₦airaland Forum

Entered a short on EU 5min based on the engulfing candle that happened in the last 20minutes. with stoploss of 20pips and TP 20pips

I created this thread to keep tab of what i have been trying to do for a longtime and have been failing with every attempt. i have not been a fan of keeping trading journals but i feel creating this thread will give a very great help to achieving this. i have tried this before with 500$, 300$, 200$ and recently 100$. I reduce the initial deposit by factor of 50% each time i fail and i believe am closing in on making it a reality. the essence of trying this is not actually to make money but to try out my short term trading skills. i have had friends that have turned 200$ to 100000$ in 6Month and really wanna try doing the same though not to that amount ofcourse but close.

i will be using 5min and 15min timeframe and the trading time will be from 7am(Minimum) to 5pm(Maximum) Daily. i will not open any other trade once its a second pass 5pm and no trade will be open a second before 7am. i might enter some trade base on 1hr and 4hrs timeframe (i will make it known when i entered such)

i will try and be updating every trade i entered and by the end of every trading day i will be attaching my account statement for everyone to see.

i hope i will do it this time


MAY FOREX HELP ME

wizecoder: Drop it here...

alright i will

aguiyi: Why not drop the info here for the benefit of others

ok i will do that. i will try and create time to put one of the system and the method here for the coding

Hi Wisecoder this is a great thread you started. i have actually started going through mq4 language myself to start learning the coding thing. personally i have like 5 different profitable systems to code but the time have not always being there to fast track the reading. can we have a chat on yahoo messenger or skype? my yahoo id is rabiusanusi01@yahoo.cm or freebejay on skype.

kinguwem: The only true love is the love of God for man. 'God is love and love is God'. Have you forgotten the tragedic of Romeo and Juliet.
Success is a relative term. It can be assessed using various criteria. Usually it is assessed materially.
Success enhances love.

the truth is anything outside of us cannot enhance whats inside us, its only what is inside us that can enhance what outside us thus the use of intuition, intelligence, brilliance and thinking.the truth is all human beings are connected( in 1982 Aspect Experiment in France demonstrated that two once connected quantum particles separated by vast distances remained somehow connected. if one particles was changed, the other will change instantly. curled from the same book "The Power of Now". the question is will i ever love less something that is part of me? if i understand that am connected to all livings, will i ever love them less given the fact that i love myself in an unquantified manner.

this and many more are questions i have been trying to get answered to before God directed the said book to me and since then i have taken up both the Qur'an, the Bible and other Holy Books and i have gained and understand more of what God is/was and have been trying to pass down to humanity, something our spiritual leaders refuse to let us understand if they understood it themselves.

Michky: With the kind of respect that i had for nairalanders before reading this thread, my expectations were soaring as i clicked the link. My verdict? well, am not disappointed. First, i was blown away by OP's post and that sealed it for me. We regarding my response to the topic is this: Even if some people like eh, let them combine the seven books of Moses with all the ancient books of this world (samurai, buddah et al), the fact would still remain that the world within which we have found ourselves today is a capitalist one where financial success is the koko, the magnet, the King! IMHO,Success is for the rich while love is for the poor (those that have attempted success but have been subjected to settle for less). My 2 cents.

you can as well tell us why the so call affluent look for happiness everywhere despite all materials at their feet. you can begin to tell us why suicide is legalize in Australia, you can begin to tell us why suicide is high in the so call civilized environment. have you ever wondered why the so call rich still feel empty despite having everything have you ever wondered why when we were young we wanna be old and when we are old we wanna be young again??the truth is we all continue looking for what was already given to us by God and think that we can recapture it by chasing it. those this word ring a bell "what shall it profit a man to gain all the world and loses his soul". read your Bible or Qur'an or if u are an Atheist ( the very core believe of all Atheist is Sharing and giving love while realising all man is equal. does the law of Ahimsa ring a bell)

whether we are in capitalist world, communist or socialist world the fact still remain the gift of God to us human is the world and our gift back to the world is our gift to God (and that only gift is love). love everything around you from the madman working on the street to the slowpoke sitting next to you to the animals that live around us. why do you think there is war across the globe?? the golden gift from God is lost.

richarts: Guys are misakin love with lust. They are mistakin relationships btw a bf & gf with real love.

