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MT4: how to change "EURUSD" to "#EURUSD"? 3 replies

Re: EurUsd short term 15 replies

did oanda just drop its spread for eurusd to 1 pip? 11 replies

EA for multiple lot limit order for EURUSD 0 replies

NFP nice bump up on EURUSD 2 replies

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EURUSD

Quoting fierceman
I would not consider that a break... And it also depends on where your stop is .

The "break" also happened right before the ECB rate decision. Another reason not to trade it.
You fail to explain why you consider one break but not the other. Hence verifying exactly what I said. Thanks. Personal discretion based on fundies, or some other reason.

I make 90% of my money taking position just before news. Thats when the real moves happen or haven't you noticed? If I'm not taking over 100-300 pips per trade, then its just scalping intraday.(like flipping a coin)


Quoting aediaz1
Amen. I see a lot of people spending tons of hours to figure out where price is going. For me I just list 2 scenarios. What if price does this or that. Price have to go south or north really simple, IMO. This was an easy breakout-trade to the upside, viewable on the chart.

As we speak, price was 4 pips away from upward breakout-target .What's next ? I have no idea. And I don't care until I have a new pattern
Now that is a proper break out trade. You entered a break of consolidation, and the bottom of a dip. Never go long at the top because s/l has to be huge.
Quoting xxDavidxSxx
You fail to explain why you consider one break but not the other. Hence verifying exactly what I said. Thanks. Personal discretion based on fundies, or some other reason.

I make 90% of my money taking position just before news. Thats when the real moves happen or haven't you noticed? If I'm not taking over 100-300 pips per trade, then its just scalping intraday.(like flipping a coin)
Well for starters, it breached the previous high by 10 pips. That is NOT a break.

Second, it never closed above the previous high, not even on 5M charts. That is NOT a break.

How exactly does that verify what you said?

And personal discretion enters into EVERYONE's trading or haven't you noticed? Hence the words "I would not consider that a break"
Looking forward a nice break next week to a possible 1.6200. If it doesn't break it may start to look like a top on medium term.
Quoting Jurrasic
Yours is bigger than mine I meant the one starting yesterday not last month

Price currently testing lower line again..
I see that my 30m lines was hindsight. Applied two new lines on 30m making it a flag pattern. Pennants on 1h chart. Passing away this potential trade since I like it when both 30m and 1h are in sync (just a personal preference) and since it's weekend too.

Seems like ascending triangle on daily going to hold this week. Might be interesting next week.
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Measure twice, cut once
Quoting xxDavidxSxx

Now that is a proper break out trade. You entered a break of consolidation, and the bottom of a dip. Never go long at the top because s/l has to be huge.
During Europe session I would actually entered at close above flag-high price

During Asia session which I find more risky trading for me, I want flag-line to be tested before any position is taken. I allow myself to be way more picky when taking trades in "un-familiar" water.

Btw, how do I quote 2 different persons statement in 1 response ?
Measure twice, cut once
Quoting fierceman
Well for starters, it breached the previous high by 10 pips. That is NOT a break.

Second, it never closed above the previous high, not even on 5M charts. That is NOT a break.

How exactly does that verify what you said?

And personal discretion enters into EVERYONE's trading or haven't you noticed? Hence the words "I would not consider that a break"

this is what most do not see, it never closed above, all they see is a higher number and consider it a new high.
Don't chase the market, Let the market come to you
Quoting fierceman
Well for starters, it breached the previous high by 10 pips. That is NOT a break.

Second, it never closed above the previous high, not even on 5M charts. That is NOT a break.

How exactly does that verify what you said?

And personal discretion enters into EVERYONE's trading or haven't you noticed? Hence the words "I would not consider that a break"
All I can do is go by what you said. Your pointing out everything you should have said. Because all you said was "Yea, trade the break out"
Quoting twofeet
yea, trade the breakout folks, better risk-to-reward ratio. Trade to win... otherwise, why not just go to a casino?


http://i.investopedia.com/inv/dictio...gTriangle1.gif
There are a lot of noobs on here that will take your advise word for word. And start entering blind on a break out because they think you sound knowledgeable.
I know how to trade and need no advise. I am only here to give it. And I do a complete job of it too. I hate to see general statements that I know will make noobs lose money.
You never explained what is a break out and what is a failer. Although I have here several times, I'd like to see others do it when they post a statement like that.

A daily close above, then the next day test support, bounce, and break the high of previous day. Thats a validated break. Or, no test of support the next day, and break of the high is confirmed with caution because of no established support above the break yet.
That is what is significant. Thats what the world looks at. Daily close. And I don't mean the close of London or Asia.... US close. Because US session has the greatest volume, and sets the pace for the other sessions.
Thats just mechanical. If you consider fundies, you might get an early entry befor the break(because fundies support a break) And then your already in if it breaks, and you just ride it out. Or it fails, and you close for small profit, or b/e.
Or fundies might be a reason to ignore a break because I just don't see big moves above 1.6000 being allowed by the ECB. And Malaysia keeps buying $ from what I understand.

