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  • #37,541
  • Oct 7, 2008 11:16am Oct 7, 2008 11:16am
Ticker, did u get fingered by an elephant yesterday?
  • #37,542
  • Oct 7, 2008 11:18am Oct 7, 2008 11:18am
Appears to be a rounding bottom on several time frames.

If 3700 is tested and broken it may test 3750 short term.

Long term trend is still down.
  • #37,543
  • Oct 7, 2008 11:21am Oct 7, 2008 11:21am
Quoting TradeWell
Another tip I got from ak4x is to "scale out" you position. In other words, take profit on half your position, set your stop loss in the profit zone, THEN let it run.
Absolutely, anyway you can preserve capital and profits I would use remember that every entry should be calulated with a risk to reward ratio I personally like 1:3. But currently you have a loosing trade, upside is encountering a resistance should this be violated hold your looser to minimize your loss should it not violate kill that looser.

Any recommendation is purely speculative and significant amount of risk is involved in trading Off Exchange Foreign Currency Markets. Be sure to fully understand all the inherent risks before trading.
T.S.
  • #37,544
  • Oct 7, 2008 11:21am Oct 7, 2008 11:21am
Quoting Jurrasic
I disagree. H&S is an excellent pattern. Problem is some people are very much in a hurry to "recognize" patterns.
Jurassic, you are a peach my friend... thanks for that.

I got fatigued trying to say the same thing (minus the technicals) a couple weeks ago. Maybe coming from your most esteemed self, someone will get it this time. Your inclusion of the technical aspects of a pattern is something that I bet fewer rather than more folks on this thread could give if asked...

Were that not the case, there would be fewer "sightings"... Back to my yen hole.
FUBAR...
  • #37,545
  • Oct 7, 2008 11:27am Oct 7, 2008 11:27am
The markets are experiencing instability, the currencies as well so What do you think guys will the euro reach the 1.402 today?
  • #37,546
  • Oct 7, 2008 11:28am Oct 7, 2008 11:28am
Quoting ak4x
Jurassic, you are a peach my friend... thanks for that.

I got fatigued trying to say the same thing (minus the technicals) a couple weeks ago. Maybe coming from your most esteemed self, someone will get it this time. Your inclusion of the technical aspects of a pattern is something that I bet fewer rather than more folks on this thread could give if asked...

Were that not the case, there would be fewer "sightings"... Back to my yen hole.
What is your synopsis on that USD Yen trade after the 500 point plunge
T.S.
  • #37,547
  • Oct 7, 2008 11:28am Oct 7, 2008 11:28am
Quoting Jurrasic
I disagree. H&S is an excellent pattern. Problem is some people are very much in a hurry to "recognize" patterns. H&S doesn't occur often, even on 5m and 1m tfs. If you see something that has a twisted unclear or disproportionate form and differences above 8% between shoulders and so on, that is not an h&s - the power of a pattern is directly proportional to how recognizable it is to everyone trading, and an unlear pattern isn't and isn't supposed to be reliable. Here, on 5m is a clear example of such hasty thinking, even if the second shoulder ended precisely where the first did, the pattern would be disspraportianate and shoulders are way too low/close to the neck line.
I agree with you, those pattern are relevant and trade able after confirmation, no important what timeframe you use but as higher the TF as more secure they are.
Mostly if you have a H$S in smaller TFs you have reversal candles like actually in 4H.
  • #37,548
  • Oct 7, 2008 11:34am Oct 7, 2008 11:34am
Quoting TradeWell
Another tip I got from ak4x is to "scale out" you position.
Thanks for that, but any credit in my case genuinely belongs to a trader goes by quecee5 from the aus thread, not sure where he hangs out today tho.

In addition to scaling "out", one can also consider scaling "in" as well on large trending moves, if your strategy can allow for that. That's a whole other concept tho, and one that if mastered, can produce great results as well. If you have any unresolved greed or impatience issues tho, forget it. It won't work for you. Makes for a good self test tho...
FUBAR...
  • #37,549
  • Oct 7, 2008 11:36am Oct 7, 2008 11:36am
Quoting ak4x
Thanks for that, but any credit in my case genuinely belongs to a couple trader goes by quecee5 from the aus thread, not sure where he hangs out today tho.

In addition to scaling "out", one can also consider scaling "in" as well on large trending moves, if your strategy can allow for that. That's a whole other concept tho, and one that if mastered, can produce great results as well. If you have any unresolved greed or impatience issues tho, forget it. It won't work for you. Makes for a good self test tho...
I dont have the disciplin for the "scaling in" strategy. only in large defined trends will I even attempt it. I find a psychological gap where, if you have a losing trade, you'll always be looking to re-enter in the same direction "hoping" that it will reverse and go in your favor.

definately need to work on that.
  • #37,550
  • Oct 7, 2008 11:36am Oct 7, 2008 11:36am
Quoting Marcuse
The markets are experiencing instability, the currencies as well so What do you think guys will the euro reach the 1.402 today?

