Head & Shoulders — I'm not sure if anyone still pays attention to chart patterns, but if you do, take a look at the textbook HEAD & SHOULDERS on weekly GBP/JPY. We are getting close to the neckline, and there are several fundamental ...

Breeze....Update on GBP/JPY

Sim "pilots" = demo "traders" perhaps? In any case, Phil, buying a salad does not make you a trader according to the dictionary definition of the word. Making a trade through Interactive Brokers does. You can argue with a dictionary definition as ...

Response to "Please, 95% of traders don't lose their accounts!"

If it ends in a fireball, then I don't think it would be considered flying, more like "free-falling". NO SEMANTICS... Oh and Merriam-Webster is not a dusty old book in this case, it's a shiny new website. But I admit Phil's definition is still ...

Response to "Please, 95% of traders don't lose their accounts!"

Buying a pilot uniform doesn't make you a pilot, but that's not really analogous to opening a trading account. The trading analogy to that would be to buy a trader's uniform (which I believe is boxer shorts and slippers). A better analogy would be ...

Response to "Please, 95% of traders don't lose their accounts!"

They say an artist is anyone who calls himself an artist. Maybe it's the same for traders. A "chartist" is anyone who calls himself a "chartist". It also turns out that, much like artists, most traders are poor as sh*t until they die . The ...

Response to "Please, 95% of traders don't lose their accounts!"

There are a lot of arguments as to why scalping is better than swing/position trading, and there are many arguments that go the other way. MANY of these arguments are sound but NONE of them are bulletproof. Arguments for scalping: 1. In and out ...

Why scalping doesn't work........

I will have to disagree with that... Long-term traders generally have a higher trade success rate despite chasing bigger targets simply because they use longer term charts which are (arguably) less noisy and also, to some degree, because of lower ...

How many pips does a "successful" trader collect weekly?

Unfortunately I lost the second half of my position at the break even stop loss level while I was away from the screen so that puts my proft for the entire trade at 60 pips on a half-size position (equal to 30 pips on the entire position). Could ...

EURUSD

OK, booked profits on half of my position at 1.3672 for a gain of 60 pips as price stalled right before my initial tp (high quote = 1.3675). Notice that there has been no big bounce though, so now I'm looking for a break of the 1.3685 area to open ...

EURUSD

Yes, I think EUR is heading higher in the longer term, that's why I favor going with that trend, but that doesn't mean there are no short-term opportunities to take advantage of trends within that larger trend.

EURUSD

OK i just re-entered a long as price broke above the Pivot level at 1.3610 (long @ 1.3612). I had just placed the buy stop order and the next time I checked on it it had been filled with about 15 pips of profit . In any case, I am looking for a ...

EURUSD

1. Make small trades so that if the worst-case scenario pans out (your stop loss gets triggered) you only lose a very small % of your account (about 1% is good for new traders). You can easily make these calculations by FIRST finding a suitable stop ...

Letting Go bad trade ? NEVER !!!

I am personally staying away from EUR/USD for the moment because I think it may become less and less dependent on the carry trade sell-off, but I'm not sure when. However, if you want to short it, wait for a clear break of 1.3600 first because that ...

EURUSD

The carry sell-off held us back once again today (as well as German CPI), and I liquidated my long at 1.3632 for a gain of 124 pips on a double position. Could have been better, but I'm happy as long as I don't lose on a trade. Will be looking to ...

EURUSD

WOW you must have a huge account Stop loss orders often cluster in the same areas (i.e. just beyond significant technical levels) so yours is probably just one out of many such orders around that same area. Often large institutions, the ones ...

Golden rule: trade the trade!

The absence of any sort of "vigilance" in Trichet's text can be seen as an absence of hawkishness. Does this absence of hawkishness necessarily imply dovishness though? In this case, I don't believe so. I do think we will see ECB on hold in ...

EURUSD

It's consolidating around the 100 day MA ahead of 1.3600, and trading within a pretty narrow ~15 point range. One interesting fact to consider is the USD/JPY - EUR/USD correlation since about the 2nd week of August, probably due to the carry ...

EURUSD

OK 1.3600 figure could see some resistance now as it is a psychological level, as well as the 50% retracement of the big move down from Aug.5 to Aug.16 and also previous support from Jul.29 (not sure how important that last one will be). Above that ...

EURUSD

It looks like the 100 day SMA is holding us back for now, but that seems to be a temporary setback. In any case, I'm in for another long position from 1.3555. Together with my old long from 1.3460 this averages up my entry to ~1.3508. moving s/l for ...

EURUSD

Is anyone here planning to play the inside-day breakout??? I am already long from 1.3460 a few days ago and will be adding to my position if the inside day breakout plays out to the topside (breakout level = 1.3550). If it breaks out to the ...

EURUSD