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  • #10,901
  • Apr 19, 2009 9:45pm Apr 19, 2009 9:45pm
Quoting smittens4212
long eurusd at 2980, 3061 is 1st target
Hi Smittens. I would watch and wait at 3061 because it looks like 3111 good target to me. If gbp is moving up and aussie I wouldnt jump out too quick. 5 min chart will help there. just my opinion
  • #10,902
  • Apr 19, 2009 9:47pm Apr 19, 2009 9:47pm
You're right on the target, but price may be crawling to reach that level but possiblly 131.00 to 131.50 area.

Look at the 4 hours chart below as I've marked (yellow) for the previous S/R area. This is also 0.382% fib retrcement area from previous high.
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY A0-FX 240M 090420.jpg Size: 180 KB
I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #10,903
  • Apr 19, 2009 9:57pm Apr 19, 2009 9:57pm
Hi Pat Chiko. Figure 100 pips up to first line and that would be fine, even within vicinity of my first target and I am looking good. I prefer to trade japs during asian session because they actually can move, it concerns me trading eurusd or gbpusd because they seem to only react to what others including aussie and nzd are doing. They can get stuck for hours going nowhere and then at end of asian sesson they can often be volatile. Man you have a lot of indicators on that chart by the way. I used to have all those, as well as fractals ect, and I knew what they all meant too. They meant that I was concentrating on reading them all so precisely that I forgot to see a reaction at a line and often missed the trade completely. Now I have gotten rid of the whole lot I have been more relaxed and more on the ball. If you look at several charts, why not try having just one chart with only lines and nothing else, and compare your judgements over a couple of weeks. It wont affect what you are doing now, but it might let you see if you too are overwhelmed with indicators and not know it. Just my opinion, and learned from having been there. Hope you dont mind the comment.
  • #10,904
  • Apr 19, 2009 11:31pm Apr 19, 2009 11:31pm
Thanks Tori,

The purpose me hanging in this room, is to cut loose all the indicators on my charts.

I will start cutting one indicator per week, until it is naked ( only lines) like yours. Appreciate your comment on my chart & soon I will pick up from all you profesional traders out there, on naked trading.

Bear with me for few weeks until grasp the idea of chart without the messy indicators.

All the best to your trading today.
I come from the future.
Karen X Mas Bonus 2025 All Time Profit: $15,104
  • #10,905
  • Apr 19, 2009 11:38pm Apr 19, 2009 11:38pm
Quoting BillyRayValentine
See if we can get the ball rolling again here....

Pretty textbook move. This high is jutting out all on its own here.

If it hits tonight or tomorrow I'm not interested....holiday weekend.....but that's unlikely.
Up about +20 at most so far with some unwanted drawdown but, oh the woes of trading. I'm just hanging in there for the time being.
  • #10,906
  • Apr 19, 2009 11:51pm Apr 19, 2009 11:51pm
Quoting BillyRayValentine
Up about +20 at most so far with some unwanted drawdown but, oh the woes of trading. I'm just hanging in there for the time being.
Just read your post on MM a few pages back. You aiming for 1.3140ish area? This is about 150 pips away and an area of resistance.
  • #10,907
  • Apr 19, 2009 11:56pm Apr 19, 2009 11:56pm
Quoting libb
Just read your post on MM a few pages back. You aiming for 1.3140ish area? This is about 150 pips away and an area of resistance.
Yeah I mean ideally yes, but there's so much resistance up here its going to be extremely hard. What I WANT to happen is a push right up through to the 1.3200 area, but that's going to be extremely difficult to say the least. My best bet at this point is to just let it be and see what plays out.

I dont like guessing, but stranger things have happened. After I get so far with this I'll just lock it in and let it ride, if that point even comes. Pretty much everything you read tonight says keep on selling EUR but that actually gives me hope of it working out rather than the latter.

People would say I'm nuts for not scaping this countertrend to begin with but its a system. Looking at the bigger picture here.
  • #10,908
  • Apr 20, 2009 12:05am Apr 20, 2009 12:05am
Again I mean its very easy to talk in hinsight, about would have, could have, been done. And that's why most systems, free or for sale, etc., show a bunch of profitable trades that all collected gazillions of pips after the fact to lure you in.

But my purpose here is to prove otherwise. That's why I've tracked every trade I've posted here from the beginning to try to tackle this issue.

FX trading isnt easy. Getting over the emotional aspects is something sticking to a system abolishes.

