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  • #41,821
  • Oct 27, 2008 5:20am Oct 27, 2008 5:20am
Mississauga CP 10:12 GMT October 27, 2008
First timer: Reply
this is my first time here and I would like to know what this is all about. I would like to make some money. How do I go about getting started?

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Interesting post indeed. Just read in another Forex Forum.
  • #41,822
  • Oct 27, 2008 5:22am Oct 27, 2008 5:22am
hi mate,am selling on eurusd and am on -76 pips,do u guys think it is still going up?and wat level will it stop cos am getting scared already.thanks
  • #41,823
  • Oct 27, 2008 5:25am Oct 27, 2008 5:25am
Quoting Niandra_lade
And lets say it hits the 100 fib, say around 1.2500

What will give you the confidence that it will fall back down to 127 fib level?
Sorry for the delay in response.

The thing that will give me more confidence is the size of the real body of the candles and it being sufficiently lower than the 100 fib level.

Got to watch the chart and try to look at how erratic the price action is. IF you see the price move lower without trying to go back up above the 100 fib then that gives me more confidence that it will go lower.

I guess what I'm saying is that there isn't necessarily a concrete answer of what gives me confidence but it's just a feel that you get after watching charts a lot.

My disclaimer is that I'm still working on a method to become profitable. I'm not yet profitable so take my posts with a grain of salt. But I am trading with a live acccount--all be it with very tiny position sizes.

Also, the other thing in my favour is that I'm starting to think that there is no point trying to think in 'absolutes'. That if I some how do my analysis correctly then it will always move where I think it will. I don't think it works like that. I'm starting to think in terms of whether it is more likely to move up down or sideways and trade accordingly with good money management. (trying to keep losses small and give expectency a chance to kick in).
  • #41,824
  • Oct 27, 2008 5:28am Oct 27, 2008 5:28am
guys any help?will the eur still ball down?
  • #41,825
  • Oct 27, 2008 5:35am Oct 27, 2008 5:35am
Quoting enoh james a
guys any help?will the eur still ball down?
Enoh,

I think (it's only my view) the market is going to consolidate between 1.2330 and 1.2440 for the time being.

GL&GT
  • #41,826
  • Oct 27, 2008 5:36am Oct 27, 2008 5:36am
Quoting enoh james a
guys any help?will the eur still ball down?

I am no expert but it looks to be finding support at around 1.2450. According to the FIB retracement this is the first resistance leve.

It has gained 100 pips over the last hour, and considering the over all weakness of the EUR it could possibly slide back down shortly. (But I am a newbie so dont take my word for it!
  • #41,827
  • Oct 27, 2008 5:36am Oct 27, 2008 5:36am
Yes will go down, might go upto 480 or even 500 first though. Thats the point to short at
  • #41,828
  • Oct 27, 2008 5:37am Oct 27, 2008 5:37am
Quoting enoh james a
guys any help?will the eur still ball down?
I'm in the same boat!!!! Set your stop loss and suck it up. There will be another trade.

Good news it just took out my stop. Going down any minute now
  • #41,829
  • Oct 27, 2008 5:37am Oct 27, 2008 5:37am
Quoting enoh james a
guys any help?will the eur still ball down?
This is one of my favourite websites. watch the video. But remember that no one can predict things with 100% accuracy.
http://www.forextv.com/Forex/Video/Video.jsp?channel=
  • #41,830
  • Oct 27, 2008 5:42am Oct 27, 2008 5:42am
Quoting andys0506
Yes will go down, might go upto 480 or even 500 first though. Thats the point to short at

If it hits 490 I am going to dip my toes in.

Although it may not get close.
  • #41,831
  • Edited 6:25am Oct 27, 2008 5:46am | Edited 6:25am
Quoting ak4x
Methinks it has more to do with EJ about to retest the gap low.. along with GY which has already made a new low from the gap open by a'rd 50 pis and dropping... Back to the yen being the mover on this pair...

