forexwolf has just joined us. he is a good friend of greencats and mine. listen to him and you can all learn. great to have you with us wolf!

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motorized bicycle! see what its all about

Thanks very much for the welcome!

I'm looking forward to being available to help folks with Forex questions and trading. I will try to get settled and get familiar with this site over the next few days... I am happy to help with any Forex questions or Forex trading topics folks would like to discuss...

lol...3 days for settling is all you get
welcome aboard, mr wolf.

My dog wolf... lol

Check this out-when wolf speaks I listen. We are quite lucky to have him here. He is a wealth of knowledge on forex. We also got a class act.

It is with the upmost respect that I welcome Wolf to MM. Welcome aboard.

Howdy wolf, I think you'll find this is one of the best boards on the net for stock talk. the cats have really done a good job keeping it clean from spam and informative. Welcome!

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welcome forexwolf!! with those introduction credentials we're all ears- big pink ones
are you settled yet? good. now abt this inverse relationship between the USD and the DOW ($INDU), i've been trying to make out if one leads the other more often than not-- any ideas on this?

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[SIZE=2"No more riddles."[/size]
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get the cd. it's how money gets made.

Hiya! I'm sorta getting settled in...have some busy days so thats what I am referring too before I can devote a ton more time to posting...

As for the Dow, I have noticed this oddity myself with the Dow and the USD...but have not found any formative signs in the indicators to give me a sign for a trade..

glad to be around..looking forward to chatting with everyone.

fxwolf

Thanks again everyone for the very warm welcome!

I'm very glad to be here, and hope I can help folks out with their Forex interests!

fxwolf

thanks, wolf. didn't mean to rush ya, partner- by all means take ur time. love having ya here. i'm sure you know what i'm referring to but for some who may not, the dow and the usd move in symmetry- one goes up while the other goes down and vice versa. but sometimes dow anticipates usd and sometimes usd anticipates dow. if anybody's got a theory on how to know the current state at any point in time, i for one would love to hear it.

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[SIZE=2"No more riddles."[/size]
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get the cd. it's how money gets made.

Wolf is going to bring to the table clear consise long term plays with entry, exit, profit levels, and stop losses.

Example- I played the CAD just as he said to and raked a pretty penny.

Wolf plans his trades carefully and abides by his anology. He does not win them all but we all are going to be surprised by his level of expertise.

Wolf does not play the short term. That way he does not become a slave to the computer. I on the other hand play long and short. I can unequivically say the short term plays are tough and it takes a disapline to make profit.

My best and most productive has been what we call in stocks swing plays. 1 to 5 days.

If you think the Forex is easier than penny stocks you may be right, but its not easier than big board stocks by any stretch. When I say easier I refer to I only have a few charts to look at, I dont have to keep scanning and scanning looking for a good play, I can set limits and walk away from the computer, and we know exactly when the news is coming and its not for a crooked CEO.

News in the forex is generated from gov't agencies.

My broker is FXDD and I use MT4 and trade off of the platform. You also can set-up a demo account which I stronly suggest in the beginning. I had a demo account close to a year before I made the switch to the real deal.

I still play penny stocks but now I only paly a few at a time and swing trade. I would rather day trade the Forex for fun.

Did I mentioned you can short the forex even with a mini account and its open 24 hours sunday night to friday afternoon.

There are lull times in the forex where the action isnt as hot. I use this lull time to my adavatage looking for a drifter. One drifting up or down. I will get in set my stops and walk away. I am playing for 10, 20, and 30 pips. My biggest sell will come on the 10 pip mark and if it keeps working down I will check on it from time to time(laptops are great for this).. If it makes the 30 pips I start to look for a reversal.

Please ask questions and if anyone wants more info on MT4 let me know and I will start a thead on it.

i look forward to this. i've been mostly daytrading it myself but working on longer strategies. regular 10-pip gains will have me doing the orangedance again

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[SIZE=2"No more riddles."[/size]
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get the cd. it's how money gets made.

Forexwolf
although I am new on this forum I give you a very Italian welcome (plenty kisses and all that!!!!)
looking forward to read your posts because I would like to trade and learn “forex trading” in the not too distant future.

ciao

Thanks again everyone....warm fuzzy's all over.

Admin is right--I don't scalp or play short term usually..only if a trade seems right will I short term a play. But overall I like mid and longer term stuff for most of my trading--where I can entry-order a trade idea complete with stops and exits, and walk away. I mean--I have a job and a life...can't sit at a chart all day long....yet.

Monitoring Forex is fun if you have the time--but it can drive you crazy sometimes...and the last thing you need to do (or that I need to do) is to sit there and second guess my idea or plan and ruin it prematurely. Patience and discipline I have found is a huge key to success in Forex... If you work Tues-Saturday and you can only trade on Mondays or only at nites--you're doomed to limiting yourself to just certian times you can watch..cause there is NO guarentee the markets are excellent for trading only when YOU are available. This is where trade plans and understanding the bigger picture can be helpful for trading...cause honestly the markets are not always ripe for picking pips when YOU are free--they go on their own and have no consideration for us. Sometimes its best to stay out of the market a few days when its blah--and sometimes the plays are coming so fast you run out of safe margin in your account to play all the trades you see setting up. We have to make the markets work for US, not try and force the markets to work for us when WE have the time...if we try and force the markets into our schedule we will get burned--the markets just don't care and will do what they do when they want. Being a successful and good trader means knowing when to trade and when NOT to trade, and also how to trade that best gives you the advantage!

