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dracklee
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[06:20:23] Stalion : hi there, fellow traders [06:23:17] Stalion : We could put a buy stop at 1.9620, 1st target point @ 1.9670 with a 35 to 40 pip stop loss  A 1-2-3 bottom is a reversal pattern signifying a change in direction from a downtrend to an uptrend. More than 40 pips was made applying this chart pattern Contact Stalion- stalionstable@yahoo.com, 07035610861 www.forexgreenland.com- Forex Training, Forex Signals, Forex Managed Accounts |
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dracklee
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Originally Posted by meritlife
to stallion i saw your trading system and stratagy i really like it but please there is something i want to ask u how do somebody know where to close a trade ' what sign or an indicatior that can tell u where to cloe a trade
thank Helloo fellow traders, What happened today on the gbpusd currency pair? Well, we had a triangle chart pattern on a downtrend, a bullish hammer and MACD positive divergence to price, which gave us a signal to go long. 1.9786-1.9695=0.0091 1.9744+0.0091=1.9835  so,meritlife, as you can see, our target point was at 1.9835,which gave us 91 pips or thereabouts. As price is coming close to your target point, you should be tightening your stops and getting ready to close your trades. Some seasoned traders would put out a trailing stop to catch the maximum pips allowed, while others might place a sell stop below the 1.9835 in order to take advantage of price reversing back downwards.My students made up to $91 on a mini account,$990 on a standard account Need I say more??  |
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dracklee
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We could put a buy stop on GBPUSD at an entry point of 1.9865, 1st target point 1.9945,with a 35 pip stop loss.
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dracklee
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We could put a buy stop on GBPUSD at an entry point of 1.9865, 1st target point 1.9945,with a 35 pip stop loss.
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ndumart (m)
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@dracklee
Am interested in learning your trading patter. How do i meet u?
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dracklee
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We could put a buy stop on GBPUSD @ 1.9780, TARGET POINT @ 1.9835,WITH A 35 PIP STOP LOSS
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dracklee
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Helloo fellow traders, We made up to 55 pips this morning as price rocketed up from 1.9780 to 1.9835, giving us something to celebrate for d weekend.  |
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dracklee
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fxscalper2:It may be he is getting lucky for a while. It happens
Cor blimey,fxscalper2, does seasoned traders believe in luck while trading the markets? Napoleon Hill, in his timeless classic, THINK AND GROW RICH, referred to luck as when OPPORTUNITY meets PREPARATION. Loius Pastuer,the great 19th century french scientist, on discussing the role of chance in scientific discovery stated ''In the field of observation, chance favours only the prepared mind''. How prepared are you, fxscalper? How vigilant are you when profitable setups recurr in the markets? How ready are you to take advantage of timing in your trades? After years coaching traders and managing funds, I believe you make your own luck in trading the speculative markets, according to your skills, abilities and hardwork. Besides, the CHART PATTERN RECOGNITION AND PRICE PATTERN STRATEGY is not based on luck neither is it based on the random walk theory. |
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dracklee
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Hi folks, hope you'all having a wonderful week trading the currency markets. Lets review what happened yesterday on the GBPUSD. We had the UK Industrial and Manufacturing Production reports,which came out less than expectations(-0.5% actual vs 0.3% previous). That was bearish for the GBPUSD, which supported the CHART PATTERN RECOGNITION and PRICE PROJECTION TECHNIQUE downward bias. We also had MACD negative divergence to price,which also confirmed our move to the downside.  117 pips approximately, was made yesterday,$117 minilots, $1170 standard lots on the GBPUSD . 1.9766-1.9649=0.0117 1.9688-0.0117=1.9571(target point) www.forexgreenland.com-Forex Training, Forex Signals, Forex Managed Accounts |
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newscat
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hi ,thanks for your interesting thread on forex which is helping nigerian traders know more about this market.please i need your help in verifying some article i read on one newspaper.it is quoted below,i want to know from your experience in forex trading whether it is indeed possible,and any news traders in the house can also help me out.her it goes
''here's how a $1000 forex account can turn into over $10,000 or over #1million naira within 6months of real live trading; with your trading plan, spot just 40 or more events monthly with an average of 20 pips on a mini account for about 25 trades and say 10 pip loss on 15 trades.
