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EURUSD only

  • #82,881
  • Apr 5, 2019 3:34am Apr 5, 2019 3:34am
"Ranging markets"
  • #82,882
  • Edited 3:56am Apr 5, 2019 3:42am | Edited 3:56am
H1 Status Update

Below is the updated version of my shark pattern view. I also included a potential 5-0 if everything plays out perfectly. But also notice the potential "Inverted Head & Shoulders" pattern.

Long story short: I am looking for buy setups once/if price drops back into 1.1220 area. The lower the better.

*The key phenomenon to watch is that no H1 candle should close back below the RED TL. That would indicate bear power kicking back in and I would stay on sidelines until I see bull power coming back.

Stay Green
Attached Image (click to enlarge)
Click to Enlarge Name: H1-Status-Update.png Size: 38 KB
Focus only on what truly matters!
  • #82,883
  • Edited 4:14am Apr 5, 2019 3:57am | Edited 4:14am
Sell 1.12284

SL 1.12437
TP 1.12082
  • #82,884
  • Edited 4:39am Apr 5, 2019 4:29am | Edited 4:39am
Marking 1.12275 as nearest support on M15..

Nearest targets: 1.1236 and 1.1241

*London opening price on my broker is: 1.12315 and currently there is a bear-bull fight in that region.

Stay Green
Focus only on what truly matters!
  • #82,885
  • Apr 5, 2019 4:30am Apr 5, 2019 4:30am
long 1232
SL 1224
Attached Image (click to enlarge)
Click to Enlarge Name: eu050419.png Size: 21 KB
  • #82,886
  • Apr 5, 2019 4:39am Apr 5, 2019 4:39am
Quoting 4experience
long 1232 SL 1224 {image}
additional long 1230 (PB on TDL)
  • #82,887
  • Apr 5, 2019 5:17am Apr 5, 2019 5:17am
hello house please uh-mm.. kinda new here please i want to know actually, if you here a news and news is actually in the favor of dollar, lets say EUR/USD and EUR was the base while USD was the quote. please i want to really know where to place my other, will i place my other on sell on dollar or buy on dollar. please remember dollar was the quote and the news in favor of dollar
  • #82,888
  • Apr 5, 2019 5:23am Apr 5, 2019 5:23am
Non Farm number today could be the signal that gives direction for next week. This crawling retrace feels well hedged. H4 EUR looks soft but we could still see a dash for 1.12500 to flush out KLOS shorts before a dive down back into the range - (upper 1.12500 lower 1.12000). IMO.
  • #82,889
  • Edited 5:48am Apr 5, 2019 5:30am | Edited 5:48am
Quoting Lamplighter
Non Farm number today could be the signal that gives direction for next week. This crawling retrace looks well hedged.
Intraday charts printed a "higher high" and a "higher low"... together with the possibility of an Inverted H&S forming on H1, I would put my money on bulls... In other words, I will try to buy dips and lows once/if NFP turbulence kicks in.. Happy trading to all..

*It is always helpful to check weekly levels before major events and news. Below are my weekly levels. If Friday candle and therefore weekly candle CLOSES below 1.1210 it would mean bearish continuation. Otherwise we keep buying dips.

Stay Green
Attached Image (click to enlarge)
Click to Enlarge Name: Weekly-Status.png Size: 25 KB
Focus only on what truly matters!
  • #82,890
  • Apr 5, 2019 5:53am Apr 5, 2019 5:53am
Quoting 4experience
{quote} additional long 1230 (PB on TDL)
SL moved to 1226
Attached Image (click to enlarge)
Click to Enlarge Name: eu050419.png Size: 42 KB
  • #82,891
  • Apr 5, 2019 5:59am Apr 5, 2019 5:59am
Good morning all.

Hope you are well

Currently in 11 pips profit on EURUSD
From experience, would you advise closing the trade before the usd news in an hour or so?

