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Forex Junction

thanks very much for your feedback and guidance, techsys. much appreciated.

yuppers, i usually do much simpler lines, but it so happened the pattern formed. so it was a great learning opp when it was going along, and you could watch it form.

a question if you don't mind? If you're playing the 5min chart for UJ, what's your usual profit target?

 

Hi SingaporeGal,

That's tricky question.  That's depend on which pair and your risk appetite.  

For example,

USDJPY: I play 5 minutes,1 and 4 hours chart and daily chart

GBPUSD: 15 minutes chart

USD/CAD I take 1 hour chart and 4 hours chart.

Choose the chart you feel comfortable with.

FYI: News base traders usually use 15 minutes chart.  

 

Hi all,

What time frame do you all trade in? 1 hour, 4 hours, daily? 

 

Diamond reversal pattern is a very strong signal.  So, you need to use a very strong chart.  Choose 4 hours chart at least to detect this pattern.  

Here is the example of how to draw this pattern and then determine entry point.   

 

 

Hi Elfinchilde, 

You draw the diamond top reversal pattern almost correct, but I don't suggest you to play this in forex.  for option trader you can use it.  Perhaps we are better to look out for some simpler patterns. 

 

 

Elfinchilde :

Thank you very much for the effort and the charts ! 

Yeah, it is very taxing to post charts .

Admin .... are u watching this in ur closed circuit camera ...hahaha !

:  )

 

ahhh! drew wrongly! gah. pai seh. as reattached. (and i don't like posting charts! it takes forever!)



 

 

 

hi baseer, something like that. for further clarity (pls note i'm only a beginner too yea) : my own chart as per attached.

apparently, accord to a book of chart patterns, diamonds have a 73% chance of reversal; but anw, if you follow the bars, can't go far wrong.



 

 

elfinchilde :

thank you very much ! i didn't know it till now !

did a search on diamond reversal and had drawn the chart . is this what u mean ?

so, it means that from now on its downtrend ..weaker USD ... in keeping with all the bad news going on ..?

 

 

hi baseer,

if you draw your channel lines from a longer time period, you'll notice that the downtrend channel you drew was actually part of a diamond reversal of the longer term uptrend.

 

wow !

 

 

Grand Master Techsys !

Thank you ! Thank you ! Thank you !

I am beaming brilliantly ... hahaha !

: )

 

Hallo I'm back.


To: my Great Friend Baseerahmed :)

Good job and I'm really glad with your improvement.  Remember, you now have one more step to be a real trader.  Observe your emotion and keep your faith. Follow your plan accordingly.

To: August

I have been trading forex for quite sometimes.  If you wan to trade forex, you need be able to detach your emotion and let your mind observe the market objectively.  Otherwise you will have to much fear in bullish or bearish candle that will againts your position.  Courses are trigger for you.  And after all, you need to shape your own mindset.  Some people will use indicator for trade, this is for people who like to have procedural technique.  But for me I prefer to use my cognitive side.  There is nothing wrong, you just need to pick your stand.

The reason I use pattern recognition rather than indicator is because I don't like to do carry trade and I want to get in and get out fast. Longer you need to stay in the market, you will have higher risk.

To: Seeking

Forex market is not the place for you to play in term of money.  Money will grow once you know how to earn it.  I'm afraid with your need now, you will be too nervous and do premature cut loss or take profit.  Even you can have profit with this, it will not last long.  About pattern you are correct, it will be recognized after, but there is a way to know it beforehand.  :)

 

 

seeking :

... i guess it is an ocean over there ...think will take time to grasp it ... guess will come with experience and  .. hopefully will get the "Eureka Moment" (search on my nick) .. sooner or later... I'm still at it ... : )


excuse me for being very dramatic .... when house is on fire ... save urself first ... get the next job ...simultaneously do ur due diligence of this "luxury" ... my 2 cents worth .. : )

 

UJ paper trade update :

before logging off, had moved the stop loss (SL) to 109.82  ... well it seems got hit within minutes of logging off ... but it did visit the target price (TP) 109.72 later in the night ...

well ...consolation of 10 pips .. with remorse ... still wobbly ... :  )

 

 

Yes, Jie-jie is so right... :)

Retrenchment is hardly the right time to go into stocks and highly speculative activities.

This is because it is the easisest thing to lose all of one's retrenchment money fast.

If it is that easy to 'trade for a living', then everyone will be millionaires.

To succeed in such activities, one must first learn the philisophical and conceptual foundations of speculation...

 

Hi seeking,

I'm sorry to hear that you will be retrenched. But please do not look at trading as a second source of income. It is highly dangerous thinking.

95% of traders actually lose money.  

You need lots of experience and practice before you can become profitable REGULARLY.  

seeking      ( Date: 20-Aug-2008 15:32) Posted: I am going to be retrenched soon, so looking for second source of income and search for next employemtn at the same time.  I got quite interested in forex as it provides freedom, low cost and seems ok for people with little knowledge to start on it.  Stumbled on tis forum and find some very good share information before I join. I am in middle of going through Babypips and stockcharts.com recommended by Cashiertan (thankyou!) and the sharings by Techsys, Tabbykat.  I read Nicholas Tan book, got a demo account with Saxo.  I attended some previews but cost are too high and some promises are too good to be true, there are also bad forum reviews on some of the prominent ones.  But I find it difficult to put in a trade that give good consistency. I have no background knowledge of TA, candlesticks and the patterns mentioned by Techsys seem even more difficult.  To my knowledge now, most of the patterns are only obvious after hindsight.  Will all this come along with experience ?  Seeking for consistent method with self study but there are alot of information from all sources that confuses me.  All these information are floating in front of me and I don't know yet how to combine which Indicators and time periods.I would like to cut short my time.  looking forward to advice from anyone with good, simple, practical advice.  Thanks

 

UJ

109.92 to 109.72 for 20 pips .... keeping fingers crossed ....

still wobbly ... like seeking said : still practising for consistency  : )

 

 

 

After recording my forex paper trading manually in excel for sometime now, yesterday i picked up the 'courage' to sign up for a 'proper' Demo account with IGMarkets.