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EURUSD

  • #9,621
  • May 21, 2008 5:19am May 21, 2008 5:19am
Quoting chapy
May be now is time for short? In H1 there is divergence with MACD, m`i right?
Watch for break of low on USD/CHF - will send EUR up.
  • #9,622
  • May 21, 2008 5:23am May 21, 2008 5:23am
Quoting Qwert
Can you tell us what time frame you use and what indicators? Maybe a few hints on your strategy. Thanks.
Hi
I trade 6 currency pairs and 4 commodities (some stock indices as well). Use fundamentals to figure out a medium term trend (last 1-6 weeks or longer). Use daily and and weekly Heikenashi charts to confirm the trend from a technical perspective and trade when my indicators give me an entry point. My indicators are a mix of Bollinger Bands, MACD and Moving Averages - to keep it all simple i have programmed them into one trading strategy which gives me a signal long or short as shown in the chart attached.

Example day before yesterday i got a long singal, waited one day to let the signal validate itself and entered yesterday. Since then its 1550 pips up (i trade 10 lots).

I close my trades based only on HA candle reversal pattern.

I follow my plan religiously and never trade when there is a divergence in Fundamental and Technical analysis. I also dont trade the news or scalp.

Its a plan i have worked very hard to create over the last few years and it gives me good returns - you can guess looking at the signals.

Hope it helps.
Attached Image (click to enlarge)
Click to Enlarge Name: EUR USD.jpg Size: 62 KB
  • #9,623
  • May 21, 2008 5:35am May 21, 2008 5:35am
gmohata - Thank you and I really appreciate your time helping us out.
  • #9,624
  • May 21, 2008 6:55am May 21, 2008 6:55am
Quoting amed12
Possible move for week 05/18/08

EUR/USD

1.5750
1.5400

174 for the week

174 pip divergence / 5 days = 35 pip break

= 1.5610 go long broken resistance
1.5593 – 35 = 1.5558 go short

174 - 35 = 139 pip potential profit in place for this week

I got it, if the price move up more than 1.5750 by tomorrow he will move 200 pips up, but if the price move under 1.5750 by tomorrow he will go to friday close 1.5593 at the end of the week.
  • #9,625
  • May 21, 2008 6:59am May 21, 2008 6:59am
Quoting gmohata
Hi
I trade 6 currency pairs and 4 commodities (some stock indices as well). Use fundamentals to figure out a medium term trend (last 1-6 weeks or longer). Use daily and and weekly Heikenashi charts to confirm the trend from a technical perspective and trade when my indicators give me an entry point. My indicators are a mix of Bollinger Bands, MACD and Moving Averages - to keep it all simple i have programmed them into one trading strategy which gives me a signal long or short as shown in the chart attached.

Example day before yesterday i got a long singal, waited one day to let the signal validate itself and entered yesterday. Since then its 1550 pips up (i trade 10 lots).

I close my trades based only on HA candle reversal pattern.

I follow my plan religiously and never trade when there is a divergence in Fundamental and Technical analysis. I also dont trade the news or scalp.

Its a plan i have worked very hard to create over the last few years and it gives me good returns - you can guess looking at the signals.

Hope it helps.
I agree with you on the long term trade thing, but it's kind of hard adjusting to it. I trade with Heikenashi candles too with ao,ac and stoch. [using 15m,1hr & 4hrs] gives good result too. What is the lowest time frame you trade on or is it just daily and weekly chart that you trade?

Regards
Tolu
  • #9,626
  • May 21, 2008 7:12am May 21, 2008 7:12am
Quoting xxDavidxSxx
Here's chart...


http://img516.imageshack.us/img516/4...lytrendcc2.gif
Here is my chart continued. This is going to establish some kind of pattern, but its incomplete and will be determined if euro reaches new higher highs, or falls short and turns in the yellow reversal zone I have there. Euro likes to make a 76.4 retrace before turning. Thats also where the bottom of the yellow trend line is.

http://img530.imageshack.us/img530/8...lytrendej0.gif
  • #9,627
  • May 21, 2008 7:23am May 21, 2008 7:23am
Quoting gmohata
Friends
have been trading for over 7 years now with consistent results ..

Seriously the only thing i always like to advise (if my advise is at all needed) .. is to STOP news trading and scalping .. it wont work in the long run (not even in the medium run) .. if you seriously want to invest and grow your money .. take a longer time frame .. with very simple indicators.

