₦airaland Forum

aguiyi:
you are not the first to cast aspersion on this thread and not the first am responding to for doing so, i just feel its improper.

i pray you dont take it personal with me though there is nothing to lose

well i'm sorry if i offended you. i am built that way, i dont believe in sugarcoating stuff. i like to be very blunt. sends the right message.

naijababe:
It's all well and good for you to trade off the weekly charts but you have to consider that personality traits is also a huge factor in deciding what TF to trade. I know a very successful trade who trades off the hourly charts and I don't think I could go beyond the 4H either. Each to his own as I always say

but i never said i took the trade due to time and pip constraints. i try to avoid it.

was i refering to you? do you trade against trend? why the beef?

The way i see it, if one trades against trend, you are not only crazy but completely nuts (why would anyone want to is the pertinent question). But if you dont, then you have nothing to worry about, do you?. the maxim is 'trade with the trend' isn't it? or am i missing something? dont get me wrong, i love it when traders do, infact i welcome it. more retracement = more pips for me.

money management; As said earlier, price can turn from a retracement to an expansion (usdjpy, nzdusd, chfjpy) and from an expansion to a retracement (usdcad) depending on what is happening the next time frame. just knowing direction of trend is not enough. one must plan for eventualities. before entering a trade, i plan for both expansions and retracements. if the next retracement or expansion point is let's say 500 pips, then i make sure i have more than enough to cover my bet. chfjpy and nzdusd have confirmed their downtrend and nzdusd effectively expanded to price 8504. if i had taken the trade, i would have entered at price 7545 and made sure i had 1500 pips to spare incase it did expand. but i did not because trade signals on weekly tend to eat up a lot of pips and take longer to hit target. i trade long term but weekly signals can be pip and time consuming.

Almighty gbpusd; as said weeks back, gu confirmed it's downtrend on the 22nd of june, retraced and formed lower lows on it's way down and it is now heading up to potentialy break the trendline formed by the lower lows. so how do we trade this? i have not entered this trade but i have plotted all my expansion points so that once price gets to in and around 16235, 16304 and 16351, i will sell 2 lots exiting one at price 16050 and wait for price to hopefully retrace. if it does not i still have one lot running. but crazy traders who like to trade against trend and news will never let that happen (more pips for me anyway). it must surely retrace and i will simply enter again. eventual tp for Gbpusd is 15590.

trade direction usdjpy; this pair confirmed it's uptrend on the 28 of june and tp for that pair is 8200. but as expected, news can make life difficult for fx traders. NFP pushed price down to 7848 and guess what? i was jumping for joy. NFP news turned a 100 pips, with maybe 200 pip retracement potential profit to a 400 pip, with 800 pip retracement potential profit target (how delightful). upon reaching 7848 we quickly entered 2 more lots upon which we will exit one lot at price 8000 and hopefuly wait for it to retrace again. we will continue doing this until 8200 is met.

fx breakdown for the coming month; audusd confirmed it's downtrend on the 13th of may, retraced to it's 61.8, formed lower lows on it's way down, and broke the trendline formed by the lower lows. So, how do you trade this? you would enter the trade upon completion of the first retracement at price 10774 with two lots (i entered with four). you let price fall to 10536 and exit one lot leaving the other lot running. you have at the back of your mind that price, under normal circumstances, should retrace and form lower lows upon which we plot a complete downtrend confirmation, and wait for a break of the trendline ( much like what gbpusd is doing right now). upon the break of the trendline you plot your expansion points for possible re-entry, which we did on the 1st of july. we exited the new lot while still allowing the other lot to run free. we closed out the new lot at 10536 again and waited for another retracement, which it did to price 10800. we entered another lot which we will closed out at price 10536 again, while all our lots are running and still in the game. eventual tp for audusd is 10203.

Finaly, our USDCAD we opened weeks back, at price 9792 for a tp of 9500 is about to hit tp. It was a long and profitable run, making more that 500 pips in retracements alone. price action people, it never fails. Now we can focus on audusd short, usdjpy long, chfjpy short and gbpusd short, once price reaches entry point. these are all long term but extremely profitable. especialy audusd, that is if you tap into their retracement potential. Audusd has completed one retracement and i'm sure there are a few more to go. HOOAAAh!!!! i love this game.

jamace:
Wow! I have seen various  indicators used on this forum and to tell the truth, I have tons of indicators too. Yet, trading forex profitably still elude some of us. What is the problem?

May the pips be with us.

