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EURUSD 5min daily analysis


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EURUSD 5min daily analysis

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  #191 (permalink)
 mastercraft29 
central florida
 
 
Posts: 192 since Jul 2014


GTNZ View Post
You must be kidding,

Futures are alot safer than forex and traded on regulated exchanges, forex is NOT. I traded futures right from day one. Saying forex is safer than futures and futures is for professional traders is completely wrong. IMO Forex is the very last instrument I would tell a beginner to trade.



No, I am not kidding and quite serious.

You obviously did not read what i said as i have never claimed forex is "safer" than futures. There is no such thing as safety in markets. This business is based on risk. What i said is that a beginning trader should start out in forex where the cost of tuition is low rather than a futures market where the risk is high. This is especially true for those who do not yet understand markets or themselves as traders since we all lose money for the first year at minimum as we discover ourselves and strategy.

"IMO Forex is the very last instrument I would tell a beginner to trade."

-Perhaps this is because you do not understand institutional activity or how markets work. I agree about the fact forex markets are not regulated and therefore are susceptible to broker issues but this does not mean they cannot be traded. The institutions cannot hide what they are doing regardless of the fact the markets are unregulated. If you cannot make money in a forex market, you are unlikely to in a futures market. And if you are lucky enough to, then you are the exception and not the rule.

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  #192 (permalink)
 GTNZ 
Christchurch New Zealand
 
Experience: Master
Platform: TOS
Trading: CL, EC, ES
 
Posts: 3 since Jul 2017
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mastercraft29 View Post
No, I am not kidding and quite serious.

You obviously did not read what i said as i have never claimed forex is "safer" than futures. There is no such thing as safety in markets. This business is based on risk. What i said is that a beginning trader should start out in forex where the cost of tuition is low rather than a futures market where the risk is high. This is especially true for those who do not yet understand markets or themselves as traders since we all lose money for the first year at minimum as we discover ourselves and strategy.

"IMO Forex is the very last instrument I would tell a beginner to trade."

-Perhaps this is because you do not understand institutional activity or how markets work. I agree about the fact forex markets are not regulated and therefore are susceptible to broker issues but this does not mean they cannot be traded. The institutions cannot hide what they are doing regardless of the fact the markets are unregulated. If you cannot make money in a forex market, you are unlikely to in a futures market. And if you are lucky enough to, then you are the exception and not the rule.

After 20 odd years trading futures, futures options,equity options and FX, you don't think I know how markets work. No reply needed. Thanks

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  #193 (permalink)
 mastercraft29 
central florida
 
 
Posts: 192 since Jul 2014



GTNZ View Post
After 20 odd years trading futures, futures options,equity options and FX, you don't think I know how markets work. No reply needed. Thanks


What is wrong, you cant take any push back?

Need i remind you, you started the argument. Not to mention you say not to trade forex, and then talk about trading forex?

I am not here to argue with you. And I have no problem being challenged on my work or anything i have said. But atleast get what i said right before you do so.

In all seriousness, I wish you the best of luck.

See you in the markets.

Josh

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  #194 (permalink)
 GTNZ 
Christchurch New Zealand
 
Experience: Master
Platform: TOS
Trading: CL, EC, ES
 
Posts: 3 since Jul 2017
Thanks: 0 given, 0 received

Keep your hair on. I traded FX a long time ago but don't do so any more. And for your information I wasn't arguing with anyone, I just stated a fact that you can't handle. End of story!


mastercraft29 View Post
What is wrong, you cant take any push back?

Need i remind you, you started the argument. Not to mention you say not to trade forex, and then talk about trading forex?

I am not here to argue with you. And I have no problem being challenged on my work or anything i have said. But atleast get what i said right before you do so.

In all seriousness, I wish you the best of luck.

See you in the markets.

Josh


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  #195 (permalink)
svedan
Munich
 
 
Posts: 19 since Jan 2017
Thanks: 32 given, 3 received

@GTNZ

I think was mastercraft29 wanted to say is: The risk of ruin in the retail- forexmarket is little due to the small value per pip if you trade micro- or minilot.

@ mastercraft29

I really like what you are doing here. In the past i read it occasionally. In the last 3 Months i spend time with price action (Al Brooks) and after some time wasting for indicators (which can't work in the long run) and deeper dedication i think PA is the best starting point for a beginner to understand/anticipate the markets.

I would appreciate if you continue this journal as it's delivers some value.

btw: i read you're writing a booking? Does it make progress?

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  #196 (permalink)
 mastercraft29 
central florida
 
 
Posts: 192 since Jul 2014


svedan View Post
@GTNZ

I think was mastercraft29 wanted to say is: The risk of ruin in the retail- forexmarket is little due to the small value per pip if you trade micro- or minilot.

@ mastercraft29

I really like what you are doing here. In the past i read it occasionally. In the last 3 Months i spend time with price action (Al Brooks) and after some time wasting for indicators (which can't work in the long run) and deeper dedication i think PA is the best starting point for a beginner to understand/anticipate the markets.

I would appreciate if you continue this journal as it's delivers some value.

btw: i read you're writing a booking? Does it make progress?



Hey Svedan - you are absolutely right as the point i was making about forex, and that price action is by far the best way to trade long term (versus indicators).

I still have work to do and unfortunately have not had time to work on it lately.

Once i have it completed I will become a vendor here and announce its release. I hope to do this around the first of October but have no clear deadline.

Until then, I am simply a trader offering free information on price action and trading in general.

Although i no longer post here as directed by big mike, I continue to post daily analysis to my youtube page which can be found at the link below

[yt]https://www.youtube.com/channel/UCqCggJB57vF4d4YezfssPXw[/yt]

Feel free to ask questions pertaining to my analysis, price action, the EURUSD, trading psychology or trading in general and i will try to answer them in the following video.

Thanks, Josh

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  #197 (permalink)
 mastercraft29 
central florida
 
 
Posts: 192 since Jul 2014

Live analysis 8/23/17 and HTF review


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  #198 (permalink)
 tradingonvolume 
Rhode Island, USA
 
Experience: Intermediate
Platform: Multicharts
Trading: Any Instrument
 
Posts: 48 since Jul 2009
Thanks: 69 given, 73 received



Does anyone know where Josh (mastercraft29) went? I miss his updates. I learned a lot from them.

Following in his style, here's a trade I took on the Euro today. I hope this can revive this thread.

Double top in a downtrend.
I should have shorted bar 31 as a weak high 1 but instead took the low 2 on bar 33 ready to scalp in higher if need be.
On bar 38 there was a second opportunity to re-enter on a weak high 1 if you missed any of the other entries.
I had a target down on the demand zone that was created by bar 25 and 26.

The better trade was the high 2 on bar 41 after a sell climax, right ontop of demand. I couldn't switch gears that fast as I was just getting out of my short.

mastercraft29, if you see this, please come back.


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