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  • #10,061
  • Jun 16, 2014 10:12am Jun 16, 2014 10:12am
CT can we do something for you?
  • #10,062
  • Jun 16, 2014 10:33am Jun 16, 2014 10:33am
Quoting ClockTrader
Does anyone here know how Indians fund their Forex accounts? Banks will cancel debit/credit cards if I use them. I can't send wires either. Technically from legal point of view, Forex is now fully banned for Indian individuals. I know how it sounds like and its kinda off the the topic, but, any help would be highly appreciated.
There are lot of possibilities in trading FOREX from India, even though government has capped some restrictions. There are FOREX companies based in Mumbai that accept funds in local Banks. I have been trading with them for sometime and satisfied with what they have to offer. Cheers!
  • #10,063
  • Jun 16, 2014 11:06am Jun 16, 2014 11:06am
Just for sharing, I don't have names for those patterns, it's just personal pattern recognition and observations thru some years in other pairs, maybe you guys can come out with better ideas in future.

Eg, picture 1. Sometimes, a trend move in X waves, but camouflage in just Y waves. Below are simple examples.

Eg, picture 2. The 3 waves are of nearly same length. But it actually had only 2 functions, referring to the 2 diagonal consolidation built up highlighted in Orange eclipse. The highlighted square/rectangle boxes, are where specific long candle with volume initiating a move in a direction but eventually come back to retest at least 50% to 90% of the price levels.

Anyway, I cant predict the price, but I am anticipating the pattern to retest 1240-1250 region, excluding fundamental news affecting this analysis.

Btw, although I used a time frame chart, but I don't really take the time frame into consideration. I am not good at words, but what I am referring is, some times a pattern took longer time to establish, but its actually the same pattern, it just depend how one interpret it.

Just for sharing some interesting personal experience. Good Luck all.
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The only winner is the one who survive the longest...
  • #10,064
  • Jun 16, 2014 1:45pm Jun 16, 2014 1:45pm
Quoting ClockTrader
Does anyone here know how Indians fund their Forex accounts? Banks will cancel debit/credit cards if I use them. I can't send wires either. Technically from legal point of view, Forex is now fully banned for Indian individuals. I know how it sounds like and its kinda off the the topic, but, any help would be highly appreciated.

I use my debit card and transfer the fund to skrill/neteller first. Then to my trading account(i did it last week). The only time the bank interfered in the transaction was when i withdraw $1000 from my trading account and they asked me to give a written statement including amount and date for confirmation. From then i used to withdraw in packets less than $300. No enqiuries after that from the bank.. so far.
FYI: My bank is SBI.
  • #10,065
  • Jun 16, 2014 2:47pm Jun 16, 2014 2:47pm
Quoting ClockTrader
{quote} Time to call it a day, the PA has been as per expectations, shorts are working fine, longs are in place for seasonal action. Have a nice one you all! PS: Hedged 55 - 60% of longs in the 70-80 range
yes, there are not sign of the downtrend reversal yet and this thing should drop again to $1260 with some retracements on they way but quickly as last uptrend had not consolidation of price, $1190 will be met again,
i was stupid not to see yesterdayt the downtrend channel, i just shorted cause very overbougth levels inspired on Irak conflict which is gonna end sooner than expected.

im curious about ur way of trading based on percentages and hedging, i hedge but most of the times i exit at wrong times, so those trades are not so profitables.
  • #10,066
  • Jun 16, 2014 3:20pm Jun 16, 2014 3:20pm
Quoting kinspk
Just for sharing, I don't have names for those patterns, it's just personal pattern recognition and observations thru some years in other pairs, maybe you guys can come out with better ideas in future. Eg, picture 1. Sometimes, a trend move in X waves, but camouflage in just Y waves. Below are simple examples. Eg, picture 2. The 3 waves are of nearly same length. But it actually had only 2 functions, referring to the 2 diagonal consolidation built up highlighted in Orange eclipse. The highlighted square/rectangle boxes, are where specific long candle...
Thanks kinspk, very nice post
I see my own patterns as well, I think I'm going crazy! The reason is I'm new in business and I can't explain what I see or what's the use of it.
Many green pips mate
  • #10,067
  • Jun 16, 2014 4:18pm Jun 16, 2014 4:18pm
i think we have a good buying chance with tp @ 1281 and sl :- 1266.50.

