Below is an extract of the type of conversations that take place during the Forex Live Chat Events.
ForexPlane.com Editor: if you short, you're going against the trend
Friar Tuck: hmmm.
ForexPlane.com Editor: fastest way to lose money
Friar Tuck: yep -2pips in a min,.
ForexPlane.com Editor: this may take a while
ForexPlane.com Editor: price tend to linger
Check out our sponsored link: null
ForexPlane.com Editor: if you take a look again
Friar Tuck: yep
ForexPlane.com Editor: the lower point in the last hour is just below 13345
ForexPlane.com Editor: correct
ForexPlane.com Editor: ?
Friar Tuck: yes
ForexPlane.com Editor: just a few pips below would be your stop loss
ForexPlane.com Editor: so i would put MIN EXIT say at 13340
Friar Tuck: ok
ForexPlane.com Editor: so if this 13345 breaks, selling would start
ForexPlane.com Editor: your target would be the last high, 13400
Friar Tuck: ok, will give that a spin
ForexPlane.com Editor: you would have a reward:risk ratio of at least 4:1
ForexPlane.com Editor: not bad
Check out our sponsored link:
ForexPlane.com Editor: how long have you been demoing?
Friar Tuck: Started today
ForexPlane.com Editor: this chat doesn't have uploads or attachments?
ForexPlane.com Editor: ah
ForexPlane.com Editor: ok
ForexPlane.com Editor: you never traded forex before right?
Friar Tuck: never.
ForexPlane.com Editor: ok
Friar Tuck: What warning signs should I look out for?
ForexPlane.com Editor: if it breaks below 13345, then there is weakness and most likely it'll continue to 13300
Friar Tuck: EURUSD.. still a flat line.
ForexPlane.com Editor: price is your warning sign
ForexPlane.com Editor: thing is... we all watch prices. If it breaks a certain level, everyone gets in
Friar Tuck: I read about Moving Average Convergence Divergence...should this be part of my daily preps?
ForexPlane.com Editor: MACD yes if a good indicator for forex
ForexPlane.com Editor: but problem is what time frame do we base it on?
Check out our sponsored link:
ForexPlane.com Editor: hourly? daily?
ForexPlane.com Editor: daily is most common
ForexPlane.com Editor: price levels are usually the daily preps
Friar Tuck: so taking todays activity into accout for EURUSD did I miss any real obvious sell signals?
ForexPlane.com Editor: no, if you have your MIN EXIT and MAX EXIT you're set just let it ride and reach either way
ForexPlane.com Editor: you'll be out it's like betting, you risk 1 to get 4 that's the strategy
Friar Tuck: Start of an upward trend? 13:17 -. 13357
ForexPlane.com Editor: if you go to hourly GBPUSD it's turning around and up
Friar Tuck: yep
ForexPlane.com Editor: this is a pullback
ForexPlane.com Editor: and coming off from support
Friar Tuck: ok, Max Exit at 13400
ForexPlane.com Editor: change the chart to daily
Friar Tuck: yep.done
Friar Tuck: so downward trend?
ForexPlane.com Editor: you can see it's been hanging around 19680 for most of this morning
Friar Tuck: Ok, you asked if I traded news. Which I said I didn't but what type of news did you mean?
ForexPlane.com Editor: news must be economically related. Like yesterday with the Federal Reserve announcing a change in interest rate
ForexPlane.com Editor: those will move the market
ForexPlane.com Editor: http://biz.yahoo.com/topic/economy-gov/
ForexPlane.com Editor: this is a list of econ news
Friar Tuck: ok thanks
Friar Tuck: should I adjust my Min exit?
ForexPlane.com Editor: no just leave it. Price will fluctuate. You can take profits anytime but, it's my personal prefernce to go with my target and exit
Friar Tuck: + 8pips
Friar Tuck: worth coming in again here?
Friar Tuck: I started one at 13359 and the other at 13357
Friar Tuck: hmm leveling off again.
ForexPlane.com Editor: you already took profits?
Friar Tuck: nope
ForexPlane.com Editor: Price will fluctuate just have to let it ride. Only way to make real money,
ForexPlane.com Editor: a few pips here and few there will give your profits to broker
ForexPlane.com Editor: 30-50pips minimum is where real money is. 3 pip spread is very wide
ForexPlane.com Editor: tell me tomorrow how it goes
ForexPlane.com Editor: i'll keep an eye on it and we can go at it together
ForexPlane.com Editor: One more thing screen capture your entries and exits it's a good way to learn your trading. Using charts and reviewing them will help you
grow as trader.
Friar Tuck: ok thanks for your help.
ForexPlane.com Editor: no problem. Have fun
Friar Tuck: cheers
ForexPlane.com Editor: bye