Hi willabala, thanks for your constructive criticism...well, the last high on friday of

1.5933 is a significant resistance because it is the current MAJOR HIGH...Price needs to

break above that level to confirm a bullish trend. Can you please tell us your reasons for

going long at 1.59?



This is like a case study of different traders with different bias (long and short).. At

that 1.59 level, you were in favour of a buy position while I was in favour of a sell

position..For me, that level was SELL WINDOW in which my bias would be short...Even if I

want to go long, I would have gone for the first pyschological level @ 1.5940...which gave

strong resistance,before price started retracing downwards..1.595 would be pushing it when

price is already giving signals its overbought and at the sell window..
Well, we all learn everyday,mon ami..

Can you tell us the reasons you took a long trade instead of a short,willaballa?Did you

notice the bearish gap?

Thanks,Dave...you were right...the price targets were hit some hours after the ''Beethoven

Cantata In B Major'' call...extra 200 pips were left hanging on the table..





[08:17:17 27/10/08] klho83 : Hi stal

[08:20:45 27/10/08] Stalion : Hi K

[08:21:14 27/10/08] Stalion : morning agba...monkeymagic

[08:21:26 27/10/08] monkeymagic : hi stalion

[08:22:46 27/10/08] Stalion : hope you guys took our short call yesterday...from

1.59...price went down a huge drop by +400 pips..

[08:23:56 27/10/08] monkeymagic : I have been following recent activites & keen to get

involved

[08:24:22 27/10/08] monkeymagic : don't really know what I'm doing though

[08:24:40 27/10/08] Stalion : cool

[08:25:11 27/10/08] Stalion : how long've you been trading?

[08:25:43 27/10/08] monkeymagic : I've been running a demo account and tried a couple of EAs

[08:25:57 27/10/08] monkeymagic : no live stuff yet

[08:29:28 27/10/08] Stalion : we put a sell stop on GBPUSD @ 1.5426...1ST TARGET @

1.5370...2nd target @ 1.5305...3rd target @ 1.5260

[08:29:51 27/10/08] Stalion : okay...

[08:30:07 27/10/08] monkeymagic : sounds good

[08:32:23 27/10/08] Stalion : any strategy that ur using presently?

[08:32:55 27/10/08] monkeymagic : no

[08:33:08 27/10/08] monkeymagic : Im pretty green at trading

[08:34:05 27/10/08] monkeymagic : this might be a silly question - but do you have to do

three different order for the targets

[08:35:06 27/10/08] Stalion : well, no question is silli,mm...especially in trading..

[08:35:41 27/10/08] Stalion : for 3 targets, you close a third (1/3) of your original

position

[08:36:02 27/10/08] Stalion : for 2 targets, you close half of original positions...

[08:37:30 27/10/08] monkeymagic : great thanks for that

[08:48:20 27/10/08] klho83 : Hi stal Where is the SL for GU

[08:48:22 27/10/08] Stalion : sell stop triggered

[08:50:05 27/10/08] Stalion : stop loss @ 1.5500

[08:51:04 27/10/08] klho83 : Thanks !

[08:56:05 27/10/08] skipper : Morning everyone

[08:56:43 27/10/08] Stalion : please take a third(1/3) profit when +20 pips ashead...

[08:57:00 27/10/08] Stalion : and shift stop loss to entry point



[13:08:20 27/10/08] Stalion : so skipper, how long have you been trading? 2yrs?

[13:09:07 27/10/08] skipper : Hi Stalion - just over a year now & it's been a bumpy ride.

[13:09:43 27/10/08] djcarlos : I have been 3 years, but I was lost in 2 times... but now

with the alerts... im going well

[13:13:32 27/10/08] Stalion : what are the particular challenges you guys are facing in

trading???where would you like to become better?

[13:14:19 27/10/08] skipper : I have trouble deciding on entry points.

[13:14:41 27/10/08] skipper : I seem to have the right idea, but always a bit early in.

[13:15:16 27/10/08] skipper : But I am getting better - just have to be more patient

[13:16:18 27/10/08] Stalion : Timing of entries is one of skipper's challenges...like every

other trader...

[13:16:29 27/10/08] Stalion : dj?

[13:16:32 27/10/08] enolase : Fibonacci is something I would really want to learn

[13:16:48 27/10/08] enolase : so as to be able to get in on retracements

[13:16:56 27/10/08] Stalion : enolase?