9 out of 10 traders wake up and turn on their charts and act surprised that price actually did something. Getting in ahead of the curve is the goal here and to be on the right side of that 'amazement', atleast in the beginning until you learn how to control what you can with some good precision.
  • #10,909
  • Apr 20, 2009 12:35am Apr 20, 2009 12:35am
Yep, lets see if the UK session can get some volume moving here.
  • #10,910
  • Apr 20, 2009 1:02am Apr 20, 2009 1:02am
Hi brv, nice thread , is now your sl in eu at break even or it is at below 1.2946
  • #10,911
  • Apr 20, 2009 1:13am Apr 20, 2009 1:13am
BRV - I fully concur - all the shorts' hands have been played IMO.
TRADE FOR SWAP
  • #10,912
  • Apr 20, 2009 1:21am Apr 20, 2009 1:21am
Quoting aspirin1975
Hi brv, nice thread , is now your sl in eu at break even or it is at below 1.2946
Below 1.2945 - But I have to say - looking at this spike off of 1.3017 the typical follow-up is a move lower. We'll see.

Lots of volatility early on here.
  • #10,913
  • Apr 20, 2009 1:27am Apr 20, 2009 1:27am
Quoting BillyRayValentine
Below 1.2945 - But I have to say - looking at this spike off of 1.3017 the typical follow-up is a move lower. We'll see.

Lots of volatility early on here.

What I'm talking about is: we're in a downtrend. It took several hours for the pair to retrace about 50 pips. It took just a few minutes for the pair to wipe out half of that. GBP is doing a similar thing. When it races down to the lows like that after taking so long to retrace odds long are hard to tackle. It hasnt gone all the way down to 1.2965 yet, but if it stabs its way forcefully down there it'll probably keep going. Happens alot and usually a good sign to get out if youre in a long (great sign if you're short).

Now we havent done that yet, and there were a bunch of buyers from the top of this consolidation area here, but, well, hopefully you can see what I mean/am describing here.
  • #10,914
  • Apr 20, 2009 1:41am Apr 20, 2009 1:41am
Quoting BillyRayValentine
What I'm talking about is: we're in a downtrend. It took several hours for the pair to retrace about 50 pips. It took just a few minutes for the pair to wipe out half of that. GBP is doing a similar thing. When it races down to the lows like that after taking so long to retrace odds long are hard to tackle. It hasnt gone all the way down to 1.2965 yet, but if it stabs its way forcefully down there it'll probably keep going. Happens alot and usually a good sign to get out if youre in a long (great sign if you're short).

Now [i]we havent done that...
Also could have gone for the 1.3018 trend continuation play. Pretty typical move. One benefit of hedging is that you could have hedged your trade at this area, put in a stop at breakeven on the long, for example, or vicea versa, or just left it, and attempted a long later. Choice is yours but just one way of doing it. Dont think theres anymore hedging here in the US though after last week, from what I understand. My account still allows it, but not sure if it'll last.

Not something I like doing, but just throwing it out there.
  • #10,915
  • Apr 20, 2009 1:45am Apr 20, 2009 1:45am
Quoting BillyRayValentine
Also could have gone for the 1.3018 trend continuation play. Pretty typical move. One benefit of hedging is that you could have hedged your trade at this area, put in a stop at breakeven on the long, for example, or vicea versa, or just left it, and attempted a long later. Choice is yours but just one way of doing it. Dont think theres anymore hedging here in the US though after last week, from what I understand. My account still allows it, but not sure if it'll last.

Not something I like doing, but just throwing it out there.
per the nfa/cftc, hedging will end in the us on may 15,2009.
"i wake up in the morning, and i piss excellence"
  • #10,916
  • Apr 20, 2009 1:51am Apr 20, 2009 1:51am
Quoting sam0182
G/U 1.46 long on my watch list.
This what you seeing?
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 25 KB
  • #10,917
  • Apr 20, 2009 1:51am Apr 20, 2009 1:51am
Quoting trader69
per the nfa/cftc, hedging will end in the us on may 15,2009.

If you have pre-existing hedges, does your broker then have the right to terminate them after May 15th?
  • #10,918
  • Apr 20, 2009 1:55am Apr 20, 2009 1:55am
My take on the gbp

Attached Image (click to enlarge)
Click to Enlarge Name: chart.gif Size: 22 KB
  • #10,919
  • Apr 20, 2009 2:01am Apr 20, 2009 2:01am
Quoting trader69
per the nfa/cftc, hedging will end in the us on may 15,2009.
coolio. thanks for the expl.
  • #10,920
  • Apr 20, 2009 2:15am Apr 20, 2009 2:15am
Hi BRV

dig the twitter


just need to work out how i can get it on firefox not a big fan of IE


cheers

LIR
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