Forex...a new beginning

Let's start with Euro/USD, reviewing price action. We look at the weekly chart that starts on August 11^th ending at September 15^th, a period of one month. We compare this one month to a daily chart starting at September 7^th also ending on September 15^th. Both time periods are in an uptrend. We bet this currency pair will continue the uptrend on the daily chart. We hope to place an order for 1 lot at 1.3170 with a stop order and a take profit order at 1.3270, a 100 pip gain. We'd like to have a risk reward ratio of at least two to one so we will risk losing 50 pips to gain 100 pips. Our stop loss order will be at 1.3120.

SitNGo Beginning

Payout	Nine Man	Eighteen Man	Forty Five Man
First	$6.75	$10.80	$20.92
Second	4.05	8.11	14.51
Third	2.71	5.41	11.14
Fourth		2.71	8.44
Fifth			6.08
Sixth			4.05
Seventh			2.36

We're beginning our study with the eighteen man events to get the most practice with Shoving, Calling Shoves, and Restealing Shoves.

We'd like to note times when we make one of these shoving plays correctly but wind up losing the hand anyway...one of the forms of negative variance.

EA

EA stands for Expert Advisor in forex parlance.  On the other hand, it we were in poker parlance we'd call it a poker bot, which has long been considered practically cheating in online poker.  Why would you not take full advantage of all the help you could get in these troubled times?
So I'm learning to build an EA in forex and it's going to be fun.  It will allow me to make investments in multiple currencies while not being glued to the computer screen all the time; quite similar to mutitabling in poker. 

Trading Is ON!

So says CNBC today.  This is the first day of the Million Dollar Challenge and I've been given some new tools.  It is quite surprising that I don't have more company.  Around the first of the month, I emailed my brothers and sisters to extend an invitation to them to join me in this challenge...no takers although in less than another month five of the six of us will meet in Las Vegas for a sort of family reunion.  So there's interest in poker tournaments, blackjack tournaments, but not in increasing our lifetime savings.

Actually I'm also somewhat intimidated because of limited knowledge which needs substantial improvement.  CNBC has emailed my the method to enter my trades...I'll give it a go...wish me luck.

UK Services PMI - Today, 12:29 AM

A fundamental indicator of forex is UK Services PMI as issued from London and analyzed by Stavro D
Amore at Forex Peace Army.

Detail for event Services PMI 2011/09/05 Date Currency Event name Actual Forecast Previous Revision 2011-09-05 GBP Services PMI 51.1 54.3 55.4

Previous releases Date Time Currency Event name Actual Forecast Previous Revision Spike 2011-09-05 04:28 GBP Services PMI 51.1 54.3 55.4 34 2011-08-03 04:28 GBP Services PMI 55.4 53.4 53.9 43 2011-07-05 04:28 GBP Services PMI 53.9 53.5 53.8 31 2011-06-03 04:28 GBP Services PMI 53.8 54.2 54.3 12 2011-05-05 04:28 GBP Services PMI 54.3 56 57.1 44 2011-04-05 04:28 GBP Services PMI 57.1 52.6 52.6 50 2011-03-03 04:28 GBP Services PMI 52.6 53.7 54.5 30 2011-02-03 04:28 GBP Services PMI 54.5 51.3 49.7 58 2011-01-06 04:28 GBP Services PMI 49.7 52.8 53 34 2010-12-03 04:28 GBP Services PMI 53 53.2 53.2 5 2010-11-03 05:28 GBP Services PMI 53.2 52.6 52.8 20 2010-10-05 04:28 GBP Services PMI 52.8 51 51.3 39 2010-09-03 04:28 GBP Services PMI 51.3 52.9 53.1 21

Bite the Bullet

It's time to call it a day.  With the three largest internet poker sites nearly out of business, it's time to look in a new direction.  It is a very compelling direction.  It is Forex.  Foreign Exchange is alive and well and trending. 

Having followed several blogs and poker sites, it appears I'm one of the last to give it up.  A most distressing event was the closing of one of my favorite sites that was far superior in thinking and strategy. 

In the past week we've opened three practice accounts and signed up for a million dollar contest on CNBC in which we'll use these accounts to improve our performance.  Additionally we've found two excellent resources for help and education.  They are Elliott Wave Projections and Gecko Software.  The software offers a 14 day free trial and includes probably hundreds of video tutorials; a vast improvement to having to read my thirty poker books.  The second is an in depth look into a long standing trending study.  Both are destined to keep me interested into the next millenium.

Revised August Play

We've learned from our new book that strategy in poker games changes as the number of players change. Thus when at a full ring game of nine or ten players we choose our strategy based more on our card holdings than our opponents.

This is the hit-to-win, or TAG approach.

As the number of opponents decrease we change the strategy based more on the way our opponents play. To reorient our thinking we begin to ask “How can we win without cards?”

When we arrive at heads up play, winning hands often is based on not arriving at a showdown.

Based on the above, a more sensible approach to moving into short handed play is to move more slowly from full ring to 6 max. Later down the line, perhaps September or October we'll look more at heads up play.