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  • #12,161
  • Edited Feb 8, 2018 1:23am Feb 7, 2018 11:01am | Edited Feb 8, 2018 1:23am
I have TP'd here on all my positions. Coz this is a dangerous place for shorts. it could go more down to FE 100 or even to 38.2 retracement but it's risky to short from here.
Now will wait for any close below and take small long positions and build up my swing. to 5 th wave. Here is a pic.


Building micro long positions to target 1.25+. Aiming for 5th wave
Attached Image (click to enlarge)
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STING
  • #12,162
  • Feb 7, 2018 11:01am Feb 7, 2018 11:01am
Though i see many talking about support here ,no one seems trying to see the bigger picture ie monthly and weekly chart showing clear reversal. .
Better not to catch a falling knife and dont be over confident. .
Things can turn even ugly if a gap down happen tomorrow.
Usd cad showing reversal sign is another clue to keep an eye on which can continue for bit more in the coming days which is another sign that it trend is changing. .
So better not to take too much risk i feel
  • #12,163
  • Feb 7, 2018 11:07am Feb 7, 2018 11:07am
Quoting Leesi
Though i see many talking about support here ,no one seems trying to see the bigger picture ie monthly and weekly chart showing clear reversal. . Better not to catch a falling knife and dont be over confident. . Things can turn even ugly if a gap down happen tomorrow. Usd cad showing reversal sign is another clue to keep an eye on which can continue for bit more in the coming days which is another sign that it trend is changing. . So better not to take too much risk i feel
what you are feeling is what every retail trader feels and that is what institutional traders want you to feel as well. so relax and when you get a signal with your system to long, just blindly long. i had mentioned bearish PA from the time the it hit 200% of wave 1. dont feel the urge to short coz the main trend is still up. my 2 cents.
STING
  • #12,164
  • Feb 7, 2018 11:16am Feb 7, 2018 11:16am
Quoting stringfx
{quote} what you are feeling is what every retail trader feels and that is what institutional traders want you to feel as well. so relax and when you get a signal with your system to long, just blindly long. i had mentioned bearish PA from the time the it hit 200% of wave 1. dont feel the urge to short coz the main trend is still up. my 2 cents.
Will keep that in mind, but 1.2224 and 1.2118 is the level i am now keeping in mind ..The weekly and monthly levels to hit first before any meaningful reversal later...
Till then.. .Careful is the one word i wish to say
  • #12,165
  • Feb 7, 2018 11:21am Feb 7, 2018 11:21am
Quoting Leesi
{quote} Will keep that in mind, but 1.2224 and 1.2118 is the level i am now keeping in mind ..The weekly and monthly levels to hit first before any meaningful reversal later... Till then.. .Careful is the one word i wish to say

If there is going to be a reversal then it is very likely it will take place just before the U/S close IMHO

MY 2 CENTS
  • #12,166
  • Feb 7, 2018 11:24am Feb 7, 2018 11:24am
I think that it is very important to look at london session and see what direction they decided price was going to go because london session is where the big boys are since london has the largest market share.

So you highlight all london sessions and look for consolidation and see where price went. Then wait for price to come back to that level and trade in that same direction. Doing this would have shown that EU was definitely going down unless london bigboys decided otherwise. which is why I was short on EU since Friday last week. You can see that in the picture below. The gray boxes is london session, the blue boxes are the consolidations, the arrows are when price returned to the blue consolidations which is where you could have entered a short.

I entered my short on the first arrow circled in yellow. Follow the london bigboys. They shape the markets

Attached Image (click to enlarge)
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Attached Image (click to enlarge)
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  • #12,167
  • Feb 7, 2018 11:24am Feb 7, 2018 11:24am
Quoting Dingoman-two
{quote} How do you hold up with the commissions and the swaps when holding on for so long, that's something i am always worried about. Cheers Brian Dingoman-two
EUR/USD pays positive overnight swap Brian, so for this pair I am paid to hold.

