Anyone notice the massive resistance this week?

Anyone notice this massive resistance this week at previous weeks closing price? Pretty amazing, but, unfortunately I was at my day job during this time 09:27 Wednesday morning. Probably everyone was shorting for the pull back in the mid of the week, could have shorted all the way down to Weekly Pivot.

But remember just because it hit this weeks PP doesn't mean it will again, so exit in multiple places to take some profit!

A good idea would be to set realistic targets, and then set unrealistic targets for days like Friday so that you capture most of what is out there and don't exit all at once and realizing that you could have sold just a half of your amount and let the rest ride!


ps, Im new here...

http://img505.imageshack.us/img505/1...rtofeurusd.gif

Because some trades just don't go my way, kind of wish i could go short/long at the same time.

Enjoy my failure!

Oh, and to add, I do consider trend line resistance/support on mid to long term frames, such as 4hr and daily.

I also consider Daily/Weekly/Monthly pivots, fibs, and major MAs like the 200daily and 20daily, others like 50 and 100 not so much, but I do glance at them.

Most indicators I can care less of, bollinger bands maybe exception.

Also, I really have no excuse for not jumping into a trade that bounced off 20MA on this chart, it was bad judgment on my part, a good risk:reward that I have missed, easily targeting Daily R1 while breaking last weeks closing and highest prices!

Good tradin'



http://img291.imageshack.us/img291/1...rtofeurusd.gif

This could be a rough Monday.

Got to say that short term support is at 1.3792, while a short term top has not bin established in my definition of 4hr MACD.http://img207.imageshack.us/img207/7449/roughmonday.gif

Double top?

I know 1 min is major noise, but that's I'm thinking here.

Double top right up against daily R1 is a confluence of signals, kinda raising your odds, but it could still fail.

http://img207.imageshack.us/img207/6590/doubletop.gif

Ok, it should go down in my world, here is why:

1. Double top on 1 min

2. Cant seem to break R1

3. Divergence on 1hr

This trade is for all you counter trend traders, who are not trading with the trend!!!

Most would agree that you should still be holding onto something from previous week with your last possible target around 1.4300+

But anyway, looks like on 1 min its working good so far - this counter trend trade.

Some say that you shouldn't move up your stops to break even, some say you should... In the end it doesn't matter. I sometimes move them up and sometimes don't. My general rule is that I move them up when first target is hit, first target being any possible resistance/support where I want to take some profit.

http://img16.imageshack.us/img16/3931/divergencel.gif

I hate when it just stays in one spot whipping you around like a mad clown, best not to trade if your a rookie in these tight consolidation spots.

But here is what I think will happen, I'm kinda thinking that strong support around 1.4150/60 wont let it down, and we will see another rally.

As I mentioned earlier the double top on 1 min against resistance yesterday made a good short opportunity if you targeted around 1.4170 or below.

Good tradin'...
http://img222.imageshack.us/img222/6421/possibles.gif

1.3846 is a buy

Only about 105 pips to go until its reached. Short scalps on the way down until my final target of 1.3846 is hit, then going to look for confirmations to add to my future 3846 entry if support is there.