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  • #191,941
  • Feb 8, 2010 12:56pm Feb 8, 2010 12:56pm
if i get stopped out I will have covered costs and I will keep fishing for the long from around this level if momentum to the short side shows to have stopped
  • #191,942
  • Feb 8, 2010 12:59pm Feb 8, 2010 12:59pm
Quoting Goonerboy
if i get stopped out I will have covered costs and I will keep fishing for the long from around this level if momentum to the short side shows to have stopped
that is my first target hit $200 banked and stop up at entry + 4 so I am guaranteed $300 from the trade which is equal to my initial risk.

trade 10 times in a day and win 4 of them = $1200 profit. Manage the others to break even and I am sitting on $6000 a week plus the extra revenues from the trades that go further than 8 pips.
  • #191,943
  • Feb 8, 2010 1:00pm Feb 8, 2010 1:00pm
Quoting randy1953
When your at the top there is no need to buy but you can go short if you want all the way to the bottom..
Randy
Randy,
You don't have to stay short the whole time, but you don't have to buy! You can sell more than 1 time.
Anyway, there's no trend line , it's a pennant, next move - down

I can say it's going down everyday, and i'll be right 80% of the time.

Attached Image
  • #191,944
  • Feb 8, 2010 1:01pm Feb 8, 2010 1:01pm
Get your entry right and there is very little reason to have to take any heat.
  • #191,945
  • Feb 8, 2010 1:01pm Feb 8, 2010 1:01pm
Quoting Goonerboy
there was no reason to go long from 1.3683 or anywhere close to that,
It's a minor level of support.
  • #191,946
  • Feb 8, 2010 1:04pm Feb 8, 2010 1:04pm
a) Price supported by rising trendline
b) My Weekly pivot at 1.3750 area
c) 200 EMA just above Weekly Pivot (Weekly Pivot and 200 EMA could be a strong resistance for EU)
d) RSI is in 50 level movement of price upwards could move RSI to Oversold Area when price reach 1.374x area
e) High possibilites of going Short. at 1.374X area.....

My 2 cents, what you guys say about this.
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 26 KB
  • #191,947
  • Feb 8, 2010 1:05pm Feb 8, 2010 1:05pm
Quoting Mr J
It's a minor level of support.
it didn't support much did it... there are so many people who draw lines of support and then watch price crash through... much safer to watch the chart and react to what price is telling you... sure you could have a stop a long way away and wait for it to turn but why take the risk if you could have waited and taken an entry as momentum slowed - even if you get it wrong the slower momentum will give you time to get out...

I went long at 1.3670 when price was telling me it wanted to go long, you went long right in the middle of a strong push down... with about 4 teachnical reasons to support such a move short...
  • #191,948
  • Feb 8, 2010 1:05pm Feb 8, 2010 1:05pm
okay.
Quoting gatorinla
math says this. time will tell.
  • #191,949
  • Feb 8, 2010 1:06pm Feb 8, 2010 1:06pm
Hello all ~
New here - been watching for a couple of months, been a ‘jr’ member for a month - Thank You all!
-for the open communication; I certainly appreciate the willingness to help, the civility for stupid questions (and sometimes answering them), and the tenured traders willingness to post, and share their time, knowledge, experience and up to the ‘minute’ (well mostly) insights on the PA.
-actual charts, trades, and thoughts on future direction (Gator this is especially you - yet all are appreciated)
As there is so much to watch, and it’s easy to stay focused for too long on one of our favorite charts (while we try to step aside quickly to do something else), i do also appreciate:
-Signals on other pairs (i.e. Driver55 your post re: the CHF, and others)
-Signals on other time frames (double top forming on the m15, evening star on h1, H&S might be forming…)
- ‘Links’ to prior posts and other parts of the forum for help or clarification
-Intelligence, Good humor and positive constructive intent
What I try to ignore, and actually isn’t too bad here: the occasional sniping, one upping, raunch, actually anything negative or overly competitive; as centering and emotional management is a challenge for individual success, the market is neutral and our primary competition are the big players, and it only makes it more difficult when you or your compatriots seed or flame the fire of ‘the voice’.
I hope some of the other seasoned players step in on occasion (on the side lines and maybe bored with the conversation?) as all we pick up a bit from each, with regards to timing, alternative framing, style, fresh perspective etc.
The above should be considered incomplete as to individuals thanked and content appreciated.
Thanks again for the Dialog and prosperous trading to all!
  • #191,950
  • Feb 8, 2010 1:08pm Feb 8, 2010 1:08pm
Quoting Goonerboy
it didn't support much did it... there are so many people who draw lines of support and then watch price crash through... much safer to watch the chart and react to what price is telling you... sure you could have a stop a long way away and wait for it to turn but why take the risk if you could have waited and taken an entry as momentum slowed - even if you get it wrong the slower momentum will give you time to get out...