Howeva, nice responses... More importantly pple shud title this write-up. It seem u guys aint even reading the article, it expresses some deep thoughts.

On the contrary it seem generally pple hold success to be more important than ''love''. What about we say love is more important especially when some1 is more content with what he or she owns.

Love can never be compared with success people... Never... Love conquereth all this things u guys are mentioning... It stretches beyond imagination... Stretches beyond financial or vain attraction pple will av 4 each other & it stretches beyond its definition. It may be true that success brings in all this delusive and illusive attraction from pple bt it becomes limited when human endurance is put to test.

Pls title the write-up.

success is something that is achieved outside of us while Love is something that reside inside us. to actually feel this one must accept what it is ( the present moment) and leave what is not ( the past which is gone and the future which is a mere illusion).

i have so many mistakes in the past(though i have forgiven myself and everyone caught up in the middle) of succumbing to the force of fear of the past and illusory nature of the future one of which was when i broke up with my ex-girlfriend cos she confessed she had a fling with a guy. now i regret all my actions cos if i actually loved her, there is no way i would have let her go. i left her when she needed me most, i blame her when i should be consoling her, i scolded her when i should be there for her. all for something physical. Love transcend the physical which is why all view Nature/God/Allah/Yaweh as love.

@OP ofcourse is LOVE. i feel your pain and i have always been in that cycle of pain/pleasure until i stumbled on a book by Tolle Eckhart (Power of Now). it was until then all my thinking and emptiness fell inplace. i then realize that there is actually nothing like success or failure, its all in the head. what man need is Love, Peace and happiness and these 3 things cannot be achieved outside of us, they all reside inside us it is now left for us to search for it, live it. Love is when you are at peace with whatever nature bring your way without complaining knowing that the world is a game and nothing more. Love is when you give without expecting anything in return. when you put all your energy into your passion and you dont care what the outcomes will/might be then you have started living it LOVE.letting go of the pain body and embracing yourself

try and get you hand on the book and you will be amazed at what you will find out. it will also help you if try get your hand on the Zen practice and the inner mind of Buddhist and Samurai.

Ogboraph: i buy EU look

seems like we are both using the same MA set up. i can see a clear rejection of PA on ur 55EMA, ur crossed EMA look like SMA26 and EMA8. am i ryt?

Ogboraph: i buy EU look

am with you on the buy. all set for new high. serious confluence on all high powered MA. EMA200,EMA55,EMA189,EMA79. all converged at the same spot. am not seeing down atm, and if there is going to bear run, then let expect a wide wide kaboom.

X3n: G'morn my elders. I appretiate all u guys post and analysis, its rili helping in challenging the newbies like me to believ that this forex market can be analysed, it all depends on the interpretation of what the market is telling u. This is my own newbie position of the market today. EU is bearish, but I think it may be attempting a reversal, I vote for trend contnuation, so I'll be looking to go bearish once it goes down beyond the 1.2268 point. am targeting 10pips.
For Au, its bullish, so I'll go up @ any significant low, my eyes re on 1.0534. then for UJ, am still waiting no clear directions yet, but I may go up if the current support on the 1hr tf holds.
pls constructive criticism of these views are highly welcomed.

bros if you are targeting 10pips in the market, you shouldnt bother yourself much with the market direction/trend. all you need to do is look for when price is in exhaustive point on any higher timeframe and go back to 5min/1min to initialise your trade.

damn it!! one just form 4 kano sabo gari now now.e even carry AK47 dey pursue BH guys.

