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EURUSD

  • #125,041
  • Jul 24, 2009 6:08am Jul 24, 2009 6:08am
short now. stop at 43. TP- 4155
  • #125,042
  • Jul 24, 2009 6:10am Jul 24, 2009 6:10am
Quoting eshrira
short now. stop at 43. TP- 4155
it is not recommended to go against the trend
  • #125,043
  • Jul 24, 2009 6:12am Jul 24, 2009 6:12am
Going slightly off-topic but it's Friday - TGIF

Just reading the blog of this guy, living for 9 years now without spending a dollar...

Who said that Americans are wild spenders

Living without money
Getting it right is NOT as important as not getting it wrong.
  • #125,044
  • Edited 6:25am Jul 24, 2009 6:12am | Edited 6:25am
I'm getting ready for doing some selling.

I have a limit sell at 4259

Stop Loss= 4300

take profit = 4192

If it doesn't reach this level, then I'll obviously have to look at things again.

The only thing that bothers me is the rather bullish close which is close to the R1 pivot point. Makes me a bit weary about going short. But Yes, I am certainly bearish at the moment since there has been no significant re-trace for the last couple of hours.
  • #125,045
  • Jul 24, 2009 6:15am Jul 24, 2009 6:15am
Quoting ashlee_17
it is not recommended to go against the trend

i like my RR on this one. weekend stock market i expect to end either down or flat as taking profit will go in affect. yen crosses down/usd up.

also eur bounced since last nite with no retracement at all. and now at the 76% along with the hrly BB closing in on price(hrly just opened)

good enough reasons for u ?
  • #125,046
  • Jul 24, 2009 6:15am Jul 24, 2009 6:15am
Quoting altrader
I'm getting ready for doing some selling.

I have a limit sell at 4265

Stop Loss= 4300

take profit = 4192

If it doesn't reach this level, then I'll obviously have to look at things again.

The only thing that bothers me is the rather bullish close which is close to the R1 pivot point. Makes me a bit weary about going short. But Yes, I am certainly bearish at the moment since there has been no significant re-trace for the last couple of hours.
I don't understand why are you selling on an uptrend
  • #125,047
  • Jul 24, 2009 6:20am Jul 24, 2009 6:20am
Quoting ashlee_17
I don't understand why are you selling on an uptrend
I work on time based cycle analysis and pivot points.

The system I'm working on is very different to standard technical analysis. Trend following is very powerful as you rightly point out....and yeah, I could be wrong but this method I've been working on has been working ok for me recently, so I'm persisting with it.

It can't always be right. If I'm wrong, then it will go up 'wildly'...I mean waay up.

I do feel a little weird about this trade though given that the last hourly close was pretty close to the R1 Pivot point. But anyway, like anyone who uses a system, you got to try and be consistant.
  • #125,048
  • Jul 24, 2009 6:23am Jul 24, 2009 6:23am
Quoting altrader
I work on time based cycle analysis and pivot points.

The system I'm working on is very different to standard technical analysis. Trend following is very powerful as you rightly point out....and yeah, I could be wrong but this method I've been working on has been working ok for me recently, so I'm persisting with it.

It can't always be right. If I'm wrong, then it will go up 'wildly'...I mean waay up.

I do feel a little weird about this trade though given that the last hourly close was pretty close to the R1 Pivot point. But anyway, like...
I have to agree with you on this one - if a system is working for you, then you should work with it.

Good luck to you
  • #125,049
  • Jul 24, 2009 6:27am Jul 24, 2009 6:27am
Quoting ashlee_17
I have to agree with you on this one - if a system is working for you, then you should work with it.

Good luck to you
Thank you

May you collect lots of profitable pips also
  • #125,050
  • Jul 24, 2009 6:30am Jul 24, 2009 6:30am
Quoting altrader
I work on time based cycle analysis and pivot points.

The system I'm working on is very different to standard technical analysis. Trend following is very powerful as you rightly point out....and yeah, I could be wrong but this method I've been working on has been working ok for me recently, so I'm persisting with it.

It can't always be right. If I'm wrong, then it will go up 'wildly'...I mean waay up.

I do feel a little weird about this trade though given that the last hourly close was pretty close to the R1 Pivot point. But anyway, like...
Considering this week PA, shorting above the value 1.4242 and taking profit near the value low 1.4182, is looking ok to me, from a logic standpoint.

You're just playing a trading market (the value range), and not a trending market.

You're on the other side of hasnaa trade. You could very well be both right.

At least the trades parameters are well chosen... imho
Getting it right is NOT as important as not getting it wrong.
  • #125,051
  • Jul 24, 2009 6:48am Jul 24, 2009 6:48am
i am targeting R1 for my long
  • #125,052
  • Jul 24, 2009 6:50am Jul 24, 2009 6:50am
Quoting fxswing
Considering this week PA, shorting above the value 1.4242 and taking profit near the value low 1.4182, is looking ok to me, from a logic standpoint.

You're just playing a trading market (the value range), and not a trending market.

You're on the other side of hasnaa trade. You could very well be both right.

At least the trades parameters are well chosen... imho
Time will tell, but as you know, it isn't really about being right all the time. It's about getting in at a time where you think it could go your way and setting up risk management in case it doesn't

I hope it goes my way, but if it doesn't--ohh well, I'll lose only 1%

Also, I could miss the trade even if it goes my way due to my limit sell entry point not getting triggered. That doesn't bother me either--always lots more trades to do in the future even if I miss this one
  • #125,053
  • Jul 24, 2009 6:55am Jul 24, 2009 6:55am
Quoting trading801
i am targeting R1 for my long
what was your entry point?
  • #125,054
  • Jul 24, 2009 6:59am Jul 24, 2009 6:59am
Quoting altrader
what was your entry point?
hi buddy how r u


1.4209
  • #125,055
  • Jul 24, 2009 7:00am Jul 24, 2009 7:00am
UK GDP Worse than Estimates


The UK released its GDP for the second quarter advanced reading showing that the contraction narrowed to -0.8 percent from the first quarter contraction of 2.4% which is worse than the expected contraction of 0.3 percent.



The reason behind the contraction worse than estimates was because of the construction sector which represents 6% of GDP still shrinking and of course the banking systems not stabilizing, as long as the banking systems have not recovered, that means lending to businesses and consumers is pared.



The GDP annualized reading for the second quarter advanced reading widened to -5.6% from -4.9% while the markets were projecting a contraction of -5.2 percent. This reading marked the worst since 1955!


still EURO moving up how?
  • #125,056
  • Jul 24, 2009 7:01am Jul 24, 2009 7:01am
Short from 1.4246. Let's see how far this baby goes
cut losses short, let profits run.
  • #125,057
  • Jul 24, 2009 7:03am Jul 24, 2009 7:03am
Quoting trading801
hi buddy how r u


1.4209
Awesome, that's a nice 40pips profit for you

I'm doing good--still hanging in there
  • #125,058
  • Jul 24, 2009 7:06am Jul 24, 2009 7:06am
Hello. I am a new member of forex factory. Just wanted to welcome you all and good luck in trade.
  • #125,059
  • Jul 24, 2009 7:11am Jul 24, 2009 7:11am
Quoting traderuros
Hello. I am a new member of forex factory. Just wanted to welcome you all and good luck in trade.
Thanks, good luck to you 2
cut losses short, let profits run.
  • #125,060
  • Jul 24, 2009 7:11am Jul 24, 2009 7:11am
Quoting traderuros
Hello. I am a new member of forex factory. Just wanted to welcome you all and good luck in trade.
Welcome and happy pipping
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