₦airaland Forum

I've noticed a disturbing trend on our thread.

The turn-point pickers hold on with too much conviction about where the market WILL go next, and beat back the trend followers for daring to say otherwise (I have sadly, seen at least 3 fine traders (in my opinion) ridicled for calling the obvious trend).

Then the turn-pickers later shout "crazy markets" or say the market "broke all rules", when the market refuses to turn.

The only advise I can give is this:

If you hold tightly to your opinion of where the market WILL go next, then you will instantly stop seeing where the market is going NOW. It a natural mechanic of the human mind. Since I learned that lesson (in season 2), I'm bagging over twice what I used to -- and the markets have become peaceful.

tonjoan:
wetin be trading point site addy?

www . trading-point . com (remove spaces) .

@ ForexMart,
E be like say this Trading Point wey u dey always recommend dey try small o. This morning wey I jus open account, now-now dem don already call me for follow up.

Anyway, I'm particularly happy that they are STP, have 6 liquidity providers, and meet other requirements I have for this particular account.

I hope say their withdrawal no get k-leg sha?

The massive euro buying by institutions started late yesterday. Most euro buying was not done with usd though -- probably to hide the move till the last minute. No guarantees, but my euro bias is definitely up -- for now.
E.G: EURAUD.

@ Forexmart,
My personal experience with murrey math indicators on mt4 is that they REPAINT levels (i.e: they "shift goalpost" to look good after a trade starts going against you). Now I don't mind a momentum indicator that repaints, but a repainting level/zone indicator is -- in my books -- something I run from.

I've found that, if one is VERY GOOD with fib, they're more reliable/accountable than murrey levels (I've tried both).

Have you found this to be different?

unclenna:
@smithereen, I will tell you the truth I have been using fxopen in live account since 2008 they are awesome.

FOREXMART:
well I have have a micro with fxopen my main account with Trading point. Reason why I cant risk using fxopen for the main account is because they are market makers while trading point is (STP), Straight Through Processing.

Compare for yourselves brothers. Read the whole information on these pages for your own good.
Love you all.

Thanks guys. You rock.

unclenna,
Do u have a live account with fxopen? Howz ur experience with them pls?

Recommended?

Looking to open yet another account, but I ain't buying the hype till I hear a Naija's experience. . .

stagger:
You blab too much. You need to keep your mouth sealed with a zip or stick to what you know best and stop confusing people here on this thread. You are blabbing! In case you do not know, I am part of a team that provides technical analysis that is seen on the forex platforms of a major European forex broker, used by hundreds of thousands of traders worldwide.

I do not need to blow my trumpet for imbecilic cretins like you; I have monetized forex trading in many more ways than you can imagine and you don't know sh[i]i[/i]t about that. Take your silly opinions and shove them up your rear ends. Ok?

Stagger, there is no need to get confrontational when someone's opinion is different.

There are 2 important lessons you need to keep in mind, if not it may affect your trading:

1. EVERY SYSTEM IS DIFFERENT BUT ALL CAN BE PROFITABLE. One person's system will often seem like nonsense to another, thus the system you choose depends on your personality.

2. It is NOT compulsory to trade with news (except for major natural disasters).

Most news are released by human beings, and those human beings are not banned from looking at the charts just like we do (long before releasing the news).
Thus while some people are happy waiting for their news, others strive to master the same long-term technical analysis that the newsmakers use to protect their interests, thus staying ahead of the masses being scammed on CNBC.

Remember, this is my opinion and it works for me. Just as your own opinion obviously works for you.

The important thing is not to expect everyone to follow your opinion, or get attacked if they don't. If the rest of us did that, the cross-fertilization goal of this thread would be over.

By the way, Remember your post where you were asking for experts to elaborate more in their posts? Now in an environment riddled with attacks like this from opposing parties, how will they be encouraged to do so?

My chfjpy and AU longs TP hit prematurely @ +100 pips each.

Kai, where I dey wen I miss the extra move on top.

Closing half my CHFJPY long @ +45 pips.

Make I on CNBC see wetin dey pursue market naa.

(We sef wey no dey follow news. . .).

Closing half my AU long @ +50 pips.

-- That was fast. . .

Closed half my AUDNZD short @ +53 pips - now in free trade.

Closed my awoof coin-toss cadjpy at 73 pips profit.

(Na wa o. I crack my head with analysis and close 50 - 60 pips. I coin-toss then go to sleep and close 73 pips. Says much about how to approach trading.)

Almost time to go long EGbp, Chfjpy, AU.

Egbp looks like it's could fall a bit more. Sold again @ 0.8728 at half my normal lots.

pip love-vendor:
this feels like the calm before the storm. . . . . . . . .