unclenna: I hope this is intraday buy.............cos when I buy i allow it to flow for days.....maybe we are using different time frame for our analysis.... .......

am a swing trader. i look for swing and allow the market to determine the way. as a swing trader Fib and EMA are one one the major tools for me. i enter a trade when a new swing is about to start and exit when the swing is about to end. am not really an intraday or medimum time trader.i tend to see myself as a whole. the market determines how long i stay in a trade.once am in a trade am off it too allow it to play out

unclenna: Are u saying BUY USDCAD............am not seeing buying signal now for the pair

with the close of the last candle, am already long on Ucad eventhogh i dont like the pair, its just too sweet not to buy. stoploss put at 20pips below the low of yesterday. lets see how it will play out.selling Audusd too with that 2 clear rejection on 200ema.still holding on to see how EU and EJ willl react before adding to the short position. this is not a call cos i dont give calls. am just trying to layout how market behave. the best time to buy or sell is when 95% of people are being averse to risk.

beejaay: my oga the truth is that nothing works. we are only playing a probability game. nothing works and also everything works. if you can get your hand on fractal market analysis and go through the first 3 or 4 chapters. if one can stick with a single system for like 3 years, the system becomes you, you begin to see the inner working of the system. you begin to understand the risk tolerance of the system and all. no matter how one combine system for trending and non trending market, you will find out one will still end up with the same profit that you would have made with either of the systems if used optimally. no one know when a sideways market will be starting or ending and vise versal for trending market too. i hope you get my drift thats where i was coming from when i made that earlier statement

its also good to note that i have been using my system for the last 5 years. i get better at it everyday. i can easily identify my setup on a naked chart without putting my tools on. i can easily see where and where they will be. and no matter how hard i try to explain it, another person will never understand t completely. why?? cos its embedded in my psyche

naijababe: So many truths in the house, I guess another good point to add is not to trade too many instruments. By not trading too many things, you know that character that trading it almost become second nature.

@ Beejaay, it may be naive to say this but I don't think there's a system that works all the time

my oga the truth is that nothing works. we are only playing a probability game. nothing works and also everything works. if you can get your hand on fractal market analysis and go through the first 3 or 4 chapters. if one can stick with a single system for like 3 years, the system becomes you, you begin to see the inner working of the system. you begin to understand the risk tolerance of the system and all. no matter how one combine system for trending and non trending market, you will find out one will still end up with the same profit that you would have made with either of the systems if used optimally. no one know when a sideways market will be starting or ending and vise versal for trending market too. i hope you get my drift thats where i was coming from when i made that earlier statement

lari03: Well to be honest,the market is a cycle so today's EU movement was bound to happen.the only certainty in the market is that price will move,the precise direction is the holy grail every trader is trying find.fundamentals are currently shaping the market so lets move with that.

my brother its not the news that move the market but sentiment. the sentiments include you and I. guaging the sentiment is easy and at the same time hard. there are just too many things to analyse fundamentals and still they contradict. the holy grail is the sentiment.

unclenna: Are u saying BUY USDCAD............am not seeing buying signal now for the pair

i cant remember the last time i check this pair. i just checked it now and i dont see what will bring the pair down. there are just to many things to fight on the way down. if i waana trade the pair i will be looking for where to put a long position now. the lowest the pair can come now is 1.01554. there is a confluence of MA there coinciding with the low of yesterday including EMA200 which in turn coincide with 50%fib level. currently the pair is sitting on the 55ema and if the current candle should close bull then i will buy it if i wanna trade it. if by any chance the pair sell till the 1.01554 without closing below it, i will sell hard with maximum of 100pips SL. forex is all about positioning.i hope u get my drift.

endfx1: Bears be careful from this point...just my opinion

when this actually the time to buy usd across board.all the silly pull up are wat the pro needed to enter position. market is damn ripe for dropping. but then again its forex and anything can happen.

pipmaster77: WARNING! WARNING!! WARNING!!![center][/center]