Until people fully realise and understand that price action is the sole key to fx success, it will continue to elude the 95%. news, pivot points, candle reading and all that crap dont work. it might for a while but for how long. news effect is temporary, indicators are lagging, pivot points only tells you reaction points, where and what it is reacting to you dont know. candle reading? year right!!! i just dont get what traders see in that. I believe brokers put all these crap into our heads from day one to ensure people lose and keep coming back for more.

aguiyi:
am going short on gu from 6150 for 50 pips

dont do it, no thought of shorting gbpusd until 16254 is met. Anyway you might get lucky. . . .

honeric01:
When you said "another", were you dealing with one before? and if yes, mind revealing the identity?

wasn't reffering to you bro. . . .just said that in general. Anyway this is what you get for doing shiiit for free. people dont value free stuff. they get more satisfaction when they pay. Maybe that's what should happen.

blink182:
Please put trade signals here for people to see instead of massaging your swollen egos

Another blind moro.on, so what do you call all that we have been putting out?

chfjpy has confirmed it's downtrend; sell two lots. exit one at price 9463 and the other at price 9309. Happy pipping people.

honeric01:
Spam bot blocked my response to Bidemi, too bad (Anyways bidemi, we ain't fighting o )

Why you come de attack me in the first place? anyway, no problem, let bygone be bygone. . . . . . . .

blackgucci:
*Been thinking* why dont we change thread topic to
' who's the better trader'

meanwhile bidemi; what timeframe do you trade mostly and how many pairs do you trade?? I trade longterm mostly, wanna confrim if there are similarities to your trading style, respect!!!

I trade 4hr, daily, and weekly times frames with a minimum of 2 lots placed at the 61.8 fib level. i exit one lot at an expansion level and let the other run to it's final destination. if after closing one of the lots and price retraces, i simply enter another lot. classic example is the usdcad pair, i sold another lot on it yesterday at price 9777 upon which i will close this lot at price 9567, hoping that it retraces again. i will continue doing this until 9500 is met. another pair with the same trend characteristics is the audusd. i have already closed out one lot at price 10536, but i am waiting for price to retrace to in and around price 10693, upon which i will sell another lot to price 10536 again. my eventual target for audusd is 10379 and 10203.

honeric01:
Now, stop being corky, because i asked you some questions, you already think and feel i don't know what i'm asking you? mind you, before you even posted anything about UJ, i was already on the call and even before you posted anything, Meships did too. what i just needed was an insight on why you feel we wouldn't see 82.xx in the long run before lol, isn't that funny? 82.xx is just less than 300 pips away and you claim that's long term? long term should be 1,000 pips upward.

Anyways, since you think i'm the one following you, i'd want to ask you what makes you think i am seeking for who to follow

All in all, no matter how low price goes, it must surely come back up (long term), so what's special in what you said?

You really believe i was born yesterday. your fracking question was full of mockery. or why did you asterix "update". And for your information 300 pips can take two months. my usdcad was set for a target of 9500, (you can check my past post to see if i changed anything). It has been on for almost two months and the pip target is just about 300 pips and with two lots, i have banked 500 pips from retracements alone. Shows how much you know. And if you really believe that price will always "come back up" as you put it, then why do you scalp? let me tell you why. you are just rolling the dice hoping to hit seven everytime. you really need to upgrade your trading. this idumagbo trading style just wont do. It definitely wont do at all.

honeric01:
^^^^

  What do you have to say about UJ? got any "update" on it or you still think 82.xx should have been its destination and not 79.3x it got to?

Over time, eventualy with enough exposure and  experience, you will know the difference between news effect,technical effect and when a retracement turns into an expansion. Also, I have already documented here how i trade, 500 to 600 pips means nothing to me because of my long term view of the market. So, if you cant stand the heat of long term trading, (the key word here being long term) then stay out of the kitchen.

But it is nice to see that you are following. . . .keep it up.

cptyaya:
@bidemi12 you've really been doing a good job. I've been following you for sometime now. Keep up the good work.      By the way, what do you think of the current EU retracement.

Do you know why i suscribe to always entering a trade with 2 or more lots? well, after entering at the 61.8, upon confirmation of a trend, you would exit one lot at an expansion level and just sit back and wait for the other lot to go hit target. but if for some reason price retraces (as it always does) it is a perfect opportunity to enter the trade again. my hope is that EU retraces to 14293 upon which we will enter another lot. for a tp of 13843. But with the full understanding that eu is in a downtrend and might not get there and just proceed to the expected target, but you already have one lot running and in the game so no qualms.

