Attachments: EURUSD

EURUSD

#106,521
Jun 5, 2009 3:03am Jun 5, 2009 3:03am

Atlast
Joined Apr 2009 | Status: Trader | 4,214 Posts

Trade closed at 1.4192.

#106,522
Jun 5, 2009 3:04am Jun 5, 2009 3:04am

F.x.
| Joined Feb 2009 | Status: Madness has no method. | 1,143 Posts

Quoting akirax

Disliked

Do you have a TP in mind?

Ignored

I might look to take profit at 1.41 or 1.40 should we drop.

However, I'm strongly considering setting up a trading plan for the next several months that would include opening a lot of shorts in this area (50% fib of drop from 1.60-1.23) in expectation of a continuation of the downtrend from 1.60. Should I do this, I would look to keep these shorts in play for a long time (to at least 1.25 area), while also playing some longs at previous SR levels on the way down.

The real question is, will we continue the downtrend from 1.60, or will we break up through the 50% fib, then again though the 61% fib, and continue on for new record highs.

#106,523
Jun 5, 2009 3:05am Jun 5, 2009 3:05am

4pips
| Joined Jan 2009 | Status: Trader | 115 Posts

NFP news today and several news..so what trend will be cretaed..bull or bear ?

#106,524
Jun 5, 2009 3:11am Jun 5, 2009 3:11am

pipmyride
| Joined Jan 2009 | Status: Trader | 1,067 Posts

Quoting 4pips

Disliked

NFP news today and several news..so what trend will be cretaed..bull or bear ?

Ignored

Find that out and you have the holy grail !!

#106,525
Jun 5, 2009 3:13am Jun 5, 2009 3:13am

WedWed
| Joined Aug 2008 | Status: Trader | 1,210 Posts

Quoting F.x.

Disliked

Good morning all.

My short from yesterday at 4220 is still in play.

Ignored

Nice Short

.. i f i where you i will move my stop loss to above left sholder in 4h chart.

i am opened Pending Order @ that level hope to visit that station.

Never sell @ lower upward channel unless breacked and vise versa .

#106,526
Jun 5, 2009 3:13am Jun 5, 2009 3:13am

Jasper
| Joined May 2006 | Status: Trader | 880 Posts

Quoting 4pips

Disliked

NFP news today and several news..so what trend will be cretaed..bull or bear ?

Ignored

I could bear it to be bullish

Good Trading. (keep it simple).

#106,527
Jun 5, 2009 3:15am Jun 5, 2009 3:15am

Atlast
Joined Apr 2009 | Status: Trader | 4,214 Posts

Quoting F.x.

Disliked

I might look to take profit at 1.41 or 1.40 should we drop.

However, I'm strongly considering setting up a trading plan for the next several months that would include opening a lot of shorts in this area

Ignored

Shorts have shown up in numbers now. 1.4164 is the key area to watch today if there is going to be momentum there to the downside.
Setting up a long term plan a you say would mean watching th weekly charts. do they say sell?

#106,528
Jun 5, 2009 3:16am Jun 5, 2009 3:16am

USD-Bear
Joined May 2009 | Status: User of Geppy patience pills | 7,645 Posts

Quoting F.x.

Disliked

I might look to take profit at 1.41 or 1.40 should we drop.

However, I'm strongly considering setting up a trading plan for the next several months that would include opening a lot of shorts in this area (50% fib of drop from 1.60-1.23) in expectation of a continuation of the downtrend from 1.60. Should I do this, I would look to keep these shorts in play for a long time (to at least 1.25 area), while also playing some longs at previous SR levels on the way down.

The real question is, will we continue the downtrend from 1.60, or will we break...

Ignored

F.x.,
what is your basic drive to be so bearish on the EUR, is it only technical?
I'm wondering because I have en exact contrare view based on fundamental ideas...

Don't be a hero. Don't have an ego. Always question yourself

#106,529
Jun 5, 2009 3:18am Jun 5, 2009 3:18am

F.x.
| Joined Feb 2009 | Status: Madness has no method. | 1,143 Posts

Quoting notch

Disliked

Nice!