[13:17:03 27/10/08] Stalion : ohh,okay

[13:17:37 27/10/08] enolase : Friday was one of the few times i was able to plot and enter

at 38.2 retracement on EURJPY that gave me80 pips in profit

[13:18:08 27/10/08] enolase : but i have never been able to determine properly where to

start the plotting of the Fibo lines from

[13:18:18 27/10/08] enolase : using my chat software

[13:18:39 27/10/08] enolase : sorry i mean using my MT4 chart Fibo tool

[13:20:37 27/10/08] enolase : if i can determine exactly where to start the plotting from so

one can re-enter on a 50% or 61.8% Fibo retracement level, it will really enhance my trading

[13:26:43 27/10/08] Stalion : fibo's not that hard,enolase...but it will take a little time

before you can get used to practicing it

[13:39:13 27/10/08] Stalion : djcarlos...? any forex challenges or problems you want to

overcome?

[13:41:07 27/10/08] djcarlos : yes, I want to start to learn about ways to determine entry

points... in technical and fundamental analisis

[13:42:10 27/10/08] skipper : same here

[13:42:45 27/10/08] djcarlos : I have the knowledge, but i must practice

[13:43:55 27/10/08] enolase : Stal, do we have a potential double bottom forming on the 1hr

chart of EURJPY?

[13:48:51 27/10/08] enolase : and what is this talk of a Yen Intervention?

[14:01:37 27/10/08] Stalion : yea...practice makes perfect,dj

[14:02:27 27/10/08] Stalion : even with all d knowldge and skills in ur disposal,if you dont

practice daily, its wasted..

[14:04:45 27/10/08] Stalion : sorry, mate....that double top on the EURJPY looks weak...kind

of sliding price down to the right

[14:05:01 27/10/08] enolase : yes

[14:05:44 27/10/08] djcarlos : thanks........ Im looking Eur/Jpy chart, and it could be

interesting sell order.... what do you think???

[14:06:54 27/10/08] enolase : of course there are rulesfor entering based on double top:

placing a pending order at the "neck"

[14:07:00 27/10/08] enolase : the neck is still over 300 pips northwards

[14:09:21 27/10/08] Stalion : it would have been a 1-2-3 bottom but the recent low at 9 a.m

this morning breached the previouslow that was there at 113.77

[14:17:28 27/10/08] Stalion : price is moving rather slow...

[14:21:21 27/10/08] Stalion : I suggest a break ...from the screens...we come back in a

hour's time or so...so we put a sell stop @ 113.60...1st target @ 113.10..on the

EURJPY...GBPUSD has more upside momentum than EURJPY...yen is just lagging behind...

[14:22:21 27/10/08] Stalion : maybe cable might give yen some added lift?

[14:28:09 27/10/08] Stalion : a breach above the high of 116.83 would foretell a bullish

move

[14:30:28 27/10/08] Stalion : cool

[14:31:30 27/10/08] Stalion : that could mean the formation of the 1-2-3 pattern

[14:36:43 27/10/08] djcarlos : its ready the entry order

[14:36:55 27/10/08] djcarlos : im waiting

[15:18:31 27/10/08] Stalion : We also put a pending buy stop order on EURJPY @

117.10,1sttarget @ 118.00, 2nd target @ 118.95...3rd target @ 120.53...stop loss @116.10

[15:19:02 27/10/08] Stalion : this ensures we catch any surprise bullish move to the north

[15:54:12 27/10/08] enolase : hi people

[15:55:42 27/10/08] djcarlos : Hi did you see the alerts??

[15:56:53 27/10/08] enolase : yes

[15:56:58 27/10/08] enolase : the GU trade has triggered

[15:57:55 27/10/08] enolase : so we watch it

[15:58:58 27/10/08] skipper : Missed the alert - where was it?

[16:00:28 27/10/08] djcarlos : Enolase... you will open the GU alert again??

[16:00:33 27/10/08] skipper : sorry - being stupid - I did see it!

[16:00:40 27/10/08] skipper : Have short on

[16:06:20 27/10/08] enolase : The ECB President has just hinted on a rate cut at the next

meeting!

[16:07:42 27/10/08] djcarlos : what that means???

[16:07:52 27/10/08] djcarlos : GU is going down??

[16:19:31 27/10/08] enolase : we got stopped out

[16:20:02 27/10/08] enolase : and the market seems headed in a range bound direction. so i'm

taking a break

[16:26:34 27/10/08] djcarlos : mmmm i was open again the alert... bad idea..

[18:45:17 27/10/08] djcarlos : HI good news 1st target of 118.00 was hit.... thanks Stal 100

pips in the badge

[23:37:50 27/10/08] Stalion : cool,djcarlos

[23:39:11 27/10/08] Stalion : 377,44,and 90 pips netted us a total of 511 pips,$511

minilot..$5110 standard lot on Monday