A little forex education titled; the logic of taking a trade with two or more lots. lets say that price made a 300 pip move. most traders see just that, a 300 pip move. But in reality, a 300 pip move could very well be a thousand pip move. we have already established that the best entry point is the 61.8 fib level, that is, after a trend has been confirmed, so, we enter two lots with our set targets in place with one target shorter than the other. Now, more often than not, price will retrace many times over so, having closed the shorter tp, we wait for price to hit the next tp point but as it always happens price will never go straight to it's destination (due to crazy traders who like to trade against trend and news) but go back and forth, each time to a 61.8 level within the defined trend. So, each time it retraces, we enter one lot to close out at another expansion level. The key here is to wait for price to come to your initial entry point or close to it and just plot another fib level so long as the last low was broken. with all this movement happening, remember you still have one lot running and still in the game. It's like shooting ducks in a barrel. Happy pipping people

jamace:
@Bidemi
I have followed your predictions with keen interest. So far, you have been wonderful. You are really making this Forex Thread thick. Well done and keep it up.


May the pips continue to be with you.

Glad to be of service. I may be cocky and a bit arrogant, but like my first sergeant would say, "yeah, i've earned it".

usdcad is preping up for another round of shorting. we have taken the first tp of 9577 and the second lot is still running. we are praying that price pushes further north, up to 9783 upon which we will short another lot to 9577, while still maintaining the last lot for a tp of 9500. Happy pipping people.

Audusd is conforming according to expectations. As put out last week, take first tp at 10536 the second at 10377, or there-about, and the last two at 10203. happy pipping.

make no mistake; usdjpy is still very bullish. the effect of NFP will soon end; buy 2 lots. first tp 8105, second tp 8200.

Perfect time to short Gold: two lots. first Tp 1476.80, second tp 1422.07. Happy pippinp.

bidemi12:
My sincerest opinion is to sell away. But i look at the market long term. so if you dont have the stomach for long term trades then dont. but if you do then sell EU for a tp of 14133.

Gaddemit!!! i'm Good.

breaking down the Nzdusd; Downtrend for this pair was confirmed on the 13th of march 2011 but like i said earlier the retracements can turn to expansions and vice versa. on this pair it did. it has met it's first expansion point at price 8320 but it is highly unlikely that it will eventualy reach the next expansion point. If trading long term, sell 3 lots and exit the first at 7810, the other at 7333, and let the third run to 6813. happy pipping people.

THE LOGIC OF HOW I TRADE. believe it or not, i have not had a losing trade in 4 years. sounds unbelieveable doesn't it. well if you add a little logic into trading then you will not have any problem. I like to call my strategy the '' the logical, symetrical, and finobachi trading strategy". before i break it down let me itemize some facts i have come to realize. FACT; before a reversal, a symetrical triangle forms. FACT; price will retrace to the 61.08 fib level or expand from a retracement to an extention depending on what is happening in the next larger time frame. FACT; to fully confirm a trend change, price will form lower lows or higher highs with  trendline breaks of the highs or lows formed. FACT; because price is falling in one time frame does not mean that it isn't rising in another. So, knowing all this, how do i apply it? simple; you need patience. forex was here before you got here and it will still be there after you leave, abi? these facts happen every day and in every time. (but it is better to trade the 4hr TF and up). now to the most important reason i dont lose money. since i know all these facts and i know that after a symetrical triangle, price can turn from a retracement to an expansion or from an expansion to a retracement (depending on what is happening on the next time frame) i simply plot out all the retracement and expansion points in pips, reconcile that with my equity and simply place the trade. Let's use the gbpusd as an example. the 61.8 on its first retracement is 16547 more often than not price will not get there but you never know. what with news and crazy traders who like to trade against trend, it just might get there. so if i enter the trade at 16306 or 16353 i know that price might go up to 16547 with is highly unlikely but i give room for that and even add 200 pips extra for good measure. so if you do the math i would need about four hundred pips as stop loss. better still, lets say 500 pips. depending on your equity, 500 pips could be $500 or $5000. if you cannot risk $500 dollars to make money in this game then you shouldn't be in it in the first place. I should also add that if my parameters are'nt met i dont take a trade. knowing that gbpusd is in a downtrend is not enough. it must fufill every rule for me to take a trade. downtrend on gu was confirmed on the 22nd of june but that does not mean i will take the trade. it has to still fufill other requirements. Happy pipping people

breaking down the USDCAD. as said weeks back, we openend positions on this pair on the 20th of may after a break of the lower lows formed on its way down from it's first retracement with a target 9500 and it has been performing admirably. we exited the first lot at price 9569 and we will let the other run to price 9500, which should be happening anytime soon. happy pipping people.