Review of Strategic Tips on Milking the Major Currency Pairs in Live Forex Trading

[forexgreenland]

[08:42:58] Stalion : Helloo everyone

[08:44:35] paulsimon : thanks guys.. i finally got back my initial investment today..

[08:44:45] Stalion : lol...

[08:44:52] paulsimon : and from today on , im gonna be a disciplined trader..

[09:01:06] caprica1 : is 160.72 still the re-entry point on euroyen then?

[09:03:06] Stalion : yes....dats for the one we entered yesterday morning after getting stopped out...we chill out and

watch the market moves

[09:04:31] caprica1 : if i can get the 40 pips back from yesterday stal, i'll go get my hair cut! lol

[09:05:04] caprica1 : any more than 40 pips and I'll get a back wax!

[09:06:53] Stalion : wat r u saying, caprica?seems u didnt breakeven with us yesterday?

[09:07:08] Stalion : where were you wen we hit 1st target?

[09:09:05] caprica1 : naa, i took the first trade you mentioned and got stopped out. I had to go to work then, so missed

out on the next trade. Not in work today though.

[09:11:20] Stalion : ohh,okay

[09:18:40] Stalion : is dere any news out on d euro?

[09:18:49] Stalion : or gbpusd?

[09:19:42] takbal : there were import prices this morning on EUR, came out as expected

[09:20:58] takbal : no news on GBP or USD, durable goods at 12:30 today

[09:21:32] Stalion : cool

[09:23:38] Stalion : for now, we stay out of the market till we know wats really cooking behind d scenes....

[09:25:53] caprica1 : sounds good to me Stal

[09:26:55] takbal : OK

[09:27:10] bros1234 : masif1...watching the charts...hi stal

[09:28:21] Stalion : though i've got a buy bias on gbpusd,waiting for it to climb up to 1.8510....we wait for a good entry

[09:28:28] Stalion : helloo there,bros1234

[09:37:12] bros1234 : gu(gbpusd) might range for a while

[09:54:14] Stalion : so, for d gbpusd, a good buy entry would be 1.8468...target point @ 1.8510...

[09:55:59] caprica1 : OK, I'll keep an eye on that now Stal, and see what happens.

[09:56:32] paulsimon : ok..

[09:58:06] caprica1 : do you think its worth while placing a pending order for the entry, or just watch it?

[09:59:00] paulsimon : watch it.. looks like its gonna hit it soon

[10:01:35] caprica1 : 40 pip stop as well on that one?

[10:03:02] Stalion : whats the reward ?as in the number of pips from entry to target?

[10:03:59] paulsimon : 42

[10:04:43] caprica1 : yeah 42.

[10:04:54] Stalion : so a 40 pip stop loss is in order....we are on a 1;1 risk to reward ratio

[10:05:11] Stalion : if the buy stop gets triggered at 1.8468

[10:06:07] caprica1 : ok. Cheers. So we set our stop at the difference between entry and 1st target?

[10:08:33] Stalion : yes...and no....caprica...we set our stop loss relative to how many pip reward we want to make on the trade...does not necessarily mean it has to be the difference btw entry and target...

[10:09:57] Stalion : its like we are risking 40 pip stop loss to get a 42 pip reward on this cable trade...dat makes it

approximately 1:1

[10:11:14] caprica1 : ok

[10:11:16] Stalion : if our target range is like maybe 80 pips, on a 40 pip stop loss, we are risking 40 pips to make 80

pips...dat is a 1:2 risk to reward ratio

[10:13:03] caprica1 : i understand now.

[10:13:12] Stalion : so dat even if you lose on the first try, you can breakeven on reentry if sure ur on d right side....on the

80 pip, 1:2 risk to reward ratio, if u lose out on the first try, d second reentry would likely bring u 40 pips to cover up on

d first loss

[10:14:11] Stalion : risk mgt is very important when trading d lmarkets...

[10:17:55] Stalion : so we always apply risk mgt BEFORE entering a trade....having the right strategy is not enough for

we only have so much money to commit on a trade

[10:18:05] bros1234 : am still buy biased today though on gu

[10:20:18] Stalion : with a 40 pip stop loss behind

[10:20:31] teressa : HI sTAL

[10:20:40] Stalion : helloo there teressa

[10:20:43] gilly : on what timeframe do you trade?

[10:21:22] Stalion : I look at ALL timeframes wen trading...

