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EURUSD - From Here to There

  • #81
  • Mar 9, 2020 3:13pm Mar 9, 2020 3:13pm
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...
Trading is a competition? Just when I thought I've seen and heard it all, you come up with this. So my guess is if trading business is a competition, than owning a restaurant, cleaning business, millwright contractors it is all competition? What are you talking about? Do you know what you're talking about? Trading is business, that's it. It is not a competition, it is a job a business like owning a restaurant, sometimes you will have big profits, sometimes small profits, and rarely losses if you are doing this for a living successfully. This is not a competition, it is not a job where you have fun like other people claim, it is a serious business. If you want to make money in this business, you better get serious and spend hours of practice and hard work on charts and news analysis and so on. If you say you are a seasonal trader, or part time, guess what, doesn't work pick another career. That's it. Trade safe.
  • #82
  • Mar 9, 2020 3:25pm Mar 9, 2020 3:25pm
Quoting Techanalyst
{quote} Trading is a competition? Just when I thought I've seen and heard it all, you come up with this. So my guess is if trading business is a competition, than owning a restaurant, cleaning business, millwright contractors it is all competition? What are you talking about? Do you know what you're talking about? Trading is business, that's it. It is not a competition, it is a job a business like owning a restaurant, sometimes you will have big profits, sometimes small profits, and rarely losses if you are doing this for a living successfully....
" than owning a restaurant, cleaning business, millwright contractors it is all competition " Yup
Trading is a competition nothing is ridiculous about that statement.
  • #83
  • Mar 9, 2020 3:50pm Mar 9, 2020 3:50pm
Quoting Techanalyst
{quote} Trading is a competition? Just when I thought I've seen and heard it all, you come up with this. So my guess is if trading business is a competition, than owning a restaurant, cleaning business, millwright contractors it is all competition? What are you talking about? Do you know what you're talking about? Trading is business, that's it. It is not a competition, it is a job a business like owning a restaurant, sometimes you will have big profits, sometimes small profits, and rarely losses if you are doing this for a living successfully....
With the right money management you can definitely be a part time trader, ive been doing this for years now, granted it took me many years of learning to get here but i still have my business and trade too. Its all about the right strategy, and money management is the biggest key to it all. And i definitely have fun with my trading, sometimes over complicating things makes it more difficult not less. Just trade what the charts show us. I think trying to be perfect is where the problems occur, have to be able to deal with being wrong, its gonna happen.
Motivation comes from within
  • #84
  • Mar 9, 2020 4:04pm Mar 9, 2020 4:04pm
Quoting messi80
{quote} With the right money management you can definitely be a part time trader, ive been doing this for years now, granted it took me many years of learning to get here but i still have my business and trade too. Its all about the right strategy, and money management is the biggest key to it all. And i definitely have fun with my trading, sometimes over complicating things makes it more difficult not less. Just trade what the charts show us. I think trying to be perfect is where the problems occur, have to be able to deal with being wrong, its...
:-)
  • #85
  • Mar 9, 2020 4:17pm Mar 9, 2020 4:17pm
Well folks, the dollar is still very weak and showing no sign of recovering.

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USD Strength Compared to the EURO Across the Board (extremely weak)

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Of course, it doesn't help that websites which get a tremendous flow of daily traffic are publishing fear mongering headlines!

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Look at the traffic Drudge gets! Do you think such sensational headlines don't have an effect on what is going on in the markets?

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All this fear mongering isn't doing any favors for USD.

On a positive note, the Daily volatility appears to be slowing down (a sign of relief perhaps).

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And we are getting closer to the High of the Monthly Range. Will we finally see a retracement?

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EURUSD closed bullish, and is obviously full of bull!

I'm not buying. Not at this price! And I am not selling either. Not without STRONG confirmation.

