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  • #48,881
  • Dec 8, 2008 10:35pm Dec 8, 2008 10:35pm
As much as I want to catch a bottom here, I have to wait until tomorrow to see how the market reacts to TXN and Fedex "news".
  • #48,882
  • Dec 8, 2008 10:36pm Dec 8, 2008 10:36pm
whats up guys....seems like the eurusd might give a nice long apportunity today if it poves itslef long later on today
  • #48,883
  • Dec 8, 2008 10:41pm Dec 8, 2008 10:41pm
Quoting britc17
I really don't use charts. Not to say I have never looked at chart. I just don't use them in the sense that others use charts. I mean whenever I fall alseep or can't view the market 24/6, which isn't common, I use a chart to see where the price has been. When i do this, i usually take a while to get a feel of the price action, before I start jumping into any trades.
Hi Britc. In what style do you trade? I also consider my self as a fundamental trader but I use chart either to analyze Sup/Res since big players belief it. So my technical comes from fundamental reason. I guess you are a swing or even a position trader. With a wide SL, maybe it's possible not to use chart.
Manage your risk accordingly and you're half done your home work.
  • #48,884
  • Dec 8, 2008 10:49pm Dec 8, 2008 10:49pm
Yes. Most of my trades are swing. Since I use price action, the timing of some of trades are different. Some are a couple hours, some are a couple weeks or even months. I don't use stop losses. I hardly ever close trades for a loss. I am strict with my money management. For example.... I have shorts right now in the 1.2600's that I am not the least bit worried about. I will hold them until they pay, because in my mind, they WILL pay. If I ever take a trade, and then think it's possible for that trade not to pay, then I will close it for a loss.
  • #48,885
  • Edited 11:25pm Dec 8, 2008 10:51pm | Edited 11:25pm
Quoting traderathome
PA coming down towards -262% fib extension.......89sma and -400% fib extension together about 40 pips further below....
The PA, having made it down to the -262% fib ext. level and then to the mid-pivot MS1 level, has the look now of consolidation for the next leg.....down is my guess.

I have alert set for 119.12, a little above the whole number. If it breaks down thru the whole number (119.00) it will likely fall into the 118.80s a bit, then they will work it back up to near the whole number. If all this happens, then that would be a good place to enter short. Again, imho.

Edit: My alert is going off!
Attached Image (click to enlarge)
Click to Enlarge Name: ej 30 minutes #2 on 12-08-2008.gif Size: 44 KB
  • #48,886
  • Dec 8, 2008 11:09pm Dec 8, 2008 11:09pm
I trade the EXACT same way as you Britc17...The most I've had to hold a trade has been only a few days thankfully...like yourself I rarely have a losing trade...it just works for me...I feel comfortable trading this way...
  • #48,887
  • Dec 8, 2008 11:17pm Dec 8, 2008 11:17pm
Posted this on the aus thread in case it affects eu movement in the next little bit.

This low volume stuff is time time to grab your pips and run like you stole it from the mob.

Quoting ak4x
Totally agree. Closed GY and Ej shorts on the inability or unwillingness (does it really matter which?) to break current support at 137.50 and 119.30.

While I'm not definitely NOT a fan of short TF patterns like this, it certainly looks like a mini inverted shampoo on the 5m and 15m on both pairs. Locking my pips up and knocking off before I give them back.

Now that I'm closed of course, that clears the way for it to drop.

Enjoy and g'nite. Careful trades all.
FUBAR...
  • #48,888
  • Dec 8, 2008 11:24pm Dec 8, 2008 11:24pm
short ej 119.37 tp116 sl125.+ small position got bored..
those who can, do. those who cant, talk about those who can
  • #48,889
  • Dec 8, 2008 11:27pm Dec 8, 2008 11:27pm
[quote=traderathome;2405418]The PA, having made it down to the -262% fib ext. level and then to the mid-pivot MS1 level, has the look now of consolidation for the next leg.....down is my guess.

I have alert set for 119.12, a little above the whole number. If it breaks down thru the whole number (119.00) it will likely fall into the 118.80s a bit, then they will work it back up to near the whole number. If all this happens, then that would be a good place to enter short. Again, imho.

Edit: My alert is going off!
  • #48,890
  • Dec 8, 2008 11:28pm Dec 8, 2008 11:28pm
Quoting TheProdigy
..like yourself I rarely have a losing trade...it just works for me...
It's your business of course, but if you're trading full mini lots or higher, that whole "keep them open till they pay" strategy has some flaws unless you're so moneyed up it doesn't really look like anything most folks here are probably doing.

