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  • #10,461
  • Apr 2, 2009 1:59am Apr 2, 2009 1:59am
Quoting michal7
From horizontal trendlines I have drawn on my chart from yesterday my ideal entry would be at 1.4510. On my chart price came to 1.4515 at 4:00am(central europe time), so I was sleeping. If I was not sleeping I would enter about 1.4510 I guess. I entered after I woke up when price came again to my lines. As I noted I opened a SMALL position knowing that I missed first touch.
So yes, I entered after this retrace, but knowing that, it was small position and I closed it only a few pips above high of recent 1.4515.

But does this invalidated what I...
I have no idea about the hourly closing, just that I played this exact trade and could not see re-entering after the first touch, which indeed offered up SOME points before being blown out of the water.

You had the price area right but re-entering on what I see as a weaker NBT level was risky.

Did anyone play 1.46?
  • #10,462
  • Apr 2, 2009 2:03am Apr 2, 2009 2:03am
Quoting sam0182
... but re-entering on what I see as a weaker NBT level was risky.
yes, that's why I opened small position only, hoped i would touch and fall again. Didn't know about that housing data release. Still learning...
  • #10,463
  • Apr 2, 2009 2:18am Apr 2, 2009 2:18am
Quoting sam0182
Did anyone play 1.46?
I didn't have any line there. But I should have. Nice level, resistance and also support there before. Now when I'm looking at chart it's a quite obvious level. Everything is clear just after it happened :-) Somehow just didn't see that before. :-( Need to learn more...
  • #10,464
  • Apr 2, 2009 2:19am Apr 2, 2009 2:19am
Quoting sam0182

Did anyone play 1.46?
Well, I did. Playing around with Camtasia a bit too and captured my 15point short from 1.4594. I'm still trying to figure out how to upload HighDef but you can make out part of the trade...no making fun of trade or account size guys

Inserted Video
  • #10,465
  • Apr 2, 2009 2:20am Apr 2, 2009 2:20am
Quoting michal7
I didn't have any line there. But I should have. Nice level, resistance and also support there before. Now when I'm looking at chart it's a quite obvious level. Everything is clear just after it happened :-) Somehow just didn't see that before. :-( Need to learn more...
It comes with time, keep at it. Like I said, you had the 1.45 level, just not quite the entry.

1.46 was good...watching 1.34 on the EUR/USD now.
  • #10,466
  • Apr 2, 2009 2:24am Apr 2, 2009 2:24am
Quoting sam0182
Did anyone play 1.46?
146 wasn't clear for me and I would consider this to be countertrend in a news spike - very risky.
More GBP news in an hour.

However anything above 13300 in EURUSD for short was nice considering it is ECB interest rate day.
  • #10,467
  • Apr 2, 2009 2:29am Apr 2, 2009 2:29am
Quoting RedCabbage
146 wasn't clear for me and I would consider this to be countertrend in a news spike - very risky.
More GBP news in an hour.

However anything above 13300 in EURUSD for short was nice considering it is ECB interest rate day.
Understood. I wasn't aware of the news until the postings here...just looked liked a standard wedge breakout of 1.45 on up to knock sellers at 1.46. I'll need to keep that handy...but I'm almost more inclined to short a big news spike, especially of 100 points when it runs into resistance - all the more reason for retrace?

Matter of opinion. And I'm the trader thats down 10% for the year, so...

Thanks for the feedback RC, I'll stay better clued into that. You're UK, right?
  • #10,468
  • Apr 2, 2009 2:34am Apr 2, 2009 2:34am
131.82 is my target, although I am not totally convinced because of the eurusd slowness. It is dragging a little. That was not the cleanest start but what kept me in was when the euro stalled on its drop, and the usjpy was continuing to head up, it gave me confidence that my trade would amount to something at least. I will monitor and if not happy with progress take the profit and wait. Out of 2 trades though it will do nicely whatever happens.
  • #10,469
  • Apr 2, 2009 2:37am Apr 2, 2009 2:37am
Quoting sam0182
Understood. I wasn't aware of the news until the postings here...just looked liked a standard wedge breakout of 1.45 on up to knock sellers at 1.46. I'll need to keep that handy...but I'm almost more inclined to short a big news spike, especially of 100 points when it runs into resistance - all the more reason for retrace?