Added a couple fib levels to previous 1hr chart, as they may be needed.
Go to sleep for a couple hours, and ran out of fibs AGAIN... How annoying.
Oh well, scale out one more time, and then TP at the 1.16ish level for me I guess.

Found a couple extra fibs laying a'rd... stole 'em off off the other end, as it doesn't loook like there's any use for them there..
Attached Image
FUBAR...
  • #41,832
  • Oct 27, 2008 5:48am Oct 27, 2008 5:48am
Quoting altrader
This is one of my favourite websites. watch the video. But remember that no one can predict things with 100% accuracy.
http://www.forextv.com/Forex/Video/Video.jsp?channel=

You should also visit www.actionforex.com They tell you the how's and why's of certain movements...... Alot of valuable information can be found there.
  • #41,833
  • Oct 27, 2008 5:49am Oct 27, 2008 5:49am
By the way if any of you guys have MSN messenger, send me a PM and Ill give you my email addy.

Would be cool to have some traders to chat to on there.
  • #41,834
  • Oct 27, 2008 5:50am Oct 27, 2008 5:50am
Quoting enoh james a
hi mate,am selling on eurusd and am on -76 pips,do u guys think it is still going up?and wat level will it stop cos am getting scared already.thanks
I'm also around -50 selling the EUR. It's hitting a support line from May-Aug 2006 at the moment at around 1.2475; not to mention Friday's 1.2500 support line. It looks like it's stalling right before those, so I think as long as it doesn't break hard, we'll be okay.

If you're close to losing more than you'd like, I'd watch it for a bit and close if you don't feel comfortable. Forex will still be here tomorrow.
  • #41,835
  • Oct 27, 2008 5:52am Oct 27, 2008 5:52am
Title: EUR/USD intraday: The downside prevails.Summary: Update on supports and resistances.Story: Pivot: 1.2495

Our preference: Short positions below 1.2495 with targets @ 1.2305 & 1.225 in extension.

Alternative scenario: Above 1.2495 look for further upside with 1.261 & 1.2685 as targets.

Comments: The RSI calls for a new downleg.
  • #41,836
  • Oct 27, 2008 5:52am Oct 27, 2008 5:52am
Quoting DollaBill
You should also visit www.actionforex.com They tell you the how's and why's of certain movements...... Alot of valuable information can be found there.
awesome. thanks dude. I don't think I've seen that website before.
  • #41,837
  • Oct 27, 2008 5:54am Oct 27, 2008 5:54am
Quoting DollaBill
Title: EUR/USD intraday: The downside prevails.Summary: Update on supports and resistances.Story: Pivot: 1.2495

Our preference: Short positions below 1.2495 with targets @ 1.2305 & 1.225 in extension.

Alternative scenario: Above 1.2495 look for further upside with 1.261 & 1.2685 as targets.

Comments: The RSI calls for a new downleg.

Thanks for the advice. You think it will get near 1.2490?
  • #41,838
  • Oct 27, 2008 5:54am Oct 27, 2008 5:54am
oh man.....
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  • #41,839
  • Oct 27, 2008 5:57am Oct 27, 2008 5:57am
Quoting Niandra_lade
Thanks for the advice. You think it will get near 1.2490?
If/when this closes below the low of Friday, it will continue south for the week... just get a good entry, lock in pips on retracements and add to positions when the trebd resumes....... Read the Jacko House of Pleasure and Pain thread....

Also,google forexgemini and watch his videos on fibonacci. he breaks it down so simple on how to place and read them properly.
  • #41,840
  • Oct 27, 2008 6:01am Oct 27, 2008 6:01am
Quoting DollaBill
If/when this closes below the low of Friday, it will continue south for the week... just get a good entry, lock in pips on retracements and add to positions when the trebd resumes....... Read the Jacko House of Pleasure and Pain thread....

Also,google forexgemini and watch his videos on fibonacci. he breaks it down so simple on how to place and read them properly.

Thanks again.

Looks like it wants to get up around 1.2500 but cant quite get there. Hope it goes close, then I will enter.
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