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  • #20,881
  • Edited 8:35pm Jun 30, 8:10pm (6 hr ago) | Edited 8:35pm
Only because I just woke up after a nap following the London/NY sessions and wasting one of my 9-lives compelled to offer some sanity in the 'World of Indicator Usefulness', if possible, while I sip on a cup of Cuban delight. Here goes... (nothing). Indicators do not predict anything, not a single one, as they are ALL one or another form of the past. However, they do have useful characteristics. One of them being very good at showing RECENT PAST AREAS where price and time contract or expand which is like breathing in and out unless someone want to argue that specific reality not having any rhythm. I was asleep and missed a perfectly good entry short on the M2 chart so I guess you could say they are lousy alarm clocks too. On the H1 w/Daily Boxes price has fallen below 50% of today's trading range which can suggest that Sellers are still in control overall. Time will tell all and moving averages will leave smoothed out footprints along the way.
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  • #20,882
  • Jun 30, 10:27pm (4 hr ago) Jun 30, 10:27pm (4 hr ago)
The EUR/USD is currently trading near 1.1400. From a technical perspective, the pair maintains an upward to sideways bias as long as the 1.1379/83 support zone holds. However, if this support breaks, expect further downside toward 1.1354 or the 1.1324/12 region. Alternatively, if price action takes out the 1.1439 level, the next key resistance levels to watch sit at 1.1462/82.


Daily volatility (range) 67 pips


Significant news - EU CPI & ISM Manufacturing PMI


Have a great day!

4H
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Looking for profitable short term trades ...|
  • #20,883
  • Jun 30, 10:47pm (4 hr ago) Jun 30, 10:47pm (4 hr ago)
Quoting Js3mwtRc
The EUR/USD is currently trading near 1.1400. From a technical perspective, the pair maintains an upward to sideways bias as long as the 1.1379/83 support zone holds. However, if this support breaks, expect further downside toward 1.1354 or the 1.1324/12 region. Alternatively, if price action takes out the 1.1439 level, the next key resistance levels to watch sit at 1.1462/82. Daily volatility (range) 67 pips Significant news - EU CPI & ISM Manufacturing PMI Have a great day! 4H {image}
we are mainly going sideways for now with 1380 supporting makes me feel we may wanna go higher to attract more sellers! 1438 needs to give up though
Patience, Emotion Control and Discipline.
  • #20,884
  • Jun 30, 11:04pm (4 hr ago) Jun 30, 11:04pm (4 hr ago)
With the top of the hour upon us and Cuban coffee doing a superb job.. it looks to me like we will get a bounce from here maybe through the London session and then back down trapping more Bulls. My crystal ball has been smudgy lately so don't be to critical... Thanks. I'm watching for the tail bars at the current low to hold the line in the sand.
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  • #20,885
  • Jun 30, 11:30pm (3 hr ago) Jun 30, 11:30pm (3 hr ago)
Quoting johncen
{quote} we are mainly going sideways for now with 1380 supporting makes me feel we may wanna go higher to attract more sellers! 1438 needs to give up though
I got in a short mainly breaking even yet but I'll sell any bounce above resistance as the higher timeframes are showing. A break lower (1.1380) will come as a gift - bulls might hold there a shortened 4th of July week.

