EURUSD

finally found a way to recover some off my losses...20-30 Scalping Viewing the M30...what do you think are the best periods for scalping....M30 or smaller?

M1 and smaller

thanks jay on the M1 the moving average line with a period of 50 set on exponential works like a beauty(for a rezistance).

Thank you again.

On the H1 chart we have formed a ascending trend line that is set to intersect with weekly long term trend line going back from June.

Looks like this short term trend plotted at H1 has acted as support since Monday morning GMT 0800.

Jay you've got to admitt that "Bored too loose", was right when he said to close long positions...

RFLMAO

Daily support now at 1.468 ish .. If no bounce here at 1.48 ish.. I expect it to gravitate to daily support, excluding any fudimental news of course...

I still think GEOpolitics are funner to discuss and actually as important in the very long term.

That all depends about what time frame one trades with.

tud_romania, scalping is not recomended at all for new traders. If you are seasoned trader and have a plan and have been in the game for years and know the in's and outs and are willing to dedicate your full energy and willing to stay awake at wee hours of the night and have a good monemy mgmt plan and have balls of steel then scalping is your thing. If you are lookiing at FOREX as your personal casino go for it. Otherwise look into long term trading or do demo trading first. Its always fun to have small winners here and there it only takes one trade to wipe it all

Jay knows. 2-pip winners on the M1/10s charts. Throw everything you got at it coz if you're widdit you'll hit 90+%.

Long @ 1.48214
SL @ 1.46248
TP @ 1.49977

What you are talking about is "properly" trading the news. I have mentioned this too a few times in the past but very few traders make note of this, you are the first to mention it again in this thread from what I've seen. Let me elaborate a bit in my own ways what I have noticed.


Let's say for example that the news is expected to be bullish on the Eur/Usd. Pa was in a range up until news release and right before release, pa will consolidate to the high end of the range in the anticipation of the news. And then, news comes out.

Scenario #1
The news does indeed meet expectations, pa breaks the resistance of the range in a controlled manner and after a certain high is made (usually the next resistance level), pa will consolidate back to the start of the move where the initial resistance becomes support and then pa starts going back up again, even making a higher high.

Now lets not forget, for every buyer there is a seller. The first part of the move was pure momentum, bullish sentiment. The second part where we see the retracement is the few bears in the market caught with their pants down simply covering their shorts to minimize losses. Once the broken resistance gets touched again and proves its become support, the previous bears may switch to being bullish or sit on the sidelines which means there will be only buyers left in the market therefore the path of least resistance will be up.

Scenario #2

The news was worse then expected. At the resistance, price action may falsely break up for a short period of time or go straight down to begin with. This usually continues until the low end of the range. At that point the bulls are caught with their pants down so they are covering their positions by buying all the way back to the start of the move at the high end of the range. At that point they too will want to turn bearish or simply get out. With only bears left in the market, pa consolidates to the low of the range where pa will most likely have enough momentum to break down. Its scenario #1 in reverse really, bears have control.

Scenario #3

The news are shocking. Truly shocking. They are so bullish, it surprises even the bulls. Whoever is bearish at that point in time isn't caught with their pants down, they are literally naked. Pa breaks up so hard and so fast, multiple significant resistance levels are broken and the last major resistance becomes support. A good example of this was the day Feds announced they would buy treasuries, 500 pips up that day and PA stayed up for a while.

Scenario #4

The opposite of scenario #3. This is where most people who trade news lose money since the general sentiment before news is so bullish. Not only are buyers caught naked.....they lost their marbles.

Scenario #5

News was expected equally by both bulls and bears. Not enough strength for pa to break the range pre news so pa continues to consolidate within range as it is the path of least resistance.

That is all I can think of right now but yeah, I have been trading the news "properly" for a long time. How so? I wait for the initial reaction after the news, I interpret the news myself as best I can, and after Scenario #1 or #2 retrace back to the release of news, I have my entry point. For scenario #3 or #4, I do nothing as pa will be so volatile, the best way to make a profit is to remain flat, anything else is a gamble. (Yes I got burned bad when the US buying treasuries data came out as pa skipped stop loss, lesson learned). For scenario #5, it is also simple as you just sell at the high of the range or buy at the low of the range. The only criteria for this is that the range is at least 50pips and that pa is accurately identified as continuing to range.

I hope all this experience of mine helps a bit...lol

someone like IMARICH1?

Not to name anyone but some may or may not be on my ignore list.

Disappointed you would think I am a "bugger". I actually would like to think I am a "learner"......I try not to bug and if do, I apologize.....

I have been trading in this arena.....for at least 4 to 5 years....I have learned alot! Too much! Too many things but those things are not consisitent.....but one thing that has to be is MM.....

I like to learn an Edge somone may have.....Atlast helped give me an Edge!...and I appreciate Driver55 giving me some insight as well!

now i am long too.. TP 4897

I'm not going to entertain a long at the moment, but if i do later on, that too would be my TP target area

check out 15m.. seems like an uptrend is forming (imho)

or it could also be a HS pattern.. who knows.. but i am bullish for assian season and i think london will be also bullish..

plus add the daily candle to your analysis and you have one more reason why to go long ;-)

Yes, I've been watching that possible H & S, but I'm not going to do anything about it because of the short TF, and because I already have shorts in play.....

good luck... i am going to bed.. see ya tmrv

Changed TP @ 1.48977