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EURUSD

  • #151,341
  • Oct 12, 2009 5:52am Oct 12, 2009 5:52am
Stocks set for early gains

http://money.cnn.com/2009/10/12/mark...kets/index.htm
  • #151,342
  • Oct 12, 2009 5:55am Oct 12, 2009 5:55am
Quoting Legio_Ulpia
Good morning folks,

I'm personally short at 1.4762,on my 4h chart this level is 61.8% retracement.

My first target is 1.4590..let's see.

I´m waiting 10266 on USDCHF to make a SAR on EURUSD
The best thing that can happen to you is to find out where you're wrong.
  • #151,343
  • Oct 12, 2009 5:55am Oct 12, 2009 5:55am
^ u are using a mechanical system
  • #151,344
  • Oct 12, 2009 5:56am Oct 12, 2009 5:56am
I reposted my last scoresheet in PDF format...the formating on cut and paste on here doesn't work well...

No, I don't believe in Mechanical Systems.....they cannot adapt to markets....

I don't trade systems, I trade concepts.....systems fail, concepts adapt..


Quoting Alihuzaifa
^ u are using a mechanical system
In Charts We Trust!
  • #151,345
  • Oct 12, 2009 5:58am Oct 12, 2009 5:58am
By the way, my lowest positions on USDCHF are 1.0232...been holding those for weeks now...

Quoting Chicky
Someone call an ambulance for X.oden he was heavily short.

Logically this should not go beyond Swiss selling that occured at 1.4785
In Charts We Trust!
  • #151,346
  • Oct 12, 2009 6:00am Oct 12, 2009 6:00am
Quoting X.Oden
Chicky,

I still am, but you have to remember, I also have hedges against my shorts...

I just closed 2 EURUSD out of my longs I mentioned earlier for 65 pips....and just now one for 13 pips...

Its not a big deal for me, I mentioned that I close 98% of my trades to profit, its the reason I hedge......

If a trade goes against me, I simply adjust my positions....
I knew your were hedged.

I earlier paged for you to respond to Atlast's post, but you were nowhere around, so used this tactic to get your attention.
The Thief of Wall Street
  • #151,347
  • Oct 12, 2009 6:03am Oct 12, 2009 6:03am
Quoting X.Oden
I reposted my last scoresheet in PDF format...the formating on cut and paste on here doesn't work well...

No, I don't believe in Mechanical Systems.....they cannot adapt to markets....

I don't trade systems, I trade concepts.....systems fail, concepts adapt..
X.oden could you kindly tell more about "concept", I didn't really get it. I am in fact trying to learn from you.Thanks.
The Thief of Wall Street
  • #151,348
  • Oct 12, 2009 6:04am Oct 12, 2009 6:04am
Sorry Chicky,

I was asleep. After I posted earlier today, I took my mom shopping for her trip to Singapore, then I headed out with the wife for sushi dinner and then the movies.....when I got home I was exhausted.

So anyway, now I'm collecting on my EURO positions and when it tops out, I'll just skim some trades off my SWISS......

I'm hoping to bring my baby account up on my other thread I started here....I've neglected that one......its tough to hedge several accounts manually.....I have about 8 seperate accounts and sometimes it gets overwhelming....you have to make decisions on the fly......

If it weren't for these type of forums where I can post and vent, I'd go nuts...


Quoting Chicky
I knew your were hedged.

I earlier paged for you to respond to Atlast's post, but you were nowhere around, so used this tactic to get your attention.
In Charts We Trust!
  • #151,349
  • Oct 12, 2009 6:13am Oct 12, 2009 6:13am
I wrote a lot of details in a previous post about different methods of hedging. You simply have to pick one and stick to it....

Its also not just about hedging alone. A while back, I posted that if you trade, you should stick to just a few pairs if that. I usually only trade 2 pairs, every now and then I cannot resist the urge to trade something like the GBPJPY or GBPUSD....those however have eaten my account more times than I care to know of, so those are back burner pairs I trade.

The reason you only want to trade one or two pairs is so you can become somewhat of an expert on price movement. By expert, I don't mean being able to predict, no one can really do that...when I do it on here, I do so for the long term.....my long term predictions can take months to pan out, but I am predicting off my own plate, I have positions in place as the market evolves.

The most important thing about learning a pair is where the extreme moves are....in other words, you have to know your support and resistance levels...typically, these levels are always range bound and the same. For instance, the top of EURO has stayed there for several weeks, and below that another recent top.....those must be used as a reference point for any of your future trades and the entire picture has to be seen as a whole....

If you stick to one pair and look at the larger time frames and be patient, your trade will usually come your way.

I do not like to discuss trading methods because they don't teach you to think. I talk about concepts instead. Here's one for you...


If you can picture a pivot point and oscillating around that pivot is a sine wave. Trader A takes a long trade anywhere near the midpoint of this sine wave and trader B takes a short trade anywhere near the midpoint of this sine wave.....

In time, given that both traders have enough patience to wait out the natural flow of this algorithm, both will profit.

That is the simple concept I base nearly all of my trades on. It doesn't matter if you're trading the 1 minute charts or the Monthly charts.....

Price Movement is Always the same, just fractalized versions of eac other. The Fibonacci concept.

Let that simmer in a bit...