I hope you are joking. If not, I will chime in and say "Chances are not good".
  • #37,551
  • Oct 7, 2008 11:37am Oct 7, 2008 11:37am
Quoting acumen
Now I'm going downstairs and give him a treat.

He's much smarter than I give him credit for.

He knew the euro bulls would rear their heads.

You can see how much I believed in this little rally.

Good dog... bad euro bulls...

Either way... 30+ PIPS
incredible
  • #37,552
  • Oct 7, 2008 11:42am Oct 7, 2008 11:42am
Whew that yen is a roller coaster glad i killed the short i had in on it
T.S.
  • #37,553
  • Oct 7, 2008 11:48am Oct 7, 2008 11:48am
<i read and understand the rules that everyone of you trying to achieve.
I do trading for 20 years .. and I've never been able to steer my character .. This means that it is (for me) impossible ... however i'm going long at 1.3585
The best thing that can happen to you is to find out where you're wrong.
  • #37,554
  • Oct 7, 2008 11:49am Oct 7, 2008 11:49am
I'm still a relative newb and this is now my second post. I don't have anything to add to the EU right now, other than I scalped it for a couple pips a bit earlier. I'm just trying to avoid over-trading today after catching a good 200+ pip ride down on the Cable last night. Hopefully I won't get ignored on this board like I did on the Cable board on my first post http://www.forexfactory.com/images/icons/icon9.gif . Whatever.

I've been lurking on this board for a few weeks when I do trade the EU though, so thought I'd check in and ask a question of AK4x, since there are probably not too many of us near my location. Your avatar, is that Denali and are you in Alaska? I'll check back shortly, like I said I'm trying to avoid overtrading today, so besides the work I'm actually doing, I'm trying to use this as a distraction.

therealisttruest
therealisttruest (FF wouldn't let me put my full ID because of length)
  • #37,555
  • Oct 7, 2008 11:50am Oct 7, 2008 11:50am
Hi Everyone, I do not post very often but I like to read all the comments. In general I am bearish the Euro/USD. It is a real roller coaster though. Do any of you think the gap opening was sufficiently filled and now can continue down. Thanks again for the thread. always interesting
  • #37,556
  • Oct 7, 2008 11:50am Oct 7, 2008 11:50am
Vinny, where you able to execute and get out of your looser?
T.S.
  • #37,557
  • Oct 7, 2008 11:53am Oct 7, 2008 11:53am
Quoting T.s.
What is your synopsis on that USD Yen trade after the 500 point plunge
I'll respond to this with great care and reservation...

Actually, I've been trading EJ and GY more as the correlation seems to be clearer to me right now on those pairs. The UJ thing may well be a referred action from the demand for yen in the UK and Eurozone, with the current gloomy outlook.

In other words, altho the USD is strengthening at present, demand for yen worldwide is simply pulling it down as well. This kind of thing seems to happen a lot with yen crosses imo, they get intertwined and it can get confusing. I try to look for the driving force that's moving the yen, and then work outwards from there. It's a work in progress...

I'm not trading UJ currently for that reason, it's murky to me right now and all screwed up with conflicting forces at work. EJ and GY are however cyrstal.... and can yield obscene pips. To you newbie traders, please forget you just read that. Remember it at your own risk...

I posted some of this as a tentative reply to tdion last Sunday night here I think.

I'm guessing you have a much clearer picture than I do tho, and I also bet I'd be way more interested in your views than you are in mine...
FUBAR...
  • #37,558
  • Oct 7, 2008 11:56am Oct 7, 2008 11:56am
Quoting greenivy
Hi Everyone, I do not post very often but I like to read all the comments. In general I am bearish the Euro/USD. It is a real roller coaster though. Do any of you think the gap opening was sufficiently filled and now can continue down. Thanks again for the thread. always interesting
As long we are below 1.375 we are bearish with target 1.3530

That is my opinion.
  • #37,559
  • Oct 7, 2008 12:00pm Oct 7, 2008 12:00pm
1.36 seems to be strong support for now. 3 strikes, no dice.
  • #37,560
  • Oct 7, 2008 12:01pm Oct 7, 2008 12:01pm
Quoting therealist
so thought I'd check in and ask a question of AK4x, since there are probably not too many of us near my location. Your avatar, is that Denali and are you in Alaska?
Yes it is, a nice double top huh?... currently in exile outside, and trying to make gas money to get back home. Pm me if you'd like. I hang out on the aus thread these days and it can be awhile between visits here. I try to keep an eye on Jaywalker and Acumen tho. They get cranky when they don't get their 's.
FUBAR...
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