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EURUSD - From Here to There

  • #61
  • Mar 9, 2020 2:58am Mar 9, 2020 2:58am
All I can do is stand aside and wait for some pullbacks. The 1H 15 EMA or the 1H 30 EMA can be found as support in the trend. The flash crash was another beast all to its own.

Lets say the dollar does start too strengthen the AUS and NZD are going down with the dollar going down now. They still have a lot of room to slide still as well.

Just got a notice the US Dollar index is now trading limit down.

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  • #62
  • Mar 9, 2020 5:10am Mar 9, 2020 5:10am
And it hits again. When it stops hitting the trend is slowing down. Or its starts hitting off the 1H 30 MA. If it busts through the resistance again should run again as well. And if it breaksdown from that resistance then might be a good place to stop out if TP was not already carried out. It seems like a pretty good trend following indicator.

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  • #63
  • Mar 9, 2020 5:36am Mar 9, 2020 5:36am
http://www.sentix.de/index.php/en/se...recession.html
  • #64
  • Mar 9, 2020 7:47am Mar 9, 2020 7:47am
  •  dmj120
  • | Joined Jan 2020 | Status: Newbie with professional aspiration | 108 Posts
Quoting Techanalyst
http://www.sentix.de/index.php/en/se...recession.html
I see craziness in the forex market, but i was wondering if someone can put into context the possible implications of a "global recession" due to covid19.

I'm guessing each currency will not be effected equally, so are there specific/general news related precursors or other correlative charts to look at?
School of hard knocks
dmj120 Return This Year: na
  • #65
  • Mar 9, 2020 7:52am Mar 9, 2020 7:52am
Quoting dmj120
{quote} I see craziness in the forex market, but i was wondering if someone can put into context the possible implications of a "global recession" due to covid19. I'm guessing each currency will not be effected equally, so are there specific/general news related precursors or other correlative charts to look at?
For this all you have to look at is fundamentals. You can look at the charts and see where supply/demand is and or if you are a price action trader check support resistance areas. But for this it is not hard, virus started in China so everything is put on hold, meaning no import/export from China, meaning economy is going down not just for them but for the rest of the world, because China is a main supplier to the world.

Export goods Agricultural products 3.2% Fuels and mining products 2.4% Manufacturers 94.3% Others 0.1%

Main export partners United States 19.25% European Union 16.43% ASEAN 12.83% Hong Kong 12.16% Japan 5.91% South Korea 4.37% India 3.08% Russia 2.64% Others 23.33%

Imports US$2.08 trillion (2019).



The following export product groups categorize the highest dollar value in Chinese global shipments during 2018. Also shown is the percentage share each export category represents in terms of overall exports from China.

  1. Electrical machinery, equipment: US$664.4 billion (26.6% of total exports)
  2. Machinery including computers: $430 billion (17.2%)
  3. Furniture, bedding, lighting, signs, prefab buildings: $96.4 billion (3.9%)
  4. Plastics, plastic articles: $80.1 billion (3.2%)
  5. Vehicles: $75.1 billion (3%)
  6. Knit or crochet clothing, accessories: $73.5 billion (2.9%)
  7. Clothing, accessories (not knit or crochet): $71.4 billion (2.9%)
  8. Optical, technical, medical apparatus: $71.4 billion (2.9%)
  9. Articles of iron or steel: $65.6 billion (2.6%)
  10. Organic chemicals: $59.8 billion (2.4%)

China’s top 10 exports accounted for approximately two-thirds (67.7%) of the overall value of its global shipments.

Organic chemicals represent the fastest-growing among China’s top 10 export categories from 2017 to 2018, thanks to a 20.2% gain. In second place for improving export sales was the 15.6% increase for the articles made from iron or steel category. China’s exported plastics and items made from plastic posted the third-fastest gain in value, up 14.5% year over year.

The sole decliner among the top 10 Chinese exports was unknitted and non-crocheted clothing and accessories which declined by -2.7%.

  • #66
  • Mar 9, 2020 8:14am Mar 9, 2020 8:14am
Hours later and still no relief for USD.

I won't be surprised if EURUSD goes as high as 1.15698.

It's still too risky to trade this. It can go either way.
Learn from your mistakes and march on.
  • #67
  • Mar 9, 2020 8:23am Mar 9, 2020 8:23am
EURUSD remains bullish for now.
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  • #68
  • Mar 9, 2020 9:11am Mar 9, 2020 9:11am
One weakness that has caused me more trouble than anything else is impatience.

Folks, be patient. There will always be an opportunity to trade. Don't rush in thinking, 'I must get in before it's too late!'

Be patient and wait for opportunity to knock. It will come.
Learn from your mistakes and march on.
  • #69
  • Mar 9, 2020 10:36am Mar 9, 2020 10:36am
Bears, don't be fooled by long upper wicks! As you can see from the image, it can still go up. We are not dealing with a rational market here. Technical Analysis doesn't have as much weight under our current circumstances. Be careful!

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Learn from your mistakes and march on.
  • #70
  • Mar 9, 2020 11:40am Mar 9, 2020 11:40am
An important thing to keep in mind: EURUSD is very high risk at this time. If you plan to trade it using a stop loss, then you will likely need to use a wider stop than usual. Perhaps 100 pips or more. This will increase your risk, of course, if you don't properly adjust your lot size for such a stop loss. Otherwise, there is no point trading it, because the volatility will easily wipe out a tight stop.
Learn from your mistakes and march on.
  • #71
  • Mar 9, 2020 12:11pm Mar 9, 2020 12:11pm
It helps to pay attention to what is happening to the dollar when trading EURUSD.

Next Stop?

