Re: EurUsd short term

Any good ideas with the EurUsd short term for this week? It looks like it is failing again to break 1.2250-60 level, now forming a triple top, coincidentally my user name..

It seems that the Euro can't break this level easily, but the bulls are getting stronger (Up-slanted triangle), I think they will break it so soon...
Maybe after a last pullback to the lower triangle side then a very strong upside breakout reaching (1.2480~1.2490)...


Note: Sorry for the quality of the attached picture, but I'm too lazy to setup my photoshop

My suggestion would be to remain nuetral on the EURO/USD until some form of direction is indicated. Right now (as of 7/2 @ 8:55 CT) it lacks complete direction and would be suicide to try and enter a position.

There are too many conflicting reports as to whether the EURO is going up or down. So, best to stay on the side of caution and wait.

I would say if it doesn't break the 1.2250-60 demarc line by Wed, it most likely won't on this drive.

is it significant to see a clear double bottom too if the chart duration is decreased to 4 or 8 hr periods with a 1.1950 support line.

what about the double top at the end of an uptrend in a 1 hr chart right now. It means its going to go down ? Technical gurus please help. How do you resolve a situation like this.

I don't know crap about technicals, but I can say for certain there was a nice EURO/USD short that opened around 2:00 CT. Still in it as a matter of fact.

So, I would say trend direction is relative to the system you choose to use.

budda, You da man!! I'm with you on the euro short. I wouldn't have been there without your posts on the system you use.

What can I say thanks a $$$$$$$$$.
Pipmon

You can drive yourself crazy trying to predict market direction based on technical analysis. You can almost guarantee that you'll be wrong with so much analysis. Read Jims thread on price action and lurk in the shadows for those entry signals.

I placed an entry order long EURO at 1.2159 (just above 1.2155 support) at the open of the Asian. It got hit about 4 hrs later. Closed on a stop order at 1.2235 while watching television with my wife. At times like that I wish I'd not used a hard target to exit. However if I don't I'm prone to exit too early or too late.

FT

Well, that short racked in about 34 pips. It was shorter lived than it appeared. The EMA 25 crossed clean through the 50 and looked to be going into a deep trough. Then there was that super abrupt reveresal at 12:30 AM which was a bit of a suprise.

Hopefully you closed prior to that, pipmon. If you were awake for the reversal and got on board, you would have gained another 33 pips and would still be going strong! - anyone?

I got out with +28 but didn't stay up late enough to get in on the next side going up. Looks like I will be watching your system. I am like you, try to use the KISS method whenever possible. I would like to trade some of Jim's stuff to but I can't come close to matching his charts. Guess I might have to break down and get Tradestation.

What do you mean by the KISS method, is it related to the Fibonacci KISS, if so, what does that mean??

I don't know any other way to say it than KISS "Keep it simple stupid".
Nothing to fancy about that.

Has anyone been holding the EURO long this week?

If you have, I shout out a "BOOOOYYYYAAHHHH" in your honor!

just using your post to quote off of pip. early on with the 5min system i took some incredible abuse from people after i started sharing some of the things i had learned over the years. the comnments went like this, if your such a frickin good trader why would you be following a mechanical system like 5 min. some of the things i was called included liar, moron, wanna be and more that i cant post but recieved thru private email. i say this to make a point. i love to trade, i love simple stuff all the way to very complicated especially to new traders. your trading education should and will be an ongoing task. mb's strategy is a very common one used by many traders, some use different ma's but its very similar. i think its great that mb has posted his strategy because it proves that simple systems can and do work. i trade several that are very similar and i have used mb's to try and fine tune. thats what you do, find something that works and never stop trying to improve it. paper trading your new ides of course. the rubber will meet the road on this kind of strategy when you start getting a tight trading range or prolonged whipsaw. it appears that mb has a handle on what to do which is to be nimble and satisfied to take a small profit instead of a large loss hoping for a certain result. for those of you new to trading in general developing the skills to do what i just described will ultimatly determine your long term success not whether or not a system "works" most of the time. thanks again mb. jim

Great post James. Thanks for your wisdom.

sell limit 1.4218