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  • #65,921
  • Feb 17, 2009 11:51am Feb 17, 2009 11:51am
Quoting Terminale
draw a Line from all time low and pass from october 2008 low. You will see 1.2475 as a strong resistance.
agree. strong support area 1.2480-1.2460
  • #65,922
  • Feb 17, 2009 11:53am Feb 17, 2009 11:53am
Quoting Bluemeanie
Don't take this the wrong way as I am actually fairly new to trading forex myself, so I'm no expert by any means. Having said that, I noticed the trade you were fretting over earlier and couldn't understand any reason why you would take that much risk on a long with a stop loss of at least 50 pips when the market was very bearish.

It looks like you've got away with it this time but in my limited experience, you'll get caught out far more times than you'll come out ahead in those circumstances as trading against the trend can be very risky and...
Of course it will shoot back up. I dumped it 1 five minute cycle too early. Took a 12.5 pip loss cause I thought it was my best bet to get out.

I am a scalper by nature, I guess im not ready to speculate if this is a top or bottom of a day, week, month, fibo resistance /support, etc... I guess i'm gonna have to go back to my 9 pip policy and put some pips in my pocket!
  • #65,923
  • Feb 17, 2009 11:56am Feb 17, 2009 11:56am
Quoting valery
agree. strong support area 1.2480-1.2460
hey could you post that chart? i can get it but i have to condense everything so my trend line may not be accurate.. as i like on such a long timeframe..
those who can, do. those who cant, talk about those who can
  • #65,924
  • Feb 17, 2009 12:01pm Feb 17, 2009 12:01pm
[OIL ENDS UNDER $35] Nymex march crude ends floor session just under $35 and well off Fri's NY close at $37.51. Major support remains at the $32 handle from last Dec and this Jan lows. Meanwhile, DoE inventory data will be out on Thursday - one day later due to Mon's holiday, with consensus f/cast for another crude build of nearly 2 mln for Feb ended Feb 13th. Supplies of gasoline seen down by about 300K while distillates seen down by over 1 mln for that week. Note CFTC data on big spec funds positioning shows drop to net 121K long, counting both futs and options. 19:44 GMT - [BULLARD ON FED PURCHASE OF TREASURIES] St Louis Fed President Bullard has said that through the spring of this year, the Fed will be considering whether to purchase of Treasuries. On an earlier occasion, Bullard said that seeing how TALF works out will help the Fed figure out whether to purchase Treasuries. Since Bullard has also said today that central banks need to expand the monetary base to limit the risk of deflation, we may have a hint as to his sentiment toward Treasury purchases. His comments suggest that the decision is still some time off, though.
those who can, do. those who cant, talk about those who can
  • #65,925
  • Feb 17, 2009 12:02pm Feb 17, 2009 12:02pm
##############################################
To Lizeth_Doll: for some technical issue for posts here in FF, currently I am unable to quote & post (or to send PMs) about your question on page 4393:

http://www.forexfactory.com/showpost...ostcount=65884

Remember that I am not your personal advisor, but, feel free to PM me and I will reply soon when possible, or I will reply later when this thecnical issue here on FF is solved. I am trying to post this current message here!
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  • #65,926
  • Feb 17, 2009 12:04pm Feb 17, 2009 12:04pm
Quoting Darkseal
Of course it will shoot back up. I dumped it 1 five minute cycle too early. Took a 12.5 pip loss cause I thought it was my best bet to get out.

I am a scalper by nature, I guess im not ready to speculate if this is a top or bottom of a day, week, month, fibo resistance /support, etc... I guess i'm gonna have to go back to my 9 pip policy and put some pips in my pocket!
whats your leverage?
  • #65,927
  • Feb 17, 2009 12:05pm Feb 17, 2009 12:05pm
Hey! Hi all,
It's seems to starting going back up again in the last hour or maybe more. Could be? Or is only a short ilution ?
  • #65,928
  • Feb 17, 2009 12:06pm Feb 17, 2009 12:06pm
Quoting Darkseal
Of course it will shoot back up. I dumped it 1 five minute cycle too early. Took a 12.5 pip loss cause I thought it was my best bet to get out.
If you'd held onto it we'd be at 1.24 by now
  • #65,929
  • Feb 17, 2009 12:07pm Feb 17, 2009 12:07pm
Quoting gatorinla
at last... i get the same.. someone thinking like me...my trendline is 2502.. but you can discount some pips on such a long time frame..anything around 2555 is probly a safe buy if your willing to risk 200/300 pips..2555ish is a strong s/r. also.. i cant post my chart. but can you post yours..??
Gator, I would highly appreciate if you could kindly help me understand why even medium to long-term traders lime you (if I am right in assuming so) use odd figures as their benchmarks?.

I want to understand importance of using targets like 1.2502 (and 1.2555 instead of 1.2550 or 1.2560). Is this some kind of cushion? If it is a cushion, why not 1.2505?

For the current EUR move, I have set a buying target of 1.2500, stop loss at 1.2300 and Take Porfit at 1.2800. All these figures are round figures because I don't know how to set them otherwise.
The Thief of Wall Street
  • #65,930
  • Feb 17, 2009 12:08pm Feb 17, 2009 12:08pm
Quoting walb99
What is this aqua colored line in your chart?
Sorry for the lag, its a Simple moving average set for a period of 14
Makin my way, the only way I know how...
  • #65,931
  • Feb 17, 2009 12:10pm Feb 17, 2009 12:10pm
Quoting husky_1
Sorry for the lag, its a Simple moving average set for a period of 14
Thank you.
/ ... clarifying decisions ... /
  • #65,932
  • Feb 17, 2009 12:17pm Feb 17, 2009 12:17pm
I sell at 1.2611
  • #65,933
  • Feb 17, 2009 12:34pm Feb 17, 2009 12:34pm
Quoting Chicky
Gator, I would highly appreciate if you could kindly help me understand why even medium to long-term traders lime you (if I am right in assuming so) use odd figures as their benchmarks?.

