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  • #2,561
  • Aug 7, 2008 7:23pm Aug 7, 2008 7:23pm
The real question is "Now what?"
How far past the previous lows do we need to get before we can eye <1.500?
I held on to a small part of my EUR and GBP shorts because things seem to be shifting fundamentally. I did sell off most of my positions because I don't like thumbing my nose at such strong S/R's though. But now I'm looking to start shorting those pairs on pull backs again.
  • #2,562
  • Aug 7, 2008 7:30pm Aug 7, 2008 7:30pm
Pound Monthly S2 @ 1.9362.
  • #2,563
  • Aug 7, 2008 7:39pm Aug 7, 2008 7:39pm
Quoting finswin56
The real question is "Now what?"
How far past the previous lows do we need to get before we can eye <1.500?
I held on to a small part of my EUR and GBP shorts because things seem to be shifting fundamentally. I did sell off most of my positions because I don't like thumbing my nose at such strong S/R's though. But now I'm looking to start shorting those pairs on pull backs again.

Well,

My thoughts are if 1.53 holds as a solid resistance (which I am assuming it will barring a reversal of trend of a certain commodity. . . . )Then we can reasonably expect a floor of 1.49-750 with range trading up to the 1.53 . . . . So I would say so long as the new ceiling holds start building a large sell position to 1.49 then TP and play the bounce back up. ......Or are we looking for a fibo retracement and believe 1.5540 is reachable for a sell?

BRV your insight on a situation I have never experienced before [that being a dramatic range shift in the Euro....I didnt learn of Forex till AFTER march of this year]

+Lemming
  • #2,564
  • Aug 7, 2008 8:15pm Aug 7, 2008 8:15pm
Long Eur/Usd @ 1.5185-1.5205
Take partial profit @ 1.5283 and will let the rest ride, just in case.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 35 KB
  • #2,565
  • Aug 7, 2008 8:50pm Aug 7, 2008 8:50pm
Quoting lemmingboiv2
Well,

My thoughts are if 1.53 holds as a solid resistance (which I am assuming it will barring a reversal of trend of a certain commodity. . . . )Then we can reasonably expect a floor of 1.49-750 with range trading up to the 1.53 . . . . So I would say so long as the new ceiling holds start building a large sell position to 1.49 then TP and play the bounce back up. ......Or are we looking for a fibo retracement and believe 1.5540 is reachable for a sell?

BRV your insight on a situation I have never experienced before [that being a dramatic range shift in the Euro....I didnt learn of Forex till AFTER march of this year]

+Lemming
Seems we're thinking along the sames lines and with the same questions. I want to sell on rallies, but I don't know where the breaking point is either. 1.5514-20 seems like the most logical place to me, even though it's only 38.2%. However, this move has so much weight behind it, that would still be a decent correction.
  • #2,566
  • Aug 7, 2008 9:09pm Aug 7, 2008 9:09pm
Attached Image (click to enlarge)
Click to Enlarge Name: !!nobrain.gif Size: 40 KB


I think they're playing a game of "chicken".
  • #2,567
  • Aug 7, 2008 9:11pm Aug 7, 2008 9:11pm
Attached Image (click to enlarge)
Click to Enlarge Name: !!nobrain.gif Size: 34 KB


Everybody may be looking at the same thing but some are coming to different conclusions.
  • #2,568
  • Aug 7, 2008 9:49pm Aug 7, 2008 9:49pm
Quoting BillyRayValentine
Long AUD/USD .9035 -.9025

Attached.
did anyone take this trade?

looks like it was stopped out at -40...
  • #2,569
  • Aug 7, 2008 10:04pm Aug 7, 2008 10:04pm
Quoting rogerdoger
did anyone take this trade?

looks like it was stopped out at -40...
i did not. are u still long EU?
TRIALS THAT SHAKE SOME, CONFIRM OTHERS!
  • #2,570
  • Aug 7, 2008 10:08pm Aug 7, 2008 10:08pm
Quoting moneymagnet
i did not. are u still long EU?
i got stopped out of my long. I may reenter tho
  • #2,571
  • Aug 7, 2008 10:10pm Aug 7, 2008 10:10pm
I was stopped out of eur/usd long @ 1.5240 and closed cable long manually @ 1.9363. Currently long aud/usd, although I'm not feeling too confident about it.
I'm not suprised by tonight's action..... I've seen it happen before. You just have to take a deep breath and look for the next trade.
You win some, you lose some...
  • #2,572
  • Aug 7, 2008 10:29pm Aug 7, 2008 10:29pm
Quoting len979
I was stopped out of eur/usd long @ 1.5240 and closed cable long manually @ 1.9363. Currently long aud/usd, although I'm not feeling too confident about it.
I'm not suprised by tonight's action..... I've seen it happen before. You just have to take a deep breath and look for the next trade.
You win some, you lose some...
I hear ya. And there are other trades on the horizon. One thing about trading s+r is that we can keep pretty tight stops on these trades as there is always another opposing level not so far away. The R to R is going to always be the key with this type of trading. Even with losing days the winners will keep the accounts in green and that is why it works
  • #2,573
  • Aug 7, 2008 10:33pm Aug 7, 2008 10:33pm
I am super new to this thing, still on demo but after losing many pips today I might suggest that I have fallen victim to trading against the trend. I can't say the trend did not tell me so.
The way is narrow
  • #2,574
  • Aug 7, 2008 10:35pm Aug 7, 2008 10:35pm
Not that one should fall in love with a level, but.......

1.9183 GBP/USD looks fantastic
  • #2,575
  • Aug 7, 2008 10:37pm Aug 7, 2008 10:37pm
Closed aud/usd manually @ 0.8940. Taking a small break untill this crazy moves subside
  • #2,576
  • Aug 7, 2008 10:44pm Aug 7, 2008 10:44pm
Short eur/usd 1.5210 .. small position and a bit late.
  • #2,577
  • Aug 7, 2008 10:45pm Aug 7, 2008 10:45pm
Quoting lemmingboiv2
Not that one should fall in love with a level, but.......

1.9183 GBP/USD looks fantastic
After just having my heart broken by EUR/USD I have to agree with you there!!!
Time hides Nothing
  • #2,578
  • Aug 7, 2008 10:50pm Aug 7, 2008 10:50pm
Quoting Sainz4Pips
I am super new to this thing, still on demo but after losing many pips today I might suggest that I have fallen victim to trading against the trend. I can't say the trend did not tell me so.
I think thats a good point you make there - New to this too but I must say what you're saying makes sense to me
Time hides Nothing
  • #2,579
  • Aug 7, 2008 10:54pm Aug 7, 2008 10:54pm
My aud/cad and aud/jpy shorts from the start of the week are shaping up for some plenty nice gains.

Can't say the same about trying to pick a top on u/c, u/j and bottoms on g/u, e/u though.... should just stick to my trend trades to avoid some crazy moves tonight.
  • #2,580
  • Aug 7, 2008 11:20pm Aug 7, 2008 11:20pm
Quoting len979
Short eur/usd 1.5210 .. small position and a bit late.
Short or long? Just wondering if it was typo.
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