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EURUSD

  • #45,481
  • Nov 14, 2008 10:44am Nov 14, 2008 10:44am
Quoting SunTrader
I think US equities are telling us watch out!! Downnnn.
Normal after last day, it will close better I bet!
  • #45,482
  • Edited 11:11am Nov 14, 2008 10:48am | Edited 11:11am
Listen to me People!

EDIT: FOREX IS REALLY THE BEST PLACE TO BE!

Watch out Newbies!!
Attached Image
  • #45,483
  • Nov 14, 2008 10:48am Nov 14, 2008 10:48am
Tried to warn you guys - hoped no one got spanked going short in past hour.
  • #45,484
  • Nov 14, 2008 10:49am Nov 14, 2008 10:49am
-> 1.2755 and then down back to 2675 ..probably...
Wish you a lot of great moments with those you love.
  • #45,485
  • Nov 14, 2008 10:58am Nov 14, 2008 10:58am
Quoting dwildes
Tried to warn you guys - hoped no one got spanked going short in past hour.
Nope. Didn't play that crap near the PP. Waited to get out of there then THV told me to go long. Took some small profit.
  • #45,486
  • Nov 14, 2008 11:05am Nov 14, 2008 11:05am
Quoting TradeWell
Nope. Didn't play that crap near the PP. Waited to get out of there then THV told me to go long. Took some small profit.


Good work!
  • #45,487
  • Nov 14, 2008 11:18am Nov 14, 2008 11:18am

If we break 2655 then we could see a small acceleration

The best thing that can happen to you is to find out where you're wrong.
  • #45,488
  • Nov 14, 2008 11:19am Nov 14, 2008 11:19am
To each his own here but...

When I have price moving mostly sideways thru ascending/descending TL's and there's nothing else to support a real movement away from those levels except the ascending/descending TL's that get "broken", then I look at the nearby horizontal S/R levels that did NOT get "broken".

At that point, if there isn't any other use for them, they (angled TL's) get deleted off my charts and out of my head as a trade factor... I move on to the next higher TF and look for what's going on there, and repeat the process as often as necessary until I find a line price is actually respecting... no matter what direction it's going in.

Sideways is just sideways, until it's not.

Bored to lose, your chart has no price reference, no TF, just a dire warning and a couple candles and lines doing something. They could be 1m candles inside a 15m TF for all i know... I'll have to pass on both the chart and the warning atm.

Magictrader, I put a straightedge on your chart and came up with a horizontal s/r level of a'rd 2720 and 2740ish tops on that TF. So until those levels are actually taken out to the upside... then I'd have to pass on that one as well. We're back below 2680 as I type here and dropping apparently.

Bemac's very simple post some time back on horizontal S/R is one of the best posts to come across this thread in quite awhile. I bookmarked it and re-read it from time to time. Free nuggets for the taking..
http://www.forexfactory.com/showpost...ostcount=39769
FUBAR...
  • #45,489
  • Nov 14, 2008 11:22am Nov 14, 2008 11:22am
Quoting dwildes
Tried to warn you guys - hoped no one got spanked going short in past hour.
Top of the channel was sure good to go short.

I don't go short when it is going down and I don't go long when it is going up.
  • #45,490
  • Nov 14, 2008 11:27am Nov 14, 2008 11:27am
possible channel
Attached Image (click to enlarge)
Click to Enlarge Name: ffbear2.gif Size: 24 KB
Money often costs too much...
  • #45,491
  • Nov 14, 2008 11:30am Nov 14, 2008 11:30am
Quoting ak4x
To each his own here but...

When I have price moving mostly sideways thru ascending/descending TL's and there's nothing else to support a real movement away from those levels except the ascending/descending TL's that get "broken", then I look at the nearby horizontal S/R levels that did NOT get "broken".

At that point, if there isn't any other use for them, they (angled TL's) get deleted off my charts and out of my head as a trade factor... I move on to the next higher TF and look for what's going on there, and repeat the process as often...
.... you can see a lot of lines there, they are my indies and price references.
The chart is 15Min TF, and that chart it is my Gann Chart, I am sorry not to show all chart, I share to all you other charts.
About last image I put it is a simple TL Cross with other lines you can see there. Of course that for most people that is rubbish, for me no, lot of work there.
I use mostly lines and I am getting bored to use ema's, fibs and all that stuff. Lines and all other indicators are simple Maths, i prefer to draw them.

Take care!
  • #45,492
  • Nov 14, 2008 11:30am Nov 14, 2008 11:30am
Quoting dwildes


Good work!
Now entered long again after the little retrace. Some profits taken, others locked in.
  • #45,493
  • Nov 14, 2008 11:31am Nov 14, 2008 11:31am
Quoting SunTrader
..I don't go short when it is going down and I don't go long when it is going up.
what you said... I think.
FUBAR...
  • #45,494
  • Nov 14, 2008 11:37am Nov 14, 2008 11:37am
Quoting SunTrader
Top of the channel was sure good to go short.

I don't go short when it is going down and I don't go long when it is going up.
Hmmmmmm......then you are a countertrend trader?
  • #45,495
  • Nov 14, 2008 11:40am Nov 14, 2008 11:40am
Quoting SunTrader
Top of the channel was sure good to go short.

I don't go short when it is going down and I don't go long when it is going up.
Good strategy to have - similar to mine.
  • #45,496
  • Nov 14, 2008 11:43am Nov 14, 2008 11:43am
Quoting dwildes
Good strategy to have - similar to mine.
So the trend is your friend....but you are a backstabber!
  • #45,497
  • Nov 14, 2008 11:43am Nov 14, 2008 11:43am
Quoting TradeWell
Hmmmmmm......then you are a countertrend trader?
Not necessarily.
For example - I only want to take trades that are with the longer term trend found on the daily (which is down). So I wait for quick spikes up in price - and sell them.

There are times I want to buy - and if the setups form for a great long position, I'll take it, but a lot more aggressive with stops & profits as it's going against the main trend and can quickly snap back to reality.
  • #45,498
  • Nov 14, 2008 11:44am Nov 14, 2008 11:44am
Quoting TradeWell
So the trend is your friend....but you are a backstabber!
hahahah - every once in a blue moon, maybe
  • #45,499
  • Nov 14, 2008 11:53am Nov 14, 2008 11:53am
Quoting TradeWell
Hmmmmmm......then you are a countertrend trader?
The trend on the timeframe I watch is still down. But I look to go short when it is moving up and hit some kind of resistance, not once it has already turned down.

But I am not one of those that says it is going here "X" and then it is going to turn and go to "Y".

I just watch the direction and a possible swing point and if price confirms I enter. Where it goes after that ?? I leave stops in place and let the market decide.
  • #45,500
  • Nov 14, 2008 11:55am Nov 14, 2008 11:55am
Quoting SunTrader
The trend on the timeframe I watch is still down. But I look to go short when it is moving up and hit some kind of resistance, not once it has already turned down.

But I am not one of those that says it is going here "X" and then it is going to turn and go to "Y".

I just watch the direction and a possible swing point and if price confirms I enter. Where it goes after that ?? I leave stops in place and let the market decide.
Exactly!
It also means you may not take a trade every day - but saving your balance for the prime setups that pay very, very well.
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