Archive through April 11, 2007

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msparks

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Post Number: 918
Registered: 10-2004

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Saturday, April 07, 2007 - 09:39 am:

maybe there is a case for watching the news

msparks

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Post Number: 919
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Saturday, April 07, 2007 - 10:09 am:

gee, this meta trader is 10 times better than ig for charts etc.
is anyone using them to trade with ?
i have a demo acc but need to find out their spreads etc like i have done with IG, looking,looking, anyone using them ?

hey Ivan, that news thread is really good.

metatrader gives a daily market update with support and resistance etc.
example

PS whats "Cable" ? is that a currency pair ? which one.
here it is

ingot54

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Post Number: 1807
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Saturday, April 07, 2007 - 10:12 am:

Mark - the news is just a part of it, like TA and FA and general economics, interest rates, carry trade, G7 meetings, 9/11 events and so on.

"News Trading" is one of the latest fads, and while some have made a few bob out of it, others have been burned by calling it incorrectly.

There is also a move to "get" news traders from time-to-time. You can see this on the release of news ... the price rockets in one direction, returns to mid-point and then rockets the other direction, and returns to midpoint.

Imagine the stops going off like mousetraps!

Stops triggered, entries triggered, then stops triggered and entries triggered in the other direction, and finally stops triggered again.

By the time the dust settles, all the "news traders" are on the sidelines wondering what the heck hit them! The retail dealers have just had a flood of money delivered to them without blinking an eye.

The traders do it to themselves by using too much margin and having stops too close.

Have a look at the ellipse I have drawn around the range of the last candle. How do you think those traders got on?

Who is still trading

Keep Smiling - Don't look back

Trading style: Chartist Artist _ Breakouts and Shakeouts.

msparks

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Post Number: 920
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Saturday, April 07, 2007 - 10:53 am:

Crikey Ivan
When do you sleep man.
You must know more about trading and internet ssites than anyone on the net.

Here is the broker that comes automatically with meta trader when downloading and getting free account

Where did ya get that range chart, if i could get a daily range chart like that i would have a better idea where the charts are up to.
These continuous tick charts are like a casino, ya don't know where you are in the big picture because the time stamps are wrong on IG .

ps those swings have been seen on dow and spx 500 also i think, talk about sharks in the water, no wonder some have gone back to just trading shares.

(Message edited by msparks on April 07, 2007)

msparks

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Post Number: 924
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Monday, April 09, 2007 - 10:34 pm:

eur/usd
pip is 10 dollar US or 1 dollar US for the mini
2 points spread plus 3 points gsl
so 5 pips down on entry = 50 us bucks or 5 us bucks.

13350 seems like a great stop point ?

chart below shows breakeven points long or short from current price

msparks

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Post Number: 925
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Monday, April 09, 2007 - 11:10 pm:

paper cowboy

msparks

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Post Number: 926
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Monday, April 09, 2007 - 11:18 pm:

Having more than one contract , like 3 , can help with trade management and allow one to leave a contract in the market with some room for the price to move without getting stopped out, if the trade eventually continues in the chosen direction and a few dollars is picked up on the other 2 contracts.

lafee

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Post Number: 516
Registered: 04-2003

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Tuesday, April 10, 2007 - 02:31 pm:

I just found this list of quotes on another website. They are from a book called 'How to Get Rich' by Felix Dennis. Felix is a self made businessman worth approx 585mil Pounds.

I just love the quotes:

"Now comes the hard part. Before we really get started on getting started, I ask you to consider carefully the short list below. It is by no means comprehensive, nor will it be the last list in this book, but should you find yourself unable to measure up to even one of these initial demands (and I mean just one), then my suggestion is that you close this book and give it to a friend, or an enemy

- depending on the degree to which you enjoy ironical gestures.

- If you are unwilling to fail, sometimes publicly, and even catastrophically, you stand very little chance of ever getting rich.

- If you care what the neighbors think, you will never get rich.

- If you cannot bear the thought of causing worry to your family, spouse, or lover while you plough a lonely, dangerous road rather than taking the safe option of a regular job, you will never get rich.

- If you have artistic inclinations and fear that the search for wealth will coarsen such talents or degrade them, you will never get rich. (Because your fear, in this instance, is well justified.)

- If you are not prepared to work longer hours than almost anyone you know, despite the jibes of colleagues and friends, you are unlikely to get rich.

- If you cannot convince yourself that you are 'good enough' to be rich, you will never get rich.

- If you cannot treat your quest to get rich as a game, you will never be rich.

- If you cannot face up to your fear of failure, you will never be rich."

And some general advice:

"Trust your instincts. Do not be a slave to them, but when your instincts are screaming, Go! Go! Go! Then it's time for you to decide whether you really want to be rich or not. You cannot do this in a deliberate, considered manner. You can't get rich by painting by numbers. You can only do it by becoming a predator, by waiting patiently, by remaining alert and constantly sniffing the air and by bringing massive, murderous force to bear upon your prey when you pounce."

Cheers Lafee

There is no danger of the public ever finding any key to the secret of winning. The crazy gambling urge and speculative hysteria make that a certainty. But if the public play ever did get wise to the facts of life, the principle of ever-changing cycles would move the form away from the public immediately.

Robert Bacon
Secrets of Professional Turf Betting

lafee

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Post Number: 517
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Tuesday, April 10, 2007 - 02:33 pm:

msparks,

'cable' is the the slang name for the GBPUSD

Cheers Lafee

ingot54

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Post Number: 1810
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Tuesday, April 10, 2007 - 02:39 pm:

Lafee

After reading that quote, I have a question -:

"Are you on my side?"

Keep Smiling - Don't look back

Trading style: Chartist Artist _ Breakouts and Shakeouts.

msparks

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Post Number: 928
Registered: 10-2004

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Tuesday, April 10, 2007 - 06:15 pm:

"Ivan the Predator"

ingot54

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Post Number: 1811
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Tuesday, April 10, 2007 - 07:41 pm:

How high can the AUDUSD go ?

Currently 8245 but peaked a few minutes ago at 8247.4.

I have a stop at 8273 ... is it safe?

Went short on contingent sell-stop at 8233 thinking it was close to a top.

WRONG!

Keep Smiling - Don't look back

Trading style: Chartist Artist _ Breakouts and Shakeouts.

stocky

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Post Number: 71
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Tuesday, April 10, 2007 - 08:11 pm:

Hi Ivan,

i'm short AUD/USD just now from 0.8247, Hourly's are overbought.

Looking for 20pts on half, and back to 0.8200 on the other half. it's at the top of it's channel at the moment.

Stocky.

msparks

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Post Number: 929
Registered: 10-2004

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Tuesday, April 10, 2007 - 08:20 pm:

Ivan
Can you put up a chart so i know what you are talkin about ?
I read colins diary and he was saying in the 92c area target but may retest 80 cents which would be load the truck time i guess with a snizantite.

Check this out guys
Can these moves be traded live, lotsa entry and lotsa stops i guess but they can be caught i presume, the gsl COST is the killer making a 2 pip into a 5 pip breakeven.
HOWEVER is a 2 pip spread mean 4 pips round trip with most brokers ??? cos IG is 5 pips round trip i think on the eur/usd with a GSL all added at entry, exit is at the price quoted.