What you have will be $500 less $150 which equals $350.Repeat this process for an average of 3month trading period and your account would have grown to $2035 ($985+$1050).
In the 4th month, trade with a 50k account and make $5 per pip with the same scenario above and you have 350 pips multiplied by $5=$1750,bringing your account to a total of $3785.
Trade a standard account now with the same result in the 5th month and guess what you would have ; 350 by $10=$3500+$3785, totalling $7285.
In the 6th month,if all things are equal, the same trading with the same lot size will add another $3500 to your account brining it to a total of $10785 by #118 naira= #1272630 which is one million, two hundred and seventy two thousand,six hundred and thirty naira.''
is it possible in live tradin,from what d author wrote?
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dracklee
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@dinooo
Yes, to all your questions,I do. The chatroom for live forex trading can be accessed by forexgreenland members for a 1 week trial period, where you see live trading in action.
@newscat,
Like you'all know, I'm more of a technical analyst than a news trader, even when using the news to confirm my trading position in the markets. As a technicalist, I view news as already discounted on the charts and the market's reaction to it goes a long way in fueling or reducing the momentum of price movement that is witnessed by all traders during the European and US sessions. I would recommend anyone serious about making real cash in the forex markets to have,at least, a basic knowledge on news impact during trading.
To answer your question, newscat, anything is indeed possible in the speculative markets(stock,forex or futures), depending on the ability, temperament and skills of the trader. I really don't know how you arrived at your calculations but they are quite interesting. I understand how you arrived at $1050 from the first set of calculations($985+$1050=$2035, which was $350 multiplied by 3 average months, but how you installed the $985 is quite hazy.
And a 10 pip stop loss is pretty much unrealistic, especially during newstime. Why? Because the average range or length of a candlestick is usually 20 to 35 pips or larger. Not to talk of some volatility or whipsaws since price does not move in a straight line,up or down.
In essence, you might lose more than 15 trades using such a short and tight 10 pip stop loss because you werent giving price much room to manoeuvre.
Please note that this is just my own personal opinion arising from my experience in live forex trading. Any other views or opinions are also welcome.
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newscat
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@newscat,
Like you'all know, I'm more of a technical analyst than a news trader, even when using the news to confirm my trading position in the markets. As a technicalist, I view news as already discounted on the charts and the market's reaction to it goes a long way in fueling or reducing the momentum of price movement that is witnessed by all traders during the European and US sessions. I would recommend anyone serious about making real cash in the forex markets to have,at least, a basic knowledge on news impact during trading.
To answer your question, newscat, anything is indeed possible in the speculative markets(stock,forex or futures), depending on the ability, temperament and skills of the trader. I really don't know how you arrived at your calculations but they are quite interesting. I understand how you arrived at $1050 from the first set of calculations($985+$1050=$2035, which was $350 multiplied by 3 average months, but how you installed the $985 is quite hazy.
And a 10 pip stop loss is pretty much unrealistic, especially during newstime. Why? Because the average range or length of a candlestick is usually 20 to 35 pips or larger. Not to talk of some volatility or whipsaws since price does not move in a straight line,up or down.
In essence, you might lose more than 15 trades using such a short and tight 10 pip stop loss because you werent giving price much room to manoeuvre.
Please note that this is just my own personal opinion arising from my experience in live forex trading. Any other views or opinions are also welcome.
thanks,mr stallion though i wasnt the one that wrote that article but what i'm askin is whether its possible to turn $1000 to $10000 in 6months lik writer claim.i guess you're talkin risk management but is it possible? |
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