₦airaland Forum

frenchman2:
bonjour a tous.
pulled the trigger on eurjpy at 136.94 tp 138
I actually went long on friday. just added another position
see chart below for details.
let's see how it plays out.
NB: Nothing is guaranteed. Price could just do the opposite and rubbish my analysis.

PRICE IS KING. FOLLOW IT WHEREVER IT GOES.

natruetalk:
getting to the time to close Shop 4 the week, let me hurt someone more with my today's trading chart. i think everyone is free to post on NL so far the post is not against Seun Osewa Rules. FTA space is enough for those who want to post charts, those who know how to shout and so on. i don't ask anybody to like or want my chart that wouldn't disturb me coming whenever i feel with or without chart. anybody is free to come and rant as much as he want, it a free world.

@rozayx5 ur contribution here on FTA can never be ignore learned from you myself i respect you. next time u read such lamentation, just ignore as it can never reduce ur piping

natruetalk:
getting to the time to close Shop 4 the week, let me hurt someone more with my today's trading chart. i think everyone is free to post on NL so far the post is not against Seun Osewa Rules. FTA space is enough for those who want to post charts, those who know how to shout and so on. i don't ask anybody to like or want my chart that wouldn't disturb me coming whenever i feel with or without chart. anybody is free to come and rant as much as he want, it a free world.

@rozayx5 ur contribution here on FTA can never be ignore learned from you myself i respect you. next time u read such lamentation, just ignore as it can never reduce ur piping

iheanyiebeneze:
This might help someone.
Trading breakouts 101


Dear trader and Clickevents reader

The current sell-off means that it’s a tough time for many traders. But the markets are on the move – and for adaptable traders, this presents some excellent opportunities to ride those moves.

And one of the best ways to capture moves is to enter the market on a breakout, as the price ploughs through a level of support or resistance.

But breakout trading can be a divisive subject among traders. Which is why I thought I’d tackle some of the myths and misinformation about breakout trading – to get to the truth about what actually works (and what doesn’t) …

Breakouts 101

The theory of breakout trading is sound, and very persuasive …

- watch for a price stuck in a range
- it can’t stay in a range forever, so eventually it will breakout
- these breakouts can be explosive
- when it breaks, we catch profits from that explosive move

What’s not to like?

And it’s easy to find fabulous examples where prices took huge breakout moves, with spectacular profits.



A breakout doesn’t have to be from a channel – breakouts can be played as prices butt up to any key level of support or resistance.

Anyone who’s tried breakout trading will tell you that the bane of their lives is false breakouts. Perhaps the price touches through the upper level of the channel before immediately turning tail in a sell-off. Or perhaps it breaks, then pulls back neatly to your stop level, closing you out for a loss, before heading back off in the original direction.

These are frustrating, and – I’ll be honest with you – there is no way to eliminate false moves altogether.

But there are ways to boost our chance of success

The trick is momentum.

A breakout without momentum is worthless. Breakouts are all about momentum.

They tell us that there are lots of buyers pushing the price up. Or, in the case of a breakout below support, big red candles tell us that there are lots of sellers, pushing the price lower.

But if we wait around to see those candles – we’ve already missed the lion’s share of that profit. The buyers have already bought … or the sellers have already sold.

So, if we don’t want to wait around for the candles to form, how can we get an immediate momentum reading?

The obvious answer would be the momentum indicator, or an oscillator like RSI …

The chart above shows the same breakout, with the RSI indicator clearly showing higher highs – this tells us that traders have their foot on the pedal for this move. It’s an excellent tool, but – again – it’s fallible. Sometimes prices will dither on the area of support and resistance for some time before momentum builds.

So I’d like to tell you about the trick that’s effectively employed by John Wheatland in his Breakthrough FX system, which I’ve been following for a few months now.

It’s a factor that’s too often ignored by traders, who get bogged down in the ups and downs of candlestick movements.

Time.

John times his trades to match up with the exact moments he knows (from gazillions of hours studying price!) that momentum comes into the market. It’s proving to be phenomenally effective.



Breakthrough FX

Another thing that John’s system does very effectively is managing risk-reward. And I’ll explain here why this works …

The temptation with breakout trading is that we see the text-book examples – the ones where the price flies off 100+ pips in our favour – and we want those kinds of breaks. But – as with all trading – genuine success comes in small parcels.

Just because a key level has broken, and we’ve got some momentum behind it … does not mean that we’re riding a huge move. While markets are notoriously unpredictable – they are also creatures of habit and tend to move within daily ranges. So, we shouldn’t get greedy with our breakout trades.

Sure, sometimes the market makes huge 100pip+ leaps – but we can lose a lot of trades while we wait around for these events to come along.

It’s the old story that (I’m sorry) I bang on about again and again. Take profits, take profits, take profits. It’s an error to sit back and wait for a huge reward on your trade – all the time you’re waiting, your capital is at risk. Take modest profits regularly, manage your draw downs, and don’t overstretch your risk.

A thrilling rollercoaster ride it is not. But a genuine, long-term profitable one – yes.

Regards,

leopower:
sell E/A, G/A & buy A/U if u find it convinient. sorry no chart

endfx1:
Lost my only sister earlier today to the cold hands of death....Actually stopped trading cos of her illness for a while now....I pray for the grace to bear this painful loss.

caesaraba: NZD govt fundamentals. I think after clearing .8100 (NU) is going to keep flying downwards till 0.7700 (last year's low) at least since technically there's no viable resistance in sight, dance small alanta and maybe turn around and off to .8800 (trade of life) we go. MHO sha o.

docus: hi traders. u can buy USDCAD nw. tp open

oseme4u2: Who else got these.I am invited GIS internship for a fair/interview at mums civic centre Warri.

naijababe:

How una dey here o.

I am stalking GU and GA wrt to the Scottish referendum on Thursday, some mad pips are sure to drop for £ pairs this week and next. Where is my Oga natruetalk? Please sir, ignore the clown above o.

natruetalk: eyeing to buy EU, hop am not going to miss d train while looking 4 more good price to enter

emiye: Thanks, i wish you the same.

emiye: I have been introduced to forex by a friend some months ago, and my live account is now a week old.

I hope i learn from seas of professional in here.

docus: UCAD sell limit activated

leopower: gud morning gr8 house. my take for E/J

natruetalk: EN will print dollar soon too much of stopping @ dis zone is good sign to hold

natruetalk: me think d nucca need some kind of news to move it out of d box. EN will print dollar with patience bro

So as GA dis week

yomexy2: i m actually going short from 1.5797 with 35 pips stop