Traders should aware of when and how to change from one system into another. If you've not use a system for at least 6 months, your judgement of the system might be faulty. Why? Each system was developed for a particular market and do not be deceive of the people claiming that their system can trade all day long. There is no such system like that in the world of trading.

bros you are not totally right. wonderful traders develop system that perform in all types of market. yes its true that its not good to be jumping from one system to the other why? because system created are tailored to the psychology of the designers and we all have different psyche.

pipmaster77: WARNING! WARNING!! WARNING!!![center][/center]
Indicator this, indicator that. They all repaint. Why? Because today's market low/high may not exactly be tomorrow low/high and if you MM is not sound, you will justly wipe out your account before your dear indicator. I have bought so many systems and they all work but not in my own way because there is a way I always like to trade and any system that does not fit that style is not good for me and that does not say the system is not good.

now you are coming back, the reason why those systme will not work for you is simply cos ur psyche differ from the designer psyche. and about indicators repainting, i wont agree totally. indocators are not designed to be holy grail but a guide in analysing the probabilistic nature of the market. you wanna know more read Van Tharp book

pipmaster77: WARNING! WARNING!! WARNING!!![center][/center]If you have system that trade well when market is trending and you recognize that, you will make hell of money with it and you wouldn't be complaining and looking for another system when market enter sideways. If you are making money now in the market, ask yourself why am I making money with this system and profit from every signal the system generates? If you are able to answer this question, then you will not be confuse when the system start giving you bad signal.

you are point here

pipmaster77: WARNING! WARNING!! WARNING!!![center][/center]You can do one of two things to overcome jumping from system to system. If you a conservative trader, you will simply stay out of the market your system was not designed for. Secondly, you can choose to have two to three systems in your library and know which one to use for a particular market but if care is not taking, you will end up being a loser because looking at different setup when you've not fully master one can lead to confusion and confusion always evaporate your account.

having multiple system can be very confusing for developing traders. its always advise to stick to one long enough to master it all, only then you can begin to look for another system. this is the major reason why its coined that it takes minimum of 3 years to be a traders, why? because during this incubating time,it is assumed you are sticking to a system and you will have been able to understand how and what to look for.

pipmaster77: WARNING! WARNING!! WARNING!!![center][/center]Calculate your RISK not your profit before you press buy or sell. When you discover amount of money you will loose if the trade goes bad, then choose either to stay out or reduce your lot size.

Just my view.

the ultimate most traders dont know is this; they focus so much on the profit that they neglect the most important thing. your job as a trader is to manage your loss and let the market decide your profit. you catn decide how much you wanna make but u can decide how much you wanna lose by understanding market dynamics. focus much more on the risk side and every other thing will fall in place. Money Management is just a bogus name for simple thing. All in all nice analysis from you

Ogboraph: bor you correct oh am trading with fear and impulse and unstable mind since that time i lost over $5000 can some one help me on getting myself back?

number one rule dont ever ever talk down on yourself in this biz, the moment you do that you erode all manner of confidence in you. only acknowledge your mistake and move on. dont judge it, dont ponder on ur mistakes. if you do this u will never learn, u will continue seeing yourself from ur past and u will be identified with it. bros u are on the track, impulse is good at times so far is not coming as a result of ur past fear or thrill. if ur impulse is out of the blue and unrelated to your past or the illusory nature of the future.