So you made a blunt statement and were supposed to know what else your thinking when determining your break out entry?
Yea break outs, thats the ticket
Quoting Tmac
this is what most do not see, it never closed above, all they see is a higher number and consider it a new high.
Yup, it changes for different TF and scale of course - the kind of moves you consider actual break-outs.

Anyway, what's the argument ? Whoever considered a jump a bit above 59 as a sign to go long and aim for 1.6 gotta be crazy (no offense to anyone here I hope)..

From my testing so far I find that really breakout trading is not the best strategy for shorter TFs (1m - 5m) and not as reliable as for clear patterns on large TFs. Range trading on the other hand can work quite well if the pattern is good and clear, though in uncertain market conditions like the past week even small TF ranging is less reliable.

Have a great weekend all
On the path to Enrichment.
Quoting xxDavidxSxx
All I can do is go by what you said. Your pointing out everything you should have said. Because all you said was "Yea, trade the break out"
Sorry man but I don't think it was me who said to trade the break out (although I will if it happens for real). I think you might have me confused with twofeet (?). Here is the post.

http://www.forexfactory.com/showpost...postcount=6452

All I was saying is that I wouldn't consider that a breakout.
Quoting xxDavidxSxx
Daily close. And I don't mean the close of London or Asia.... US close. Because US session has the greatest volume, and sets the pace for the other sessions.
London session still has the greatest FX volume with approx 35% of the daily volume. Don't mess NY FX and Wallstreet.
Quoting ZeroPip
As i said EURUSD is moving again up, 1.5800 broken... i think it could be 1.5900 until this week ends..


Quoting ZeroPip
1.5900 broken at 11:14 London time...
Quoting ZeroPip
I think 1.6000 won´t be reached this week

I hope some of you were on the long side...
Quoting ZeroPip
I think today a correction is possible it is not a very good time to enter in long... i will stand with my open positions....
Quoting ZeroPip
not open more positions...

Quoting ZeroPip
I was very lucky to put my SL very tight... so the correction happened... i think that this won´t go below 1.5700... i will watch for the botton to start long again... wish all of you a lucky day...

Quoting ZeroPip
I hope it could in one or two hour...

I hope some of you took the long direction... I took 104 pips... and with much risk ( I won´t do that again)... I was awake all the asian and europe session and luckily increased my account 35% in one day... next week 1.5900 could be tested again and if surpassed 1.6200 would be a nice target... but for now i will spend part of this week with my wife and family... i must quiet my emotions from this week ... hehe
... All good things come to those who wait...
1.5700 was not surpassed as i thought in the first chart... it is probably target now for 1.5900 at the asian session on sunday ... i won´t enter of course until tuesday i wanna watch what will happen in american session on monday...
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... All good things come to those who wait...
http://www.imagefreehost.com/files/1...1250550176.gif

In addition I want to paste something from bloomberg:

Finance chiefs from the Group of Seven nations signaled concern on the dollar's slide and said the global economic slowdown may worsen amid an ``entrenched'' credit squeeze. ``Since our last meeting, there have been at times sharp fluctuations in major currencies, and we are concerned about their possible implications for economic and financial stability,'' the G-7's finance ministers and central bankers said in a statement after talks in Washington yesterday.



The new language was the first significant change in the G- 7's view of currencies since a February 2004 meeting in Boca Raton

I think this is the first attempt for a verbal intervention.The last time G7 signaled concern on the euro`s slide - before 8 years they made an intervention and that was the end of the bullish dollar trend.


I don't think,that a real intervention is possible right now,but the first verbal inteventions are enough for me to think,that we are in front of a big correction of the major trend.

If I look at the waves - there are multiple correction patterns,which made all the moves so hard to predict and which caused the false break of the top.With the ending diagonal for C wave at the picture and the break below the diagonal we have a clear signal,that a test of 1.5510 is very possible.
This is the level which will show the further direction for me.If it holds we'll start the last up move for a new top above 1.60 and if there's a break of this levels I think we'll se a drop til 1.5140.

Looking at the patterns of the regular technical analysis - there's a H&S reversal pattern,which is another signal for me,that a bigger correction is possible.We have also 3 attempts to break 1.59 and 3 failures,so I think the whole euro trend needs a time out now,because considering the failures I think,that there are not much offers to buy the euro above 1.5900.
Quoting TheCable

In addition I want to paste something from bloomberg:

Finance chiefs from the Group of Seven nations signaled concern on the dollar's slide and said the global economic slowdown may worsen amid an ``entrenched'' credit squeeze. ``Since our last meeting, there have been at times sharp fluctuations in major currencies, and we are concerned about their possible implications for economic and financial stability,'' the G-7's finance ministers and central bankers said in a statement after talks in Washington yesterday.