I will wait.
Learn from your mistakes and march on.
  • #86
  • Mar 9, 2020 4:28pm Mar 9, 2020 4:28pm
Hello to all.. I am been long on e/u for about 2weeks now right on the beginning of the bull run. I normally look for a 100 pips unless there is a major threat against my trade but this moving pretty nicely obviously due to whats going on the pandemic situation.
I am in profit for 500 pips which is way above and beyond my profit goal but i believe until there is no good news about virus cure or some kinda a major containment of it dollar will weaken and current trend stands. Therefore I am still holding on to the long and might even get one on long on a decent pullback, will see. I am by far a fundamental guy and very much a technical one, but when there is crises as such and price moves so cleanly it's indication of driving force beyond the technical and as a trader must paid attention to survive and to thrive.
I have several other trades doing very well as I am short on dollar and GBP against yen and chf.
I welcome any input.
Trade well.
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Nobody ever made a dime by panicking. Jim C
  • #87
  • Mar 9, 2020 4:31pm Mar 9, 2020 4:31pm
Quoting AmmaBoss
{quote} " than owning a restaurant, cleaning business, millwright contractors it is all competition " Yup Trading is a competition nothing is ridiculous about that statement.
It is not a competition. You are not competing in sports. This is business. Your goal is to make money not to compete. Two different things. If you are competing in trading, you are setting yourself up for failure. If you trading to make money, full or part time, that is good. Trade safe.
  • #88
  • Mar 9, 2020 4:32pm Mar 9, 2020 4:32pm
Quoting messi80
{quote} With the right money management you can definitely be a part time trader, ive been doing this for years now, granted it took me many years of learning to get here but i still have my business and trade too. Its all about the right strategy, and money management is the biggest key to it all. And i definitely have fun with my trading, sometimes over complicating things makes it more difficult not less. Just trade what the charts show us. I think trying to be perfect is where the problems occur, have to be able to deal with being wrong, its...
Of course, even if you do it part time it is still business. But it is NOT a competition.
  • #89
  • Mar 9, 2020 4:51pm Mar 9, 2020 4:51pm
Quoting Techanalyst
{quote} Of course, even if you do it part time it is still business. But it is NOT a competition.
Thats true, definitely not a competition. This market is big enough for all of us, just gotta be on the right side
Motivation comes from within
  • #90
  • Mar 9, 2020 5:00pm Mar 9, 2020 5:00pm
Quoting FxQB15
Hello to all.. I am been long on e/u for about 2weeks now right on the beginning of the bull run. I normally look for a 100 pips unless there is a major threat against my trade but this moving pretty nicely obviously due to whats going on the pandemic situation. I am in profit for 500 pips which is way above and beyond my profit goal but i believe until there is no good news about virus cure or some kinda a major containment of it dollar will weaken and current trend stands. Therefore I am still holding on to the long and might even get one on long...
Congratulations on getting in on this so early and holding for many pips!
Learn from your mistakes and march on.
  • #91
  • Mar 9, 2020 5:02pm Mar 9, 2020 5:02pm
Quoting here2there
{quote} Congratulations on getting in on this so early and holding for many pips!
Thanks buddy, it's looking good.
Nobody ever made a dime by panicking. Jim C
  • #92
  • Edited 6:07pm Mar 9, 2020 5:54pm | Edited 6:07pm
I haven't gotten much feedback on my posts, so I hope you appreciate what I have been sharing with you thus far. I have been putting a lot of effort into this thread.
If the content I share is useful to you, then please show your appreciation by clicking the thumbs up button.

Now, let's take a look at some deeper information.

The following is a partial screen capture of the Order Book at FXSSI.

The orange colored data represents pending sell orders.

The blue arrow shows a massive build up of pending sell orders at 1.1725. Could it be possible EURUSD will make it to this price? I don't know, but a lot of people are obviously expecting it! Be sure to write that down!

Based on the recent price action we have been seeing on EURUSD, and on the dire condition of USD, it's likely we will eventually see this price where all of these sellers are just waiting to throw their money into the market!

So we should be prepared to sell at or near this area, as this could prove to be an excellent entry point. There are no grantees any of this will work out, of course. But it is useful information nonetheless!

There are also minor areas where pending sell orders are resting at 1.1495 and 1.1475 (see red arrow). It's useful for us to know this because it might keep us out of a trap if we start thinking about buying somewhere around those prices. I won't be buying there.