Kind regards
  • #82,892
  • Apr 5, 2019 6:02am Apr 5, 2019 6:02am
Quoting HumzahJ
Good morning all. Hope you are well Currently in 11 pips profit on EURUSD From experience, would you advise closing the trade before the usd news in an hour or so? Kind regards
Close it, and dont take the risk unless you are trading a specific NFP strategy. Might aswel close ur trade now as the markets are acting pathetic - keep your profits.
  • #82,893
  • Apr 5, 2019 6:07am Apr 5, 2019 6:07am
Quoting jerryfresh
hello house please uh-mm.. kinda new here please i want to know actually, if you here a news and news is actually in the favor of dollar, lets say EUR/USD and EUR was the base while USD was the quote. please i want to really know where to place my other, will i place my other on sell on dollar or buy on dollar. please remember dollar was the quote and the news in favor of dollar
Hello,

First thing, when you say EUR/USD or for ANY pair, the first currency to be mentioned is always the Base currency. So for USDJPY, USD is the base and JPY is the quote. This is standard practice.

Second, when u place an order it is always on the Base currency. Meaning that when you place a "Sell" order you are "Selling EUR for USD" and when you buy you are "Buying EUR with USD". Which means that if there is good news for USD then you should be "Selling EUR for USD" as you are believe the USD will get stronger due to the news so you would want to jump from EUR to USD. And the reverse if the USD news is bad.

I hope this clarifies things.
  • #82,894
  • Apr 5, 2019 6:20am Apr 5, 2019 6:20am
Quoting Pagh
{quote} Close it, and dont take the risk unless you are trading a specific NFP strategy. Might aswel close ur trade now as the markets are acting pathetic - keep your profits.

Cheers mate, closed it 10 pips profit.
Will wait till after the news now

Good luck with your trades mate
  • #82,895
  • Apr 5, 2019 6:36am Apr 5, 2019 6:36am
Clarifying EURUSD and USD correlation!

There are 3 cases when you trade the EURUSD based on USD news or EUR news (not 2 as many would think):

Imagine a floor trader screaming. Here are the cases he can scream for:

1) BUY USD....
2) SELL USD...
3) HE DOESN'T SCREAM.. HE WAITS..

Now based on these 3 situations as a EURUSD trader you must act like this for each case:
1) BUY USD

  1. Hmmmm.. is the EURO going sideways or losing value? Yes? Then SELL EURUSD!
  2. Hmmmm.. is the EURO also gaining value too? Yes? Then do nothing!

2) SELL USD

  1. Hmmmm.. is the EURO going sideways or gaining value? Yes? Then BUY EURUSD!
  2. Hmmmm.. is the EURO losing value too? Yes? Then do nothing!

3) HE WAITS

  1. You can still sell or buy EURUSD based on EURO news.

Many traders make a big mistake exactly with the missing 3rd part when trading based on USD news. Now you hopefully know better.

Stay Green

Focus only on what truly matters!
  • #82,896
  • Apr 5, 2019 6:41am Apr 5, 2019 6:41am
Quoting Ata-Turkoglu
HE DOESN'T SCREAM.. HE WAITS..
He doesn't scream. LOL ! Nailed that one !
May the odds be ever in your favor
  • #82,897
  • Apr 5, 2019 6:42am Apr 5, 2019 6:42am
Quoting HanHanid
{quote} He doesn't scream. LOL ! Nailed that one !
Lol.. thanks

Stay Green
Focus only on what truly matters!
  • #82,898
  • Apr 5, 2019 7:17am Apr 5, 2019 7:17am
Quoting Ata-Turkoglu
Many traders make a big mistake exactly with the missing 3rd part when trading based on USD news. Now you hopefully know better. Stay Green
Interesting perspective, thanks Ata.

I myself am out of all trades prior to this NFP, I only took small short-term trades throughout the day, nothing to write home about
  • #82,899
  • Apr 5, 2019 7:32am Apr 5, 2019 7:32am
Good news for USD and it spikes upwards? They really are rigging the market aren't they.
  • #82,900
  • Apr 5, 2019 7:34am Apr 5, 2019 7:34am
my first nfp and i wonder, "is that it ?"

WTF
May the odds be ever in your favor
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