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  • #13,901
  • Jul 10, 2008 10:25am Jul 10, 2008 10:25am
hi Dee, no problems, usually if I'm tempted, I'll just enter small lots, and risk little... know exactly where the stop should be, doesn't hurt as much either when you're right OR wrong... you know how it feels when you're right, but aren't in...
  • #13,902
  • Jul 10, 2008 10:25am Jul 10, 2008 10:25am
want to ask, is it good to take short at 1.5800 ?

Txu
  • #13,903
  • Jul 10, 2008 10:26am Jul 10, 2008 10:26am
Anyone have any input as to where would be a good buying area? I'm using fib retracements on the 15 min with the low at 5:30am (est) this morning at 1.5690 and the high at 10:45am at 1.5801.

38% @ 1.5760
50% @ 1.5745
62% @ 1.5733

Anybody have any ideas? I'm pretty new to using fibs so if anyone has any advice I would appreciate it.

Thanks!
  • #13,904
  • Jul 10, 2008 10:27am Jul 10, 2008 10:27am
Quoting dikaziw
want to ask, is it good to take short at 1.5800 ?

Txu
sure, if you want to trade against the commercial money. You were kidding right?
  • #13,905
  • Jul 10, 2008 10:29am Jul 10, 2008 10:29am
Quoting dikaziw
want to ask, is it good to take short at 1.5800 ?

Txu

not a bad idea for 10-30pips, for the 3 reasons mentioned (61.8 fibo, round numbers & top of price channel), but you'll need tight stops, but I think you may have just missed out... shouldn't get there again for few more hours, by then, when it's going back up, it wouldn't be such a good idea anymore...
  • #13,906
  • Jul 10, 2008 10:29am Jul 10, 2008 10:29am
Quoting dragoncat
hi Dee, no problems, usually if I'm tempted, I'll just enter small lots, and risk little... know exactly where the stop should be, doesn't hurt as much either when you're right OR wrong... you know how it feels when you're right, but aren't in...



Yeah it sucks to know you are right and are not in the trade. lol

But sucks even worst is to hesitate and enter and lose the trade. lol


In this case it looked good from the start.
  • #13,907
  • Jul 10, 2008 10:33am Jul 10, 2008 10:33am
Quoting mmccormac
sure, if you want to trade against the commercial money. You were kidding right?
hahahaa...just kidding , want to have a little pips there...anyway thank's ya for the info
  • #13,908
  • Jul 10, 2008 10:34am Jul 10, 2008 10:34am
Quoting dikaziw
want to ask, is it good to take short at 1.5800 ?

Txu
yes, not bad idea, but it probably wont go down at all until midnight tonight, if u want to wait
  • #13,909
  • Jul 10, 2008 10:36am Jul 10, 2008 10:36am
Quoting Clouds
yes, not bad idea, but it probably wont go down at all until midnight tonight, if u want to wait

Hello Clouds

Could you elaborate on why down @ midnight?

THanks

Dee
  • #13,910
  • Jul 10, 2008 10:38am Jul 10, 2008 10:38am
US zone midnite is asia market session perhaps
Money often costs too much...
  • #13,911
  • Jul 10, 2008 10:40am Jul 10, 2008 10:40am
Quoting DeeNY
Yeah it sucks to know you are right and are not in the trade. lol

But sucks even worst is to hesitate and enter and lose the trade. lol


In this case it looked good from the start.

most of the time, if you are not chasing the price, you wouldn't risk much, when it's down building support, usually is good chance to enter, because if it loses support, you can just close it with approx 30pips loss, but when you're chasing, and the first support is like 80pips below, (like if it were when it's 1.5780 after the speech) then god knows how much you're risking! Hope you get what I mean
  • #13,912
  • Jul 10, 2008 10:43am Jul 10, 2008 10:43am
actually 1.5800 wasn't a bad price to short, for the crazy traders out there, good 10-30 pips, coz afterall, the top of price channel is pretty good "1st hit" resistance, very hard to break thru at first go, also it's the 61.8 fibo, and it's a round number, and taking into account that the EURO have risen 80pips in 1 go, it's actually quite good risk/reward... again, only for the crazy traders out there... LOL...
  • #13,913
  • Jul 10, 2008 10:47am Jul 10, 2008 10:47am
Quoting dragoncat
most of the time, if you are not chasing the price, you wouldn't risk much, when it's down building support, usually is good chance to enter, because if it loses support, you can just close it with approx 30pips loss, but when you're chasing, and the first support is like 80pips below, (like if it were when it's 1.5780 after the speech) then god knows how much you're risking! Hope you get what I mean


I get ya. What broker and what time frame are you using?
  • #13,914
  • Jul 10, 2008 10:58am Jul 10, 2008 10:58am
Quoting DeeNY
I get ya. What broker and what time frame are you using?
using fxcm which i don't recommend.. and as of yesterday, I'm trading from 1 hour charts and above, 15 minute chart is used for getting a feel for the intermediate price actions and the instance when the trend changes...

used to trade in a shorter time frame, but couldn't put up with the pressure, and the risk of "noise" in the signals..
  • #13,915
  • Jul 10, 2008 11:00am Jul 10, 2008 11:00am
Quoting dragoncat
using fxcm which i don't recommend..
i use fxcm also.. why don't you recommend them?
  • #13,916
  • Jul 10, 2008 11:10am Jul 10, 2008 11:10am
Quoting scott087
i use fxcm also.. why don't you recommend them?


Because they are a bucket shop!!!! lol.
  • #13,917
  • Jul 10, 2008 11:11am Jul 10, 2008 11:11am
When will people understand you sell as price is going up, and buy as price is going down.
  • #13,918
  • Jul 10, 2008 11:12am Jul 10, 2008 11:12am
Quoting dragoncat
using fxcm which i don't recommend.. and as of yesterday, I'm trading from 1 hour charts and above, 15 minute chart is used for getting a feel for the intermediate price actions and the instance when the trend changes...

used to trade in a shorter time frame, but couldn't put up with the pressure, and the risk of "noise" in the signals..


In the past i was so close to going with them aswell, until I learned more about MM brokers and ECN brokers. I am using MB trading.
  • #13,919
  • Jul 10, 2008 11:19am Jul 10, 2008 11:19am
5750 once resistance may provide support
  • #13,920
  • Edited 12:09pm Jul 10, 2008 11:32am | Edited 12:09pm
Quoting scott087
i use fxcm also.. why don't you recommend them?
coz I had way too many platform freezes and slippages, locked positions that you can't close for minutes and other bullssssssssts that I lost count~~~

EDIT: what's worst is, when you have a problem, the service and attitude of the service rep are incredibly appalling!!
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