Ignored

Quoting WedWed

Disliked

Nice Short .. i f i where you i will move my stop loss to above left sholder in 4h chart.

Ignored

Thanks.

Yes my SL has been at that place since I took the trade yesterday

In fact, it would not surprise me for my SL to get hit and this to be a losing trade. But as part of the bigger plan it's ok if that happens.

#106,530
Jun 5, 2009 3:19am Jun 5, 2009 3:19am

TheFisherman
| Joined May 2009 | Status: Fight until we die | 1,114 Posts

Quoting The Fool

Disliked

If "classic" - then predictable - and expolitable, no?

Ignored

Only problem is: you know it AFTER it happens.

#106,531
Jun 5, 2009 3:19am Jun 5, 2009 3:19am

WedWed
| Joined Aug 2008 | Status: Trader | 1,210 Posts

good place to short

Attached Image (click to enlarge)

Click to Enlarge

Name: 05-06-2009 11-16-56 .png
Size: 36 KB

Never sell @ lower upward channel unless breacked and vise versa .

#106,532
Jun 5, 2009 3:22am Jun 5, 2009 3:22am

WedWed
| Joined Aug 2008 | Status: Trader | 1,210 Posts

today is Friday of first month .. i suggest to turn SL to BE or BE+ .. becase any things may happen.

Never sell @ lower upward channel unless breacked and vise versa .

#106,533
Jun 5, 2009 3:22am Jun 5, 2009 3:22am

notch
| Membership Revoked | Joined Apr 2009 | 2,726 Posts

I was long. Now flat after BE. Getting ready to go short.

#106,534
Jun 5, 2009 3:24am Jun 5, 2009 3:24am

Larseg
Joined May 2009 | Status: Re-member | 6,497 Posts

Quoting notch

Disliked

I was long. Now flat after BE. Getting ready to go short.

Ignored

Hey, have you looked at the site I give you?
Any opinions?? forexpros...

#106,535
Jun 5, 2009 3:26am Jun 5, 2009 3:26am

The Fool
Joined Apr 2009 | Status: Live and learn. | 25,165 Posts

Quoting TheFisherman

Disliked

Only problem is: you know it AFTER it happens.

Ignored

Yep. Pretty sneaky they are but I'm learning to beware these fake-out moves, if that's what they are...

...if one could anticipate them well that would be good but how...?

"If The Fool persists in his Folly he will become wise." - William Blake

#106,536
Jun 5, 2009 3:27am Jun 5, 2009 3:27am

vangcuibap
| Commercial User | Joined May 2009 | 171 Posts

Quoting WedWed

Disliked

today is Friday of first month .. i suggest to turn SL to BE or BE+ .. becase any things may happen.

Ignored

I gree

#106,537
Jun 5, 2009 3:29am Jun 5, 2009 3:29am

F.x.
| Joined Feb 2009 | Status: Madness has no method. | 1,143 Posts

Quoting Atlast

Disliked

Shorts have shown up in numbers now. 1.4164 is the key area to watch today if there is going to be momentum there to the downside.
Setting up a long term plan a you say would mean watching th weekly charts. do they say sell?

Ignored

Quoting USD-Bear

Disliked

F.x.,
what is your basic drive to be so bearish on the EUR, is it only technical?
I'm wondering because I have en exact contrare view based on fundamental ideas...

Ignored

There are the two possibilities I see on the monthly chart. As you may know, I often deal in generalities and not any specific math or numbers when trading (which is just fine if what you're trying to do is pick up the major trend.)

The first possibility shows us moving up from here and reaching new highs. Basically, we blow through this level and the next level (61% fib of drop from 1.60) and then past 1.60.

The second possibility shows a bounce down here from the 50% fib of the drop from 1.60 (see also chart #3 which we are still perfectly in line with.) We would again test the 1.25 area lows but this time continue on through them.

Now, you may ask, why do you then have us in a bull trend after dropping below the 1.25 area? The reason for this is that as you can see by the red trendline, we are actually in an uptrend on the monthly, and I would not be surprised for this to continue. It is quite possible for the Euro to gain a lot of ground against the dollar looking a few years out.

Attached Image(s) (click to enlarge)