EURUSD

The movement of the price in the last few hours tends to cancel all indicators with a substantial price keeping..
to me seem to want to start rising.
I repeat .. in the next session .. I will go long above the maximum of today .. but only in the next session.

Hello Traders,

I've lurked here for most of 6 months, been on the wrong side of a lot of big runs (thus I don't give much advice), lost enough money that I don't tell my wife how much, and read so much information on Forex that I feel like I've been through a college year on the subject. Based on my results to date, I'm still probably classified a freshman - and can therefore still choose a different major.

We've all heard a lot of tips from the likes of AK4X, Algirdas, Psiholog, BoredToLoose and a host of more experienced traders. They all tell us not to take their advice as signals but only as opinions that we should use our own methods to confirm or not. From my perspective, they are absolutely right. To be successful in this business, you must study. Study the nature of Forex, the basic world economy (by paying attention to all news), learn and apply correct principles of money management (before you lose a ton) and most importantly find - and understand - a trading method that fits your personality and work style.

In all my studies, I've learned a lot from Acumen and another fellow named EyeVoltage about psychs, pivots, fibs, channels, trend lines, you name it. All great stuff. One thing I hear a lot about, however, and have found that I have to study - and absorb for myself - is moving averages (i.e., MA's). I find that they are tremendously powerful and fun to observe. Further, while there are other tools out there that will give a trader with a more long-term predictive ability, moving averages and help the beginner learn to trade on momentum and ramp up to winning pretty quickly (greed aside and money management in place).

IMO, to be able to benefit from any of the advice the highly experienced and helpful traders, you have to understand the basis for their advices. For me, that started with Trend Lines, Fibonacci's and then Moving Averages. I think they are equally important. Since the subject of this post is MA's, I will stick to them. I want to give you newbies a few links to very important and fun tools to learn:

Moving Averages - http://www.investopedia.com/terms/m/movingaverage.asp

Moving Average Convergence Divergence (a very powerful tool) - http://www.investopedia.com/articles...cal/082701.asp

A search list of other MA-related links, such as "simple", "exponential", etc. It is very important, imo, to understand these - http://www.investopedia.com/search/s...moving+average (click on every link in this list and read them until you're exhausted).

Lastly, not to be forgotten - http://www.babypips.com .

Sorry to the veterans for this lengthy post, but seriously, there is a lot that you tell us on here that goes right over our heads without studying the basics. I'm posting this in hopes of helping someone get to the next step in your trading experience much quicker and with less risk of loss. It's represents my only ability to "give back" at this time in my education.

Wishing you all much success.
Ed

P.S. If you don't go study this stuff, then seriously consider stop asking "which way is it going?" As someone said the other day, it is indeed a profession.

sell eur/usd

target 1,2790 daily low thursday

Its the first time in trading (live/demo) that I have come unstuck and destroyed my own position.

Money management took a back seat in mind mind and my account is now totalled for $6000.

Having never been here in this "real" situation before I am looking for the experienced advice of those traders who have been here. PM if you are kind enough and if you feel it more appropriate.

I appreciate any guidance offered. (I know where I have gone wrong just looking for where I go next with my study of Forex).

Driver 55.
welcome back

EddieMiller, good luck in your learning. We all go through about the same bad experiences and mistakes while we're learning. As a former business owner, I treat my losses as an investment in my NEW business. There's a limit I can invest. There's a point out there where I'll ask myself what is the ROI. Along the way, I've got to invest the time and work ethic to learn the business. The cool thing is that I'm back in charge of my own business, I'm at risk relying on my efforts for success, and I'm having fun. Just imagine how much fun I'll have when the money starts flowing!

I don't post much while trading. I find that it distracts me from my learning - and I don't really have anything to teach anyone yet anyway.

Hey man, just enjoy it. There are hundreds of ways to trade the market. I love learning about markets and this year has been a real eye opener. I would have never known what a Credit Default Swap if it wasn't for this crisis. Keep on learning and enjoying yourself, you are good to go.

Best of luck

Thanks TS. Appreciate the post.