[10:21:27] bros1234 : range range range...somethng will soon pop out

[10:21:59] Stalion : but as we are on intraday trading, its simpler to focus on the hourly, 15 min and 5 min timeframe

[11:26:41] masif1 : did we have a second target for cable?

[11:27:16] Stalion : remeber guys, 1.8510 for 1st target...1.8522 for 2nd target

[11:29:09] caprica1 : the eurjpy i getting close to the re-entry point as well Stal.

[11:29:41] Stalion : lets wait n see, mon ami....in this business, anything can happen...d storm is not yet over..

[11:30:37] caprica1 : 160.72 re-entry target paulsimon

[11:34:37] caprica1 : whats the dirty little thing doing to us now? Thats the wrong way. Everyone think up at the same

time, and we can move it with thepower of our minds. lol

[11:35:55] Stalion : do I smell tension in u,cap?

[11:36:26] caprica1 : you've got an amazing sense of smell from all the way over there! lol

[11:36:43] bros1234 : patience we ar going up

[11:37:47] r2r : usd news in 2 hours might propel the price up

[11:38:04] r2r : core durable goods orders

[12:37:13] paulsimon : ok good she's coming home to me

[12:38:21] r2r : come to papa

[12:40:52] caprica1 : go cable, go cable, go go go go. Go cable, go cable.

[14:05:23] Stalion : Economists expectations on the US news were lower than the previous...but wen the actual reoprts

came in, it was higher dan expectations...dat fueled d dollar rally and brought GBP down

[14:05:33] Stalion : stopped out ...



[14:05:58] Stalion : not yet, masif....we are on standby...for now, only euroyen trade is on...

[14:06:06] caprica1 : we still gonna keep the targets the same for the gbp trade if it happens stalion?

[14:07:23] Stalion : remember, if gbpusd confirms its downtrend, we should also be looking to profit from dat too...no

need being mentally rigid...dats intraday trading for u

[14:07:53] caprica1 : of course.

[14:10:54] Stalion : yes.....we follow trends with calculated risks...not blindly...dats why we need patience to allow d trend unfold

[14:12:23] Stalion : the extreme results from dat is either leaving profits on the table or having unnecesssary losses

[14:14:57] caprica1 : understand. I'm still learning Stal.

[15:04:07] Stalion : time to sell gbpusd

[15:05:04] paulsimon : ok ready..

[15:06:29] eugen3000 : finger crossed ;-)

[15:06:51] paulsimon : did u mean sell at market or shd we wait for ur signal

[15:07:00] caprica1 : sell?

[15:07:44] Stalion : yes....we put a sell stop @1.8395, target point @ 1.8351

[15:14:40] caprica1 : rite.

[15:14:44] tundope : g/u shld fall to as low as 1.8328

[15:14:49] Stalion : if price breaks our sell stop on its downward move, dat means d bearish momentum is confirmed

[15:23:03] paulsimon : sell triggered

[15:24:25] Stalion : cable sell stop triggered

[15:27:45] caprica1 : damn it my compter froze. Didn't get in until 1.8392.

[15:29:00] Stalion : how come,cap?

[15:29:36] Stalion : thought u wud've left a sell stop pending order in place

[15:31:25] r2r : what effect would crude oil inventories have on usd?

[15:32:10] caprica1 : when I place pending orders I must be doing it wrong, because it doesn't trigger the order, it just

closes the pending order.

[15:33:03] Stalion : Change in the number of barrels of crude oil held in inventory by commercial firms during the past

week;

[15:33:09] Stalion : No clear effect, there are both inflationary and growth implications;

[15:36:48] r2r : -0.1% actual

[15:36:48] Stalion : now, d fireworks start again

[15:48:31] Stalion : looks like as euroyen is going up, gbpusd is following

[15:48:46] paulsimon : shall we get out

[15:51:45] Stalion : not yet...

[15:51:47] Stalion : brb

[15:51:58] r2r : if it retraces beyond 18421 my reason to be short is invalidated

[15:51:58] caprica1 : do the longer charts not still show a short trend for GBPUSD Stal?

[16:01:25] tundope : ride on g/u

[16:01:40] Stalion : we need to have d discipline and patience to stick to our trading plan...

[16:03:03] r2r : come on down!!

[16:04:59] tundope : wuts ur 2nd target on d trade stal?

[16:05:41] Stalion : easy, r2r......

[16:06:07] Stalion : no need to scream at d keyboard...

