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  • #35,661
  • Oct 1, 2008 9:54am Oct 1, 2008 9:54am
Could someone tell me what is so special about 1.40? 1.3980 is the LT monthly trendline....is there something else big at 1.40?
  • #35,662
  • Oct 1, 2008 9:56am Oct 1, 2008 9:56am
Quoting FX-Petra
Could someone tell me what is so special about 1.40? 1.3980 is the LT monthly trendline....is there something else big at 1.40?
It's close enough to the cliff that I don't want to peek over. Not in this environment. That's just me. Good luck.
  • #35,663
  • Oct 1, 2008 9:59am Oct 1, 2008 9:59am
Quoting FX-Petra
Could someone tell me what is so special about 1.40? 1.3980 is the LT monthly trendline....is there something else big at 1.40?
It's just a psych level. The more accurate number is indeed 1.3980.
  • #35,664
  • Oct 1, 2008 10:02am Oct 1, 2008 10:02am
Quoting Defender
So true...
They have told me, that I have to learn economical studies if I want to trade with stocks. But I think, you don't need an economist to be a good trader, you rather need a psychologist
You might want to start learning to trade.

That's always a good place to begin.

If you know how to trade you don't need any other knowledge.

I know millionaire traders that counldn't pass a high school econ test... but they know how price action better than the price does.
  • #35,665
  • Oct 1, 2008 10:04am Oct 1, 2008 10:04am
Quoting acumen
You might want to start learning to trade.

That's always a good place to begin.

If you know how to trade you don't need any other knowledge.

I know millionaire traders that counldn't pass a high school econ test... but they know how price action better than the price does.
comforting for me to see you say that...if i would take an economics class i would fail...take a psych class...fail...i guess its true what they say...all the richest people in the world are college dropouts...bill gates was one..haha
Different opinions highly valued, ignorant to slander.
  • #35,666
  • Oct 1, 2008 10:05am Oct 1, 2008 10:05am
..... we are going to touch 1.41 again, then if cross 1.42 for another drop to 1.40.
We can see a small move North this month before we go to 1.35.
If 1.4047 is reached today, I will go long for 1.42 TP.
  • #35,667
  • Oct 1, 2008 10:06am Oct 1, 2008 10:06am
Quoting psiholog
hey you....still long?
Yep, still long.
Don't be afraid to challenge the pros, even in their own backyard.
  • #35,668
  • Oct 1, 2008 10:09am Oct 1, 2008 10:09am
Quoting psiholog
comforting for me to see you say that...if i would take an economics class i would fail...take a psych class...fail...i guess its true what they say...all the richest people in the world are college dropouts...bill gates was one..haha
Learning to trade is it's own discipline.

Not unlike psychology and econ.

Sure... you better know when tier one releases are taking place but that's about it.

Remember - the smartest guys in the world ran a company called LTCM.

They broke the cardinal rule trading and their hubris lead to their downfall and a collapse on wall street.
  • #35,669
  • Oct 1, 2008 10:11am Oct 1, 2008 10:11am
Quoting psiholog
comforting for me to see you say that...if i would take an economics class i would fail...take a psych class...fail...i guess its true what they say...all the richest people in the world are college dropouts...bill gates was one..haha
Hi every one, i have been following the thread for a sometimes now, so it's time for me to say somthing...

is there any body noticed a double bottom on the 5mn chart it's not confirmed yet but it's looking good, what do you guy think?

Hervé

Frenchy......
  • #35,670
  • Oct 1, 2008 10:11am Oct 1, 2008 10:11am
Quoting acumen
Learning to trade is it's own discipline.

Not unlike psychology and econ.

Sure... you better know when tier one releases are taking place but that's about it.

Remember - the smartest guys in the world ran a company called LTCM.

They broke the cardinal rule trading and their hubris lead to their downfall and a collapse on wall street.
so what your saying is since i made 250pips today which far exceeds my goal is to take a break now before it turns into a loss?...hmmm
Different opinions highly valued, ignorant to slander.
  • #35,671
  • Oct 1, 2008 10:12am Oct 1, 2008 10:12am
I'm thinking about closing my shorts since we're pretty close to the monthly LTL. Lets see how it goes.
Attached Image (click to enlarge)
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  • #35,672
  • Oct 1, 2008 10:18am Oct 1, 2008 10:18am
I've posted this trade quite a few times.

