cool and the indicators are fine but it is all too reactive.

Have you ever tried to back track to check an indicator? Obviously;-) and some look pretty cool. The problem is if you follow a trend and 'map' it as it happens your graph is different to the one you get in the back-testing. Why? because the back-testing is smoothed by data going forwards and backwards, whereas in reality it is only back data that is considered.

I have started looking at different news sites to get a general idea of where the currency should be and what the general trend is going to be. I try to construct a puzzle in that most of the world lives in symbiosis, however, parts rely on other parts and it figuring which news from which part is going to affect the curreny paris I am looking at. TA is purely for entry.

The EUR/USD just turned on me, stupid bitch :-) I will get her ;-) I lost 14 pips based on a whimsical quest for 10, what an idiot. LOL. It happens, you can't be right all the time; 75% will do.

When are you going you post that synopsis for the book?

Karl, here is a link to the author's website (Macrowave investing book). Tell me what you think.

Short USD/CAD @ 1.3458

Target 1.3425

Stop Loss 1.3501

I've got to put more work into my entries.

Short EUR/USD @ 1.1947

Stop Loss @ 1.1982

Profit Target @ 1.1901

My USD/CAD is @ +22 pips, I've moved my SL to just over a strong resistance level - if it's hit I'll come out of the trade +16 pips, if I go to my target I'll get 28 pips.

I was almost taken out of the trade, but my target profit point was missed


Just back, moved my trailing stop down a few times, looking to let the market move to where it wanted - I took out my Take Profit.

Ended up closing @ 1.3431 for +27 pips.

Now I'm watching my EUR/USD short, down about 37 pips but now getting any worse. My stop loss is at about - 8 pips off, very likely to get reamed again on this one. If the direction changes I'll follow down with a trailling stop below the latest resistance levels.

I think the EUR/USD upward move has lost some steam and is set for a reversal, but I can see someone hammering the market to get the shorts stop loss above todays high.

I'm thinking of moving my stop to 1.212 (the high a few days ago) BUT I don't want to get in the habit of wishing/praying/pleading for a positive trade. I'll just wait where I'm at and look to sink my stop if the price drops.