Matter of opinion. And I'm the trader thats down 10% for the year, so...

Thanks for the feedback RC, I'll stay better clued into that. You're UK, right?
You could take the retracement of a big news spike if it is with the trend. Just to be clear, it is more risky to go counter trend in a news spike, and it is less risky to go with the trend in a news spike.

Yes I am in the UK. Lucky me.
  • #10,470
  • Apr 2, 2009 2:44am Apr 2, 2009 2:44am
closed trade based on feelings
  • #10,471
  • Apr 2, 2009 2:44am Apr 2, 2009 2:44am
Quoting Tori
131.82 is my target, although I am not totally convinced because of the eurusd slowness. It is dragging a little. That was not the cleanest start but what kept me in was when the euro stalled on its drop, and the usjpy was continuing to head up, it gave me confidence that my trade would amount to something at least. I will monitor and if not happy with progress take the profit and wait. Out of 2 trades though it will do nicely whatever happens.
I guess you still mean EURJPY? The title function is useful as your post can get a bit lost at busy times.

13182-13200 looks good. There's an old daily trend line to help act as resistance around there as well so it makes a good target.
  • #10,472
  • Apr 2, 2009 2:45am Apr 2, 2009 2:45am
will clarrify that. eurusd was not moving a pip hardly, usdjpy is almost at huge resistance and could be dumped quickly, that didnt leave much room, with pound also stalled, so take some nice pips and be happy.
  • #10,473
  • Apr 2, 2009 2:48am Apr 2, 2009 2:48am
Quoting Tori
will clarrify that. eurusd was not moving a pip hardly, usdjpy is almost at huge resistance and could be dumped quickly, that didnt leave much room, with pound also stalled, so take some nice pips and be happy.
There is resistance at 13170 from yesterday.
  • #10,474
  • Apr 2, 2009 2:48am Apr 2, 2009 2:48am
yes eurjpy. looks like my gut feeling was right. got 41 pips out of it and would have stayed in if charts better across the board. We are also coming up to turn of hour shortly which also helped me to decide to close. Better pips in my bag, wait, and see what happens later.
  • #10,475
  • Apr 2, 2009 2:50am Apr 2, 2009 2:50am
If it comes back down to line might go again, but eurusd worries me with how stuck it is, and usdjpy worries me a little too. If it breaks through there will be a good ride of eurjpy, Gee it is important to take into account a gut feeling too, not just lines.
  • #10,476
  • Apr 2, 2009 2:54am Apr 2, 2009 2:54am
Now looking at my fav pair tonight. eurjpy, which is almost back at line. I will go to 5 min chart and watch to see what happens with other charts at turn of hour. If it looks like pushing up again I will be there. But not before I see movement elsewhere.
  • #10,477
  • Apr 2, 2009 2:57am Apr 2, 2009 2:57am
looks to me like pound might go down a little with eurusd. So lines are a way off. might be going off for a walk in the fresh air so I dont get impatient and jump in too early. hehe
  • #10,478
  • Apr 2, 2009 2:58am Apr 2, 2009 2:58am
Quoting Tori
If it comes back down to line might go again, but eurusd worries me with how stuck it is, and usdjpy worries me a little too. If it breaks through there will be a good ride of eurjpy, Gee it is important to take into account a gut feeling too, not just lines.
Your 'gut feeling' is actually quite a scientific anaylsis of price action and currency correlation in small timeframes, that's why it is so effective.
  • #10,479
  • Apr 2, 2009 3:03am Apr 2, 2009 3:03am
eurjpy in play again. good profit. will jump soon perhaps as usdjpy really high now so will have to watch.
  • #10,480
  • Apr 2, 2009 3:08am Apr 2, 2009 3:08am
I am out. usdjpy something to watch closely now.eurjpy will be affected so take my pips and wait again. I talk too much so will be off for a while.
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