Quoting Chicky
X.oden could you kindly tell more about "concept", I didn't really get it. I am in fact trying to learn from you.Thanks.
In Charts We Trust!
  • #151,350
  • Oct 12, 2009 6:14am Oct 12, 2009 6:14am
dear thread members,
what are your thoughts of eurgbp in the short term, and long term?
thank you.

francis
  • #151,351
  • Oct 12, 2009 6:15am Oct 12, 2009 6:15am
Bulls are tyred after such run
  • #151,352
  • Oct 12, 2009 6:23am Oct 12, 2009 6:23am
Do you see that the highest high is 1.4844 and the previous high tested was around 1.4817?

So far we see High (1.4844) and we see 1.4817 (lower high)....at this point we are simply waiting for a higher high or lower low to determine trend strength.....in the meantime, the two previous highs have not been broken, so to say we are still in an uptrend is not correct, and to say we are in a downtrend is not correct either, however, the probability for a downtrend in this case is higher at this point simply from the two failed attempts to break the previous highs...no less historical highs....

That is what my sentiment is based on. I do not give the news as much priority on higher time frames because the trend will do whatever it wishes to do.....

News announcements are short lived on the higher time frames, that's why I play it....the trends and counter trends however are what holds ground....that's what nearly most of my trades are based on...



Quoting Chicky
X.oden could you kindly tell more about "concept", I didn't really get it. I am in fact trying to learn from you.Thanks.
In Charts We Trust!
  • #151,353
  • Oct 12, 2009 6:24am Oct 12, 2009 6:24am
EURGBP is nearing an exhaustion point, but watch GBPUSD to understand EURGBP...


Quoting francish
dear thread members,
what are your thoughts of eurgbp in the short term, and long term?
thank you.

francis
In Charts We Trust!
  • #151,354
  • Oct 12, 2009 6:26am Oct 12, 2009 6:26am
Quoting X.Oden
I wrote a lot of details in a previous post about different methods of hedging. You simply have to pick one and stick to it....

Its also not just about hedging alone. A while back, I posted that if you trade, you should stick to just a few pairs if that. I usually only trade 2 pairs, every now and then I cannot resist the urge to trade something like the GBPJPY or GBPUSD....those however have eaten my account more times than I care to know of, so those are back burner pairs I trade.

The reason you only want to trade one or two pairs is so you...
I got it. Thanks buddy. I call them magnetic points. They seldom fail, and if one does, there is another more stronger such point nearby or at equal distance apart.

Thanks X.oden. I will send you an interesting account statement which I think matches yours. But that one is in my other computer and therefore will need a day or two to locate.
The Thief of Wall Street
  • #151,355
  • Oct 12, 2009 6:28am Oct 12, 2009 6:28am
Quoting X.Oden
Do you see that the highest high is 1.4844 and the previous high tested was around 1.4817?

So far we see High (1.4844) and we see 1.4817 (lower high)....at this point we are simply waiting for a higher high or lower low to determine trend strength.....in the meantime, the two previous highs have not been broken, so to say we are still in an uptrend is not correct, and to say we are in a downtrend is not correct either, however, the probability for a downtrend in this case is higher at this point simply from the two failed attempts to break the...
good explanation... we'll see...
  • #151,356
  • Oct 12, 2009 6:31am Oct 12, 2009 6:31am
Sure thing. The reason I am solely hedging now is because I work 2 jobs. One pays the bills, the other one grows my savings plan. When my savings plan reaches a certain $$ amount, I will make that my sole business alone.

Once that happens, I will trade the method that I really want to trade. At this time, it is not possible.....so in the meantime, I hedge so there is no guesswork involved.



Quoting Chicky
I got it. Thanks buddy. I call them magnetic points. They seldom fail, and if one does, there is another more stronger such point nearby or at equal distance apart.

Thanks X.oden. I will send you an interesting account statement which I think matches yours. But that one is in my other computer and therefore will need a day or two to locate.
In Charts We Trust!
  • #151,357
  • Oct 12, 2009 6:32am Oct 12, 2009 6:32am
I am on long at: 1.48122, okt 8

In a daychart I see an uptrend. I hope I am right
this downtrends are only in lower time frames, I think they are only correction, and the thrend will continue to go up. But when and until ? -that is my questions
I want to buy PATIENCE
  • #151,358
  • Oct 12, 2009 6:40am Oct 12, 2009 6:40am
Quoting matheszabi
I am on long at: 1.48122, okt 8

In a daychart I see an uptrend. I hope I am right
this downtrends are only in lower time frames, I think they are only correction, and the thrend will continue to go up. But when and until ? -that is my questions
It means, you are -50 now... What is your SL?
  • #151,359
  • Oct 12, 2009 6:54am Oct 12, 2009 6:54am
I see it as well, but it doesn't look too good to me.

The 30m-3h all have no trend or a developing downtrend. I saw a continuation signal for the uptrend, but it's a bit of a weak signal. The uptrend doesn't seem to have much support.

The EUR/USD doesn't seem to be so good for trend trading right now. Hopefully it'll make up it's mind this week.
  • #151,360
  • Oct 12, 2009 6:59am Oct 12, 2009 6:59am
Quoting nd41
Hi all, I am glad to find this thread.

Jasper, I concur with you, EUR is long sentiment, but at this level the risk of taking a long position is greater, so I will wait for a further correction to around 1.4650 even 1.4600, these are my 50% and 61.8% fibo retracement levels.
I may not take the position yet, but will see the PA before committing long trade.
If you are still there, it's doing well so far....

Good luck.
Good Trading. (keep it simple).
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