Static's Place

On the four hour chart we are now making higher highs and lower lows, and we have broken the descending trendline from the last posted charts. We have fallen back below the trendline but the higher high has got me interested to get it.

That being said, I think it's important to be very careful at this point, the volatility is huge, and I don't feel like getting burned. Under normal circumstances I would like to get in around 1.4200... but, in this case I want my stop to be underneath the last swing low.

So therefore, I have placed an order at 1.4150 with a 100 pip TSL.

If the market leaves me behind then I will wait for another opportunity, I think there will be many opportunities in the next two weeks.

Update: Market is looking weak and I think I may get filled tonight or early tomorrow.... has anyone been looking at the spreads lately??? holy cow... and the rollover rates. I guess that's what happens when no banks want to lend to eachother.

Did your order get filled? On my charts price just met 1.4150 and is already up more than 200 pips from there. I totally agree with you. Things are going to turn around really soon. By the way things are looking I will most like go long on EURUSD next week. Good luck!

I missed the fill by 1 pip.

I am happy though because my other option was to buy at 1.5200 and that would have whipped me out for a small loss. I am getting better at reading the volatility I think.

Had the idea right, but the market didn't come to me, this is bound to happen sometimes I suppose. Especially with this method.

Looks like you are having some success with your scalping keep it up and we'll have the van payed off in no time! haha.

PS. I have now cancelled my order at 1.4150.