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  • #11,541
  • Jun 22, 2008 10:52pm Jun 22, 2008 10:52pm
Quoting Clouds
For now, support at 5590-5600
oppps.............
  • #11,542
  • Jun 22, 2008 11:56pm Jun 22, 2008 11:56pm
Quoting ammal07
from my studies, FA will follow TA, FA just make the candle size longer,
but the movement still follows TA.
Like it or not, forex is purely fundamental. It all boils down to the economics and monetary policies of one currency versus the other.

TA is the art of identifying crowd behaviour whom are reacting to the fundamentals.

TA is therefore a fancy term for reading/predicting market psychology.

People seem to forget that that the market is driven by those who trade it, so it's all about the collective behaviour of buyers and sellers.
  • #11,543
  • Jun 23, 2008 12:30am Jun 23, 2008 12:30am
My 2 scenarios


I'm planning to buy this pair on a fib retracement 1.5183 - 1.5559 -- S/L 1.5549

Or short it at 1.5697 -- S/L 1.5717

cheers...
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd2.GIF Size: 23 KB
  • #11,544
  • Jun 23, 2008 12:40am Jun 23, 2008 12:40am
By the way,, I'm not giving any advise so,, do what you must...
  • #11,545
  • Jun 23, 2008 1:17am Jun 23, 2008 1:17am
Quoting FxApasionado
By the way,, I'm not giving any advise so,, do what you must...
it makes sense to buy at friday's breakout level 1.5570 for at least a small bounce off the fib support

Edit: make that 1.5575
  • #11,546
  • Jun 23, 2008 1:23am Jun 23, 2008 1:23am
Quoting pipmac
it makes sense to buy at friday's breakout level 1.5570 for at least a small bounce off the fib support
I just closed my long position,, it is showing some weakness,, it didn't bounce off real quick from todays' pivot as it should..
  • #11,547
  • Jun 23, 2008 1:30am Jun 23, 2008 1:30am
Quoting FxApasionado
I just closed my long position,, it is showing some weakness,, it didn't bounce off real quick from todays' pivot as it should..
todays pivots arent that great I don't even use them but i see weekness too. I'd watch a buy closely.

But breakout support is usually the best support.
  • #11,548
  • Jun 23, 2008 1:32am Jun 23, 2008 1:32am
London opens in 30 minutes.
  • #11,549
  • Jun 23, 2008 1:34am Jun 23, 2008 1:34am
Quoting pipmac
todays pivots arent that great I don't even use them but i see weekness too. I'd watch a buy closely.

But breakout support is usually the best support.
Looks like I missed a good 10 pip rally so far,, oh well..
  • #11,550
  • Jun 23, 2008 1:36am Jun 23, 2008 1:36am
Quoting pipmac
todays pivots arent that great I don't even use them but i see weekness too. I'd watch a buy closely.

But breakout support is usually the best support.
What do you mean by the the breakout support is the best support???
  • #11,551
  • Jun 23, 2008 1:42am Jun 23, 2008 1:42am
Quoting atif
Did you considered IFO news coming up tonite? TA is not gonna help you if actual comes lower then the consensus.

Watch guys for the sharp decline....
im sure every trader on here has seen the phenomanon where news comes out strongly positive/negative and the currency in question goes the other way(TA bias). And then the newbie posts the question.Why is XXX/YYY going up/down when the news was negative/postive?

also those big banks that move the forex market use T/A so it must be of some use....
  • #11,552
  • Jun 23, 2008 1:43am Jun 23, 2008 1:43am
Quoting FxApasionado
What do you mean by the the breakout support is the best support???
/
Attached Image (click to enlarge)
Click to Enlarge Name: eu.png Size: 22 KB
  • #11,553
  • Jun 23, 2008 1:48am Jun 23, 2008 1:48am
Quoting pipmac
/

Oh Yeah, Got it,,, At what price is that support for you?
  • #11,554
  • Jun 23, 2008 1:50am Jun 23, 2008 1:50am
Quoting FxApasionado
Oh Yeah, Got it,,, At what price is that support for you?
Price just bounced off 5579, so 5579 represents that suppport..T/A speaking...
  • #11,555
  • Jun 23, 2008 1:51am Jun 23, 2008 1:51am
Quoting akirax
im sure every trader on here has seen the phenomanon where news comes out strongly positive/negative and the currency in question goes the other way(TA bias). And then the newbie posts the question.Why is XXX/YYY going up/down when the news was negative/postive?

also those big banks that move the forex market use T/A so it must be of some use....
Like the time when FED began cutting rates massively and the dollar shot up like never seen before. Who could have known back then that the traders will unwind the carry trades to cover their losses and that negative news will cause a short-term but very strong dollar rise.
  • #11,556
  • Jun 23, 2008 1:59am Jun 23, 2008 1:59am
Quoting Pirin
Like the time when FED began cutting rates massively and the dollar shot up like never seen before. Who could have known back then that the traders will unwind the carry trades to cover their losses and that negative news will cause a short-term but very strong dollar rise.
exactly.... i remember that one. Fundies said one way, currency went the other way.

left a lot of traders scratching their heads that week mumbling "but fundies said...."
  • #11,557
  • Jun 23, 2008 2:01am Jun 23, 2008 2:01am
broke my support...
  • #11,558
  • Jun 23, 2008 2:04am Jun 23, 2008 2:04am
Quoting pipmac
broke my support...
looks like the open did it.

1.5550 anyone?
  • #11,559
  • Jun 23, 2008 2:05am Jun 23, 2008 2:05am
Quoting akirax
looks like the open did it.

1.5550 anyone?
price bounced off the 200
  • #11,560
  • Jun 23, 2008 2:11am Jun 23, 2008 2:11am
im buying at 1.5552 tp at 1.5694 with no sl at the moment because I know its goin up.
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