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  • #75,321
  • Mar 13, 2009 11:00am Mar 13, 2009 11:00am
Hi

First post to say hello and introduce myself...

Been following this thread all day so had to register. I'm completely new to trading, first day with a demo system, after a week of reading!

Made some good gains today 12 ve+ trades and 1 ve-, total 130+ Pips, all 10K. All trades were based on basic chart patterns! I still need to read up on technical indicators!

Right now, long @ 1.289 based on a 60Min Chart... Hope to close @ 1.292.

Kiz
  • #75,322
  • Mar 13, 2009 11:02am Mar 13, 2009 11:02am
Most traders are sick to their stomach. Especially if they are in a trade. This is exactly what the tussle between bulls and bear is trying to do... to shake out weak hands. If you have been trading in and out you probabily lost and won a few pips. But if you have been stuborn and held on to your position (long/short) then either you have been moving in and out of profit or have been in profit or loss all along... depending on your poistion and when you took it.

What is my take on this.. sit on your hands and do absolutely nothing. London will close and the prices will come out of this range either today or Monday. It will break in one direction or the other. With a clear focus then you can look at the charts and decide if the market movement is worthy of taking a position so close to the weekend.

For those already in a position they are the ones who need to decide what to do after London closes especially if there is a range break (up or down).

For longs break and close above 1.2936 is critical.
For shorts 1.2867 break and close below is critical.
  • #75,323
  • Mar 13, 2009 11:02am Mar 13, 2009 11:02am
Good correlation today between pa of EUR.USD and DJIA.

It seems that we have seen the daily high of DJIA at 724X already. DJIA will move down further to tackle the supporting range at 693X-700X.

Qindex
  • #75,324
  • Mar 13, 2009 11:05am Mar 13, 2009 11:05am
Quoting F.x.
Back in long @ 1.2878

Just closed this out (1.28985) as we're back in the range of my other long entries.
  • #75,325
  • Mar 13, 2009 11:07am Mar 13, 2009 11:07am
looks like a broadening top, but to complete this formation, one last high-point should be made before down. on daily we have hit 50ema. lets see what happens next week, cu all im done for the week

good luck to all and trade safe
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  • #75,326
  • Mar 13, 2009 11:12am Mar 13, 2009 11:12am
I need this thing to rise for about 100 pips now so that I can sell it today
ROBOT FOREX
  • #75,327
  • Mar 13, 2009 11:15am Mar 13, 2009 11:15am
Doesn't get any better than that. 21sma.

"When I die, bury me with my 21sma..."
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FUBAR...
  • #75,328
  • Mar 13, 2009 11:18am Mar 13, 2009 11:18am
I'm off for the week! Have a nice weekend you all!

And remember, buy at support, sell at resistance!
Traders are smartasses
  • #75,329
  • Mar 13, 2009 11:18am Mar 13, 2009 11:18am
Quoting Titus
on daily we have hit 50ema...
good catch... it was staring right at me earlier and i missed that.
FUBAR...
  • #75,330
  • Mar 13, 2009 11:23am Mar 13, 2009 11:23am
Quoting Forbes55
I need this thing to rise for about 100 pips now so that I can sell it today
Hold out until next week if it doesn't happen today.
  • #75,331
  • Mar 13, 2009 11:25am Mar 13, 2009 11:25am
Added to longs @ 1.2884

Edit - out @ .2894... gotta reboot, executions getting slow.
  • #75,332
  • Mar 13, 2009 11:26am Mar 13, 2009 11:26am
What do You think about this:
Washington Post - 36 minutes ago
By Ariana Eunjung Cha SHANGHAI, March 13 -- Chinese Premier Wen Jiabao said Friday that he is "worried" about the country's vast $1 trillion holdings in US Treasuries and that China will pursue a policy of diversification when comes to its future ...

