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EURUSD

  • #42,001
  • Oct 27, 2008 2:16pm Oct 27, 2008 2:16pm
I am so ready to throw in the towel on this long trade.

Get long maybe at 1.20??

I'm lost.

I must be crazy....
  • #42,002
  • Oct 27, 2008 2:24pm Oct 27, 2008 2:24pm
Quoting TIckerShuffl
I am so ready to throw in the towel on this long trade.

Get long maybe at 1.20??

I'm lost.

I must be crazy....

Take a minute and read Mikkon's link:

http://www.telegraph.co.uk/finance/c...-meltdown.html

I think you will reconsider taking long positions.
  • #42,003
  • Oct 27, 2008 2:30pm Oct 27, 2008 2:30pm
Yeah everyone is calling lower on EURUSD, but look for euro bulls unto end of year, 1.10 in 2009.

Shutting down trading desk and heading to class.

what me worry.
  • #42,004
  • Oct 27, 2008 2:40pm Oct 27, 2008 2:40pm
Here's a great example of what I have referred to recently as QP's or Quarter Pivots, those price levels halfway between the main Resistance and Support pivots and the usual mid-pivots known as M1-M4.

I just manually calculate the middle point of the spread and you have the Quarter Point to avoid confusion. This is most helpful when the spread is wide, and there's not much power in the market for whatever reason, so price price winds up drifting or ranging predictably.

This is a perfect example of price turning at the QP. The solid green line at 2492 is the Central Pivot or opening price at 5pm EST. As the spread between it and the new Daily Pivot is only 11 pips, I wouldn't expect it to be much of a factor tonite. Price will determine what it is keying off of, and that's what I'll pay attention to.

You can do this for any of the other pivots as well. If price drives above or below the Daily/Central Pivot and stays there, I'd probably plot another of the QP's or two before the fact...

ADD: Additionally, notice that price immdediately broke below the CP and headed for M2, turning at the QP. My expectation therefor, is that we'll see M2 targeted before anything north of the DP... That can change ina flash of course, but that's what I trade. The yen is often more cooperative in that respect, but the euro will do... We'll see.
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FUBAR...
  • #42,005
  • Oct 27, 2008 2:41pm Oct 27, 2008 2:41pm
Quoting TIckerShuffl
Yeah everyone is calling lower on EURUSD, but look for euro bulls unto end of year, 1.10 in 2009.

Shutting down trading desk and heading to class.

what me worry.
In fact I'm not bearish on EURUSD, it has already came too low if you look at the economic numbers. My opinion is that dollar will stumble pretty fast after the deleveraging has been done.

When that is I have no idea so I'm looking at charts really closely and trading other pairs based on correlations and waiting for the correct moment which may (or may not) come soon.

At the moment it looks like CHF (yellow line) is crossing dollar in strength and yen (red) is slowing in speed while euro (blue line) is gaining momentum.

At the moment strongest momentum is in GBPJPY (Red line/JPY vs purple line/GBP) so I would look shorting possibilites there in next few days.
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  • #42,006
  • Oct 27, 2008 2:47pm Oct 27, 2008 2:47pm
For sells on condition of formation of topping signals the targets will be 1.2600/20, 1.2520/40, 1.2460/80 and/or further breakout variant up to 1.2400/20, 1.2320/40, 1.2260/80.

An alternative for buyers will be above 1.2780 with targets 1.2820/40, 1.2880/1.2900, and 1.2960/80.

Check this:
http://hubpages.com/hub/Forex-Report?done
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Life is a party!!! will you seat or will you dance?
  • #42,007
  • Oct 27, 2008 2:58pm Oct 27, 2008 2:58pm
shorted 2474 for the 2433 level (123% ext) or M2, whichever looks like this thing can reach, the power has gone, and it may have to drift it's way there from gravity for all I care...
FUBAR...
  • #42,008
  • Oct 27, 2008 3:05pm Oct 27, 2008 3:05pm
Quoting mikkom
In fact I'm not bearish on EURUSD, it has already came too low if you look at the economic numbers. My opinion is that dollar will stumble pretty fast after the deleveraging has been done.

When that is I have no idea so I'm looking at charts really closely and trading other pairs based on correlations and waiting for the correct moment which may (or may not) come soon.

At the moment it looks like CHF (yellow line) is crossing dollar in strength and yen (red) is slowing in speed while euro (blue line) is gaining momentum.

