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EURUSD

  • #99,021
  • May 21, 2009 3:38pm May 21, 2009 3:38pm
I took a short @ 1.3898. s/l 1.3940, target unknown for now.
New voice message: Why are you calling me? If I need you, I'll call you!
  • #99,022
  • May 21, 2009 3:39pm May 21, 2009 3:39pm
Quoting FXexpress
I think you may have it on simple. Change to smooth MA.

MK


Hi FXexpress, I attached a 100SMA at a 15M chart but it doesn't look like yours. Am I doing something wrong? Thanks for the advice
[/quote]

You were right. Thanks
  • #99,023
  • May 21, 2009 3:39pm May 21, 2009 3:39pm
This AM move into the afternoon was tough. Shorting on an up move is even tougher. A Correction has to take shape, and on a 5 min chart see the Head& Shoulders forming here. 1.39 was not a surprise...it's speed was.
  • #99,024
  • May 21, 2009 3:42pm May 21, 2009 3:42pm
Quoting KillerWhale
I took a short @ 1.3898. s/l 1.3940, target unknown for now.
Would you kindly post the current qqe chart for H4 and daily if this is not too much to ask for. Currently away from trading desk, sorry.
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #99,025
  • May 21, 2009 3:42pm May 21, 2009 3:42pm
every short I tried cost me my profit.

looks like the day of reckoning may be near
  • #99,026
  • May 21, 2009 3:43pm May 21, 2009 3:43pm
Hi Notch
If you don't mind telling. What TF and SL do you use? Thanks
  • #99,027
  • May 21, 2009 3:48pm May 21, 2009 3:48pm
Quoting TIckerShuffl
every short I tried cost me my profit.

looks like the day of reckoning may be near
what about a retrace? not worried abt that?
  • #99,028
  • May 21, 2009 3:48pm May 21, 2009 3:48pm
Quoting Chicky
Drizzt, my friend.

I am no expert in making profits, however, posses much experience how to incurr loss. That experience helped me overcome this issue. I am now overall consistently profitable for last several months. These are my suggestions based on my experience:

1. Never ever ( I repeat, never ever) try to recover your losses. Start from your current account balance.
2. The only way to learn this game is to be in this game. You do not want to multiply your account balance. You want to make consistent profits regardless of its amount. Therefore...
Great notes comes only from an expert

If you allow me, I would add three points to consider:

1- Practice account.

2- Practice account.


3- If you find yourself after this going back to continous losses, you will need to go back to practice account.
  • #99,029
  • May 21, 2009 3:48pm May 21, 2009 3:48pm
Thank you, everybody, Chiky, Notch and Duce. I have a lot to learn. Honestly I have downloaded every single forex seminar and watched them carefully. I discovered the horrible fact that I'm not sticking to ANY rules and here's the result. I did not have strategy and did what you just say, Chicky- take funny profits of 5-10$ and when it comes to losing ones I suffer all the way down. There were countless cases in which I cut my profit just before the big move in my favour and remain watching with dropped jaw... It turns out that almost everything is about psychology. Thank you once again, I won't seek "revenge". I know what to do now...
Panamera Lifestyle
  • #99,030
  • May 21, 2009 3:49pm May 21, 2009 3:49pm
Quoting Jeg
Hi Notch
If you don't mind telling. What TF and SL do you use? Thanks
Hi Jeg,
I'm still sat here waiting for more money fro these shorts.

I use a 5 minute time frame and my SL never exceeds 34 pips although as soon as I get the opportunity I bring the SL closer. If I'm in the red by 15 pips then I'm constantly reevaluating asking myself if I was wrong. If I'm 20 in the red then I'm actively looking for an exit. I do not lose more than 2% on a trade so I adjust the number of lots given the SL to maintain this.
  • #99,031
  • May 21, 2009 3:55pm May 21, 2009 3:55pm
Quoting djambazov84
Would you kindly post the current qqe chart for H4 and daily if this is not too much to ask for. Currently away from trading desk, sorry.
Sure, here they are.
I added the 15 min which i used for my own entry short.
Attached Images
New voice message: Why are you calling me? If I need you, I'll call you!
  • #99,032
  • May 21, 2009 3:55pm May 21, 2009 3:55pm
closed everything...

hope I don't miss another run up, but as they say, better out wishing in than in wishing out
  • #99,033
  • May 21, 2009 3:56pm May 21, 2009 3:56pm
There were several Morning Star formations I posted on yesterday. I had a feeling that we were going up and fast. I do not trade just on the formation, however, its a strong confirmation and evaluation tool when looking for direction, especially on the larger time frames. At the end of the day, the market did just what it said it was going to do.

MK


Quoting Forex ATM
This AM move into the afternoon was tough. Shorting on an up move is even tougher. A Correction has to take shape, and on a 5 min chart see the Head& Shoulders forming here. 1.39 was not a surprise...it's speed was.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu 4hr.gif Size: 14 KB
Click to Enlarge Name: eu day.gif Size: 15 KB
  • #99,034
  • May 21, 2009 3:56pm May 21, 2009 3:56pm
On EUR/USD weekly chart, EUR is above the 50 MA for first time since last August (50 MA is at 3804).

If it closes tomorrow above this level, what does this mean?

Is this going to be a sign for carry trade return to EUR?

Are we going to see a new uptrend?

OR

Is this just another whipsaw?

  • #99,035
  • May 21, 2009 3:59pm May 21, 2009 3:59pm
Quoting SunTrader
I am seeing a top based on EW 5th waves on 4H and 1H and weekly R3 and Monthly R2 being hit:
Just got back and saw your charts. I have a couple questions if that's ok?

First- Do you think that two of the waves must be similar in size and the third wave must not be the shortest?

Second- How many pips apart can two waves be in your opinion before they are no longer similar in size?

The reason I ask is because I often have trouble deciding when to expect the fifth wave to exceed the first. Case in point our latest wave
Attached Image
  • #99,036
  • May 21, 2009 4:00pm May 21, 2009 4:00pm
Quoting TIckerShuffl
closed everything...

hope I don't miss another run up, but as they say, better out wishing in than in wishing out
Please don't remind me my feelings of last night.
The Thief of Wall Street
  • #99,037
  • May 21, 2009 4:05pm May 21, 2009 4:05pm
Hi,
Can anyone see:

Wave 0-1 * 1.618 = end of wave 5
Wave 0-3 * 0.618 = end of wave 5

?
  • #99,038
  • May 21, 2009 4:06pm May 21, 2009 4:06pm
A chart I missed posting much earlier before the trend move started, but may still be useful.
I was so busy scalping accumulating and went to lunch that I actually missed drawing this on time until the move was well underway just at the median line.
The market clearly was on the way to taking out stops and completing its waves, now has fallen back on track and may even seek higher track
Attached Image
  • #99,039
  • May 21, 2009 4:08pm May 21, 2009 4:08pm
Quoting Atlast
A chart I missed posting much earlier before the trend move started, but may still be useful.
I was so busy scalping accumulating and went to lunch that I actually missed drawing this on time until the move was well underway just at the median line.
The market clearly was on the way to taking out stops and completing its waves, now has fallen back on track and may even seek higher track
How can you tell if it will seek a higher track?

Now that the dust has settled, why did the euro surge upwards anyway? Any idea?
  • #99,040
  • May 21, 2009 4:10pm May 21, 2009 4:10pm
I only trade when volume is UP.
As soon as the volume is up, I usually place a trade in the direction of the trend. Just as it happens, I've been able to get in on those huge jumps in price just before they occur ... using Volume as a entry indicator.
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