FF coloured the news red, weird...
On the path to Enrichment.
- #8,741
- May 7, 2008 8:02am May 7, 2008 8:02am
- | Joined Feb 2008 | Status: Live long and have fun :) | 1,386 Posts
- #8,745
- May 7, 2008 8:09am May 7, 2008 8:09am
- | Joined Feb 2008 | Status: Live long and have fun :) | 1,386 Posts
On the path to Enrichment.
- #8,746
- May 7, 2008 8:24am May 7, 2008 8:24am
- | Commercial User | Joined Mar 2008 | 9,071 Posts
2nd lot @ +100 pips hit!!
Here is something else to think about watching. It is very important and will give you some ideas. You can thank me later. I like nice cigars.
I know there are some seasoned traders here, but in general some new to the industry. I always wished someone would have given me some things to research and explore when I was starting instead of just an indicator that lost me tons of money.
Always keep an eye on this.
Set up your charts with a custom session. Use 3:00 EST to 11AM EST
The important part is the European close (unofficial). If you notice, yesterday Europe closed shop around 1.5554. Now overnight, there is a gap and price never returned to this level as of yet. Now what does that mean. Well maybe nothing, but Europe accounts for almost half of the volume in Forex so there is likely large orders sitting there. Study your charts, do you see these gaps filling. Not always the same day and if a gap does not fill, it indicates that Europe closed in the correct direction. If the gap doesn't fill this is a strong indication of a continuance in the current direction. Many times the gaps will fill, and reverse in the current direction. The reason they reverse is bigger traders are covering there positions, thankful that they can get out around breakeven. Lots of dynamics at these levels.
Not easy to trade, but you should always be aware. So chances of the current gap filling up to 1.5554 today is not good, but keep your eye on the remainder of the day and into Asia/Europe tonight.
Once a gap has filled, mark it off your list as it is resolved.
Tracking back I am looking at the close on 4/24 at at 1.5874. Hmmmmmm. It did not fill yet.
Something to ponder that is a little different, I wish you good trading.
I know there are some seasoned traders here, but in general some new to the industry. I always wished someone would have given me some things to research and explore when I was starting instead of just an indicator that lost me tons of money.
Always keep an eye on this.
Set up your charts with a custom session. Use 3:00 EST to 11AM EST
The important part is the European close (unofficial). If you notice, yesterday Europe closed shop around 1.5554. Now overnight, there is a gap and price never returned to this level as of yet. Now what does that mean. Well maybe nothing, but Europe accounts for almost half of the volume in Forex so there is likely large orders sitting there. Study your charts, do you see these gaps filling. Not always the same day and if a gap does not fill, it indicates that Europe closed in the correct direction. If the gap doesn't fill this is a strong indication of a continuance in the current direction. Many times the gaps will fill, and reverse in the current direction. The reason they reverse is bigger traders are covering there positions, thankful that they can get out around breakeven. Lots of dynamics at these levels.
Not easy to trade, but you should always be aware. So chances of the current gap filling up to 1.5554 today is not good, but keep your eye on the remainder of the day and into Asia/Europe tonight.
Once a gap has filled, mark it off your list as it is resolved.
Tracking back I am looking at the close on 4/24 at at 1.5874. Hmmmmmm. It did not fill yet.
Something to ponder that is a little different, I wish you good trading.
- #8,749
- May 7, 2008 8:37am May 7, 2008 8:37am
- | Joined Feb 2008 | Status: Live long and have fun :) | 1,386 Posts
On the path to Enrichment.
- #8,751
- May 7, 2008 9:23am May 7, 2008 9:23am
- | Commercial User | Joined Mar 2008 | 9,071 Posts
Here is something else to think about watching. It is very important and will give you some ideas. You can thank me later. I like nice cigars.
I know there are some seasoned traders here, but in general some new to the industry. I always wished someone would have given me some things to research and explore when I was starting instead of just an indicator that lost me tons of money.
Always keep an eye on this.
Set up your charts with a custom session. Use 3:00 EST to 11AM EST
The important part is the European close (unofficial). If you notice, yesterday Europe closed shop around 1.5554. Now overnight, there is a gap and price never returned to this level as of yet. Now what does that mean. Well maybe nothing, but Europe accounts for almost half of the volume in Forex so there is likely large orders sitting there. Study your charts, do you see these gaps filling. Not always the same day and if a gap does not fill, it indicates that Europe closed in the correct direction. If the gap doesn't fill this is a strong indication of a continuance in the current direction. Many times the gaps will fill, and reverse in the current direction. The reason they reverse is bigger traders are covering there positions, thankful that they can get out around breakeven. Lots of dynamics at these levels.
Not easy to trade, but you should always be aware. So chances of the current gap filling up to 1.5554 today is not good, but keep your eye on the remainder of the day and into Asia/Europe tonight.
Once a gap has filled, mark it off your list as it is resolved.
Tracking back I am looking at the close on 4/24 at at 1.5874. Hmmmmmm. It did not fill yet.
Something to ponder that is a little different, I wish you good trading.
- #8,754
- May 7, 2008 9:50am May 7, 2008 9:50am
Still short since last Friday.... Opened 2 more short positions since then that were good for 50 pips each and holding one from Friday currently +24.
I don't recommend trading this way, but when I have a hunch, I have a hunch.
bears in charge.
Start Young. Think Big. Stick to It.
- #8,755
- May 7, 2008 9:51am May 7, 2008 9:51am
- | Joined Feb 2008 | Status: Live long and have fun :) | 1,386 Posts
My data goes back 90 years.
It is not necessary to be "exact" just to know the general price area and react. I find it extremely difficult to use small risk tolerances in FOREX. 10-30 pip stops are just going to get you in the poor house, this market is just not that exact. I try to focus on value areas. I am usually early but that's okay with me. Focus on areas not exact levels
On the path to Enrichment.
- #8,756
- May 7, 2008 10:00am May 7, 2008 10:00am
- Joined Dec 2006 | Status: call me Kevin | 1,263 Posts
- #8,757
- May 7, 2008 10:02am May 7, 2008 10:02am
- Joined Oct 2007 | Status: Trader | 6,522 Posts
Doh!!! Should have just took out profit from CABLE and let the Multiple SHORTs on EU runs with profit.
Look at thatReaching my original target around RBS (Resistance becoming Support).
Could have made USD10KAnyway... switching off all my platform and going out for a party
TOUCHDOWN!!! Observing the Price Action... hard to penetrate that STRONG SUPPORT ... Yellow Line (RBS). Calculating Risk/Reward Ratio... what the heck... Just Triggered BUY FROM DIP with 20pips SL.
T.A.Y.O.R >>> Trade At Your Own Risk!!!
- #8,758
- May 7, 2008 10:17am May 7, 2008 10:17am
- | Joined Dec 2007 | Status: Trader | 2,797 Posts
Still short since last Friday.... Opened 2 more short positions since then that were good for 50 pips each and holding one from Friday currently +24.
I don't recommend trading this way, but when I have a hunch, I have a hunch.
I got SL'ed, waiting for re-entry point.
- #8,760
- May 7, 2008 10:20am May 7, 2008 10:20am
- Joined Apr 2007 | Status: RCMM (Risk Analysis Money Manager) | 2,556 Posts