At the moment strongest momentum is in GBPJPY (Red line/JPY vs purple line/GBP) so I would look shorting possibilites there in next few days.
How do you get that info? just wondering, looks interesting.
  • #42,009
  • Edited 3:26pm Oct 27, 2008 3:06pm | Edited 3:26pm
I have a H4 Channel, that is holding the price.
I will wait to see a break and a possible retest, there is the possibility to do not retest.
If breaks there is Several ways to go to top of the line, do not need to rush, some Hundred pips are waiting for longs.
If do not Break so 1.16 is next Stop!
I see a Channel for the next Hours:
1.2415/1.2546.
I still favour shorts, but this week will be a mess!
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  • #42,010
  • Oct 27, 2008 3:07pm Oct 27, 2008 3:07pm
let see how it play out
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"Simplicity is the ultimate sophistication" leonardo da vinci
  • #42,011
  • Oct 27, 2008 3:12pm Oct 27, 2008 3:12pm
Why the hell do I always enter at the right time and then wimp out for no reason...life sucks..
  • #42,012
  • Oct 27, 2008 3:54pm Oct 27, 2008 3:54pm
so will we every see 3500 again??????.. got caught in a buy last monday and didnt think it would tumble like it did all last week... In waiting for the big bounce....anyone, anyone?????
oh, btw... this is my first post and have loved ready what everyone has to say ....so thanks
  • #42,013
  • Oct 27, 2008 3:55pm Oct 27, 2008 3:55pm
Quoting ak4x
short from 62 for 30
Just wanted to say thx to "ak4k" for the tip. I scored like 200 dollars for it at the time. (waited for posting rights to be granted..)

ty!
  • #42,014
  • Oct 27, 2008 4:13pm Oct 27, 2008 4:13pm
Hello It would be very interesting to learn your scalping techniques and indicators you use.
  • #42,015
  • Oct 27, 2008 4:21pm Oct 27, 2008 4:21pm
Quoting Instinct
Just wanted to say thx to \"ak4k\" for the tip. I scored like 200 dollars for it at the time. (waited for posting rights to be granted..)

ty!
"Yishar Koach" my friend... "Be'ahavat Yisrael"

You might want to enable your PM function in your profile... it's not currently available.
FUBAR...
  • #42,016
  • Oct 27, 2008 4:33pm Oct 27, 2008 4:33pm
Quoting Turhovach
Greetings! Please allow me to introduce myself...
How do I trade? I use one very simple chart with very little on it to clutter my feeble brain... Attached is an example.

Anyway, sorry for going on like this, but I thought it would be courteous on my part to introduce myself before simply popping in with a post out of the blue...
Welcome to the funny farm. Can always use another geezer scalper a'rd...

Nice chart... So are you a Snagit or Camtasia junkie as well? (I am) I've not had the time to get into Jing yet, but am fascinated with the concept. In between trades maybe...

One suggestion, the standard font size is #2 on the most threads. It's hard to tell by looking at it until after you post. No worries tho.
FUBAR...
  • #42,017
  • Oct 27, 2008 4:50pm Oct 27, 2008 4:50pm
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Gravity always wins
  • #42,018
  • Oct 27, 2008 4:56pm Oct 27, 2008 4:56pm
Quoting Turhovach
My aplogies. How do I change that. Like I said, I'm an addle brained geezer
well, you did it.. but if it was an accident somehow, refer below.
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FUBAR...
  • #42,019
  • Oct 27, 2008 4:59pm Oct 27, 2008 4:59pm
Quoting Turhovach
Arvin –

My job as a scalper is NOT to forecast the future, but to utilize every tool at my disposal to MINIMIZE risk, and identify the best possible scenario for a successful trade. If one accepts the premise that price moves in waves, then the key is identifying the next wave and entering a trade at the best possible point at the inception of that wave. It is extremely important for a trader to know in which part of the wave the current market is in. The later the entry in a new wave, the greater the probability the trade will be unsuccessful. This all sounds very complicated, but believe me, with lots of screen time, it’s actually quite simple. Just use common sense and LOOK at your chart. It will tell, you everything you need to know.

As an aside, I’m not an Elliott Waver and I’m not talking about counting waves or forecasting the next potential move. I have no interest in that, and it is entirely irrelevant to me as a scalper. The three things I AM interested in are 1., Identifying the direction of the wave, 2., Timing my entry as close as possible to the inception of that wave, and 3., Staying with the momentum of that wave until it is no longer in force.

The few “indicators” on my chart are simply tools, visual aids, that help me in identifying those three factors.

That’s basically it…
This is exactly my philosophy. Thank you for a well-worded strategy that you have found successful. If many on this thread would trade with this paradigm, they would not be asking "Is it going up, down, what is it doing?"
I myself am honing my trading strategy with much help from Acumen, Ak4x, and Cobraforex, these guys have been in the trenches and developed a trading strategy that works for them. They have alot to share, and graciously share it. Please , if you are new to trading do your homework, learn your charts and commit to your strategy until you have to adapt your strategy to the ever-changing market. To the aforementioned traders
But I will get there and will be able to confidently share my startegies when I have a proven track record with them. Turhovach, welcome and look forward to your views and strategies.
PEACE!
  • #42,020
  • Oct 27, 2008 5:04pm Oct 27, 2008 5:04pm
BTW, it is getting tiresome drawing the quarter pivots every day. We need to find someone to write an indicator to do that for us. Do you know anyone who can do this?
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