On a move south price hits the .4020 level... retraces... then moves to .4000.

From the .20 level to the .00 level is a very high probability set up.

What happens at .4000 - big bounce.

Always take profit at .00 level.

Mike
Attached Image
  • #35,673
  • Oct 1, 2008 10:19am Oct 1, 2008 10:19am
Quoting SpecialEd
Hello fellow traders,

Been away since last Thursday. Looks like you've had an exciting but bumpy ride DOWN. Think I'll skip all the back-reading and dive in to today.

Psiholog, how you been? Acumen? AK4X? SunTrader? Cobra, still making a fortune on the scalp?

Glad to be back, but on the sidelines.
Ed
Hi Ed how was your trip?
No, I’m not working the EUR/USD for the moment, I’m long biased and that is the wrong direction for this week and who knows what more time. I went to scalp the EUR/CHF on 5M chart after having some losses in row in E$, that pair is a little saver for me at the moment. I've learned my lesson on 8.8.8.

I’m only walking in sometimes to see how you guys are doing, till the dust is settled.
Happy trading to all of you
  • #35,674
  • Oct 1, 2008 10:19am Oct 1, 2008 10:19am
Quoting hervé
Hi every one, i have been following the thread for a sometimes now, so it's time for me to say somthing...

is there any body noticed a double bottom on the 5mn chart it's not confirmed yet but it's looking good, what do you guy think?

Hervé

Frenchy......
for scalping these are good buy opportunities on the dips(hopefully danger is doing just that)...however in the longer term picture 5m chart is not usefull right now because of the importance of this key level 1.4000. notice that on the hourly chart the previous strong support(where the last hourly candlestick with a spike closed its real volume at 1.4047) has now become resistance...this is visible on the hourly chart..for true confirmation it is now strong resistance this current 4hour candlestick has to close below that value as well which should then lead to the next downwards movement..so in regards to your question...too early to tell...just my 2 cents

Attached Image (click to enlarge)
Click to Enlarge Name: current.gif Size: 29 KB
Different opinions highly valued, ignorant to slander.
  • #35,675
  • Oct 1, 2008 10:24am Oct 1, 2008 10:24am
Quoting hervé
Hi every one, i have been following the thread for a sometimes now, so it's time for me to say somthing...

is there any body noticed a double bottom on the 5mn chart it's not confirmed yet but it's looking good, what do you guy think?

Hervé

Frenchy......
Hmm I noticed it too...
  • #35,676
  • Oct 1, 2008 10:24am Oct 1, 2008 10:24am
Quoting psiholog
so what your saying is since i made 250pips today which far exceeds my goal is to take a break now before it turns into a loss?...hmmm
That's what I'm saying.

Take the money and run.

m
  • #35,677
  • Oct 1, 2008 10:26am Oct 1, 2008 10:26am
Quoting acumen
That's what I'm saying.

Take the money and run.

m
ill take your advice after i close this trade...either stop loss at 1.4090 or take profit anywhere in between 1.3882 and 1.3950 for a 100pip+ gain
Different opinions highly valued, ignorant to slander.
  • #35,678
  • Oct 1, 2008 10:27am Oct 1, 2008 10:27am
Quoting psiholog
for scalping these are good buy opportunities on the dips(hopefully danger is doing just that)...however in the longer term picture 5m chart is not usefull right now because of the importance of this key level 1.4000. notice that on the hourly chart the previous strong support(where the last hourly candlestick with a spike closed its real volume at 1.4047) has now become resistance...this is visible on the hourly chart..for true confirmation it is now strong resistance this current 4hour candlestick has to close below that value as well which should then lead to the next downwards movement..so in regards to your question...too early to tell...just my 2 cents

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thank you for your answer Psiholog
  • #35,679
  • Oct 1, 2008 10:32am Oct 1, 2008 10:32am
After a big move.... ranging again around 1.40. i confirm the double bottom on 5 min TF. Really a boring trading day on EU!
  • #35,680
  • Oct 1, 2008 10:40am Oct 1, 2008 10:40am
Up 110 pips so far this morning.

Where is that pic again?

Don't be , I'm just going to .
Don't be afraid to challenge the pros, even in their own backyard.
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