>> Place "Jaws" theme song here <<

Closed 2nd half of my AU sell @ +100 pips. I couldn't resist it - even though I believe there's more downside.

Oh, well.

Chineke!! My coin-toss cadjpy trade is in profit. See comedy.

Closing half my AU short @ +40 pips. Also in free trade.

Awww, one second too soon. No matter, objective achieved.

I have an AUDNZD short and a UJ long in play, both taken this morning and both have moved only about 5 pips from morning position. However, both are longer term focused, so I guess I'm done for the day.

Oh, there's the buckshot trade cadjpy which I won't even look at until it hits SL or nears TP.

Closing half my positions on my EGbp and Chfjpy shorts @ 40 pips each. Both in free trade now.

frenchman2:
thanks to you

it was actually your post that drew my attention to it. I hadn't looked at the pair for sometime now.

After much scanning, Bingo! I saw the pattern.

Though price has been heading north since i entered,

So when it formed a double top at 75.93 i re-opened another position.

should price break 76.40 resistance, the pattern will then be nullified.

I'll take my loss and move.

@ Frenchman
Awesome!!!

I practically expected that entry to run straight to the SL, and here it is having a shot at success (not guaranteed of course).

I've learnt a bit more about trading psychology from this, and it's carried over to my real trades.


@ Naijababe
Meanwhile this your "in the zone" book recommendation is more than a book, it's a religious guide to success in life.
I had it on my system but only read it after u recommended it. Words cannot describe it.

Thanks!

smithereen:
Yeaaaah right.

Hmmm BTW this might be good mental exercise in panic management.

Let me think of a pair I haven't looked at lately --- CADJPY.

No coin nearby, so I'll toss a SPRITE cover. Heads long, tails short.

TAILS.

I'll open cadjpy and short with TP and SL both 100 (0.01 lots).

Done: 75.65.

Since I have NO EXPECTATIONS from this trade, I wonder if I'll manage it differently.

frenchman2:
Here is my chart pattern analysis for CAD/JPY

I see a typical heads and shoulders chart pattern on the 1hr time frame.

From the chart below, you can see that i'm already short at 75.611

where to exit.

for those who want to play safe, exit at the neck. (see chart) That's just 100pips.

But how far can price fall?

To calculate price projection for heads and shoulders pattern, get the number of pips from the neck up to the head.

deduct that from price at the neck. we deduct since price is going south.

Wow, Frenchman.

I can't believe my coin toss landed on the same side (short), and so near the same entry price as your analysis.

Where is that sprite cover!!!! (CNBC here I come)  

AU, CHFJPY, EGBP, all looking ready to short.

Any thoughts?

pip love-vendor:
i flipped the coin ten times and it came up heads on all my trade ten times. . . . .since our last discussion. . . .coin tossing is the shizzle

Yeaaaah right.

Hmmm BTW this might be good mental exercise in panic management.

Let me think of a pair I haven't looked at lately --- CADJPY.

No coin nearby, so I'll toss a SPRITE cover. Heads long, tails short.

TAILS.

I'll open cadjpy and short with TP and SL both 100 (0.01 lots).

Done: 75.65.

Since I have NO EXPECTATIONS from this trade, I wonder if I'll manage it differently.

pip love-vendor:
The way things are going. . . . .this week might be bloodier than last week. . . . i hope sooooo . . . . God!!! you have to love this game. . . .

Oi!!!
Are u up for some coin-tossing this fine tuesday evening? I'm feeling lucky. Let's find one hapless pair, toss on it and risk 0.01 lots x 100 pips (i.e: approx. 10 usd).

(No peeking at indicators -- or pattern)
Game?

stagger:
Is it not better for those making trade calls to explain the rationale behind their trade calls, so that newbies here will not be derailed? For example, all the GU longs called today have obviously failed. Even EURUSD has not made a definite decision on where it is headed.

Just my two cents though.

Stagger, good trade entries don't often move immediately (important key to success). As you can see GU did rally as well as EU. Personally, between those 2 as well as chfjpy (buy) and usdchf (sell), I closed quite a bagful today.

As per your suggestion for newbies, I believe (from what I've been reading so far) that the newbies that are HUMBLE, OPTIMISTIC, and self-motivated have been learning a whole lot by following the proceedings here. Anyone that can't figure out his way from the amount of honest tips being dumped here (much more than on other forums), may not be able to survive the ruthless world of forex.

EU & GU look so longable right now.

Stalking 15min bars for entry.

EurGbp long, anyone?

frenchman2:
pip love-vendor and smithgreen,

just want to share with you what my chart pattern is telling me about AUD/USD

I'm already long as you can see on the chart below. I went long at 1.0196, TP 1.0369

i'm looking forward to price hitting that yellow resistance line. whatever happens, immediately price kisses that yellow line i'm out even if it doesn't hit my TP

And somehow it coincides with the high of 16/09/2011.

pls don't hesitate to point out if i'm wrong.

