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  • #1,199,061
  • Aug 26, 2021 4:09pm Aug 26, 2021 4:09pm
Price drops yesterday, I think it as retracement line, this morning seems good setup for trying to open long,
RSI on level 50, but candle starting break high on H1
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  • #1,199,062
  • Aug 26, 2021 7:50pm Aug 26, 2021 7:50pm
Quoting RickM
{quote} No mans land? What a night, fantastic trading conditions for liquidity traders as the big players kept the order books 2 to 1 on the Sellers side for hours. Accumulation of long orders was the theme over the past twelve hours on EURUSD for the big players, whether they are staying in or will get out today will be discovered tonight. Best trading day of the week providing me lots of opportunity's to trade last night - just 48 trades for me on a day I left plenty on the table. Tonight should be a cracker.

???

Where, how, what, when?

I just see a bunch of candles bobbing up and down aimlessly.

  • #1,199,063
  • Aug 26, 2021 7:52pm Aug 26, 2021 7:52pm
I read somewhere that you might as well toss a coin as rely on 'technical analysis'
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  • #1,199,064
  • Aug 26, 2021 9:17pm Aug 26, 2021 9:17pm
Quoting JauntyLoon
{quote} ??? Where, how, what, when? I just see a bunch of candles bobbing up and down aimlessly.
Go down to M1 to see the frantic accumulation occurring on EU last night.
Suddenly, the action becomes very tradable.
As for technical analysis being “ a toss of the coin “ without volume data, I agree with your statement and a few in-depth US universities study’s also came to that conclusion.
Trading thin liquidity at the boundary of the charts
  • #1,199,065
  • Aug 26, 2021 10:43pm Aug 26, 2021 10:43pm
There were two decent trades in yesterday’s action, and possibly three with a reload on the final attack on the high. It was pretty good.

as for today, there’s that ground spike I was looking for. Price action seems like it wants to get that 1.18 handle
  • #1,199,066
  • Aug 27, 2021 1:00am Aug 27, 2021 1:00am
Quoting JauntyLoon
{quote} ??? Where, how, what, when? I just see a bunch of candles bobbing up and down aimlessly.
This story plays out in the markets everyday. You just have to see how it applies:

“Once upon a time in a village, a man appeared and announced to the villagers that he would buy monkeys for Rs.10 each. The villagers were ecstatic since there were tons of monkeys in the nearby forest.
The villagers, sensing this unique opportunity, went out to the forest and started catching the monkeys with ease. The man bought thousands at Rs.10 and as supply started to diminish, the villagers stopped their effort.
After a month, he further announced that he would now buy at Rs.20. This renewed the efforts of the villagers and they started catching monkeys again.
Soon the supply diminished even further and people started going back to their farms.
The offer increased to Rs.25 each and the supply of monkeys became so little that it was an effort to even see a monkey, let alone catch it!
The man now announced that he would buy monkeys at Rs.50. However, since he had to go to the city on some business, his assistant would now buy on behalf of him.
In the absence of the man, the assistant told the villagers; “Look at all these monkeys in the big cage that the man has collected. I will sell them to you at Rs.35 and when the man returns from the city, you can sell them to him for Rs.50 each.”
The villagers rounded up with all their savings, took heavy loans and bought all the monkeys. Then they never saw the man nor his assistant, only monkeys everywhere!”
  • #1,199,067
  • Aug 27, 2021 4:45am Aug 27, 2021 4:45am
Quoting Nordling00
{quote} Your patience will pay off buddy, which positions you have right now?
I had shorts which I closed at a very small profit. Now I got nothing and I am waiting for a good opportunty to open new ones - when I decide whether they should be shorts or longs haha.
  • #1,199,068
  • Aug 27, 2021 5:34am Aug 27, 2021 5:34am
Quoting james1254
{quote} I had shorts which I closed at a very small profit. Now I got nothing and I am waiting for a good opportunty to open new ones - when I decide whether they should be shorts or longs haha.
I think shorting Euro is a good option. Selling EURUSD and also EURGBP seems to be fundamentally better and probably will be profitable during early-mid September. Personally i have opened EURGBP short position last night. Selling EURUSD is tempting as well since it's at the highs of the down trend. I may sell EURUSD too but probably would do that after Jerome Powell's speech.

So to sum it up Euro is bearish at least until mid-September.
You have to have an IQ higher than 90 to interact with this user.
  • #1,199,069
  • Aug 27, 2021 7:19am Aug 27, 2021 7:19am
I started looking at technical analysis in September 2018 (reading John J Murphy's book) and was very enthusiastic as I have a degree in economics hence I'm familiar with esoteric diagrams. By this stage, almost three years later, I still haven't mastered a single trading strategy and when backtesting over long periods (as far back as I can go), I have found that only one 'strategy' performs reasonably well throughout time: buy and hold an American stock index.