[16:07:37] r2r : lol

[16:08:53] Stalion : i believe d 1st target was 1.8351

[16:09:42] tundope : yep

[16:09:49] tundope : av u got a 2nd target

[16:09:57] caprica1 : is there a 2nd target?

[16:10:08] masif1 : nearly there

[16:10:09] tundope : 328 shld be ideal

[16:11:20] Stalion : 2nd target is 1.8338 on the cable

[16:13:11] tundope : though i still expect it to go lower

[16:14:05] eugen3000 : would you suggest to move sl 20 pips lower to 1.8415, Stal?

[16:16:28] takbal : target hit

[16:16:33] masif1 : first target hit!

[16:16:53] Stalion : how many pips are we at now,eugen?

[16:17:13] eugen3000 : 44

[16:17:21] r2r : yum yum

[16:24:19] caprica1 : still waiting for ej trade to break out of its little level it's in and hit 2nd target.

[16:25:14] Stalion : 1st target hit....2nd target hit on the gbpusd...



[16:28:24] masif1 : yipee!

[16:28:25] Stalion : any doubts now,masif?

[16:28:37] masif1 : made some money today

[16:28:40] caprica1 : cool just hit 2nd target

[16:29:10] eugen3000 : thank you Stalion, made back up my losses from today morning, thank you again!

[16:29:21] masif1 : 1.8324

[16:29:22] eugen3000 : + some extra cash on the 2nd target, hihi

[16:30:48] caprica1 : after this mornings loss I'm 15 pips up on the day.

[16:50:25] caprica1 : on a plus note my eej trade closed out, +50 pips, so thats +65 pips for the day. Muchas Gracias

[forexgreenland]

Helloo everyone, hope you'all having a great weekend..We didnt post any profits Thursday and yesterday due to the fact

that the dollar pushed the euro and other currencies lower yesterday after the second quarter GDP surprised on the

upside against expectations. After some considerable low volume range trading(attributed to the upcoming US Labour

Day weekend), the dollar rebounded on the GDP news, but it couldn't hold onto the gains, as the euro and the rest of the

majors mounted a comeback in the overnight markets.Bottom line, we scratch off those trades and say NEXT!!.

Hey, someone sent in this letter...dont know if you cud help...
This is the message that was sent:
***************
Hi, I didn't want to use up the space in your thread so I thought I'd ask you privately where can I get the Jacko Trend indicator? I've looked in the Jacko's House of Pleasure and Pain thread at forexfactory but didn't find it. Thank you for any help. Anonymous.....

[forexgreenland]

Originally Posted by mason

hi mate
how can i get that jacko trend?
thx
mason

Originally Posted by paradoxical

Is this AKA Rumpled One, Code Muncher, and who knows how many other aliases?

The same one who posts meaningless indicators and drivel all over forex land, attempting to impress anyone who'll

listen?

Hi paradoxical, its not polite to talk about someone that way. A chap requested for help and he was the only one that

offered to willingly assist. For that, I think he's a nice bloke, even if I'm just knowing him. If you got any grouse against

him, its better to meet him personally and settle it. For me, its all about making money from trading.

[14:01:34] Stalion : hi all

[14:05:43] Stalion : like we said earlier, price on the gbp pairs are looking to go down around the resistance area,...so we

should be preparing to go short

[14:10:39] eugen3000 : ok stal, im also short biased, but not in any positions as of now

[14:11:06] takbal : the same here

[14:13:41] eugen3000 : sounds great

[14:18:17] takbal : Stal do you think it will drag up EURGBP as well? or eurusd is going to fall? any of them should if gu

goes down...

[14:48:19] masif1 : which one we short on?

[14:52:07] eugen3000 : not yet masif

[15:00:10] Stalion : we sell gbpusd @ 1.7800, 1st target @ 1.7770

[15:02:14] caprica1 : 40 pip stop?

[15:03:42] Stalion : 30 pip stop...for 1;1 risk to reward ratio

[15:04:17] Stalion : To clarify on management of our trades so we dont give away profits....

[15:05:08] Stalion : please take half profits when the trade is 20 pips in your favour...then put your stop loss to entry...

[15:06:29] Stalion : i've said it before and i'll still say it again ...lock your profits after +20 pips, so at least you leave away

with gains at the end of the day..

[15:07:56] masif1 : did i miss the trigger

[15:07:58] eugen3000 : sounds good for me Stal!

[15:09:02] masif1 : i take it i got the alert too late

[15:09:46] eugen3000 : you are Stal, +20 locked in, sl at be at the rest, thank you!