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Perspective

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Learn from your mistakes and march on.
  • #72
  • Mar 9, 2020 12:23pm Mar 9, 2020 12:23pm
It would be a good thing to reflect on trades you took recently that didn't work out in your favor.

Take a closer look at the charts. Can you see where you went wrong in your analysis and why? What, if anything, could you have done to produce a better outcome?

This exercise will help you to learn from your mistakes so that you don't repeat them.

I can see where I went wrong. Am I disappointed about it? Yes. But I would be more disappointed if I hadn't learned anything from my mistakes.
Learn from your mistakes and march on.
  • #73
  • Edited 12:59pm Mar 9, 2020 12:28pm | Edited 12:59pm
Happy Trading
  • #74
  • Mar 9, 2020 12:49pm Mar 9, 2020 12:49pm
There are times when you can do everything right and still end up losing. You might think the Forex market is a scam and doesn't work when that happens. Don't think like that. If other retail traders are making money here, then you can too.

It's not always the trader or the strategy that is at fault. Sometimes market conditions become irrational. And even the best of traders lose. Accept your losses and move on. But don't quit.

There's more out there for you in the market than failure. Success will come in time. Keep moving forward.
Learn from your mistakes and march on.
  • #75
  • Mar 9, 2020 1:07pm Mar 9, 2020 1:07pm
in the End of the february we saw a great response by the united states of america to dominate the price action as soon as the corona had hit the chinese market aka asian markets were falling apart and thus the price was observed as the lowest hit from past five years and as soon as the virus has hit the american market we are experiencing the great pull back of the euro value, how do you see this as? will the market make it to the top? and do you think that the american market will be able to make it back to the trend it was following or will the new trend will take place and the USD will lose its status of being king.
  • #76
  • Mar 9, 2020 2:26pm Mar 9, 2020 2:26pm
Quoting here2there
There are times when you can do everything right and still end up losing. You might think the Forex market is a scam and doesn't work when that happens. Don't think like that. If other retail traders are making money here, then you can too. It's not always the trader or the strategy that is at fault. Sometimes market conditions become irrational. And even the best of traders lose. Accept your losses and move on. But don't quit. There's more out there for you in the market than failure. Success will come in time. Keep moving forward.

This advice is so bad. Are you trying to claim that everyone can become a successful trader? Dont quit? When has one had enough? You realise that vast majority of traders will fail, no matter how hard they try? You are implying that everyone who puts in the work and the time becomes a good trader but that is just not the case. This is a dangerous advice and it does more bad than good. Some newby with no talent could actually believe it and blow his savings away.


If what you are saying is true then everyone can become a professional trader or even a Fund manager. It doesnt work that way, trading is a competition just like any sport, I would say its even more competitive. The very best win, others lose. Saying that anyone can succeed is factually wrong and an irresponsible statement. But there are plenty of those kinds of statements on FF anyway Everyone is a pro, winning every day and living on a boat. You know who you are
  • #77
  • Edited 2:59pm Mar 9, 2020 2:43pm | Edited 2:59pm
Quoting xtradex
{quote} This advice is so bad. Are you trying to claim that everyone can become a successful trader? Dont quit? When has one had enough? You realise that vast majority of traders will fail, no matter how hard they try? You are implying that everyone who puts in the work and the time becomes a good trader but that is just not the case. This is a dangerous advice and it does more bad than good. Some newby with no talent could actually believe it and blow his savings away. If what you are saying is true then everyone can become a professional trader...
Anyone who can see a chart can learn to trade it successfully. But this requires education, patience, practice, experience, and a good sense about managing money.

I believe people fail at trading because they aren't willing to do what it takes to be a consistently profitable trader.

Have you ever heard of the Turtle Traders? Look it up.

I think your tone with me is inappropriate. You are being rude and disruptive.

Use a different approach next time. This is the only warning I am going to give you.
Learn from your mistakes and march on.
  • #78
  • Mar 9, 2020 2:58pm Mar 9, 2020 2:58pm
Quoting xtradex
{quote} This advice is so bad. Are you trying to claim that everyone can become a successful trader? Dont quit? When has one had enough? You realise that vast majority of traders will fail, no matter how hard they try? You are implying that everyone who puts in the work and the time becomes a good trader but that is just not the case. This is a dangerous advice and it does more bad than good. Some newby with no talent could actually believe it and blow his savings away. If what you are saying is true then everyone can become a professional trader...
I would hope that anyone reading would be a critical thinker and catch his drift, which in my estimation that one can make it if they apply themselves by learning and growing as a trader. Great traders learn the skill and art of trading. And I totally agree! Oh well
  • #79
  • Mar 9, 2020 3:01pm Mar 9, 2020 3:01pm
Quoting here2there
{quote} Anyone who can see a chart can learn to trade it successfully. But this requires education, patience, practice, experience, and a good sense about managing money. People fail because they don't do one or more of these things consistently. Have you ever heard of the Turtle Traders? Look it up. I think your tone with me is inappropriate. You are being rude and disruptive. Use a different approach next time. This is the only warning I am going to give you.

Criticising your bad advice is inappropriate? Ok buddy.

You obviously dont know what you are talking about if you keep maintaining your position. It is ridiculous and verifiably wrong. This is like saying everyone can become a professional athlete if they just put in the time. Do you realise how ridiculous that sounds? Ban me, I dont care. But you should really sustain from making false statements because you could be hurting people if they are naive enough to believe you.
  • #80
  • Mar 9, 2020 3:01pm Mar 9, 2020 3:01pm
Quoting wealthyqueen
{quote} I would hope that anyone reading would be a critical thinker and catch his drift, which in my estimation that one can make it if they apply themselves by learning and growing as a trader. Great traders learn the skill and art of trading. And I totally agree! Oh well
Thank you. You get it!

And I appreciate you.
Learn from your mistakes and march on.
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