EURUSD

short 3258 50sl55ts

here you go, supply and demand, nothing fancy. the key is what you're going to do when its get there. chess mind game kind like. lol.

LOL. Because they principle of the theory may not have been tested in the different phases of realities it's likely to face.

Nice chart Vulture. This looked similar to what we pulled this morning. At the moment we are looking at this vaccilation between the 1.3100 and 3600 in the mid-term as the market consolidates. Wait and see for me.

I'm short at 1.3272,limit at 132.26.

look at the 1hr it is going up

this post goes to all new traders that are interested as it portrays mistakes one should never make when aware of the forces at work. rookie mistakes i have made and the list is quite long.

1)I got way over confident. cocky. This in itself is a recipe for disaster as no one can be sure of direction...ever.

2)My bias for the day was too strong based on technicals only. While my charts were telling me one thing, which in normal conditions would play as seen, I did not give the 1.3300 level the respect it deserves as it proved several times in the past 10 hours just how strong a resistance it is....including a few false breaks up.

3)I ignored fundamentals completely. The ECB bulletin suggested the ECB could cut rates to below 1%. I did not even want to acknowledge this data which was a crucial piece of news that has kept price in check at the 1.3300 level.

4)I relied too much on correlations between the stock market and currencies. While the correlation is usually strong, stocks go up, dollar goes down..today is not a correlation day. I failed to see this as well as there is too much conflicting data. The ecb news has been dollar positive. The financials news has been dollar negative. The unemployment data has been Economy positive. There will be 10year note auction later that if it goes well, is dollar negative, if it goes bad is dollar positive.

5)Pa in the last 7 hours or so has been choppy. While the inverted h&s I mentioned is still intact for now, this is no environment to commit to a position. There are just too many fundamental factors in the way which makes technical analysis difficult. Best method of play is to pick strong S/R and scalp. As Jay would say, I did not hold on to my f*in hat.

6)I saw the 1.3300 was strong resistance. I have a principle that I try to stick to always. "When in doubt, stay out". If I had stuck to this principle I would be at least 70pips richer now instead of giving back my profits for the day.

Today has been a harsh reminder. Trading is not easy. Protect what you gain and dont get too confident in direction for it is in vain.

Hope this post helps someone out there to not repeat these rookie mistakes.

good post.

PsiHolog, don't beat yourself up too much, it happened to me yesterday, I was trusting the GBPUSD weakness which the EURUSD Ignored, and rather than exiting when the trend turned up and flipping direction I help, averaged down and lost big.

Giving back alot of profitable trades, but as I'm still in the learning / retraining my brain phase, it's exceptable as long as I can keep trading.

There was a time, when I'd keep gambling and blow the entire account so getting better


As long as you can trade again, you can and will get it back so no worries.

Do not Overtrade.
Short only after rises, Long only after dips.
Close some pips and Partial Profit, never close all trade, and after +115 pips to you favour set BE for rest of the trade.

Patient and MM will give you some money, you will not get rich trading Forex.
Only accounts over 250000USD can gain +50000USD per Year with limit risk.
Who trade more than 3% of account must be all time following the Market.

I have said short every rises above 1.3280, wait some up move near 1.3313 to enter again.

Now wait and go to see a movie, set SL at 1.3355.

GL ALL

H&S 4H..

another H&S performed, i believe we would be seeing this pair go real down, my tp would be 1.3180-1.3160...

http://i678.photobucket.com/albums/v...s/EURUSD-1.jpg

what about Your prediction !!!

what about Your prediction !!!


no idea now

Target on this H and S is about 450 pips.

It happens to everybody...that reminder that we fail. Mine was yesterday and I gave back 125 points for not following my rules. As I see it from your other posts you followed your rules. Sometimes they fail.

Have a beer, take a few days off for the holiday and start fresh later.

maybe 13146

My PA Reading was correct earlier on the down, it really is all about PA.