Is'nt the very bad news for dolar?
  • #75,333
  • Mar 13, 2009 11:29am Mar 13, 2009 11:29am
Quoting robi2806
Washington Post - 36 minutes ago
By Ariana Eunjung Cha SHANGHAI, March 13 -- Chinese Premier Wen Jiabao said Friday that he is "worried" about the country's vast $1 trillion holdings e ...

Is'nt the very bad news for dolar?
old news...
http://www.forexfactory.com/showpost...stcount=165637
FUBAR...
  • #75,334
  • Mar 13, 2009 11:30am Mar 13, 2009 11:30am
Quoting F.x.
Added to longs @ 1.2884

Edit - out @ .2894... gotta reboot, executions getting slow.

Could you explain your long bias. Also if you could post your chart so we can see what you are looking at
  • #75,335
  • Mar 13, 2009 11:41am Mar 13, 2009 11:41am
Quoting candlesticks
Could you explain your long bias. Also if you could post your chart so we can see what you are looking at
I believe he's looking at candle closed at 1.2992 on february 23rd,
pa could retest that high before going down or continuing up.
I have the same target supported by ascending channel that you can see at 4h chart.
  • #75,336
  • Mar 13, 2009 11:46am Mar 13, 2009 11:46am
just woke up to see not much has happened. the range we were in for quite some time...1.2935 to 1.2890 has been broken to the downside as the last 4 15min candlesticks will show yet the support at 1.2865 is holding strong still. this price action reminds me of when we were stuck at the high between 1.5300 and 1.6000 for months. We all know what happened in that scenario but before the break down there were several attempts on a break to the upside. Conclusion....long term still bear..short term...gotta break 1.2865 to even consider a bear rally with 1.2805 being first target while to the upside a decisive break of 1.3000 will fuel another rally up. Until then..scalp anyone?

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Different opinions highly valued, ignorant to slander.
  • #75,337
  • Mar 13, 2009 11:50am Mar 13, 2009 11:50am
I'm done for the week, actually didn't do anything today.
But is was a good week.

Happy weekend all and lets hope for some more action next week, at least a break-out to whatever side.

Shamu
New voice message: Why are you calling me? If I need you, I'll call you!
  • #75,338
  • Mar 13, 2009 11:57am Mar 13, 2009 11:57am

Remember what we said this morning ....
if we open at 01.00h <2876 ... then short ...
the market has memory

The best thing that can happen to you is to find out where you're wrong.
  • #75,339
  • Mar 13, 2009 12:03pm Mar 13, 2009 12:03pm
Quoting candlesticks
Could you explain your long bias. Also if you could post your chart so we can see what you are looking at
The gist of it is we have (most likely) a pennant, double bottom, or H&S forming on the daily. I have a trendline that puts us at 1.30-1.33 range in the near future (next week) before any drop back to the 1.25 area would occur (if that actually occurs any time soon.) Secondary to my trendline, we have previous resistance levels at these areas as well (see my previous post) which only offer further confirmation of this theory.


Quoting Legio_Ulpia
I believe he's looking at candle closed at 1.2992 on february 23rd,
pa could retest that high before going down or continuing up.
I have the same target supported by ascending channel that you can see at 4h chart.
I don't use candles. Those and stoplosses tend to make me lose money.
  • #75,340
  • Mar 13, 2009 12:06pm Mar 13, 2009 12:06pm
Quoting psiholog
just woke up to see not much has happened. the range we were in for quite some time...1.2935 to 1.2890 has been broken to the downside as the last 4 15min candlesticks will show yet the support at 1.2865 is holding strong still. this price action reminds me of when we were stuck at the high between 1.5300 and 1.6000 for months. We all know what happened in that scenario but before the break down there were several attempts on a break to the upside. Conclusion....long term still bear..short term...gotta break 1.2865 to even consider a bear rally...
I would even go as far as removing the 1.2890 blue line on yoru chart to use the 1.2865 line as the support. It was a prior tripple top that seems to be holding here.
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