JAkpayen: bro your alert is not alwayz like this before. Do you trade on impulse? I hope all is okay?

hope you are good bro?? thumbs up for the guy, atleast he is not asking for trade calls and not running around for indicators. he is doing his things and am sure he is learning from it.i dont know the guy but i think i will hire him if i ever need a proprietary trader before 80% of traders here. i hope you know where am coming from. he has confidence and thats one good thing about him

Ogboraph: am Buying EURUSD@1.2099 , 1st take profit@1.2159 2nd TP@1.2171, SL@1.2073

and am also Buying GBPUSD @1.5544, 1st TP@1.5603, 2nd take profit @1.6000 SL@1.5508

stick to how you are trading and be sure to xtra improve. but you might need to look into how you place you TP and SL. for example you place your TP at 1.2159 for EU, it would have been better if you put it some few pips below the high of this week or still put a pending order for sell there to watch how PA will react once it gets ther. if it got broken and retested then you can remove your sell and ride the buy. ur SL too shouldnt be where u put it, always avoid puting ur SL where PA is moving, always put ur SL clear from PA. price is like a train it doesnt give a damn about who and who is trading.the best place to put ur SL would av been below the LOW of the week cos thats where the price change from. i hope you are getting my drift. the same thing apple for GU. this is the art of trade management.
and always be happy once u initiate a trade and slowly but surely u will get there. i like your confidence for puting up ur trade here, we are mostly wrong 60 to 70% of the time, what matters is how we manage the 40% winning.

Zeddicus: Trading point don dey follow me play o.
I have a TP of of 7810 on NU. Price went as low as 7807 and they didn't close my trade. Even on AJ!! TP is at 79.55 and price went as low as 79.49!

check the spread at that time. if the spread widen up there is no way TP will be hit. the market will have to cover that spread. this do happen during off preak period and also during xtreme peak period. thats why its always advisable to watch the spread and your position when you are on the system watching. this practice is not witch hunt from the broker but a normal practice by financial brokers including the so called Central Bank. my brother they have got to protect their asses too. the way out from this is by activating the deviation when you are entering the trade to your own covinient point maybe by 3 or 5pips. i use 5 pips and 10pips atimes. once u aint a scalper then u shdnt have problem with 3 to 5 pips

my 2cent though

Zeddicus: I've been around bro breezing in and out. Nice to see you are around more often. When i read that call i just shook my head. People still treat Forex as if it is some sort of religious activity where you pray and prophesy and things just come to pass. The earlier we learn to trade what we see the better. It is really laughable when people sound as if they will drag price to their desired level by mere saying it. I know GU has a higher chance of testing the lows of july 12th (currently holding a short from 5528 among other trades) before any upward move but that is not enough reason to say SELL GU NOW PRICE WILL HIT 5390 BEFORE THE END OF THE WEEK. If that is not arrogance then i don't know what is. Anyways, to each his own.

you will be amazed at what you read here sometimes when i get lonely and wanna laugh i just log on to the thread and bros i have never been disappointed. guess thats why most experienced trader have left the thread.

as for the GU the way to go is down. too many things against it to go upward. PA is below all the high power MA from weekly down to 15min. the greatest power in swing trading is 61.8% and its exactly at 1.5639 on the midterm trend which is 4hrs. the highest it can form is H&S on 4hrs and thats at 1.56766 (and this can happen only if Obama die a sudden death). Volume analysis of the market is pointing down and wave 3 need to be completed down on my reading before any move up. i dont see what will take this thing up but then its forex anything can happen but i sense danger for GBP and bullish in the medium term for USD across board. PA has already close below the 61.8%fib of the move from 1.53920 to 1.57365 signifying pressure on the downside.
you are really good with your timing of the trade thumbs up for you

QNijababe try AlpariUk the broker dont close their demo (u only need to keep the password and investor password safe incase of server upgrade) or you u can open live account with them, they dont close untraded account no matter how long. you can also try any of the top UK broker, they are damn reliable.

Zeddicus: If you had any regards for the daily charts you won't be making such an assertion boldly. 5650? Ok.

@Zeddicus where av u been bro. Analysing market can be crazy sometimes especially when u start seeing some xters.imagine GU 5650 2day with all the antagonist on the way up.

