Anyone think EUR/USD will go up ?
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- #8,782
- May 7, 2008 7:02pm May 7, 2008 7:02pm
Limit order hit when it broke short at 1.5490. I don't like trading against the major trend, but the triangle formation was too tempting.
Still in the trade with SL set on 1.5390.
Watching 1.5340 zone for another possible break down. If it does break, we could see it head down to 1.50 area.
Either way, I'm happy with +100 pips
- #8,783
- May 7, 2008 7:04pm May 7, 2008 7:04pm
- Joined Nov 2006 | Status: Shoot all the clowns.. Shoot'em all | 14,520 Posts | Online Now
- #8,784
- May 7, 2008 7:14pm May 7, 2008 7:14pm
- | Joined Apr 2008 | Status: You never know | 1,306 Posts
Expected the unexpected
- #8,788
- May 7, 2008 8:01pm May 7, 2008 8:01pm
Anyone think EUR/USD will go up ?
Waiting for german ind. output data to confirm that europe is struggling. EZB adding a wildcard mid-term though: will they keep focused on inflation and possibly raise rates? Or will they follow the Bernanke Mantra and lower rates to shore up industrial activity? And since its such nice weather right now (until "Pfingsten" at least
I'm gonna keep my shorts on and walk over to the beergarten PS: why does this forum not have the beer smiley??? http://www.the-boondocks.org/forum/i...cons/beer1.gif
No.
Waiting for german ind. output data to confirm that europe is struggling. EZB adding a wildcard mid-term though: will they keep focused on inflation and possibly raise rates? Or will they follow the Bernanke Mantra and lower rates to shore up industrial activity? And since its such nice weather right now (until "Pfingsten" at least
PS: why does this forum not have the beer smiley??? http://www.the-boondocks.org/forum/i...cons/beer1.gif
I'm kidding Twee...
- #8,792
- May 7, 2008 8:11pm May 7, 2008 8:11pm
To help identify positive breakouts (and reduce the risk of jumping into false breakouts), always draw your trend lines on a line chart (price close). This does not completely ensure that breakouts are not false however. It just reduces the risk...
This came from a good mate who works as a forex trader for a major bank (ANZ) here in Aus.
Candlestick high lows are just testing zones.
- #8,794
- May 7, 2008 8:29pm May 7, 2008 8:29pm
I have a very good method of avoiding false breakouts which I learnt from a professional City trader. Wait for candle to finish above trend line - then take trade when currency has moved 5 pips above candle wick.
Its amazing how accurate this is. Often the move above the candle wick will only be 4 pips and then fall back - that 5th pip seems to work well.
Only problem I have found is that some breakouts happen so fast, they end before you can clearly confirm them.
This however happens less regularly than being fooled by false breakouts with candle stick highs/lows.
nice.. thanks buddy!
- #8,797
- May 7, 2008 9:18pm May 7, 2008 9:18pm
- Joined Dec 2006 | Status: call me Kevin | 1,263 Posts
I may go long at 1.53 and put tight S/L , this may be bottom, never know!
The trend is down, sir.
I made this same argument when EUR/USD was in an uptrend approaching 1.6000 and everyone said "SHORT SHORT SHORT"
Look at the first chart below, and tell me the first thing that comes to mind.
You might be right, we COULD have a bottom. But telling us that is some fortune teller mumbo jumbo.
You could have the same low risk trade in the right direction if you wait for the retracement, and then enter with the trend.
Genius might remember: TRADE WHAT YOU SEE
Sorry, I rant often; just trying to help
- #8,798
- May 7, 2008 9:19pm May 7, 2008 9:19pm
- | Commercial User | Joined Mar 2008 | 9,071 Posts | Online Now
3rd lots running wild @ +180 pips
- #8,799
- May 7, 2008 9:20pm May 7, 2008 9:20pm
- Joined Apr 2008 | Status: Trader | 7,674 Posts
There was someone that said that at every bump today....
The trend is down, sir.
I made this same argument when EUR/USD was in an uptrend approaching 1.6000 and everyone said "SHORT SHORT SHORT"
Look at the first chart below, and tell me the first thing that comes to mind.
You might be right, we COULD have a bottom. But telling us that is some fortune teller mumbo jumbo.
You could have the same low risk trade in the right direction if you wait for the retracement, and then enter with the trend.
Genius might remember: TRADE WHAT YOU SEE
Sorry, I rant often; just trying to help
- #8,800
- May 7, 2008 9:21pm May 7, 2008 9:21pm
- | Commercial User | Joined Mar 2008 | 9,071 Posts | Online Now
There was someone that said that at every bump today....
The trend is down, sir.
I made this same argument when EUR/USD was in an uptrend approaching 1.6000 and everyone said "SHORT SHORT SHORT"
Look at the first chart below, and tell me the first thing that comes to mind.
You might be right, we COULD have a bottom. But telling us that is some fortune teller mumbo jumbo.
You could have the same low risk trade in the right direction if you wait for the retracement, and then enter with the trend.
Genius might remember: TRADE WHAT YOU SEE
Sorry, I rant often; just trying to help