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  • #11,601
  • Jun 23, 2008 7:50am Jun 23, 2008 7:50am
Quoting pipmac
I'm not going against a strong trend as this. You might get some long pips on a perfect entry....I'm not that good.
It is a strong trend man, wow. Better be safe and wait for more patterns to emerge. No point in risking capital in the heat of the moment
  • #11,602
  • Jun 23, 2008 7:50am Jun 23, 2008 7:50am
Its bouncing from support it's tested now 4 times....I don't think its gonna hold.
  • #11,603
  • Jun 23, 2008 7:51am Jun 23, 2008 7:51am
I am coming to like these weekly\monthly pivots more and more.

The price wandered around for a couple of hours then zinged down to hit tp whilst I wasn't watching. +39, a happy start to the week.

Good luck guys.

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  • #11,604
  • Jun 23, 2008 7:55am Jun 23, 2008 7:55am
Quoting SteveHopwood
I am coming to like these weekly\monthly pivots more and more.

The price wandered around for a couple of hours then zinged down to hit tp whilst I wasn't watching. +39, a happy start to the week.

Good luck guys.

Funny thing is i don't use pivots and such and i have the same position as you. Funny how things just come together sometimes. Your pivots chart gave me the confidence to hold my trade which finally paid at the opening of US trading. Thanks for the charts
  • #11,605
  • Jun 23, 2008 7:59am Jun 23, 2008 7:59am
Quoting pipmac
Its bouncing from support it's tested now 4 times....I don't think its gonna hold.

Check it out man, it bounced from my fibbo from the other night. If it holds, my prediction is up/down between the two fibbos until FED makes USD trend break out towards 1.53
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  • #11,606
  • Jun 23, 2008 8:02am Jun 23, 2008 8:02am
Quoting vaio
Check it out man, it bounced from my fibbo from the other night. If it holds, my prediction is up/down between the two fibbos until FED makes USD trend break out towards 1.53
Vaio, are you a FIB only trader? how would you trade the next move?
  • #11,607
  • Jun 23, 2008 8:04am Jun 23, 2008 8:04am
I assume your not thinking long since the fibbo could break
  • #11,608
  • Jun 23, 2008 8:08am Jun 23, 2008 8:08am
Quoting pipmac
I assume your not thinking long since the fibbo could break
you're right, 1hr 200ma was crossed convincingly, makes me worried that bottom fibbo will break.

My next move is punish any upward re-tracement. Trade with the trend. Anywhere near 1.5520 - 1.5530 then am shorting again.

Going long is too risky, its also going against the trend, which is always a no-no
  • #11,609
  • Jun 23, 2008 8:12am Jun 23, 2008 8:12am
Quoting pipmac
Vaio, are you a FIB only trader? how would you trade the next move?
FIB and TTN, trade the news. Fibs are pretty accurate. So far the fibs I drew last time have either been resistance or support. Breaking them depended on momentum and TTN events.

IFO was a disaster for Euro, but should not count out Trichet's balls. He has balls of steel I bet he'll be hawkish next time he talks, lol
  • #11,610
  • Jun 23, 2008 8:13am Jun 23, 2008 8:13am
Quoting vaio
you're right, 1hr 200ma was crossed convincingly, makes me worried that bottom fibbo will break.

My next move is punish any upward re-tracement. Trade with the trend. Anywhere near 1.5520 - 1.5530 then am shorting again.

Going long is too risky, its also going against the trend, which is always a no-no
That makes sense...I think it will be sold near 1.5505 and then push above that late in the session. I don't see traders letting it above the breakdown at the open of US trading.

BTW. How do you draw the fibbo. What is your point A and point B
  • #11,611
  • Jun 23, 2008 8:22am Jun 23, 2008 8:22am
Quoting vaio
FIB and TTN, trade the news. Fibs are pretty accurate. So far the fibs I drew last time have either been resistance or support. Breaking them depended on momentum and TTN events.

IFO was a disaster for Euro, but should not count out Trichet's balls. He has balls of steel I bet he'll be hawkish next time he talks, lol
Haha. he likes that tune..I'll mark my calander when he speaks will prob make the EU pop...

Looking forward to seeing more of your fibbo charts...I'm gonna catch some sleep gl
  • #11,612
  • Jun 23, 2008 8:22am Jun 23, 2008 8:22am
Quoting pipmac
That makes sense...I think it will be sold near 1.5505 and then push above that late in the session. I don't see traders letting it above the breakdown at the open of US trading.

BTW. How do you draw the fibbo. What is your point A and point B

I use the 1hr chart and try to pick a recent major low and a high. I also respect major trend lines. see below
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  • #11,613
  • Jun 23, 2008 8:32am Jun 23, 2008 8:32am
It wont be long till we see it at 1.5680 - 1.5700 and then down again.

Meanwhile i don't close my hedged longs and wait for another 10 hours.
Gravity always wins
  • #11,614
  • Jun 23, 2008 9:19am Jun 23, 2008 9:19am
Quoting sol
It wont be long till we see it at 1.5680 - 1.5700 and then down again.

Meanwhile i don't close my hedged longs and wait for another 10 hours.
From technical indicator i used i think it will be short...but from my heart it will be long...so i choose my heart feel..
  • #11,615
  • Jun 23, 2008 9:37am Jun 23, 2008 9:37am
Quoting Blackterror
From technical indicator i used i think it will be short...but from my heart it will be long...so i choose my heart feel..
From a technical standpoint Euro has taken a beating. But my guts still tell me up, way up. At least 5710-5830/40
Helping the philosophically challenged
  • #11,616
  • Jun 23, 2008 10:04am Jun 23, 2008 10:04am
Quoting triq03
From a technical standpoint Euro has taken a beating. But my guts still tell me up, way up. At least 5710-5830/40
That might be true but 1.5430 is next...
  • #11,617
  • Jun 23, 2008 10:08am Jun 23, 2008 10:08am
Quoting pipmac
Funny thing is i don't use pivots and such and i have the same position as you. Funny how things just come together sometimes. Your pivots chart gave me the confidence to hold my trade which finally paid at the opening of US trading. Thanks for the charts
The secret is finding a method that suits us as individuals, then refining it. We are all looking at the same information yet can arrive at the same conclusions by a wide variety of routes.

The great thing about a thread like this is the way traders swap ideas and helpful bits of kit. The ma's on my chart come from Shermenator, the pivots from TMac. The MACD is the only thing I have added myself to the fibs - it is comforting to have extra confirmation that the market is moving in the direction I think it is.

I know I cannot be right all the time - the market has a malicious sense of humour, after all, but I am enjoying being right more often than wrong. For now; tomorrow may be different.

  • #11,618
  • Jun 23, 2008 10:20am Jun 23, 2008 10:20am
Quoting SteveHopwood
The great thing about a thread like this is the way traders swap ideas and helpful bits of kit
That's awesome!

Pivots --you
Fibbos---ciao
MA's----me

  • #11,619
  • Jun 23, 2008 10:55am Jun 23, 2008 10:55am
Right time for bulls to come?
I guess Yes!
But just a guess based on chart
just the trendline got broken may be a false break but sure worth to look for if it goes above1.5510
  • #11,620
  • Jun 23, 2008 11:08am Jun 23, 2008 11:08am
I'm waiting for H1 bar close above 1,5505.
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