I want to understand importance of using targets like 1.2502 (and 1.2555 instead of 1.2550 or 1.2560). Is this some kind of cushion? If it is a cushion, why not 1.2505?

For the current EUR move, I have set a buying target of 1.2500, stop loss at 1.2300 and Take Porfit at 1.2800. All these figures are round figures because I don't know how to set them otherwise....
on longer charts its just an area not an exact number.. you can get more precise by using smaller charts or fibs as the trade matures..go to a longer chart and each and every bend/crook/peak/valley represent a s/r of the past.. these are longer charts so they are major s/r.. the longer they spent at any time frame the more important they are.. you can plot them using your horizon lines... they are the actual places the pair stalled or met resistance..and more then likely will stall there in the future.. pairs have elephant memory...the smaller charts will remember usaully the longer chart S/r.. they may but dont always match your fibs... and are not usually even.. that why in my post i will say a # with ish behind it... cause usaully i see it in a bigger chart.. a bend or crook in a bigger chart may be a hundred pips on either side of line of the number it represents..... if you look at a bigger chart it may not show each spike down or up on a pair.. they usaully only represent an open or close for that particuliar time frame..for instance my minute charts show the close of that minute.. but in reality it may be a few pips from where the actual price was..let me know if this helps or a rant.. now what was the question? *L*
those who can, do. those who cant, talk about those who can
  • #65,934
  • Feb 17, 2009 12:42pm Feb 17, 2009 12:42pm
This boy is retracing for now.. could reach above 1.2650.. sweet spot to short.

BTW: The first post in this thread started in in 2004 when price was 1.21xx.. Could be a nice place for eurusd to park soon.
  • #65,935
  • Feb 17, 2009 12:47pm Feb 17, 2009 12:47pm
Quoting Lizeth_doll
im in a trade from 1.2808 my account can hang until 1.23 i want to know if you think that will comeback soon or this is a long way down that would let me without my money.
Well..trying to post again a small part of my reply...

I am not sure if we will retest your entry (1.2808), but, surely soon we will retest like 1.2710 and, when we reach there, if still you donīt feel confortable with the market behavior, I recommend you to close your position with some loss, because is better than give your hard money to big boys!

Success!
  • #65,936
  • Feb 17, 2009 12:50pm Feb 17, 2009 12:50pm
##################################################################
I am experiencing some technical issue for posts here in FF, currently I am unable to quote & post (or to send PMs)
Please, FF technical team...solve these problems soon when possible! Thank you!
##################################################################
  • #65,937
  • Feb 17, 2009 12:51pm Feb 17, 2009 12:51pm
Quoting gatorinla
its just an area not an exact number.. ....get more precise by using smaller charts or fibs as the trade matures........every bend/crook/peak/valley represent a s/r of the past.. these are longer charts so they are major s/r.. the longer they spent at any time frame the more important they are.. you can plot them using your horizon lines... .....pairs have elephant memory...the smaller charts will remember usaully the longer chart S/r.. they may but dont always match your fibs... and are not usually even.. that why in my post i will say a # with...
Thanks Gator, It is a complete answer,.... not just to the question but also to the thought behind it.

Last sentence of your reply is very important, indicates you went beyond just answering a question. I really appreciate that.
The Thief of Wall Street
  • #65,938
  • Feb 17, 2009 1:00pm Feb 17, 2009 1:00pm
Quoting Chicky
Gator, I would highly appreciate if you could kindly help me understand why even medium to long-term traders lime you (if I am right in assuming so) use odd figures as their benchmarks?.

I want to understand importance of using targets like 1.2502 (and 1.2555 instead of 1.2550 or 1.2560). Is this some kind of cushion? If it is a cushion, why not 1.2505?

For the current EUR move, I have set a buying target of 1.2500, stop loss at 1.2300 and Take Porfit at 1.2800. All these figures are round figures because I don't know how to set them otherwise....
if i was using my charts drawing a trendline from oct. i get 2505ish.. others i hear have a lower entry... this is because the distortion in my charts because of close..they have entrys 50 pips lower... oh and using 2500 as your entry and 62% of they 11th highs i get 2868 ish...as tp.. might want to use a fib a little lower as tp....but there is no magic bullet..can you check your longer chart with oct low and see what your trendline says..i think im off..
those who can, do. those who cant, talk about those who can
  • #65,939
  • Feb 17, 2009 1:24pm Feb 17, 2009 1:24pm
Are people assuming that we are going to have some long opportunities @ or around 2500??? The trendline up does look pretty convincing, but this will be the 4th retest (on the dailies) since the Oct. I think we are seeing price trying to break that trend line, so I personally am not putting much faith in it. Price might consolidate there and start to range between 2700 and 2500, but I will be using the pull back as a chance to short it. Why fight the trend? And if you want to trade the extreme long term monthly trend, then wait for price to hit the 50% fib @ 2150 then maybe start thinking longs. Until then I am short city....
  • #65,940
  • Feb 17, 2009 1:28pm Feb 17, 2009 1:28pm
Quoting Terminale
draw a Line from all time low and pass from october 2008 low. You will see 1.2475 as a strong resistance.

Thanks Terminale, thats the same method I was using and I was just wondering if we were on the same page.
lindee
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