I trade by using detailed Trade Plans...and most of my plays are targeting anywhere between 30 to 150 pips per trade...and will take 1 day to 5 days to complete. I am all about education--cause Forex is one of those things where each individual needs to find their niche that works for them, but moreso Forex is a thing where you HAVE to become a TRADER and take the time needed to master this to be successful... I'm happy to help folks with trade plans and if you are not using a trade plan--you need to...it makes a WORLD of difference.

If folks are expecting me to start posting plays and calls every day--I'm sorry to disappoint...I don't do that.. What works for me does not guatrentee that it will work for you--if you follow a road at full speed without knowing the curves or terrain ahead or understand where you are going--you can still get lost or crash even tho it may have seemd a straight shot. I bring education to this forum and table..and I hope folks will take advatage of that. Don't get me wrong--I will post plays and idea's and views on charts on occasion--and if someone is considering an idea they have been working on, I will gladly give my input which could lead to a trade idea for folks to try...but I am not a signaling service (yet ). You can't be succesful in Forex just following what someone else says--you have to understand and see the reason for yourself--and yes its OK if you don't see it. I get a few alerts as a courtesy from some pro traders--and I don't always agree with or see their reasoning either....sometimes if its right or the trade happens then I can possibly learn something to use again in the future...but more often its not entirely accurate and I am better off having made my decision to stay out. Thats one of my rules--if I don't see or understand a trade--then I don't put money on it. I may follow or paper trade it--but unless it clicks with me in understanding--its a no-trade... I see so many folks lose their shirts to Signaling services and paid advisors...some offer some great advice and some offer great services for education...but how many of those folks really take that advice more then they just wait for the next signal to buy or sell...?

I've been in Forex for many years--I have made every stupid mistake possible and tried all services and avenues of route to be successful quick and easily...until I got the clue that I had to learn how to do this for myself and dedicate myself to learning and understanding and recognizing the advantage times the markets present for potentially great trades. THAT time I invested into my education, asking questions and learning, discipline and patience and understanding of the markets and trading--THAT is what has paid off and turned around my accounts from being blown out and has made my trades more winners than losers and a lot more steady and controlled.. My all time favorite thing to do is to sit my PC and day-trade--but I learned the hard way that my discipline in such cases SUCKS--and I lose more then I gain. But if I do planned detailed trade ideas etc where I am not watching or where I am not hovering over my BUY or SELL buttons in anticipation--my gains are much steadier and routine and happen more often then they lose. If I can tell folks here one thing--its EDUCATION... learn about yourself and learn to be a trader...

Looking forward in the coming weeks...and I am open to any and all questions on tips and topics and the how-to's of trading Forex, plans or finding trades etc etc. If some of the topics I have mentioned here are unfamiliar or you want to learn more how trade plans, trade rules and the like work--I'll gladly start up a thread topic on it and tell you all I have learned "the hard way" ... and don't worry--I will post some plays and calls on trade ideas I may have on occasion for educational purposes. My hope is everyone here however can learn from my mistakes and BECOME TRADERS successfully...

FXW

Hi Woooooooooooooooooolf....
I am eager to join you in this discussion board...
I have been waiting long to join such a forum...
Anyways ...can anyone provide me with some useful FX analysis on EUR/USD for this week?
Best regards,

Based on the Daily and hourly charts for technicals, the EUR/USD looks poised to test into the 1.36 area in the short term.... Here is a chart example of what I take note with... Note the CIRCLES that indicate previous conditions for the Stochastic and MACD levels--and note what the pair did after those levels were met and the various resistance lines it reached up to touch or break..(gc--CCI is also in ripe mode ). I would suggest we are in a similar point based on this--and if so, than we can look to expect to see the EURO test 1.36-1.3655 areas or possibly higher this week.. Given the US Holiday on Wednesday right smack in the middle of the trading week, I would expect to see, after the ISM report, a lackluster strength for the USD as many market folks will be on holiday...a Prime time IMO for the EURO potential to move.. Here is the chart....



This is just some ideas--you are responsible for your own trading...but if I were to trade this pair I would look for a slight pullback on Sunday for an optimal entry level--say the 1.3520-25 level. Even tho we closed with a very strong and bullish candle there is the possibility of a small pullback upon opening ahead of the start of the week.. IF it should gap UP on open (which sometimes happen ahead of a holiday) then look for an entry when the pair closes the gap back to previous closing level--around 1.3535-40 for an entry. My Targets would be 1.3600 and then 1.3640, with a stop loss set at 1.3475. Failing any gap or pullback--and if you wished to get some more validation the pair was gonna test higher, an alternate entry confirming the move higher would be at 1.3575--as it would break above the previous hourly chart resistance areas....IMO. It all depends on if you agree with what I am saying or if you wish to wait for validation to confirm a poitential move--each of us trades within our own comfort zone and that is what matters.

I would expect this trade to take possibly as long as about tues into wednesday to mature to above targets...that is if it does follow this thought or does anything..IMO... Remember--its Forex--there are no guarentee's no matter how pretty the charts look or how well planned the idea--its a beast and I love it for that..

Hope this opinion helps... Trade Safe and Trade Smart!

FXW