Quite frankly when I started out anything above 15 mins TF 's bored the crap out of me - I lived in the world of the 5 min TF's - but that's not always the best world to live in in terms of TA..In a 5 min TF candle formations can differ dramatically from broker to broker and 'patterns' that may exist with one broker are invalid with another.

So where does that leave you as a Technical trader? In a world of trouble.

I tend to focus on the 60mins / 240 mins more than anything - AND to validate a trade set up I use price feeds / charts from 3 major FX Brokers AND I need agreement from all 3 feeds to take the trade on.

Newer traders usually need the juice- so go for fast action but the reality so often is - Are you really making money consistently from your trading these fast timeframes ? A trader MUST self regulate.

Have a look through most FF boards and you will see the same thing time after time..

 

  1. Gone long/short - tight stop
  2. 5 minute timeframes showing divergence (or something along those lines)
  3. ..Let's see what the Big Boys do here


Do you really believe the 'Big Boys' are sitting glued to a screen with a 5min chart in front of them?

  • #12,168
  • Feb 7, 2018 11:27am Feb 7, 2018 11:27am
All I know is if the close isn't above 2327, tomorrow will be very profitable. At this level far too many inefficiencies are being exposed and the market doesn't like t0 expose efficiencies.
  • #12,169
  • Feb 7, 2018 11:27am Feb 7, 2018 11:27am
starting to think about closing my sell
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  • #12,170
  • Feb 7, 2018 11:27am Feb 7, 2018 11:27am
I would be quite surprised if this turns back but like i said, no matter what happens, i stick with the bulls. They have the horns and stuff.
  • #12,171
  • Feb 7, 2018 11:28am Feb 7, 2018 11:28am
my targets are 1.225 and 1.22
Don't Worry Be Happy
  • #12,172
  • Feb 7, 2018 11:29am Feb 7, 2018 11:29am
Quoting MrPresident
my targets are 1.225 and 1.22
By when?


Apologies to all for my bad language earlier.
  • #12,173
  • Feb 7, 2018 11:30am Feb 7, 2018 11:30am
Quoting Leesi
Though i see many talking about support here ,no one seems trying to see the bigger picture ie monthly and weekly chart showing clear reversal. . Better not to catch a falling knife and dont be over confident. . Things can turn even ugly if a gap down happen tomorrow. Usd cad showing reversal sign is another clue to keep an eye on which can continue for bit more in the coming days which is another sign that it trend is changing. . So better not to take too much risk i feel
Going to hire timeframe is fine but at the end of the day price will do what the big players in london session tell it to do in most cases. Best to see which direction london went and trade in that direction
  • #12,174
  • Feb 7, 2018 11:34am Feb 7, 2018 11:34am
Quoting mbrown
{quote} By when? Apologies to all for my bad language earlier.
this week as EUR bulls take profit
Don't Worry Be Happy
  • #12,175
  • Feb 7, 2018 11:37am Feb 7, 2018 11:37am
OMG...the offer is nearly here.

Like most sales, there may only be one chance to get in.

@long limit 2261 - @SL30.
  • #12,176
  • Feb 7, 2018 11:46am Feb 7, 2018 11:46am
Go long 2270 SL is 30.
  • #12,177
  • Feb 7, 2018 11:46am Feb 7, 2018 11:46am
Quoting mbrown
OMG...the offer is nearly here. Like most sales, there may only be one chance to get in. @long limit 2261 - @SL30.
Good bet 2260 strong support zone ..wise to take a risk now for short up move
  • #12,178
  • Feb 7, 2018 11:48am Feb 7, 2018 11:48am
Biggest bloodbath in this pair since Oct at least on the Daily..

COT positioning way overboard(long) in EUR and relentless 10yr note yield rise says longs get squeezed more and more..

careful out there
  • #12,179
  • Feb 7, 2018 11:49am Feb 7, 2018 11:49am
The H4 candle will soon break out of my computer screen.. bearish greed at its best..

Stay Green
Focus only on what truly matters!
  • #12,180
  • Feb 7, 2018 11:50am Feb 7, 2018 11:50am
my 2 cents how I see ABC correction.....
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Always trade your own plan...I don't provide trading signals.
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