PRICE IS KING. FOLLOW IT WHEREVER IT GOES.

Your analysis is solid and in order. I missed that long entry (about 4-5am NG time). I slept at the wrong time!

I agree that the pair should ideally have some upside b4 falling. My short is a cheap (small lots and small SL) throwaway trade, executed to satisfy my anger @ missing 3 clear-as-day entry signals (EU, GU and Chjpy) that happened b/w 3am and 5:30 am today.

(It's also a toss at the 50/50 law      ).

Hopefully, we'll see some real signals on a number of pairs within 3 - 4 hours.

Thanks for sharing!

pip love-vendor:
@smithereen. . . i feel you. . . . .anyyywayyyy. . . . .let us analyze the audusd pair, . . . it has broken the resistance range which for me represents a trap. it really has no business being that high which also serves as an opportunity for a nice short soon. for me, it is highly overbought considering reversal patterns have been formed, . . .i could be wrong though. . . any thoughts on this?. . . . anyone?. . . . no?. . . .really?. . . .then frack you too!!!

Ol boi, I have been following this AU matter since like 11pm yesternight. I see 2 signals.

On the daily chart, it's easy to see AU is @ the top of a downtrend that started on Jul 27. Also, daily momentum signals are screaming SELL.

Meanwhile on the lower timeframes, we seem to be in an uptrend started on Oct 4. Normally this is not a problem since we are probably at the end of that rally -- but my wahalla in this case is that at this point in time, the rally is being supported by new 4H momentum (fresh out of the bag).

(After God, na 4H momentum I fear next ).

Normally this means that AU may go up a bit more b4 the fall kicks in. Since I don't have my clear signal, my solution would probably be to enter a sell now at half my normal lotsize and see how far.

Abi how u see am?

Of AAAAALLLLLL the Forex forums in the world that I've participated on, it is only on a Nigerian forex forum that I've seen (a few) human beings who get angry when other people celebrate their successful trade calls, calling it bragging/pride -- instead of supporting/learning/enquiring from them.

The blessing/purpose of having a forum like this is that instead of trading and suffering alone as most of us have been doing, we can find individuals who seem to be CONFIDENT in their system, analyze all their trade calls that were successful, compare with our own charts/system for those periods, and hence improve our own entries and do better in future. At least that is how I've gained IMMENSELY from this thread (I'm sure others too) -- even though I already traded OK before coming here.

Instead, we have the odd non-productive individuals here who would concentrate on the negative attitude of forever critisizing those who proclaim success, in the hope of killing all enthusaism on the thread.

Honestly, I wish that people who post here would be only those who were serious about trading or at least learning how to trade. I've noticed that whenever we have this problem, the individuals who express these attitudes tend to be self-admitted non-traders or failed traders (Yet they sabi trading advice more than everyone else).

PLEASE, people who can't contribute and choose not to learn from the primary objective of this thread i.e. FOREX TRADE ALERTS should not feel under pressure to clog up the pages for others, with their critisizms of people who have the courage to do so.

Just closed yesterday's GU short @ +63 pips.

blackgucci:
the same thing for Ecad and UC on 1h abi na only my broker??

Gucci I fear that ya broker o.

Nothing like that on any of those charts on my platform.

pip love-vendor:
I agree with you joooo. . . .might as well start flipping coins to find heads or tails before placing a trade from now on since forex is 50:50. . . . hmmmm. . .that's not a bad idea you know. . . .i'm starting today. . . .anyone with me?. . . . . anyone?. . . . really?. . . .guess i'm on my own on this one. . . . .wish me luck. . . .

Nor try am oooo! (I know say u jus dey joke sha).

At least if motor jam person, e good make e know which one.

Meanwhile, there was a well-respected very young guy (college student) on forexfactory a while back who claimed to be doing well with coin-toss entries. Can't remember his name but I remember the firstname starts with R and the lastname is Raygun or something like that. Don't know if that still works for him though.

Me -- for this life and the next, I no fit try am.

odiaero:
as far as u are entering trade(s), the chance of winning and losing is 50 50

GBAM! One of the secrets of forex revealed.
If we like, we can analyse until we are physically floating in the air -- at the end of the day, the chances are 50/50.

I learnt this lesson a while back while reviewing my monthly statements, and since then have enjoyed better trading.

It is our strategy for TRADE MANAGEMENT and PSYCHOLOGICAL CONSISTENCY (under the tension of a real cash account) that turns 50/50 to profit or loss. The trade call itself is a smaller part our success.

(I hope that those people who get offended and pick quarrels when other people's trade call is against their religion, are taking note).