EURUSD

Maybe I'm a naive trader here, but all I see today is LH and LL. This pair doesn't have the strength of a turnip to bust through today's highs.

If price continues to move up and BREAKS the triangle it's very likely price will move to S1 at .4750 - which also happens to be a psych level. (Confluence)

I won't take a long until price moves to .4720, retraces and then moves up again.

I won't sell until price moves below .4655 - which also happens to be the weekly low. (Confluence) Should that level give - .4600 should come into play.

Confluence - fancy way of saying two or more 'indicators' are aligned.

Hey all,

Brand new at this game, but trying hard...

I put a short limit order at 1.4638 (SL 1.4688 / TP 1.4593). For the sake of my education would anyone say this is a bad move? If so, why? Or, of course, you can say if it's a good move.

Thanks.

How about reducing that image size?

What system are you using to generate this position?

S/R?

Hope?

Not Likely.

It starts at 2:00am EST.



Mike

follow gold and short eu

The ZEW Setiment number is coming today, this is the most important piece of data from europe. If some of you remember, we touched the high at 1.6000 the last time this was released, even though it was very bad. If it would have come on estimates(which was bad) then we would be at 1.6200.

I will watch very closely to see the number because it will dictate where we go next.

what do you guys think?

base on AO indi, I expecting few more green bar before it turn to red, but at this hour its already red, may be its will go down even earlier that expected.

GM folks,

Looks like we'll have a breakout in about an hour, maybe the news in an hour and a half would also affect things. My guess is down, based on longer term and current shaping up on short term charts. Let's see..

Good trading to all

image already redused, thanks..

Hope always plays a part, doesn't it? I'm just looking at the price action and if it breaks out downwards I'll be part of it. If it doesn't, then nothing lost. Is that a stupid way to think?

Not by me. An upwards break would indeed be rather risky to follow.
Oh.. read your original message, sounds to me personally the short order is a bit too low.. But trade what YOU see.

Do you mean that you follow the trend? If yes, then that is absolutely not stupid, it is one of the best ways to trade.

Yes, that's what I'm doing. But I haven't the knowledge or experience to chose a 'good' place to enter; just kind of gut feeling. Which I suppose could translate to hope.

neil same here.. but i wasnt lucky.. low on acct now..

http://www.forexfactory.com/showpost...ostcount=20259

http://www.forexfactory.com/showpost...ostcount=18404

I not trying to be cocky or anything. Just trying to show what following the trend can do.

I don't have a super complicated EA system or anything.

Just don't use too much leverage.

BTW No one can find the best place to enter or exit so you are just like everybody else in the world.

Looks like the downward move has already started and it's not even close to London open yet. Wonder how low this thing will go today.

04:32 GMT August 19th The EUR/USD opened in Asia around 1.4685 after slumping into the US close when oil fell below 113 due to waning concerns over Tropical Storm Fay. The EUR/USD fell to 1.4668 in early Asia on selling by US model funds before quickly bouncing back to 1.4702 when Asian names bought aggressively at the lows. The EUR/USD came under pressure again when a US investment bank and Japanese retail investors aggressively sold JPY-funded carry trades and gold fell sharply to below 790 from 801. The EUR/USD eased to 1.4670 before the good buying out of Asia emerged and helped push the pairing back to 1.4690 where it circled around for the balance of the session.

The EUR/USD managed to hold up reasonably well in Asia despite EUR/JPY stops getting triggered below 161.40 to a low of 161.05, a 10 USD fall in gold and a slight easing of oil and base metal prices during the Asian session. Sentiment towards the USD remains decidedly bullish as long and the market will look for excuses to buy as long as oil continues to trend lower. German ZEW is out later today and expectations are for a slight improvements. (JN)

Yen Outlook
04:13 GMT August 19 The USD/JPY opened in Asia at 110.05 after a quiet US session that saw the pairing meander between 110.00/20. The USD/JPY moved up to 110.21 in early Asian when the USD strengthened following a weak close on oil. The rally was short-lived as a US inv bk sold aggressively down below 110.00 and this was followed by heavy JPY buying by Japanese retail investors against gold, EUR, AUD, NZD and GBP. Gold fell 10 bucks and EUR/JPY broke below key support at 161.40 to a low of 161.02. The USD/JPY was swept below buying interest at 109.80 and traded to 109.68 before settling between 109.70/85 for the balance of the lively session. There was no reaction to the BOJ decision to keep rates on hold and lower their economic assessment as both outcomes were widely anticipated.

The sell off in gold and JPY-funded carry trades by Japanese investors was not as intense as it was last week, but traders say that there are still stale carry trade longs looking to unwind. The USD/JPY held above support levels at 109.60 (Friday"s low) and 109.50 (base of the weekly cloud), but a break below 109.50 would suggest that a short-term top is in place. (JN)