EPOMA: You said you are a newbie , so where do I start. we are not here to argue who is right or wrong, I use indicators like RSI, bollinger band and MACD but if a new trader have not learnt price action , support and resistance,they will nevre really see the market the way they should. I did not ever say you can not make money with indicators for crying out loud and that is why i Mentioned the names of some good traders here who use indicator to limit the amount of indicator or system they are putting forward here for the new traders.

Unclenna gave a call on friday for GBP\USD, I can bet you that he used support and resistance level to give that call. Even the trading zone you are talking about in your book is still support and resistance levels

bros is support and resistance plus price action not indicators?? trading in the zone is not about how you trade but who is trading!!if i wanna understand market strucure i will start with Dow theory then work my up to to the creation and coining of the words fundamental and technical analysis. therein lies asnwers the market structure.you wanna know more about formation of market and its structure get ur hands on the complete resource for financial market technicians by charles and julie and then read everything you can on Victor Sperandeo known as the wall street wizard. trading with price action and S/R doesnt make one technician but rather follower. understanding why they are working and their underlining principle is what makes a trader and stringly build confidence which inturn improve positive expectancy.

just my 2 cent sha!!

where is the real art of trading - between the ears using ones judgment making capabilities - One of the reasons people use indicators is that they haven't developed their judgment making capabilities. Before tackling a new system monitor how you make decisons in the market - your emotional responses to gains and losses, your emotional responses to large gains and large losses and then begin to build a system that works with how you make decisions and your emotional temperment. Otherwise you will be fighting with yourself on every trade;SEDONAPIPPERS.
Am not saying using indicator is not it (ofcourse indicators are wonderful tools). understanding the WHY u are using a particular indicator is the real issue. moving from one system to the other is not realy a good advice but stick wit one longer enough to know its expectancy is everything.

whenever i come in here, mostly what i here is indicator this, system that. traders aint realy focusing on optimisation and trade management; this are what makes a good and profitable trader.

just my 2 cent and i might as well be wrong

rozayx5: Like this system i am working on is not based on any indicators but support and resistance, its true and i am approcaching that level, cos if it is research and screen time i have paid the price, i wanna test this system just for one more week. Indicators all have their side effects , and teaching a newbie to trade without indicators is like teaching a kid that just learnt the bicycle how to drive a trailer, so they must go through the normal process, like this system i am running i found it hard explaining it to them. so you see most new bies take sometime before they even understand the support and resistance concept.
MOving averages are good and also the most confusing indicators i know, they will cross them selves down you sell only to find it going back up, so to actuially say moving averages ae not best for generating trading signals, i use them to detect ranges and stay clear and that has been working for me.
All the indicator i knew most have been disappointing so, i look beyond that i study price action, and news, those are the two things i am focusing on now.

sorry to disagere a little with you guys. market is one big giant data machines.analysing these data require the use of tools, the truth is all this tools are indicators of one form or the other be it support,resistance,price action, intuition. they are doing the same thing i.e. analysing the zillions of market numbers. the opium lies in the interpretation of this numbers.
as a trader we dont need to disturb ourselve with all this cos to me they mostly bullshit. just like BigBlue say it in one of its post ;Positive expectation from your trading method is everything - all the rest is kindergarten stuff. Discipline, money management, patience, risk management blah blah blah are the things people make a big deal about cos they can't solve the positive expectancy problem - which is demonstrably beyond most people.

rozayx5: Boko haram dont make good trading partners do they
well jokes aside, i advise you keep in touch with the thread here, and have the skype ID of friends to communciate, and chat to avoid feeling lonely, i feel lonely too cause the few traders i know i always go out to meet them and have a nice time with them. The best way to meet new traders is trading in cybercafes or open places like mr biggs, KFC, tantalizers or eateries , people that know what you are doing will walk up to you and in Abuja there are many traders i know there.

BH boys no dey smile at all ooooo. i no want make den dey change trend for me everytime.loll
thanks bro for the hint. how is weekend going

akhis: Google it and you will download the pdf for free.

thanks for the reply on my behalf bro. i have replied so many times but my posts were hidden