Forex today (21 April)

Sorry I didn't contribute yesterday, too much

Today I have had a four nice trades going short EUR/USD and GBP/USD as well as a brief long USD/JPY.

I am currently holding a short EUR/USD @ 1.1829 and have thus far racked up 10 pips, I want to hold for 15. I have taken 51 pips so far this morning. But then it is easy when the trends are son defined ;-). If it was like this all the time everybody would be millionaires. Trade the trend and reap the rewards.

"Trade the trend and reap the rewards. "

Thats been one of my main problems, I keep looking for a turn in the trend and get hammered by the market.

I'm going to stop trading until May, I'm so busy at work I can't take the time to prepare properly. My trades have been more of bets or wishes.

But, I'll still be here every day.

I was also looking to take a step back to work on the basics. My TA skills are severely lacking and need some work. I am also keen on digging into more of the fundamentals. If you read the likes of Soros or Rogers they trade a mixture of fundamentals and technicals. SaintJoe looks to trade the same way.

I want that kind of fluency within the fore dynamic. If I can get a broader perspective I can have a more complete investing/trading solution.

Karl, where is a good place to start to get a crash course in TA? I am going to begin that education again from the perspective of the neophyte. You mentioned 'The Master Swing Trader" as being really good. Where did you get your knowledge of TA from?

I am looking for a fluidity in my investing style and not just a invest by numbers robotic system. I believe that if it was that easy everybody would and could make a success of it. Such is not the case.

I have been reading 2 books which I have mentioned before but for ease of reference they are: If It's Raining in Brazil, Buy Starbucks -- by Peter Navarro and Currency Trading: How to Access and Trade the World's Biggest Market by Philip Gotthelf.


Both of these marry technicals to macro-events with a level of fluidity that I am looking for. So right now my goal is to learn more about TA and to try and create a web/map of information. I wouldn't mind posting it here for discussion and input; if someone wishes to entertain it :-) But I am determined to see the big picture and to quote SaintJoe 'buy the rumour and sell the news". I want to be able to recognise which is which.

Any thoughts?

"Karl, where is a good place to start to get a crash course in TA?"

I think the best place to start would be an online investing school. I was a memeber of two, on for a month and the second for 4 months.

They charged $200 USD per month and had an IRC real time chat where the instructor posted his trades and went over the reasons for the trades. The students could make the same trades and learn the technical indicators.

I lied about not trading, I just did a Short on the EUR/USD @ 1.1848, looking for a retracment into todays narrow trend range. Stop 1.1861, target 1.1821.

There should be a number of currency schools that we could try, most index schools I checked out give one week free.

Of course I picked the wrong direction in the market, it will finally break out of the trend and I'll get stomped for another 13 pips.



You went short; I went long at just about the same value. lol.

Do you have a url for any of these courses? Thanks

No URL but I'll do some searches and see what's up.

How did your trade end up? Big spike just now to 1.1892, are you still long?

ps The Master Swing Trader is a great technical book. It's premise is that the average retail investor does not have the information/experience to interperate news, so one should look to technical info first.

I've still got a lot of work to do before I can integrate the info from the book into a trading strategy.

I got out for eleven pips and missed the meat of the move.

How is your strategy going?

'No URL but I'll do some searches and see what's up.'

Thanks, I would appreciate anything you can find:-)

"How is your strategy going?"

My account is down $62.63 USD, that pretty much sums up my strategy. ;-)

How about yours? Are you trading a demo account or have you started a small account like I did?

An aside, you wanted to know a little about the area I live - My town is bordered on a bay that has the highest tides in the world - over 40 verticle feet.

The tide goes out for miles and when it comes in the water moves at a walking pace. Some summers we go out clam digging with pitch forks and have a clam boil on the beach. Beautifull area.

Sounds great:-) I live about 500 kms from the nearest beach, although having said that I do get down to one every so often. I am up in Johannesburg; and no, it is not the cesspool of crime that CNN and BBC make it ou to be.

Explain the clam boil. I am quite fond of seafood, especially oysters, crab and sushi . 40 ft tides, good thing it doesn't come up too quickly. Our tides here aren't as high but they move/change quite rapidly; and our surf and reefs are pretty cool. And then, there are our women ;-) We have some of the best, and worst, looking women around. However, in the mainstream they are somewhat conservative but then that is changing what with the world following the example set by Big Brother USA:-)

Here's the URL for MoneyTech, a Forex only website/forum. I'll search the site over the next few days to see if I can find some learning services.

Claim boils are basicall digging the clams with pitch forks (they live in the mud flats that are accessible when the tides go out) then boiling them alive and dipping the cooked clam in butter before eating. Dellisious and nutrisous. The clams are boiled in a big pot with an inch or so of sea water at the bottom, over a wood fire made from drift wood.

We use to bring a bottle of cheap white wine to drink with the clams but I gave up alcohol a few years back and just have pop with the calms now.

Sound delicious:-|) Here we have 'braais' (I think that you would call them barbeques) and 'potjiekos' which is much like a stew that is slowly cooked (a few hours) in a cast iron pot over an open fire. The meat becomes so tender that some of it actually cooks away thus giving body to the gravy. A true 'potjie' is prepared in layers and is not stirred throughout the cooking process.

Another local delicacy is 'biltong', similar to jerky only far tastier. It is meat, usually silverside, that is seasoned and then dried over a period of a few days. This is usually prepared in winter so that the meat doesn't go off and there is a definite lack of flies; although butchers prepare it all the time in sealed rooms with fans.

Back to forex:-) Thanks for the link I will check as well, if you find anything please let me know.