- #23
- Edited 11:28pm Nov 12, 2007 11:23pm | Edited 11:28pm
The upper shadow displayed is one of the longest since around Aug 16th (last temporary trend reversal). Confirmation bearish bar at the end still needed but otherwise looking good (will be confirmed in a day).
Any other confirmations (fundamental + technical) are appreciated. Please post if you disagree!
Looking at a possible temp correction... the bulls may be out of breath for now.
The was a guy Orange Roshan at the begining of this year teaching Standard Deviation Channels. I don't know where he's dissapeared, but I liked his method and studied on my own. According to the channel now is a good time to take profit on Euro trades that could've been open during the year (3 of them on daily chart, the 4-th I added myself because I was just bored waiting). So now, at the top of the channel the profits should be taken, but I am not sure that the new short trades should be open, against the trend. After all, the uptrend is not broken yet. There is always less profit going against the trend, though if somebody is as bored as I am waiting to open a new trade, well... I did it, but only with 3 lots.
p.s. I attached the chart, but ...
Merlin has warned that there might be difficulties with that, so I shall attach it later again.
DAMN!!
I had several shorts from 1.4180, and I was waiting to see a Long correction, but that Chinese comments just killed me, when it reach 1.4720 my account just vanished!
It is what happen when a person use BIG SL against the trend!!!
In my opinion we can see here a 50% Fib Correction from 1.3350 to 1.4750 to around 1.4050, it is about 700pips, here it is where I will go enter to long positions, but I will see where the price is at Daily RSI 50.00.
NO MORE SHORTS in this pair!!!I was killed by them, now I guess if I go long here, I hope then not to see what I was waiting to see here, that is finally a TREND REVERSAL in 2008 and see this pair again at 1.20's.
It is really a mess, those times we are living in forex, for a medium-long term trader I think it is a nightmare!!
I have a colleague who has been personally mentoring me on the Forex market. He is a very successful trader and has been training me for a couple hours per week. Prior to working with him, I had been taking a beat down since I only relied on chart setups and didn't really understand what was driving the price action. "The trend is your friend" is a fine mantra and is definitely true, but when you understand what is driving the trend or in the event of a correction what is motivating the correction, you are in a better position to determine the appropriate timing of your trade. Whether that be with a shooting star or some technical indicator, you will be in a more confident position where you have technicals and fundamentals both supporting your entry.
You may be able to reduce your stop-loss to 50 pips or 20 depending on how well your entry is timed.
Just some thoughts to help a brother out!!!
- #25
- Nov 13, 2007 2:17am Nov 13, 2007 2:17am
Since so many of you want the MM tool i decided to upload it. All credit goes to the author, he did a great job. I use this on a daily basis and i love it!
URL to get the file ---» http://www.mediafire.com/?ex9b9gxrtzx
PS: Guys, please let me know if it's usefull for you
URL to get the file ---» http://www.mediafire.com/?ex9b9gxrtzx
PS: Guys, please let me know if it's usefull for you
Hello Miguel,
I am interested to try your tool too.
Can you send it into my email : [email protected] ?
I also online YM using that too. Thanks in advance.
I am interested to try your tool too.
Can you send it into my email : [email protected] ?
I also online YM using that too. Thanks in advance.
- #28
- Nov 13, 2007 9:23am Nov 13, 2007 9:23am
- Joined Apr 2007 | Status: Trader | 2,303 Posts
I have a colleague who has been personally mentoring me on the Forex market. He is a very successful trader and has been training me for a couple hours per week. Prior to working with him, I had been taking a beat down since I only relied on chart setups and didn't really understand what was driving the price action. "The trend is your friend" is a fine mantra and is definitely true, but when you understand what is driving the trend or in the event of a correction what is motivating the correction, you are in a better position to determine the appropriate timing of your trade. Whether that be with a shooting star or some technical indicator, you will be in a more confident position where you have technicals and fundamentals both supporting your entry.
You may be able to reduce your stop-loss to 50 pips or 20 depending on how well your entry is timed.
Just some thoughts to help a brother out!!!
My biggest error it was to see that USD could never loose too much as it did, so every time Euro raise more 150 pips, I opened new short trades.
I continue to believe that it is almost impossible to see this trend in 2008, but I will keep my promise and I will go only for longs in this pair in my next account.
I start to heard some currency analysts, that Dollar will reverse trend next year, this doesn't mean that 2009/10 we couln't see then another Trend reversal to bearish Dollar again.
We will see at the end of 2008, where the price is, if it is around 1.55/1.60 it is better to me to forgot FOREX but if the price will be around 1.25/1.30, so maybe I need to consult some kind of witchcraft!!
Trying to predict forex for very long term like 12/24 months it is almost impossible, and for a tiny trader like me to have a open trade for more than 1000 pips, it would be for me and for every tiny trader like a "PANACEA"
Thanks "BRO"
Thanks Miguel for the MM Tool!
Since so many of you want the MM tool i decided to upload it. All credit goes to the author, he did a great job. I use this on a daily basis and i love it!
URL to get the file ---» http://www.mediafire.com/?ex9b9gxrtzx
PS: Guys, please let me know if it's usefull for you
