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EURUSD

  • #31,681
  • Sep 18, 2008 8:37am Sep 18, 2008 8:37am
4200?
  • #31,682
  • Sep 18, 2008 8:37am Sep 18, 2008 8:37am
1.4550 is a nice top for this week.
I am waiting to see a 1.4377 break to see a free fall to 1.4300.
Now for winning 50/70 pips trades it is hard.
  • #31,683
  • Sep 18, 2008 8:37am Sep 18, 2008 8:37am
Quoting forexef
.618 retracement on hourly is 1.4395
funny usd/jpy is at 61.8 too....this is most disturbing for the bull rally i envisioned!!
Different opinions highly valued, ignorant to slander.
  • #31,684
  • Sep 18, 2008 8:38am Sep 18, 2008 8:38am
I thought Warren was good. I liked all the information he posted.
  • #31,685
  • Sep 18, 2008 8:40am Sep 18, 2008 8:40am
Quoting dougdude9
Ok, tell me if this was a smart move. I'm playing with a small order. I placed a sell stop at 1.4392 thinking that if it got past the psych at 1.4400, it would continue to fall. So I place the sell stop at 1.4392. My SL and TP at 15 out. Does this sound like I have no idea what I'm doing?
... and yet this was another losing trade. what the hell. It broke 1.4400, so I thought I was good to go.
  • #31,686
  • Sep 18, 2008 8:41am Sep 18, 2008 8:41am
http://3.bp.blogspot.com/_nmIuQsC9b-...R_USD+Spot.png
{Promotion Removed}
  • #31,687
  • Edited 8:54am Sep 18, 2008 8:43am | Edited 8:54am
1.4315/1.4520.

Levels to watch :
1.4377 if break TP 1.4315
1.4460 If Break TP 1.4520

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BE CAREFUL ABOUT FALSES BREAKS!
  • #31,688
  • Sep 18, 2008 8:43am Sep 18, 2008 8:43am
Quoting dougdude9
... and yet this was another losing trade. what the hell. It broke 1.4400, so I thought I was good to go.

Counter-trend trading is like trying to catch a falling knife...you are much more likely to loose a finger.

Intraday and the last few sessions, we are heading up.
  • #31,689
  • Sep 18, 2008 8:44am Sep 18, 2008 8:44am
Quoting dougdude9
Ok, tell me if this was a smart move. I'm playing with a small order. I placed a sell stop at 1.4392 thinking that if it got past the psych at 1.4400, it would continue to fall. So I place the sell stop at 1.4392. My SL and TP at 15 out. Does this sound like I have no idea what I'm doing?

what chart indicators are you using? Your reasoning sounds smart, but I don't here anything about chart patterns. Your trade is all based on psychology, which is really good, but you need more. Professional traders use more than that. You have to follow what they do, because the big money moves the markets. For instance, the .618 retracement was at 1.4395 on the hourly. It stopped there and started a move back up. You are on the right track, just get better indicators.
  • #31,690
  • Sep 18, 2008 8:46am Sep 18, 2008 8:46am
Quoting dougdude9
... and yet this was another losing trade. what the hell. It broke 1.4400, so I thought I was good to go.
Brother,

I say brother because we are in the trenches together and I suffer the same indecisiveness and make the same mistakes probably more than you do. There is a global financial crisis and the central banks are putting money in to stabilize that crisis. The crisis is felt here more in the USA than other places which is indicated by recent news. However, it is the dollar that makes the world go around. Our money in other banks is what makes their money worth anything. If our dollar depreciates then their money depreciates as well. There is a concerted effort to make the dollar strong so that they don't end up with toilet paper for currency. Go short, despite the news is only my opinion and it is just that. Take it for what it is worth, which is really actually nothing. Good luck, may the pips be with you...
  • #31,691
  • Sep 18, 2008 8:47am Sep 18, 2008 8:47am
Quoting dougdude9
... and yet this was another losing trade. what the hell. It broke 1.4400, so I thought I was good to go.
dude dont try to pick bottoms or tops when the news says one thing and the currency does another thing...its too dangerous to do anything..you should wait until things settle down and start making sense...and 15 pip stop is bad in volatile conditions...remember what i said...40 pip stop when its volatile...yes 1.44 is psychological but there is no barrier saying a few pips below it is impossible
Different opinions highly valued, ignorant to slander.
  • #31,692
  • Sep 18, 2008 8:47am Sep 18, 2008 8:47am
Quoting BoredToLoose
1.4315/1.4520.

Levels to watch :
1.4377 if break TP 1.4315
1.4460 If Break TP 1.4520

Don't forget a donation to my PayPal Account!

Where are you getting these numbers? I'm trying to understand....

Levels to watch :
1.4377 if break TP 1.4315
1.4460 If Break TP 1.4520
  • #31,693
  • Sep 18, 2008 8:48am Sep 18, 2008 8:48am
I see 1,4385 as crucial for today as it is yesterday high and fibb 38.20.
  • #31,694
  • Sep 18, 2008 8:49am Sep 18, 2008 8:49am
Watch the uptrend support line on 1h-15m, I think psiholog also posted it a while back, currently at 356. Though, I personally don't intend to make any shorts except small scalps in this market, the bulls are clearly back in control and will probably stay that way until 1.48-1.49.
On the path to Enrichment.
  • #31,695
  • Sep 18, 2008 8:52am Sep 18, 2008 8:52am
Quoting dougdude9
... and yet this was another losing trade. what the hell. It broke 1.4400, so I thought I was good to go.

Another suggestion--place your sl 10 pips below the most recent low or above the most recent high depending on if you are buying or selling. Do not determine your stop loss on the size of your account. Determine it based on the highs and lows or support and resistance, then adjust the size of your trade accordingly. In other words, if you are buying, and the recent low is 50 pips away, and your money management says only risk $25, then cut your trade size in half. If you were going to use 1 mini lot, use 5 microlots. That way, you can place your sl below the low, which stays with market psychology, and you can still stay within your money management.
  • #31,696
  • Sep 18, 2008 8:52am Sep 18, 2008 8:52am
Quoting Jurrasic
Watch the uptrend support line on 1h-15m, I think psiholog also posted it a while back, currently at 356. Though, I personally don't intend to make any shorts except small scalps in this market, the bulls are clearly back in control and will probably stay that way until 1.48-1.49.
this is so crazy even algirdas is confused
Different opinions highly valued, ignorant to slander.
  • #31,697
  • Sep 18, 2008 8:52am Sep 18, 2008 8:52am
I think 1.4200 before end of today. Confidence is building believe it or not. the takeovers and rescues are in effect.
  • #31,698
  • Sep 18, 2008 8:53am Sep 18, 2008 8:53am
Time to start piecing in longs IMO
  • #31,699
  • Sep 18, 2008 8:54am Sep 18, 2008 8:54am
http://4.bp.blogspot.com/_nmIuQsC9b-...R_USD+Spot.png
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  • #31,700
  • Sep 18, 2008 8:54am Sep 18, 2008 8:54am
Look at hourly and center Bollinger Band, aka 20SMA, just tested...here goes nothing

edit closed +20 pips
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