EURUSD

I would include a trailing stop as well, but that's a good ratio, IMO

http://www.financialsense.com/Market/wrapup.htm

what trail is good? i have set 15 before but rebounds kills it off fast

you're asking the wrong question. you should be setting your trades according to mm and not some arbitrary number you HOPE doesn't get hit. this has all said many many times on many many threads including this one.

anybody answering that question w/o knowing some other important stuff about that trade is probably in the same boat as you are. good luck with that.

one more time... http://www.forexfactory.com/showthread.php?t=39514

and better yet cuz it's shorter, check out acumens very excellent posts a few pages back. balls in your court.

here's the link... http://www.forexfactory.com/showpost...ostcount=20006

At 1.5000/20 it is recommended to evaluate the activity development of both parties according to the charts of shorter time interval.
For short-term sells on condition of formation of topping signals the targets will be 1.4920/40, 1.4860/80, 1.4780/1.4800 and/or further breakout variant up to 1.4720/40, 1.4680/1.4700.
An alternative for buyers will be above 1.5100 with the targets 1.5160/80, 1.5200/20.

Hello,
Hello, I was rightly complaining on 8/13/8, on this forum (it was a E/U trade) about a spike from forex hell taking me out of what had the makings of a trade. Looking back I was about to lose 1% due to more natural market motion which returned to 2 pips above the spike high some 10 hours later.
Anyway..................... IBFX credited my account the full amount of the loss. Their Email was to the point:

"On August 12, 2008, there were some price spikes that originated from one of the institutions that we contract with for pricing and trade off-set.
The prices provided flowed correctly through our system. As indicated in our risk disclosure and customer agreements, one of the risks associated with trading Forex is that there is no central exchange. As in this case, this can result in prices that are not in line with prices being presented from other sources.
We have reviewed these price spikes and have decided that as a gesture of goodwill to our customers, we will credit losses that resulted from trades closing at these prices. " from an Important Notice.

Thank You IBFX.

I am left wondering how you protect yourself as you raise the stakes past a low dollar practice account. For most of us stops are a must in making our money management work in the real world of jobs, family, play, sleep......

Back to the current, my eyes are on the 1.4310 -4365 area of support but I am going to keep a short rein on this one,
about 60 pips. Everthing Says there should have been some support at the resistance of 11/07 -01/08 at 1.4864-.4920. Has the past 4 days of banging around in that channel around 1.4815 - 1.4970 now broken that support and are we ready to see the next batch of bulls catch the falling knives of big market sentiment. With the solid breakout of the weekly trendline since the week of 08/12/07 and the triple support at 03/11/08, 05/08/08 & 06/13/08, and then the solid break of the 200SMA, all after an anemic 15 pip breakout on the second leg of a double top, I have been moderately bearish (1% vs 2%).
Currently short and waiting on the market to tell me what's next.
Later,
Roy

There is no need to trade today.

Technicals and fundamentels - both are worthless on these days

Option fridays are days were you can loose your shirt.

No charting is of any help - even tick charts wont let you handle these big swings.
Your stops probably wont excecute the point you set them.

The next 1000 days count - not this single day

eroyh, thanks for that update, and glad it worked out for you. I think it's a bit more than goodwill, there are some nfa clauses that pertain to that kind of thing also, but good endings are where you find them.

Sometimes looking at a forex chart, I'm not sure you always need some huge intervention to change things. Maybe big, but not huge. Look at how the market sliced through 53. It was the Asian session on their Friday and coming up on our Friday. Probably one of the most lower volume times. But when 53 was sliced to bits nothing more was needed, at least that's how I believe it worked, people either agreed they've got a legitimate daily double top or were afraid that even if it was some trick still everyone else will see it and start selling so everybody sold. An intervention at critical levels during low volume time when price is near a critical s/r might actually not be so hard to accomplish. If the 1st tier banks are in on it then it's even easier, I bet they'd love to make some quick cash off it, they might even do it themselves for you. Of course it's probably much harder if you want to do it repeatedly to control the value of some currency, but if you do it right - like this push below 53 that I don't think it's insane to imagine was due to some form of intervention, then it might take a month or two, if not more, for the currency to recover, and in our case with European fundumentals being bad maybe longer.

Disclaimer: These are just my ramblings on the subject, unlike the dude in the article I've no formal economical education, so I could easily be wrong..

so could he. difference bein... i read your stuff.

Holiday in Eurozone ? Wrong
That is partial wrong. At least for Germany. Only some parts of the country have this holiday ( catholics ) , the rest is doing her / his normal job.

Only " No News " from Eurozone today with respect to that event .

Big Money never sleeps

I wouldn't be surprised to see near 46-465 today, that would fully complete what was started last friday..

EDIT: Possible scenarios:

I don't expect it to go that low for today, but below 1.4700 is in the making, at least EU goes down since "Holiday europeans markets " opened.

morning all,
95% of europe is catholic

Hi, you might be right especially for your lovely country.
Only 31,2% catholics here.
http://de.wikipedia.org/wiki/Religio...onen_in_Zahlen
But we both should know that the Big Money doesn't care about holiday when it comes to " Options Friday "
I don't think some " holiday traders " brought EU to that point were we are now
Good Luck

Seems like retracement is out of the question. It just keeps heading down, yet any position taken now is still too risky.

i made some pips today

when i feel it will go down more.. so i shorted at 1.4707 SL TP at 50pips

may the pips be with me

I dont see WHY 1,4700 (a round number shouldnt hold it) and shouldnt we see atleast 1,4760

The price was @1.4698 for several ticks.

The barrier for a lot of options are mostly the round numbers.

Be sure these several ticks, which were there for seconds, generated tons of cache

Could retrace here but it seems that we should go lower today..