But even buy and hold is far from perfect. The 2020 crash wiped out four years' worth of S&P 500 profits - if you'd bought an S&P 500 ETF in 2016 you were in the red four years later. But the index rebounded in less than a year and now you are heavily in profit again.

The crash starting in 2007 required six years to recapture the highs. That's a long time to wait just to get your money back.

I guess you either 'see it' or you don't. After three years of trying, I just don't see it. It seems as though buy-and-hold the S&P 500 with a minimum 10 year outlook is the closest thing to a 'sure bet'.
  • #1,199,070
  • Aug 27, 2021 7:39am Aug 27, 2021 7:39am
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  • #1,199,071
  • Aug 27, 2021 7:55am Aug 27, 2021 7:55am
Quoting PatienceFx
{image}
Almost touched your 1730... I hope you placed some of your lots down there awhile ago.
Only an idiot knows with certainty to where the market is going.
  • #1,199,072
  • Aug 27, 2021 8:02am Aug 27, 2021 8:02am
Quoting JauntyLoon
I started looking at technical analysis in September 2018 (reading John J Murphy's book) and was very enthusiastic as I have a degree in economics hence I'm familiar with esoteric diagrams. By this stage, almost three years later, I still haven't mastered a single trading strategy and when backtesting over long periods (as far back as I can go), I have found that only one 'strategy' performs reasonably well throughout time: buy and hold an American stock index. But even buy and hold is far from perfect. The 2020 crash wiped out four years' worth...
If the technical strategy you are backtesting has indicators or instruments in it, then it won't do any good.
Only an idiot knows with certainty to where the market is going.
  • #1,199,073
  • Aug 27, 2021 8:49am Aug 27, 2021 8:49am
Quoting MrBullBear
{quote} Almost touched your 1730... I hope you placed some of your lots down there awhile ago.
Weekly 14 s m a should end the rise
  • #1,199,074
  • Aug 27, 2021 9:27am Aug 27, 2021 9:27am
Quoting JauntyLoon
I started looking at technical analysis in September 2018 (reading John J Murphy's book) and was very enthusiastic as I have a degree in economics hence I'm familiar with esoteric diagrams. By this stage, almost three years later, I still haven't mastered a single trading strategy and when backtesting over long periods (as far back as I can go), I have found that only one 'strategy' performs reasonably well throughout time: buy and hold an American stock index. But even buy and hold is far from perfect. The 2020 crash wiped out four years' worth...
US Stock Market is at records high now, this bubble is going to burst next year though. Alongside with the real estate. You talked about you have a degree in economics. Stick with it, dive deeper. You will find your all answers about investing & trading there.
You have to have an IQ higher than 90 to interact with this user.
  • #1,199,075
  • Aug 27, 2021 9:56am Aug 27, 2021 9:56am
Quoting OnlineAddict
{quote} So far so good. Now EU has 2 options...

FED starts tapering and EU goes above 1800 or FED doesn't start tapering and EU goes above 1800...

...since tapering is all priced in for now.

EU is clearly bullish, both technically and fundamentally.
1800 done. Got lucky again...
Everyone can see the chart, but only a few can actually read it.
  • #1,199,076
  • Edited 4:14pm Aug 27, 2021 12:45pm | Edited 4:14pm
missed today's action but don't feel sorry for my i'm long copper and corn.

now eu. they went large long here, currently a bull flag bu my perference is to buy at 1 and barring that buy @ 2.

chart is E6 so adjust for spot.
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In tea leaves we trust!
  • #1,199,077
  • Aug 27, 2021 1:33pm Aug 27, 2021 1:33pm
Quoting PatienceFx
{quote} Weekly 14 s m a should end the rise
I am now closing this...
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Only an idiot knows with certainty to where the market is going.
  • #1,199,078
  • Aug 27, 2021 2:01pm Aug 27, 2021 2:01pm
Quoting Nordling00
{quote} I think shorting Euro is a good option. Selling EURUSD and also EURGBP seems to be fundamentally better and probably will be profitable during early-mid September. Personally i have opened EURGBP short position last night. Selling EURUSD is tempting as well since it's at the highs of the down trend. I may sell EURUSD too but probably would do that after Jerome Powell's speech. So to sum it up Euro is bearish at least until mid-September.
Now EURUSD is in the best place to short. Short here and hold until mid-September. EURUSD bearish.
You have to have an IQ higher than 90 to interact with this user.
  • #1,199,079
  • Aug 27, 2021 2:06pm Aug 27, 2021 2:06pm
Quoting Nordling00
{quote} Now EURUSD is in the best place to short. Short here and hold until mid-September. EURUSD bearish.
EU might be above 1900 mid september...its bullish both fundamentally and technically.
Everyone can see the chart, but only a few can actually read it.
  • #1,199,080
  • Aug 27, 2021 6:35pm Aug 27, 2021 6:35pm
I wouldn’t short the EU right now.
new cycle is underway and it is going up.
the issue is always finding the best place to jump in without drowning.
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