The new language was the first significant change in the G- 7's view of currencies since a February 2004 meeting in Boca Raton

I think this is the first attempt for a verbal intervention.The last time G7 signaled concern on the euro`s slide - before 8 years they made an intervention and that was the end of the bullish dollar trend.


I don't think,that a real intervention is possible right now,but the first verbal inteventions are enough for me to think,that we are in front of a big correction of the major trend.

If I look at the waves - there are multiple correction patterns,which made all the moves so hard to predict and which caused the false break of the top.With the ending diagonal for C wave at the picture and the break below the diagonal we have a clear signal,that a test of 1.5510 is very possible.
This is the level which will show the further direction for me.If it holds we'll start the last up move for a new top above 1.60 and if there's a break of this levels I think we'll se a drop til 1.5140.

Looking at the patterns of the regular technical analysis - there's a H&S reversal pattern,which is another signal for me,that a bigger correction is possible.We have also 3 attempts to break 1.59 and 3 failures,so I think the whole euro trend needs a time out now,because considering the failures I think,that there are not much offers to buy the euro above 1.5900.
Thanks for the info...
IBfx Sporadic Traded Account... All Time Return: 33.9%
Quoting TheCable
The new language was the first significant change in the G- 7's view of currencies since a February 2004 meeting in Boca Raton

I think this is the first attempt for a verbal intervention.The last time G7 signaled concern on the euro`s slide - before 8 years they made an intervention and that was the end of the bullish dollar trend.
WHOAA !! When did that meeting end ?? Was it after the market close ??? I gotta increase my shorts pronto !
On the path to Enrichment.
Yes the meeting is doing today... and as the news came one from another... I must admit that EURUSD could not surpass 1.6000... so I´ll be cautious... tight SL, tight TP... i wonder what will deserve the days that come?... as never happened since i started trading there is so much especulation...
... All good things come to those who wait...
Quoting xxDavidxSxx
All I can do is go by what you said. Your pointing out everything you should have said. Because all you said was "Yea, trade the break out"

There are a lot of noobs on here that will take your advise word for word. And start entering blind on a break out because they think you sound knowledgeable. I know how to trade and need no advise. I am only here to give it. And I do a complete job of it too. I hate to see general statements that I know will make noobs lose money. You never explained what is a break out and what is a failer. Although I have here several times, I'd like to see others do it when they post a statement like that.

A daily close above, then the next day test support, bounce, and break the high of previous day. Thats a validated break. Or, no test of support the next day, and break of the high is confirmed with caution because of no established support above the break yet.

That is what is significant. Thats what the world looks at. Daily close. And I don't mean the close of London or Asia.... US close. Because US session has the greatest volume, and sets the pace for the other sessions.
Thats just mechanical. If you consider fundies, you might get an early entry befor the break(because fundies support a break) And then your already in if it breaks, and you just ride it out. Or it fails, and you close for small profit, or b/e.

Or fundies might be a reason to ignore a break because I just don't see big moves above 1.6000 being allowed by the ECB. And Malaysia keeps buying $ from what I understand.

So you made a blunt statement and were supposed to know what else your thinking when determining your break out entry?
Yea break outs, thats the ticket

I think there's some misunderstanding here. Just to clarify, I was the one who said to trade the breakout. If you read carefully, I never implied a breakout HAD occured. Rather, this was a note to posts on page 432 and before who were saying how G7 is causing the price to be uncertain and volatile.

My effort of posting the picture, and the brief explanation from investopedia.com was to not trade now, but only when a CLEAR breakout has occured. The picture and italics is to give a bit more description and characteristics on an ascending triangle breakout (e.g. look at volume, an example picture with a true breakout, etc). And hopefully, the wiser folk would go and research more. Regardless, it would be silly to simply trade off a post.

Anyway, let's make it clear, I'm not trying to rebuke David, I think he's one of the more experienced guys here who actually teaches something and talk sense. Just thought some clarification is due, after all the backward and forward of re-posting and debating who said what before..

What use is that, let's look forward, get back to the thread topic.... and concentrate on the forward market movements!
Trade the reaction, not the news!
Euro quoted at 1.5639 on XE.com
Patience + Humility + Study = Success
Quoting DutchTrader
Euro quoted at 1.5639 on XE.com
USD/JPY quoted at 101.975 gapped up by 100 pips?! I do not think so. That must be the misquote. And USD/CHF at 1.00115 ? Something does not jive.

Has XE been known to make errors in the past?
Quoting ultimate
USD/JPY quoted at 101.975 gapped up by 100 pips?! I do not think so. That must be the misquote. And USD/CHF at 1.00115 ? Something does not jive.

Has XE been known to make errors in the past?
cnnfn has the Euro at 1.5661 UJ at 101.71 and GJ at 199.34
Patience + Humility + Study = Success
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