I went long at 1.3670 when price was telling me it wanted to go long, you went long right in the middle of a strong push down......
I banked 8 pips x 2 contracts and have 2 more still running and guaranteeing me $300,if price holds now above 1.3674 I am in a good un and can watch my 2 remaining for free. If not I get stopped out still in profit - and we havent even got up to your original entry yet...
  • #191,951
  • Feb 8, 2010 1:13pm Feb 8, 2010 1:13pm
Quoting randy1953
When your at the top there is no need to buy but you can go short if you want all the way to the bottom..
Randy
the problem is we can't really sure whether the top is actually the top.. that's the reality, otherwise anybody can be a swing trader and becoming an instant millionaire
Be a sniper not a jumper
  • #191,952
  • Feb 8, 2010 1:17pm Feb 8, 2010 1:17pm
Quoting Goonerboy
I banked 8 pips x 2 contracts and have 2 more still running and guaranteeing me $300,if price holds now above 1.3674 I am in a good un and can watch my 2 remaining for free. If not I get stopped out still in profit - and we havent even got up to your original entry yet...
stop up to 1.3680 and locked in another $250, guaranteed $450 on the trade.
  • #191,953
  • Feb 8, 2010 1:18pm Feb 8, 2010 1:18pm
out now... good luck guys!
Be a sniper not a jumper
  • #191,954
  • Feb 8, 2010 1:18pm Feb 8, 2010 1:18pm
lol right if your right 80% of the time just by your guess well you should market that baby..
Randy


Quoting Clouds
Randy,
You don't have to stay short the whole time, but you don't have to buy! You can sell more than 1 time.
Anyway, there's no trend line , it's a pennant, next move - down

I can say it's going down everyday, and i'll be right 80% of the time.

Attachment
One good turn gets most of the blankets.
  • #191,955
  • Feb 8, 2010 1:19pm Feb 8, 2010 1:19pm
Quoting sierra
the problem is we can't really sure whether the top is actually the top.. that's the reality, otherwise anybody can be a swing trader and becoming an instant millionaire
swing trade entry for me is just the same as intraday entry - if you can't get an intraday trade entry right why should a swing trade be any easier?

getting into a swing trade may take a few attempts with my strategy but i know that even if it doesnt work out I will get another shot at it and each time I will make a decent profit even if it doesn't stay in the trade.
  • #191,956
  • Feb 8, 2010 1:21pm Feb 8, 2010 1:21pm
Quoting sierra
the problem is we can't really sure whether the top is actually the top.. that's the reality, otherwise anybody can be a swing trader and becoming an instant millionaire
instant no. 1.60 is top, and .80 will be reached by 2017.
  • #191,957
  • Feb 8, 2010 1:21pm Feb 8, 2010 1:21pm
Yes but that is the tricky part at least for me not winning trades but managing them to BE. It's easy to do in a ranging market and hard as hell when your in a good trend.
Randy


Quoting Goonerboy
that is my first target hit $200 banked and stop up at entry + 4 so I am guaranteed $300 from the trade which is equal to my initial risk.

trade 10 times in a day and win 4 of them = $1200 profit. Manage the others to break even and I am sitting on $6000 a week plus the extra revenues from the trades that go further than 8 pips.
One good turn gets most of the blankets.
  • #191,958
  • Feb 8, 2010 1:29pm Feb 8, 2010 1:29pm
Quoting randy1953
Yes but that is the tricky part at least for me not winning trades but managing them to BE. It's easy to do in a ranging market and hard as hell when your in a good trend.
Randy
but then you not only need to know where the good entry is but also where your analysis tells you how far a move is likely to go... or have your targets and stick to them - don't have any regrets if you don't get to be part of a bigger move if you made your targets...
  • #191,959
  • Feb 8, 2010 1:47pm Feb 8, 2010 1:47pm
Quoting Goonerboy
but then you not only need to know where the good entry is but also where your analysis tells you how far a move is likely to go... or have your targets and stick to them - don't have any regrets if you don't get to be part of a bigger move if you made your targets...
exactly!

because sometimes, those "regrets" will made some influence to the next trade.. and will adding some "greed" ingredients in your trade "receipe"..

  • #191,960
  • Feb 8, 2010 1:48pm Feb 8, 2010 1:48pm
Quoting Clouds
instant no. 1.60 is top, and .80 will be reached by 2017.
this is true. the bottom is easier. 0 on one mate of a pair shows the top of the other. shoot for 0 the top takes care of itself.
those who can, do. those who cant, talk about those who can
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