If news trading and scalping are what you feel you do best - then maybe its time to take stock.
That's B.S. that news trading does not work. I also trade on a longer time frame and have been buying at fibbonacci support area of around 1.5350 and selling at 1.59 during this consolidation on the daily chart. However, I also trade the news with almost 100% success. In order to trade the news, you need the proper software, proper understanding of the markets(and that includes which pairs you trade for which announcments among other things), and to be able to properly interpret the news. You definitely need audio software, to be able to hear the announcment the second that it comes out. When the Fed began its easing cycle, and cut interest rates by 50 basis points instead of 25 basis points, the dollar fell over 100 pips to the euro and other high yielding currencies. There are countless examples, Today I added on to my Long on the euro that I've had since 1.5362 when the EURO report came in above expectations. I was able to add on 3 more lots at 1.5677. I'm still targeting the top of the consolidation at about 1.59-1.60 where I will most likely short, depending on the tone of the market, and target 1.5350-1.5400 once again. So to summarize, just because news trading does not work for you, does not mean "news trading does not work." There are times when price action does not move in the direction of the announcement, but to rush to the statement, "news trading does not work," is absurd.
  • #9,628
  • May 21, 2008 7:32am May 21, 2008 7:32am
On the news thing...
I been trading 4 years, and I place most of my trades just before news. And I have professional day trader friends that make a living for there companies scalping the market.
Each person will find there nitch (if they find one at all.) Some position trade, some scalp, some trade news, some exit before news, and all can make a living there own way. Thats the beauty of the market.
  • #9,629
  • May 21, 2008 8:40am May 21, 2008 8:40am
Quoting priceaction
1.54 was closed for profit according to Jacko's rules.
Now in a 1.55 long and up 170 with 85 locked in by a 100 TSL.

I don't know anyone on FF who has made anywhere near the money that Jacko has from trading so he's the guy to be emulating.

Rob
It's the only way to make profits in any market, to hold profitable positions long enough.
  • #9,630
  • May 21, 2008 9:06am May 21, 2008 9:06am
i think igrok made more then jacko......very similar method ,...
its just money
  • #9,631
  • May 21, 2008 9:52am May 21, 2008 9:52am
Quoting xxDavidxSxx
On the news thing...
I been trading 4 years, and I place most of my trades just before news. And I have professional day trader friends that make a living for there companies scalping the market.
Each person will find there nitch (if they find one at all.) Some position trade, some scalp, some trade news, some exit before news, and all can make a living there own way. Thats the beauty of the market.
I agree. That's beauty. But when I try to explain it to my friends who doesn't know about forex they don't understand. How can I be your friend? heh
I am one of those exiting before the news because I've been fooled many times at news.
Still trying to learn to scalp. I like daily charts... but I have been now about 1 year trying to develop different methods to scalp in the 30 sec charts. I have been very successful but the problem is that I don't find a constant method.. many times I have seen how the profits of the week are wiped out on friday. It only affects to the separated scalping account but sometimes it is hard..
  • #9,632
  • May 21, 2008 11:29am May 21, 2008 11:29am
well

short @ 5769 we'll see

hope i'm right
  • #9,633
  • May 21, 2008 11:57am May 21, 2008 11:57am
just closed a short scalp from 15771 to 1.5751
going against the trend... heh.. for the adrenaline.. you know
  • #9,634
  • May 21, 2008 12:29pm May 21, 2008 12:29pm
can this pennant drive it another 100 pips?
  • #9,635
  • May 21, 2008 3:26pm May 21, 2008 3:26pm
Cancelled my entry orders after last hour's close above my channel resistance failed to rise very far. Also RSI shows heavily overbought hourlies and a very slight divergence over the past 10 hours.
"A goal without a plan is just a wish."
  • #9,636
  • May 21, 2008 5:53pm May 21, 2008 5:53pm
I shorted at 5790 hoping to reach 5720.
  • #9,637
  • Edited 7:12pm May 21, 2008 6:02pm | Edited 7:12pm
Quoting gmohata
Hi
I trade 6 currency pairs and 4 commodities (some stock indices as well). Use fundamentals to figure out a medium term trend (last 1-6 weeks or longer). Use daily and and weekly Heikenashi charts to confirm the trend from a technical perspective and trade when my indicators give me an entry point. My indicators are a mix of Bollinger Bands, MACD and Moving Averages - to keep it all simple i have programmed them into one trading strategy which gives me a signal long or short as shown in the chart attached.

Example day before yesterday i got a long singal, waited one day to let the signal validate itself and entered yesterday. Since then its 1550 pips up (i trade 10 lots).

I close my trades based only on HA candle reversal pattern.

I follow my plan religiously and never trade when there is a divergence in Fundamental and Technical analysis. I also dont trade the news or scalp.

Its a plan i have worked very hard to create over the last few years and it gives me good returns - you can guess looking at the signals.

Hope it helps.

That chart reminds me of Fozzy's fast indicator which uses Bollinger Bands RSI & MA...
Attached Image (click to enlarge)
Click to Enlarge Name: eur-usd 5-21-2008.gif Size: 19 KB
  • #9,638
  • May 21, 2008 6:20pm May 21, 2008 6:20pm
I see 1.70 at 4 weeks...
  • #9,639
  • May 21, 2008 6:28pm May 21, 2008 6:28pm
Clouds you entered short based on what?
  • #9,640
  • May 21, 2008 6:35pm May 21, 2008 6:35pm
Quoting Donyouth4eva
Clouds you entered short based on what?
Because the London session is the only thing that can bring this up again, until then i think it should go down. I put S/L 1.58 and TP 1.5720. Usually I see London continue a trend, and the Tokyo session go opposite of the trend. Where-ever it ends up before London, I'll reverse.
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