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Well, that's all for now.
Learn from your mistakes and march on.
  • #93
  • Mar 9, 2020 6:07pm Mar 9, 2020 6:07pm
  •  dmj120
  • | Joined Jan 2020 | Status: Newbie with professional aspiration | 108 Posts
Quoting here2there
.... 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.
Yup. I missed the massive whirl wind, but instead of jumpimg, i waited looked (via cell phone app while traveling for work) queued up a decent entry and booked +17 pips. Not bad for not charting and WHILSTi in meetings

Now time to actully look while via ipad while waiting in the airport.
School of hard knocks
dmj120 Return This Year: na
  • #94
  • Mar 9, 2020 6:11pm Mar 9, 2020 6:11pm
  •  dmj120
  • | Joined Jan 2020 | Status: Newbie with professional aspiration | 108 Posts
Quoting here2there
I haven't gotten much feedback on my posts, so I hope you appreciate what I have been sharing with you thus far. I have been putting a lot of effort into this thread.....
I appreciate all your effort, and the others who have been contributing! It's great to see viewpoints, perspectives, and such - especially while traveling!
School of hard knocks
dmj120 Return This Year: na
  • #95
  • Mar 9, 2020 6:12pm Mar 9, 2020 6:12pm
Quoting dmj120
{quote} I appreciate all your effort, and the others who have been contributing! It's great to see viewpoints, perspectives, and such - especially while traveling!
I'm glad to hear that.
Learn from your mistakes and march on.
  • #96
  • Mar 9, 2020 6:56pm Mar 9, 2020 6:56pm
Unless there is some news to move it one way or the other its now in my no mans land but stands a good chance to take a rest and break down from here. I would run a tight stop, if selling, as if it reverses to the upside its probably going but if it breaks down I would also view it as a scalp. Short term. take the money and run.

But a roll over could be setting up but might take til near Europe open to play out. Which is good. challenge this area and then finally breakdown.

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  • #97
  • Mar 9, 2020 7:06pm Mar 9, 2020 7:06pm
Quoting enarco
Unless there is some news to move it one way or the other its now in my no mans land but stands a good chance to take a rest and break down from here. I would run a tight stop, if selling, as if it reverses to the upside its probably going but if it breaks down I would also view it as a scalp. Short term. take the money and run. But a roll over could be setting up but might take til near Europe open to play out. Which is good. challenge this area and then finally breakdown. {image}
I agree with everything you said except the tight stop loss thing.

Tight stops are almost guaranteed to get hit in such high volatile pairs.

I think you are smart to wait, especially since it is starting to look like we are finally going to get a retracement. I see something unfolding concerning that, but I am going to wait to share it, as market conditions could suddenly change and invalidate the idea.
Learn from your mistakes and march on.
  • #98
  • Mar 9, 2020 7:51pm Mar 9, 2020 7:51pm
Quoting here2there
{quote} I agree with everything you said except the tight stop loss thing. Tight stops are almost guaranteed to get hit in such high volatile pairs. I think you are smart to wait, especially since it is starting to look like we are finally going to get a retracement. I see something unfolding concerning that, but I am going to wait to share it, as market conditions could suddenly change and invalidate the idea.
If one takes on a short here lets say as it breaks down. And it goes back above R1 its done. Odds are its going to keep on going. I am challenging the trend and it reverses over a level that has some significance. The stop has to have meaning and reason. But for me it has to be there with every trade. And I have been tossed a lot but it could have been a lot worse without the risk management. As many found out today by reading some threads on this site. Lots of people wiped out holding over the weekend etc.
  • #99
  • Mar 10, 2020 12:16am Mar 10, 2020 12:16am
And there it is folks!

What do you think is coming next?

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Learn from your mistakes and march on.
  • #100
  • Mar 10, 2020 12:19am Mar 10, 2020 12:19am
Quoting Techanalyst
{quote} It is not a competition. You are not competing in sports. This is business. Your goal is to make money not to compete. Two different things. If you are competing in trading, you are setting yourself up for failure. If you trading to make money, full or part time, that is good. Trade safe.
It's literally impossible for everyone to make money trading, as trading is in fact a zero-sum game once you account for the spread.
The money you earn must come from somewhere else, Ie: A bank, hedge fund or even a retailer therefore for every trade you win, someone lost slightly more.
By design, some must win and some must lose so yea at the most basic level trading is a competition.
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