[15:10:29] Stalion : like our pal, masif...hope you understand....even if you are using just 1 minilot,close 0.5 off when +20

pips in profits, then allow the rest to ride...if 2 minilots, take 1 minilot off, den allow the other 1 minilot to ride...WHILE

putting your sl to ini

[15:10:45] caprica1 : yeah got here too late. Never mind. Always another trade.

[15:11:48] caprica1 : or can I put a sell stop on it?

[15:13:36] Stalion : 2nd target should be 1.7761

[15:14:06] Stalion : 3rd target should be 1.7735

[15:14:52] caprica1 : can I get in @ 1.7761 with a first target of 1.7735 then stal?

[15:17:06] Stalion : am not sure, cap, until the first target is hit...remember your risk wud be higher since you didnt start in

early..

[15:19:56] caprica1 : got you stal.

[15:21:11] Stalion : 3 more pips to go to our 1st target of 1.7770

[15:23:07] Stalion : 1st target hit..!

[15:23:18] masif1 : thanks stal understood

[15:24:30] Stalion : 2nd target to go @ 1.7761

[15:24:35] caprica1 : no probs

[15:25:48] Stalion : remember masif, if you are now at +20, kindly take off half profits for now...

[15:25:52] Stalion : 2nd target hit!

[15:26:32] Stalion : 3rd target to go @ 1.7731

[15:27:03] klho83 : Targat 2 hit

[15:27:46] masif1 : damn it

[15:27:51] masif1 : missed that as well

[15:27:57] eugen3000 : super!

[15:28:05] caprica1 : has the price just gone through the 64% fib Stal?

[15:29:10] Stalion : dammit, masif....ur breaking ma heart again with ur tears emoticon...dont tell me u lost again!!!

[15:29:29] masif1 : nope didnt get in the trade

[15:29:40] masif1 : both the first call or the second

[15:29:47] Stalion : 64% fib? i dont understand, cap...

[15:30:39] masif1 : close to hititng the thrid target

[15:30:45] Stalion : 6 more pips to our 3rd target point

[15:31:05] caprica1 : i have put fib lines on my chart from yesterday's low and high, and the price has just gone past the

64% fib line.

[15:31:35] caprica1 : Stal I entered oon the 2nd target and used 3rd as my 1st. Just hit. Thanks.

[15:31:56] Stalion : way to go, caprica....

[15:32:12] Stalion : 3rd target hit!

[15:32:12] masif1 : well done cap

[15:32:21] masif1 : i was too late for both

[15:32:35] caprica1 : muchas gracias senors

[15:33:32] Stalion : 69 pips for now....



[15:33:52] caprica1 : for now? like the sound of that. lol

[15:34:41] caprica1 : it still looks like its heading for the overnight high of 1.7706

[15:34:46] caprica1 : overnight low sorry.

[15:35:00] Stalion : well, we havent closed all trades yet...putting a 15 to 25 pip trailing stop loss would be prudent

[15:36:03] caprica1 : i closed out at the 3rd target point.

[15:36:17] masif1 : trailing stop loss - thats a good idea ;-)

[15:36:20] Stalion : 4th target @ 1.7705

[15:36:26] masif1 : hey i'm smiling :-)

[15:36:51] Stalion : 5th target @ 1.7676

[15:36:53] caprica1 : it's certainly going for that .7706 number

[15:37:22] caprica1 : a 5th target!

[15:37:49] masif1 : fantastic guys - thats nearly 100pips!

[15:38:19] Stalion : yea....why leave money on the table if price looks like its going to give some more...cap?

[15:38:30] masif1 : i didn;t get in on the second so i'm just sitting by the side lines cheering you guys on

[15:38:44] Stalion : jus apply ur profit mgt strategy and lock in at every step...

[15:38:46] caprica1 : it's just retraded back to .7734, maybe I could get back in

[15:39:35] Stalion : worst scenario, you come out breakeven...

[15:40:18] caprica1 : yep. So i get in at market and ride to 5th target?

[15:41:06] masif1 : you in cap?

[15:41:35] caprica1 : not yet, stupid iphone! lol

[15:41:35] Stalion : opportunities like this dont come everyday in the markets, masif...but when it does come, you got to

be ready for it and milk it for all its worth..

[15:43:00] caprica1 : its doing its best to go back up.

[15:43:48] Stalion : well, cap, you could put a sell stop below a pychological number like 1.7750 or 1.7735,or 1.7720,

then ride it down...