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  • #10,068
  • Jun 16, 2014 4:31pm Jun 16, 2014 4:31pm
Wait for FOMC release, if tapering continue so that Gold will go down, expect touch 1220 and if not, Gold will bullish trend.
  • #10,069
  • Jun 16, 2014 10:23pm Jun 16, 2014 10:23pm
Just shorted some GOLD, looks good to 1250 depending how we get there I will move a stop in or lock some pips down. Nice trend play
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All posts are my personal opinion
  • #10,070
  • Jun 16, 2014 10:24pm Jun 16, 2014 10:24pm
Quoting Leblank
CT can we do something for you?
I guess you are aware of my situation, if you have an advise let me know.
Hello World!
  • #10,071
  • Jun 16, 2014 10:26pm Jun 16, 2014 10:26pm
i recommend everyone whos trading gold and fx to watch this guy, hes Paul Singer hes a Big Dog in finance world,
hes the guy that has right now Argentine economy near default again, some of his tactics are maybe not the best ethically ones, but hes a really smart and talk about Gold and Fiat currency.

Inserted Video


right now $1267 was touched very fast, great time to close shorts and reload higher or trade the retracement to $1272
only downside to trade a retracement is China foreign investment falled very badly which is going to weaken more gold demand.

in the world of commodities right now Natural Gas look like is about to fall very quicky to 4.500 in the next few days.
  • #10,072
  • Jun 16, 2014 10:26pm Jun 16, 2014 10:26pm
Quoting FirstXAU
{quote} There are lot of possibilities in trading FOREX from India, even though government has capped some restrictions. There are FOREX companies based in Mumbai that accept funds in local Banks. I have been trading with them for sometime and satisfied with what they have to offer. Cheers!
Tradersway.com for example, they have opened a bank account here which appears to be an educational company, I guess it was "CFX education" I had a talk with them.

The day Govt gets hold of them, the day their account gets scrutinized, they could close their shop and run away with our money. I am not talking about depositing $200 or $300
Hello World!
  • #10,073
  • Jun 16, 2014 10:28pm Jun 16, 2014 10:28pm
Quoting noobstrader
{quote} I use my debit card and transfer the fund to skrill/neteller first. Then to my trading account(i did it last week). The only time the bank interfered in the transaction was when i withdraw $1000 from my trading account and they asked me to give a written statement including amount and date for confirmation. From then i used to withdraw in packets less than $300. No enqiuries after that from the bank.. so far. FYI: My bank is SBI.
Thanks for the inputs mate.

PS: As per any CA, you should not liberally spend like thousands of US dollars every month using your Dr / Cr card online, particularly if the funds are going overseas.
Hello World!
  • #10,074
  • Jun 16, 2014 10:29pm Jun 16, 2014 10:29pm
Quoting acidguy
{quote} yes, there are not sign of the downtrend reversal yet and this thing should drop again to $1260 with some retracements on they way but quickly as last uptrend had not consolidation of price, $1190 will be met again, i was stupid not to see yesterdayt the downtrend channel, i just shorted cause very overbougth levels inspired on Irak conflict which is gonna end sooner than expected. im curious about ur way of trading based on percentages and hedging, i hedge but most of the times i exit at wrong times, so those trades are not so profitables....
It kissed 1265 ten min back, looks like falling badly, may bounce / retrace by NY session, lets see.
Hello World!
  • #10,075
  • Jun 16, 2014 10:44pm Jun 16, 2014 10:44pm
short closed at 1267 from 1282.

Waiting for another high to short again.

target 124x
  • #10,076
  • Jun 16, 2014 11:02pm Jun 16, 2014 11:02pm
Quoting Karpa
{quote} Thanks kinspk, very nice post I see my own patterns as well, I think I'm going crazy! The reason is I'm new in business and I can't explain what I see or what's the use of it. Many green pips mate
Thanks, green pips to you too



Quoting zew
short closed at 1267 from 1282. Waiting for another high to short again. target 124x
Closed mine at 1267 too, hope for it to go up to short again. Good luck.
The only winner is the one who survive the longest...
  • #10,077
  • Jun 16, 2014 11:49pm Jun 16, 2014 11:49pm
Quoting zew
short closed at 1267 from 1282. Waiting for another high to short again. target 124x
  • #10,078
  • Jun 17, 2014 12:24am Jun 17, 2014 12:24am
About 70% of longs hedged, may or may not hedge the remainder. I'll stay away from longs.

I will see how NY morning opens, might try something.
Hello World!
  • #10,079
  • Jun 17, 2014 12:52am Jun 17, 2014 12:52am
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morning i had a sell at 88 missed by 3 pips, 1 price could bounce here off the 10 ema. 2 if it goes below i will be selling target 37 at least
  • #10,080
  • Jun 17, 2014 1:07am Jun 17, 2014 1:07am
Quoting ClockTrader
{quote} I guess you are aware of my situation, if you have an advise let me know.
same restriction here in Pakistan.. i transfered money through money changer, its illegal though but no other option. i dont know does it work in India or not?
P.S. Trade with the discipline of Money Management and Risk Management.
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