If it's micro lots for pennies and nickels, then whatever.

I took a demo account from 100k to well over 4 million in a'rd 3 weeks this time last year on a whim in a couple hundred trades. I only lost about 8 or 10 trades if I remember rightly...

Those were the ones that took the account down to MC in 3 days I think it was. But good on you guys for never losing a trade or nearly so. I just don't know how much you'll have to post here that is relative to anything, unless you're also going to let us know when you blow up your account from that kind of thing.

We also get some newer and somewhat impressionable noobs in here from time to time, and they have it hard enough as it is w/o that kind of thing getting all mixed in... never closing trades or losing.

Heck, I have it hard enough as well come to think of it.
FUBAR...
  • #48,891
  • Dec 8, 2008 11:31pm Dec 8, 2008 11:31pm
Quoting traderathome
Edit: My alert is going off!
That's cuz I just closed my shorts... told you so.

Send donation to my paypal account.
FUBAR...
  • #48,892
  • Dec 8, 2008 11:32pm Dec 8, 2008 11:32pm
Quoting ak4x
Posted this on the aus thread in case it affects eu movement in the next little bit.

This low volume stuff is time time to grab your pips and run like you stole it from the mob.
i dont know if this applies to all pairs but in my one week trading extravaganza trading the geppy last week...i noticed patterns rarely get respected...that particular pair was go from swing high to swing low and vice versa. when it comes to patterns eur/usd is truly unique as it respects them most of the time. the others...iffy...just thought id give my 2cents on this issue as you know i follow patterns big time haha
Different opinions highly valued, ignorant to slander.
  • #48,893
  • Dec 8, 2008 11:35pm Dec 8, 2008 11:35pm
Quoting ak4x
That's cuz I just closed my shorts... told you so.

Send donation to my paypal account.
Hey! Wadda ya mean youz jist closed yorn shorts? My short is jest begun!
  • #48,894
  • Dec 8, 2008 11:38pm Dec 8, 2008 11:38pm
Quoting psiholog
i dont know if this applies to all pairs but in my one week trading extravaganza trading the geppy last week...i noticed patterns rarely get respected...that particular pair was go from swing high to swing low and vice versa. when it comes to patterns eur/usd is truly unique as it respects them most of the time. the others...iffy...just thought id give my 2cents on this issue as you know i follow patterns big time haha
I am surprised you had that two cents left to give!
  • #48,895
  • Dec 8, 2008 11:42pm Dec 8, 2008 11:42pm
MS1 was a target when the PA was higher. It is acting as resistance now that the PA fell down thru it.......more consolidation......then another leg down, imho.
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  • #48,896
  • Dec 8, 2008 11:44pm Dec 8, 2008 11:44pm
Quoting traderathome
I am surprised you had that two cents left to give!


it was a rough ride ill say that much..that beast is not for me to tame...got out with my pips on the +side and am reluctant to go back...unless eur/usd has a dead week again i am here to stay from now on
Different opinions highly valued, ignorant to slander.
  • #48,897
  • Dec 8, 2008 11:55pm Dec 8, 2008 11:55pm
Quoting psiholog
trading the geppy last week...i noticed patterns rarely get respected...that particular pair was go from swing high to swing low and vice versa.
Au contraire...

You just have to have the right TF...

These are just 2 of my favorites from a collection I've been building for sometime now on Yen crosses.
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FUBAR...
  • #48,898
  • Dec 8, 2008 11:57pm Dec 8, 2008 11:57pm
on top of my previous analysis...for the past 4 hours we have entered a triangle pattern that could break out at any time now as we get closer to london session. given its location you could say its a flag continuation down pattern...to be seen

Edit: flag denied..hah...now lets see if we get a h&s out of this so i can short 1.2915

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Different opinions highly valued, ignorant to slander.
  • #48,899
  • Edited 12:11am Dec 9, 2008 12:01am | Edited 12:11am
Quoting ak4x
Au contraire...

You just have to have the right TF...

These are just 2 of my favorites from a collection I've been building for sometime now on Yen crosses.
i see what you mean...4hour chart is what is needed...scalper like me who relies on short timeframe patterns has no place there..gotcha
Different opinions highly valued, ignorant to slander.
  • #48,900
  • Dec 9, 2008 12:32am Dec 9, 2008 12:32am
if we don't break the weekly R1... which is current support , next target should be weeklyR2 1.3000
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