Have a green month ahead!
Looking for profitable short term trades ...|
  • #20,886
  • Edited 11:55pm Jun 30, 11:33pm (3 hr ago) | Edited 11:55pm
Boink boink
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  • #20,887
  • Jun 30, 11:54pm (3 hr ago) Jun 30, 11:54pm (3 hr ago)
Quoting Js3mwtRc
{quote} Still at same levels with no signal. Needs extra patience!
What is the single biggest reason why most traders end up losing money in the market? It’s simple: They do too much – they think too much, they look at charts too much, they trade too much, they risk too much and on and on.
The most successful traders and investors of our time spend 99% of their time waiting for opportunities and studying the markets, rather than trading them. Approximately 1% of their trading effort is spent executing trades and managing positions. In other words, most of the time they are doing NOTHING.
chaos is just unknown order
  • #20,888
  • Jul 1, 12:11am (2 hr 54 min ago) Jul 1, 12:11am (2 hr 54 min ago)
Quoting Luxyus
{quote} What is the single biggest reason why most traders end up losing money in the market? It’s simple: They do too much – they think too much, they look at charts too much, they trade too much, they risk too much and on and on. The most successful traders and investors of our time spend 99% of their time waiting for opportunities and studying the markets, rather than trading them. Approximately 1% of their trading effort is spent executing trades and managing positions. In other words, most of the time they are doing NOTHING.
Do Nothing' is the most profitable trading signal in the book!
Looking for profitable short term trades ...|
  • #20,889
  • Edited 12:27am Jul 1, 12:17am (2 hr 49 min ago) | Edited 12:27am
Quoting Luxyus
{quote} What is the single biggest reason why most traders end up losing money in the market? It’s simple: They do too much – they think too much, they look at charts too much, they trade too much, they risk too much and on and on. The most successful traders and investors of our time spend 99% of their time waiting for opportunities and studying the markets, rather than trading them. Approximately 1% of their trading effort is spent executing trades and managing positions. In other words, most of the time they are doing NOTHING.
'Time' and 'patience' are subjective. To a scalper, day trader, swing trader or position trader / long term investor. Short term trading has the LEAST RISK as in the amount of time your money is 'at risk'. Profits and or losses come quicker and more frequently. Swing trading is far more relaxed for example but carries more exposure to market conditions, corrections and world events. This is why Baskin Robbins carries 31 flavors. You could have bought E/U last Friday between 8-9am and watched if basically do nothing for 3 days and counting. How much time you have left on earth plays into the equation as well. Time becomes a more valuable commodity as you get up in years.
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  • #20,890
  • Edited 12:40am Jul 1, 12:25am (2 hr 40 min ago) | Edited 12:40am
Quoting Twocans
{quote} 'Time' and 'patience' are subjective. To a scalper, day trader, swing trader or position trader / long term investor. Short term trading has the LEAST RISK as in the amount of time your money is 'at risk'. Profits and or losses come quicker and more frequently. Swing trading is far more relaxed for example but carries more exposure to market conditions, corrections and world events. This is why Baskin Robbins carries {image}
Scalping has less risk but geopolitics can hurt it too. Traders are choosing longer term trading (risking only 1%-2% every trade) just because of that!
Looking for profitable short term trades ...|
  • #20,891
  • Jul 1, 12:44am (2 hr 22 min ago) Jul 1, 12:44am (2 hr 22 min ago)
Quoting Js3mwtRc
{quote} Scalping had less risk but geopolitics can hurt it too. Traders are choosing longer term trading (risking only 1%-2% every trade) just because of that!
Some take Rocky Road over plain vanilla. Me.. I don't really know how long I'll hold a trade. If I buy (or sell) a position and it starts trending, particularly along a 45 degree angle riding the 20 SMA with pullbacks that don't break the fence I'll stay on that horse indefinitely. Not the topic of this thread but USD/CAD is more like a Timex watch that just keeps on tick'n and tick'n. Someday it will run out of buyers... maybe?
  • #20,892
  • Jul 1, 1:11am (1 hr 55 min ago) Jul 1, 1:11am (1 hr 55 min ago)
Quoting Twocans
{quote} Some take Rocky Road over plain vanilla. Me.. I don't really know how long I'll hold a trade. If I buy (or sell) a position and it starts trending, particularly along a 45 degree angle riding the 20 SMA with pullbacks that don't break the fence I'll stay on that horse indefinitely. Not the topic of this thread but USD/CAD is more like a Timex watch that just keeps on tick'n and tick'n. Someday it will run out of buyers... maybe?
Still on hold at the highs -> usd strong yet!
Looking for profitable short term trades ...|
  • #20,893
  • Jul 1, 1:19am (1 hr 47 min ago) Jul 1, 1:19am (1 hr 47 min ago)
Quoting Js3mwtRc
{quote} Scalping has less risk but geopolitics can hurt it too. Traders are choosing longer term trading (risking only 1%-2% every trade) just because of that!
Scalping sucks. The reason is simple, because I know for a fact that trading with high frequency is how you lose money in the market and trading with low frequency is how you become a profitable trader. Personally i have no problem waiting for the right setup to form with the perfect market confluence, sometimes for weeks or even months! The outcame is impressive.
chaos is just unknown order
  • #20,894
  • Jul 1, 1:28am (1 hr 38 min ago) Jul 1, 1:28am (1 hr 38 min ago)
According this > Forex.com

"Historically, July has been a moderately positive month for EUR/USD, with the world’s most widely-traded currency pair sporting an average return of +0.3% over the last 50+ years. In June, EUR/USD defied its historical seasonal bullishness, falling -2% to test 1-year lows near 1.1400."

This month divergence between the FED and ECB failed to give a positive June as seasonals dictated and the same theme applies this month too. Lets see if Kevin Warsh is less hawkish today where he speaks (look at calendar).

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Looking for profitable short term trades ...|
  • #20,895
  • Jul 1, 1:40am (1 hr 26 min ago) Jul 1, 1:40am (1 hr 26 min ago)
in case this help you:
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  • #20,896
  • Last Post: Jul 1, 1:41am (1 hr 25 min ago) Jul 1, 1:41am (1 hr 25 min ago)
Quoting Luxyus
{quote} Scalping sucks. The reason is simple, because I know for a fact that trading with high frequency is how you lose money in the market and trading with low frequency is how you become a profitable trader. Personally i have no problem waiting for the right setup to form with the perfect market confluence, sometimes for weeks or even months! The outcame is impressive.
i agree , waiting for high confluence setups beats forcing trades and over leveraging in low timeframe noise .. quality over quantity always win over long run ...
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