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  • #54,101
  • Jan 6, 2009 5:50am Jan 6, 2009 5:50am
Quoting belekas
Thank you for the kind words BWise. I have big timeframes analysed so i know where the currency is likely to travel in the longer term. But i trade of the 5/15/30 and 1hr maximum for entries. You should visit my journal by clicking @ my signature, theres alot of priceless information from me and many other skillfull and talented traders.

Regards

P.
I have he same strategy Belekas,lookin at 1day, 4hr time frame to inspect the major moves, and then trade on 5m or 15 m , it has worked for me well till now
  • #54,102
  • Jan 6, 2009 5:50am Jan 6, 2009 5:50am
I dun think its wise to go long now.


The larger trend is SHORT until 1.30.
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  • #54,103
  • Jan 6, 2009 5:52am Jan 6, 2009 5:52am
Sorry guys just updated my last post so you can see it better. Click here
  • #54,104
  • Jan 6, 2009 5:53am Jan 6, 2009 5:53am
Quoting belekas
This is the chart i have posted many days ago. The lower TL is a projection of the upper border and comes in with confluence of FE127 and 4hr 38.2 level from the last rise of the bottom@ 132290 Aint that nice?Keep in mind we have bullish divergences all around the 4hr and dayly that will play out i would love to see price hitting FE127 and then i would only be thinking about building a long position as this might be a possible 4hr bullish flag or just a descending 1hr channel. Hope it makes sense

Meanwhile i will just trade of my 5/15m...
Does anybody know how to draw Fibonacci Extensions on GFT's Dealbook 360?
  • #54,105
  • Jan 6, 2009 5:55am Jan 6, 2009 5:55am
Quoting belekas
This is the chart i have posted many days ago. The lower TL is a projection of the upper border and comes in with confluence of FE127 and 4hr 38.2 level from the last rise of the bottom@ 132290 Aint that nice?Keep in mind we have bullish divergences all around the 4hr and dayly that will play out i would love to see price hitting FE127 and then i would only be thinking about building a long position as this might be a possible 4hr bullish flag or just a descending 1hr channel. Hope it makes sense

Meanwhile i will just trade of my 5/15m...
Thanks Belekas.
I respect your system but everything on your chrts shouts bear IMHO.
Even the trendlines point south and I'm not sure about the lower one anyway.
  • #54,106
  • Jan 6, 2009 5:55am Jan 6, 2009 5:55am
Quoting stewrigh
Can you post a chart plse - I'm not seeing any bullish signs on mine.
Not sure if RSI is showing the same.. The indicator i was looking at
is called OSMA. And it shows a bullish divergence on the 5M and 30M charts.

Just means that there COULD be a possible reversal and the trend is losing steam.. It could just look that way because of lower volume though as well possibly. I'm calling it a day though or at least taking an extended break..

Safe pipping all!
  • #54,107
  • Jan 6, 2009 5:57am Jan 6, 2009 5:57am
Quoting kris
I dun think its wise to go long now.


The larger trend is SHORT until 1.30.
I totally agree
  • #54,108
  • Jan 6, 2009 5:57am Jan 6, 2009 5:57am
Quoting kris
I dun think its wise to go long now.


The larger trend is SHORT until 1.30.
Look out for 1.33 first.
There is ALOT going on right there. On the daily chart you can see its the low a the consolidation area between October 5 - 20. On October 30 we have a pinbar with a high right at 1.3300. Also its the days S2 level with a 1.618 right at it. Plus 00 level.

Price just broke the Bearish Outside Vertical Bar on M15 to make the 6th consecutive low.
Don't want to be long right now. I'd say price will go up to retest 1.3353 from below and move further south.
  • #54,109
  • Jan 6, 2009 5:58am Jan 6, 2009 5:58am
Quoting stewrigh
Thanks Belekas.
I respect your system but everything on your chrts shouts bear IMHO.
Even the trendlines point south and I'm not sure about the lower one anyway.
Whats your point? Even a possible bullish flag is bearish for you? Dont start hating if that doesnt make sense for you.
  • #54,110
  • Jan 6, 2009 5:59am Jan 6, 2009 5:59am
Fundamentally, the EURO is going to drop. Interest rate is going to drop next week, followed by weak EURO, and USD strengthens due to positive governement outlook.

Furthermore, on the daily, Euro is going down. A 5M bull cannot show much.
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  • #54,111
  • Jan 6, 2009 6:07am Jan 6, 2009 6:07am
Quoting belekas
Whats your point? Even a possible bullish flag is bearish for you? Dont start hating if that doesnt make sense for you.
Belkas,
Don't get me wrong I'm just trying to understand.
I'm just worried that I might have missed something and that I may be wrong with my analysis.
If someone has an opposite view I respect that and try to understand so that I always have an open mind with my strategy.
  • #54,112
  • Jan 6, 2009 6:08am Jan 6, 2009 6:08am
I will lower my stoploss dramatically once 1.33 is reached.
I'll give it 50 Pips to breath for the rebound. Probably will stop me out with 190 pips profit but I'm away from the computer anyway in 1 hour.
  • #54,113
  • Jan 6, 2009 6:09am Jan 6, 2009 6:09am
Quoting stewrigh
Belkas,
Don't get me wrong I'm just trying to understand.
I'm just worried that I might have missed something and that I may be wrong with my analysis.
If someone has an opposite view I respect that and try to understand so that I always have an open mind with my strategy.
Remmember one thing always that a great trader told me - contrary opinion is always right We can both be in profit while you sell and i buy or vice versa. Entries and exits is what matters.

Regards and safe pipin
  • #54,114
  • Jan 6, 2009 6:11am Jan 6, 2009 6:11am
when New york open, there should be another breakout downwards and that may be the last one before a thorough correction upwards like wat he meant, bullish..
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  • #54,115
  • Jan 6, 2009 6:13am Jan 6, 2009 6:13am
Quoting belekas
Remmember one thing always that a great trader told me - contrary opinion is always right We can both be in profit while you sell and i buy or vice versa. Entries and exits is what matters.

Regards and safe pipin
Thats why I try to keep an open mind
  • #54,116
  • Jan 6, 2009 6:14am Jan 6, 2009 6:14am
i see it reaching 1.33 in the next 2 hours at most. but watch out after that, there could be a small rebound
Twitter: @forexpokerpro
  • #54,117
  • Jan 6, 2009 6:16am Jan 6, 2009 6:16am
Quote
I'd say price will go up to retest 1.3353 from below and move further south.

It failed. USD/CHF just closed a Bullish Outside Vertical on M15. Bearish for the EUR/USD.
  • #54,118
  • Jan 6, 2009 6:25am Jan 6, 2009 6:25am
yes. USD/CHF bullishness gives good support to our trade going south even more. I foresee a break to 1.3250. But careful at 1.3300.
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  • #54,119
  • Jan 6, 2009 6:27am Jan 6, 2009 6:27am
There we go. Good boy.
I deleted my TP of 1.33 and trail my position by 55 pips. Don't want to cut my winning positions.
  • #54,120
  • Jan 6, 2009 6:30am Jan 6, 2009 6:30am
Looks like she gonna break thro 1.3300
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