[15:45:05] caprica1 : so may be 1.7734 maybe?

[15:47:21] caprica1 : I'm not gonna chance it. I can't control the trades properly on the iphone. My guy is telling me not

to chance it.

[15:47:34] caprica1 : So i'll be happy with my pips so far, and fight another day.

[15:48:54] caprica1 : that was meant to say my gut is telling me not to chance it.

[15:51:11] Stalion : yea....momentum is kind of slowing down , after dat 69 pip downpour

[15:56:27] Stalion : its only a matter of time though, before price on the gbpusd gets down to our 4th and 5th

target...momentum might now be slow, but it should get there...

[16:00:03] Stalion : Prices, like everything else in Nature, will stop sinking only when they reach rock bottom against

which to push off back up.

[16:12:07] masif1 : gbpusd still going down

[16:13:03] Stalion : 4th target hit!!

[16:16:14] masif1 : damn missed out on on these pipsstalion can you please send me the email alerts to my metafour.com

email address please?

[16:19:03] masif1 : 5th target hit and still going down!!!!!

[16:22:34] Stalion : the thing, masif, you are afraid of losses...when a trader allows fear to overcome him due to some

losses in a row, he tends to shy away from opportunities when they come...fine, we've been stopped out on some of our

trades but that doesnt mean the next

[16:23:45] Stalion : one is going to be the same....until we start getting used to losses, we are not there yet...

[16:24:30] klho83 : i'm out!

[16:25:22] Stalion : how many pips did you make from our gbpusd call, klho83?

[16:25:26] masif1 : even for the entry at the 2nd target

[16:26:40] Stalion : you could've gotten in at our 3rd,4th or 5th targets, masif...though with higher risks..

[16:27:19] masif1 : your right but the damn account wouldn;t allow me as insufficient funds

[16:27:30] klho83 : Add along the way i lost count

[16:32:01] klho83 : Thanks StaLION!!

[16:32:31] Stalion : masif, am afraid you just missed a 124 pip ride...and still counting with a trailing stop loss

[forexgreenland]

Originally Posted by Kat123

Interesting stuff Stallion.. there's no no doubt that your particular state of mind can affect your trading style..the trick is to become a non thinking, non emotional machine!

Lol, Kat123,a non thinking, non emotional machine? Hope you arent referring to the Frankenstein monster...


[10:00:53] Stalion : BUY STOP ON GBPUSD@ 1.7635, 1ST TARGET @ 1.7713, 2ND TARGET @ 1.7755, 40

pip stop loss..
We are looking at approximately 120 pips here,$120 minilot,$1200 standard lots on cable

[forexgreenland]

Originally posted by forexgreenland:
[10:00:53] Stalion : BUY STOP ON GBPUSD@ 1.7635, 1ST TARGET @ 1.7713, 2ND TARGET @ 1.7755, 40

pip stop loss..
We are looking at approximately 120 pips here,$120 minilot,$1200 standard lots on cable

Originally Posted by Stuart14

Can't win them all Forexgreenland

Yes, Stuart, nothing is 100% perfect in trading as well as in life..Though we got stopped out on 40 pips, 7 pips less to hit

our target,we still locked in profits of +20 or more pips along the way..If you noticed, price on the cable(GBPUSD)

eventually shot through our target points, with more extra pips for good measure.

Originally Posted by Onwukarisa

Hello mystikal,

Please when using MACD for divergences what should i use: the trough that form when red and blue lines cross or the

histogram of the MACD . Please Advise.

Onwuka Arisa
***************
Hi Onwuka, if you observed, we used the MACD Histogram from the 1st chart to ascertain whether there was

divergence or not. The Macd Histogram told us that price was overbought and buying pressure was reducing, which was

a precursor to the downward movement on the charts. In order words, MACD Histogram was telling us that the bullish

momentum was tapering off. There was also a bearish hammer and a trendline break to the downside, telling us to cover

our longs.
If I had to choose between the trough that form when the red and blue lines cross(MACD proper) or MACD Histogram,

I'll choose the Hisogram because it is much faster...Notice from the chart above that MACD was trailing behind its

Histogram, which would have been quite slow in forwarning us to cover our longs or take profits at that level on the

charts.
Anyways, we learn from our mistakes.




140 pips less our 40 pips that was stopped out on the 9th, which gave us 100 pips net, $100 minilot,$1000 standard lot

on Friday.