Regarding the current trading, I would complain about "watching paint dry", but it's better than taking off in the wrong direction!

My biggest concern is hte power of suggestion. I have heard so many people say this was going lower, I am starting to believe it.

I mean all over the news, even Cramer ended his show last night saying "Dollar Bull Run," in the last 2 seconds before they cut to the next show. Almost subliminal.

One guy who I thought was the most level headed, said we would go to 1.30 before we went lower, but it wasn't clear if that meant 1.30 or the 1.30's..ie 1.34 looks almost in play at this point.

The price action has the pair moving up the 20SMA on the hourly after finding resistance until just recently. Common moving averages can show some levels, but frankly, I am not too certain what value they because they can break just when you need them most.

The divergences on the AUDUSD is the most clear cut reversal I have ever seen...the question is how much legs are left? These moves are so huge, the risk is enormous. A retrace can mean hundreds of pips. this game has definately changed in the past year, since all hell broke loose.

Goodl luck to all...I am going to just keep looking around and will likely start applying more strict Stop losses as riding out losers and piling in works sometimes, like the recent move in EURUSD, but I was in trouble for a while there.

Good luck, I'll be looking for more solid set-ups.

Peace

LOL yeah I ust logged in and notice it's like the old days.

So will it break out higher on the triangle or drop like a rock? And 5 minutes later will it reverse after clearing the stops?? You never know, man. It';s nuts. Frankly I think now is a good time to be buying equities in certain sectors. At least the downside is limited...I hope

Sometimes you have to just suck it up and take the loss. I almost took a 1500.00 loss the other night when it dipped to 1.2350 again, but instead I stuck it out. If it had gone to 1.20 I would have been out of over 4K. It's gambling, man, particularly if you are using leverage. Now if you have million of $$ in cash, and spread it around different currencies...that's the way to be

Rounded top on 5min, 15 min, 30 min & 1 hour. Opinions?

looking at the 1hr chart EU looks like a huge double top if we do not break 1.30 we will definitely reach 1.15 or even 1.12 very soon.

OMG it moved. where is everybody tonight?

It is quite slow today.

I think big players are thinking long if this will be the start of the trend reversal.

For New Traders - MACD Info

Thank you, SpecialEd, for the links. I'm a newbie and didn't start making money until I found this forum. For me, the single most important lesson I've learned is money management. I've studied MA's, PP's, Psych levels, fibs, trend lines, channels, etc., but it is impossible to absorb it all in a short time. I can see why it take years to learn forex. I found myself going from one method to another, trying to find the perfect system (yeah, right), but I know that I should concentrate on one thing at a time. Even when I find something that works for me, when the market changes from trending to moving in a channel, it doesn't work as well. Do you stay with the same system through all kinds of price action or do you give more weight to certain indicators during different markets?

Watch eur/jpy to get a good idea of euro direction.

I don't.

And what I mean is I don't think big players are thinking a trend reversal. Just my opinion, I don't know it for a fact. But if anyone does knows it for a fact, please elaborate.

i would really be careful in that assumption. a double top is where price action hits a certain level and then quickly bounces off of it, twice. a good example of this is the double bottom we saw in the 1.2330 area. what we have here is pa hanging at the high not willing to go back one step yet. while we may see a bit of a downmove at some point im more inclined to think there is still more momentum up. on top of that...after the dow was 300+ up and closing closer to -100....the eur/usd did not budge at all. price action is also reminiscent of the whole downmove last week. just when you think a low was reached...the downmove continued.

add on top of the current technicals...the uptrend we were in hasnt been broken..the lower wall was extended off the fed rate decision but it in no way was a break down. the midwall still acts as temporary resistance combined with the high. and as i always say...when price action sticks to one wall in a channel...there will be a quick move tapping the other wall...in this case the upper wall. add on top of that...note that in my chart the midwall and lower wall are parallel...the upper wall is not...meaning an extension to the upper wall is a high possibility as well.

one last note on all this...this is purely my own observations it is in no way trading advice