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  • #10,501
  • Apr 2, 2009 7:41am Apr 2, 2009 7:41am
This is why I took my pips and ran...because as a retail trader I dont know if theirs enough orders to cover the buying specially when the market is to agreessive...

Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 25 KB
  • #10,502
  • Apr 2, 2009 7:43am Apr 2, 2009 7:43am
wholy crap just in time...this are things as traders you want to be aware of when trading . You see if the market is movin in a special way you must adjust or you will get killed. You never want to be mechanical in trading since the sentiment is not .

Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 26 KB
  • #10,503
  • Apr 2, 2009 7:44am Apr 2, 2009 7:44am
Its looking like a real strong move as well.
  • #10,504
  • Apr 2, 2009 7:51am Apr 2, 2009 7:51am
Quoting Concept
Its looking like a real strong move as well.

Yep so what does that tell us as traders?....that we cant be standing in front of it in littlelevels but only the most powerful levels...it also tells us to move stop to break even extremly fast even if it means you get kicked out and then it becomes a winner.
  • #10,505
  • Apr 2, 2009 7:57am Apr 2, 2009 7:57am
Yeah or just let it have its temper tantrum and let it settle for a bit... Seems a little too sketchy to try and use a level unless its distinguishable on a higher time frame?
  • #10,506
  • Apr 2, 2009 7:59am Apr 2, 2009 7:59am
Quoting Concept
Yeah or just let it have its temper tantrum and let it settle for a bit... Seems a little too sketchy to try and use a level unless its distinguishable on a higher time frame?
Well I dont have a specif rule on that mate...instead I will watch price once the level gets hit....if hits anot pierce I might take it as well as I might wait for some preice action instead...and the level must be obvious in the timeframe I am trying to trade as well as how long I want to hold it
  • #10,507
  • Apr 2, 2009 8:02am Apr 2, 2009 8:02am
Quoting Shermenator
Well I dont have a specif rule on that mate...instead I will watch price once the level gets hit....if hits anot pierce I might take it as well as I might wait for some preice action instead...and the level must be obvious in the timeframe I am trying to trade as well as how long I want to hold it
Yeah forsure. I am starting to really see that if it isnt obvious then its a waste of time. Ive tried to make the 'Chart fit the line', and its almost always a loss.
Trial and error, gotta love demo accounts!
  • #10,508
  • Apr 2, 2009 8:05am Apr 2, 2009 8:05am
I could care less if the yellow level holds....I would only step in front of it from the red one simply because of the markt conditions offered to me today...

Attached Image (click to enlarge)
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  • #10,509
  • Apr 2, 2009 8:06am Apr 2, 2009 8:06am
Quoting Shermenator
I could care less if the yellow level holds....I would only step in front of it from the red one simply because of the markt conditions offered to me today...

Attachment
I will also look for price action though ....around either one though
  • #10,510
  • Apr 2, 2009 8:07am Apr 2, 2009 8:07am
Just went long on EU off of a hourly support bounce at 3429-3412. See what happens
  • #10,511
  • Apr 2, 2009 8:11am Apr 2, 2009 8:11am
Quoting Concept
Just went long on EU off of a hourly support bounce at 3429-3412. See what happens
Why are you buying to an overbought market ? look at the higher timeframes and look at how price is walking into large supply areas
  • #10,512
  • Apr 2, 2009 8:17am Apr 2, 2009 8:17am
Quoting Shermenator
Why are you buying to an overbought market ? look at the higher timeframes and look at how price is walking into large supply areas
Are you talking about some potential resistance at... 1.3474-3496 on the daily?

It seemed like a good idea, but clearly was not!
  • #10,513
  • Apr 2, 2009 8:20am Apr 2, 2009 8:20am
Guys and gals,

The G20 meeting, ECB interest rates and possible mark to market rule relaxation in the US today is totally invalidating normal market behaviour. Yes there appear to be pips to be had everywhere but in reality you'd better have your flame-proof suit on if you want to trade in these conditions.

London had some opportunities but NY is likely to be hell.

Just my 2 cents.
  • #10,514
  • Apr 2, 2009 8:21am Apr 2, 2009 8:21am
Quoting Concept
Are you talking about some potential resistance at... 1.3474-3496 on the daily?

It seemed like a good idea, but clearly was not!

Trading in a smaller timeframe against them in this area is what they whant you to do . When you buy eurusd they are selling them to you and they are able to cover you . At the same time they buy dollars and you are the one selling them to them. So you always want to be aware of what part of the market your standing in...


Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 28 KB
  • #10,515
  • Apr 2, 2009 8:39am Apr 2, 2009 8:39am
I am looking to go long in this area...but I will watch price action around this area...See pulling the trigger in touch would require me to place a large stop simply because of the conditions in the market....

Attached Image (click to enlarge)
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  • #10,516
  • Apr 2, 2009 8:41am Apr 2, 2009 8:41am
Quoting Shermenator
Trading in a smaller timeframe against them in this area is what they whant you to do . When you buy eurusd they are selling them to you and they are able to cover you . At the same time they buy dollars and you are the one selling them to them. So you always want to be aware of what part of the market your standing in...


Attachment
So when it comes to price action going up(on the shorter time frames), its in my best interest to wait for the stall at a noticeable S/R line and short it rather then buy off of a previously broken S/R line?

I am having a hard time figuring out the overbought portion of one of your previous posts though.
  • #10,517
  • Apr 2, 2009 8:43am Apr 2, 2009 8:43am
Quoting Shermenator
I could care less if the yellow level holds....I would only step in front of it from the red one simply because of the markt conditions offered to me today...

Attachment
Did you short or remain out?
  • #10,518
  • Apr 2, 2009 8:47am Apr 2, 2009 8:47am
Quoting Concept
So when it comes to price action going up(on the shorter time frames), its in my best interest to wait for the stall at a noticeable S/R line and short it rather then buy off of a previously broken S/R line?

I am having a hard time figuring out the overbought portion of one of your previous posts though.
When price goes in one direction to much even if it is making retracements in that timeframe it does not mean that it has gone back to being a bargain . It tells us the last impulsive reaction in the market has calm down...by this it tells us that price has gone up to much in the day overall and to calm down and stop looking at small timeframes and to start looking at the market from a larger perspective to really see that the market is still well ovrbought.
  • #10,519
  • Apr 2, 2009 8:49am Apr 2, 2009 8:49am
Quoting Lou
Did you short or remain out?
I remained out since the conditions are not meant to be pulling the trigger at ok levels of support or resistance. To many similar levels got broken prior to that one gettting hit causing to many limit orders to be lifted from typical levels and gathered at more extreme points. By doing this you gather more sellers then buyers since the buyers get wasted by making price goes up and then supply just covers all the longs and price dips.
  • #10,520
  • Apr 2, 2009 9:03am Apr 2, 2009 9:03am
I am currently long in th usdcad up 4 pips...for some reasons I cant upload my pictures
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