October, 2009

Oct 09

Eur/Usd Looking for Long 10/25/09

Update: Stopped out at 1.4860  90 Pips Loss

Get cash back when you trade.  CLICK HERE

 Play of the Week

EUR/USD -  to trade to the Upside

Play of the Week:

I am looking to go long at: 1.4950 area. 

If filled, my protective stop is 1.4860

My profit target is 1.5100

Risk = 90 pips   Reward = 150 pips


(disclaimer: this trade is for educational purposes only and is NOT in any way trading advice.  There is extremely high risk in currency trading.  Please consult your financial professional before considering this type of risk) 


Best regards,


Pat Arcadipane

Chief Executive Manager


Oct 09

EUR/USD Looking for Long 10/18/09

Update: Closing the second half of the trade at 1.4961 at 7:20AM EST on 10/20/09

Update: Total profit is 121 pips on this trade

Update: Closing half of position at 1.4986 at 10:40 PM EST moving stop loss to break even on second half

Play of the Week

I am looking to go long at: 1.4853 area. 
If filled, my protective stop is 1.4780
My profit target is 1.5030
Risk = 73 pips   Reward = 177 pips

Learn about our cash-back trading program Here.

Disclaimer: this trade is for educational purposes only and is NOT in any way trading advice.  There is extremely high risk in currency trading.  Please consult your financial professional before considering this type of risk.

Best regards,

Pat Arcadipane                                

Chief Executive Manager

Oct 09

EUR/USD Looking for Long 10/11/09

Update: This Morning 10/13/09 we were filled at 1.4830 take profit on our position 150 Pip Profit 

Note: This was emailed on 10/11 at 8pm EST.  New posts will continue to be sent by email. For updates, you can check here  only.  See you in the chatroom! Pat.

Play of the Week:

I am looking to go long at: 1.4680 area. 
If filled, my protective stop is 1.4630
My profit target is 1.4830
Risk = 50 pips   Reward = 150 pips

Disclaimer: this trade is for educational purposes only and is NOT in any way trading advice.  There is extremely high risk in currency trading.  Please consult your financial professional before considering this type of risk.

Oct 09

Chat Room Review

Here is a review from somone who visited our chat room recently:
The link to the actual post is here.

Icon 1 posted September 17, 2009 08:58 PM      Profile for Happy Trader           Edit/Delete Post   Reply With Quote 

Repost with edits

Trading Room : SiteMechanics
Reviewed : By me Happy, yesterday
RATING : 5 stars (initial impression, 1 hour visit)

I visited the room yesterday incognito for a period of 1 hour during the New York session. The service focused solely on EURUSD and trading system is the 5 minute time frame scalping using CCI.

Review Comments:

The quality of the software is outstanding
The gentleman that was leading the room was clear to understand using vocabulary that everyone could understand. He was extremely kind and helpful. New members are well treated and invited to participate. I chose to sit back and observe.

Being aware of CCI myself I could quickly follow along without any explanation. For those not similar with CCI however there is no need for concern. The gentleman running the room explains everything in common language and repeats concepts several times. For experienced traders this can be a small bore but considering that he is focusing on teaching and not only trading the service and care to customers is outstanding.

The trading that I observed was an outstanding level of trading skill in scalping which included sound money management.

The service is free and all are welcomed. I identified myself as a Japanese trading the Oanda platform. The gentleman running the room welcomed me and invited me to join the room anytime for free. He mentioned that the free service was made possible by them acting as an IB for FXCM UK but was very clear in stating that all people were welcomed regardless of what broker they are using. I’m not sure how long he will be able to operate this way considering that a room full of people using the service for free without any financial gains to himself seems a little too socialist for my blood. Joking aside, he comes across as a super duper nice guy serious about trading and very friendly to all people.

For anyone wishing to learn scalping using CCI on a low time frame for free I strongly suggest that you visit this service while it continues to be free.

