EUR/USD Longer Term Trading

89 AGAIN and DPP.....Got to love it, 280 pips up and 187 down,..... so far.

Talking about E/J here guys. This thing may hit that 133.00 target after all. I love how this thing moves and it is by far the easiest pair to trade.

Jim

Double bottom has finally formed on the 4 Hr. I am looking at a Long term T/P of 141.12 and 142.71 if that is broken. Following Double bottom rules. Of .urse we need to break 139.70 first

Nice TL break just at resistance. Target 135.

Nice little Triangle trading about 140 pips this time down, that is if the old DTL don't get in the way.

And they still have not approved the bill?

Price bounced off of 139.70 and went short, always have your alternate route.

Monster support level for E/J here but keep in mind, its a monthly chart. This thing could still push down to 50 % Fib which is 129.00. Could we be looking at a bottom here.

Also, if you look at the DOW, it is at support level from late 2001. Just thought I would throw that in.

Jim

The market is being controlled by panic and fear. Markets are spooky. Things are so scary, that the world's government leaders are meeting to solve this crisis, if possible.
Smart money has a Risk Aversion Sentiment strategy.
We need to see this sentiment subside before any meaningful trend changes are to occur.

Stand aside with cash ready to exploit some no-brainer trade opportunities this week.

There will be opportunities to make an easy 50 Pips in the morning, ( 9ish EST) and evenings between, ( 8 PM and 3 AM EST ). The pairs I will be using here will be EUR/JPY, EUR/USD, USD/JPY, USD/CHF and if you can handle the wicks, GBP/USD. 50 a day is plenty for me and I believe forex trading will become easier.

AS for the world Government, I doubt it. They have been saying this for years

Jim

This is a tactic I was taught when I was playing semi-pro football years ago in Ohio. I was a center and most of the time I was sticking the nose gaurd and releasing out on the middle linebacker. You can use this strategy with forex right now. When you see the big swing coming you stick for 40 or 50 and get the hell out. Anything else is just being greedy, because it is all you really need. Now if you are looking at the E/J 50 is easy, but if you are looking at the E/U, you may want to cut it back to 25 or 30. Trick is, after you get your quota, get the hell out and don't watch. Go to FF and rap awhile, or maybe babypips.com and learn a little more. The worst thing you can do is sit there and watch it go another 100-150 pips. Your next session will provide another opportunity, and if it doesn't, no problem. Remember, your looking for 50 a day and you have 3 sessions to get it. If everything works out you will end up with at least 250 a week. 1 standard lot at 250 a week is $2500. This is how you have to look at it.

Jim

Gonna be watching this channel and the possiblity of a gap.

Hard1Head1,

By watching what you say in here, I'm guessing you trade a lot by S&R, trend lines and MA's. Is that true? I like your style of trading that is why I ask this. I have been looking for the method that feels right for me, I have a lot that will produce pips but am needing to get the guts to pull the trigger.

Have a good one,

GLT

fxst

You are right on, Bro. Got my 50. see you all later.

My first trade was a 339 pip move in which I got 184 out of it. Reason was because I want to see the price push lower and it came in the form of a lower high. Since the R1 Pivot Point, ( 136.50 ), was right there I had to wait for the safer entry with a red close, ( 136.21 ), below R1. My T/P was the Daily Pivot Point since I was watching the trade. If I wasn't watching the trade my T/P would have been the 89 SMA since it could bounce long there.

My 2nd trade was a 359 pip move after a bounce off of the Daily Pivot Point, but here again, the 89 SMA was right there and I needed a green close above the 89 SMA. I got it at 136.00. Actually I should have waited 10 pips above because of the Psyc. level 136.00 and they have been known to bounce off of the double ought levels. Anyway, I got 150 pips off of that move because I took the safer entry. My T/P here was the last high at midpivot M4, ( 137.49 ).

I WILL TAKE 334 PIPS ON SUNDAY NIGHT AND MONDAY MORNING!

Jim

There is a Double Top forming on the 15 min and could afford us another opportunity here soon. A break of R1 would open up a small trade to the 89 SMA. A break of that could mean an even larger short. We shall see.

If we do retrace back to the DPP it will be a 215 pip move.

I will be looking for a red close below R1. I will place multiple lots and pull most off at the 89 and leave the rest run with a 60 pip trail and a final T/P at DPP. Feel free to demo it if you like. Check out the movement.

Of course it could bounce long here.

Up to date chart.