sKaLpZ Currency Trading For Beginners

ummm its me again with another question or topic:

Trend Lines for Beginners

The charts that you posted earlier - had a few trend lines drawn, which I am assuming you drew.


Can you go over the basics on why drawing trend lines are important? or if not important, why draw them anyway as everyone seems to be drawing them

A.) How do you determine where to start a trend line? Not only in terms of time frame but in why start for example at a HOD, not at the lower high, or medium high, or in the middle of a candle. Hope you get what I am asking?

B.) How to determine the proper angle of a trend line ( steep, steeper, most steep? )

C.) What do you look for after you drew the trendlines. Intersection point? range?

I ask the above as I am making a big assumption, that if you take the charts you posted, not everyone will draw the same trend lines???

Finally, do trendlines somehow impact your thinking in determining the reward calculation in a potential trade?

Again, thanks for any comments to the above.


P.S. It was never my intent to ask you questions about your specific trading style or setups. My intent is to pick up some basics from your insight and experience in general. Sorry for the confusion.
 
In Passing - Book Recommendation

If you're just getting into trading there are 3 books I recommend you get.

You can check them out at Amazon but buy them at Walmart for less (unless you get used ones at Amazon or eBay). They are:

Stock Market Wizards : Interviews with America's Top Stock Traders.

Market Wizards : Interviews with Top Traders.

The New Market Wizards: Conversations with America's Top Traders.

Written by Jack D. Schwager, they are worth reading!

If anyone has any other good books on trading please feel free to post them here: Your contribution is appreciated.

Saham
 
Quote from Imagine:

ummm its me again with another question or topic:

Trend Lines for Beginners

The charts that you posted earlier - had a few trend lines drawn, which I am assuming you drew.


Can you go over the basics on why drawing trend lines are important? or if not important, why draw them anyway as everyone seems to be drawing them

A.) How do you determine where to start a trend line? Not only in terms of time frame but in why start for example at a HOD, not at the lower high, or medium high, or in the middle of a candle. Hope you get what I am asking?

B.) How to determine the proper angle of a trend line ( steep, steeper, most steep? )

C.) What do you look for after you drew the trendlines. Intersection point? range?

I ask the above as I am making a big assumption, that if you take the charts you posted, not everyone will draw the same trend lines???

Finally, do trendlines somehow impact your thinking in determining the reward calculation in a potential trade?

Again, thanks for any comments to the above.


P.S. It was never my intent to ask you questions about your specific trading style or setups. My intent is to pick up some basics from your insight and experience in general. Sorry for the confusion.
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Trend Lines for Beginners

Well, here I am again, jacked up on coffee, 1:44AM PST, debating on having a second cup...

.....

be right back....

why do they make the glass so thin on a glass coffee pot??

as if they try to impress the world by showing how thin the pot can be and actually still hold steaming hot coffee without breaking.

*taking another gulp of the watery caffeine sludge* ( "I before E except after C." hm....)

I mean, everyone complains about coffee makers never making the coffee hot enough. If they used thicker glass maybe more heat would stay IN!

It's not like a coffee maker is not able to heat the coffee through thicker glass.

anyway... what is this post about?

oh yeah! trend lines.

Imagine was referencing a chart a couple posts back that I had a series of trend lines on the AUD/JPY trade that had red, white, yellow and purple lines on it.

Now, if you look carefully you'll notice the trend lines intersect at specific numbers/intervals/times.

This is an extremely advanced trend lining method I created that takes into account average pricing going back 5 years, timing of eco news announcements, flucuations in price moves calibrated down to 5 seconds all the way up to 3 hours.

each color is a code representing different attributes of my system.

they actually enabled me to see the future, that the rate price was going to go back up to my TP number where I closed it.

...

......

.............. :D

And if YOU believe that, I have a quick-start forex trading kit I'm hocking on eBay for only $40,000.

actually all those lines are, are the same lines in the chart in the previous post that were made longer due to an option to extend them that I ckecked off in the trading platform. :D

I don't use trend lines to trade by. but, admit it, I had yah goin' there... :D

I'll sometimes create a TL just to more clearly see a price move(s) but that's about it.

I also use TLs to mark where a price is trading when I need to leave the market. that way when I come back I can quickly see how far the price has gone up or down when I was away.

that's about as much as they're worth.

theskalper
(note to my readers: thanks very much for getting my journal past 10,000 reads! needless to say, me hitting the back key and refresh button 9000 times may have helped a little.)
 
Quote from sKaLpZ:

[(note to my readers: thanks very much for getting my journal past 10,000 reads! needless to say, me hitting the back key and refresh button 9000 times may have helped a little.) [/B]
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damn and I thought it was my riveting questions that the readers kept coming back for

see you at 20,000 hits
 
A well-dressed forex trader and his accountant have a seat at a ritzy bar in New York, two beautiful blondes on the make waste little time taking seats next to them, a conversation ensues:

Ditzy blonde to the fx trader: "So, what do you do?"

FX trader cocks his head back: "I trade... currencies."

Quick-money glimmers shimmer from the girls' eyes.

Second blonde: "Oh, I'd LOVE to make money trading currencies, how do you do it??"

With a smug look the forex trader curtly replies, "Most investment, speculation and trading for me follows a pattern."

The women's jaws drop, drooling.

The accountant looks over and says, "Yeah, losing."

sKaLpZ
 
After all this time I finally figured out what a pair is.

I think this qualifies me as a beginner. SO....

When do you actually tell us how your system works? Or.....

What is your system?

I have really enjoyed your writing.
Have you written a book on this subject.
I am one who needs instant gratification.
I will probably lose it all on my first trade.
 
Quote from Adrian12:

Thats a good one:D Wheres the Euro headed next ?
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Aw.. I thought you were gonna ask "Where" did the joke come from? I made it up! :D

Where's the euro headed next?

Who cares about that, I'd rather write jokes.

Well... its direction may have to do with the results of the vote coming up in a few hours.

You can safely bet it (the rate direction) will, at first, be an over-reaction.

Though, and I too have USD longs, USD-bulls are crazy to plow much more money into the USD. With the pathetic eco numbers coming out of that region there's really no reason to go there.

At least not until China unpegs their currency (the Chinese Yuan Renminbi - CNY) from the USD.

And, don't hold your breath for that to happen, regardless of the US's threat to China that they got 6-months till Doomsday.

Because when you play the trade sanctions game, the sword has two sides to it and they can both cut.

Back to joke-writing....

theskalper
 
Quote from wabrew:

When do you actually tell us how your system works? Or.....

What is your system?
More...
There's not a lot to it.

Basically, you just have to give 'em a war.

If you're not up to it, don't enter the pit.

Coinz
 
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