I visited this service since it was being mentioned in this thread and I wanted to make sure it was not just another scam looking to take advantage of newbies. It was refreshing to find a fellow trader that cares about others.

Check them out!

I wanted to add that I have no affiliation with this service or its people and considering that I was in the room for just an hour my review should be considered a first time impression only. The best way for you to learn how to trade is to experience it firsthand. Having an experienced trader coach you in a live trading room is an awesome experience. Once again, this service is free at the moment and very welcoming to all traders regardless of which platform or broker you use. I suggest you visit them and judge for yourself.

Happy Trading!


Forex Trader

Oct 09

Chat Room Guide

Do you trade forex? Get cash back from your trading. Learn more about our refund program click here.

Improve your trading performance by developing confidence, patience and a strong defense.
The room is geared more for new traders, or who have experience but trying to improve consistency.

Hours of Operation:
Voice moderation Hours are 8am – 12pm EST.
After 12pm, the room is open until 4pm EST (no voice).

Analysis and Trading:
Don’t understand all the terminology? Don’t worry. It’s explained in the room.

There are 4 live charts on display:
EUR/USD (5 Min)
SPY (5 Min)
YM (25 Tick Range Bar)
Gold (3 Point Range Bar)

Chart Indicator:
Commodity Channel Index (CCI) 14 Period
2 period exponential moving average (white line) on price region of chart.
8 period exponential moving average (red line) on price region of chart.

Trades are observed in the EUR/USD pair at the present time.
Price action is considered first, CCI then is used to help filter price for more precise setups.

The style is scalping. This means small profit targets and small stops. Stops are manually executed.

Profit target is 15-20+ pips per trade. Stop is 10-15 pips or less. Position time 10-15 mins or less.

We do not take trades based on news, emotions, recommendations, etc.

Presently there are about 3-5 trades per session. This changes based on market conditions.

When a trade is called, price and direction are spoken into mic when filled by the broker in real-time.

When the trade is exited, it is spoken in real-time as it is executed by the broker.

This trading structure is here to illustrate an example of how a particular trading plan works. You are not expected to follow this method. Learn from it and use it as a guide to enhance your own trading plan.

Room Participation:
Questions, observations and news posting are welcome as long as it is not purposely disruptive.
Discussions about other styles, methods and ideas are welcome as long as they are not confusing.
EXPERIENCED TRADERS NOTE: You are welcome to post your trades in the room as long as they are posted in real-time and everyone in the room has a chance to enter at or very close to your entry price (within a couple of pips). Same goes for the posting of your exit. If this criteria is not met, you will be warned. If this behavior continues you will be promptly banned from the room.

New Traders:
How to benefit from this service: observe, paper trade and take notes. Don’t focus on making money. Focus on developing good behavior. It takes time. Give yourself a fair chance. If you are impatient, or get upset from missing trades, leaving profit on the table, getting shaken out, or scared of losing even if its small, then you better get used to it. That is part of trading. You must experience the learning curve. Make it easy on yourself. Take all your indicators off your charts, and start by just watching price alone. Your number one goal should be conserve capital. This means making a little here and there, and giving it back. You are going to have to change the way you are wired to think. We can help, but you have to be willing to be helped. If you come into this with the right expectations, and don’t get distracted by all the noise that you are bombarded with constantly, you will find it is possible to be consistent in this business.

Oct 09

About CCI

Since its inception by Donald Lambert in 1980, the CCI (Commodity Channel Index), a price momentum indicator, has evolved significantly because of the pioneering efforts of Ken Wood. After 20+ years of rigorous testing and research, Mr. Wood has developed a specific trading method using the CCI. This unique style is known for the identification of trade parameters based on shapes or patterns that appear on the indicator itself. Additionally, Mr. Wood has developed a variety of supporting tools and indicators to help filter these patterns for more precise analysis. Cashmechanics.com gratefully acknowledges the efforts and commitment of Mr. Wood who has given us, and the entire trading world, a foundation for others to further develop and learn from.