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EURUSD

  • #200,921
  • Feb 23, 2010 5:28am Feb 23, 2010 5:28am
Quoting psiholog
Well that's done and over. Eur/Jpy was the big moneymaker today for me and right now its set to break the neckline of a h&s on the 15min chart. Flat for sure but if it breaks...whoa baby...Eur/Usd should continue dropping too.
Forgot to post chart of that h&s. Thank you big wide screen monitor. A tip for all new traders...if your monitor is smaller then 24 inch....get yourself a big one...you will see things you were never able to see before...trust me. Why?..bigger screen...the further back you can look without zooming out and altering your perceptions. And as they say....for any timeframe..only the last 100 candlesticks or so are relevant...

Attached Image (click to enlarge)
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Why flat you may wonder? 2 reasons. 1)Bear flag on daily timeframe and the lower wall is just getting tapped. 2) For the h&s to be confirmed the neckline has to be broken, its 50/50 right now. Will reenter if pa goes down somewhat breaking both neckline and lower wall of daily bear flag...and consolidates back up to neckline slowly where a short will ensue
Different opinions highly valued, ignorant to slander.
  • #200,922
  • Feb 23, 2010 5:31am Feb 23, 2010 5:31am
Down to 1.3505 get ready
COT: The precious data ignored
  • #200,923
  • Feb 23, 2010 5:33am Feb 23, 2010 5:33am
This drop cannot be sustained according to the larger time frames. It is merely a retrace from the last long attempt. It hasn't even taken out the bottom of minor support yet...a bear trap. Just natural movement within the smaller time frames before the larger move up....that is yet to come. This is still the bottom of the current wave.

In the upcoming weeks, we'll see some pretty large movements upward IMO...but Im merely a small player....what do i know

Quoting majorusa
Can you explain? Tks.
In Charts We Trust!
  • #200,924
  • Feb 23, 2010 5:35am Feb 23, 2010 5:35am
Quoting Zsx
This is exactly why you should add to your winners. I started this move off as a 10-20 pip scalp, so my leverage was higher than if I was planning on a 100 pip move. As my profits came in, I added each time we retraced. Instead of a good gain today, it has turned out to be pretty stellar.
Hope I would have traded like you. I've been shorting for 15-pips scalps since since the down move began. My first short was @3666 and I've made 7 of them...but well, I do not feel comfortable under this market conditions to stay on a trade for long. No way I'm not thankfull, it's been a great day so far! Congrats on your trades man!!!
  • #200,925
  • Feb 23, 2010 5:37am Feb 23, 2010 5:37am
Quoting Driver55
long eurjpy @123,50
Short ...targeting 123.10...good luck to you
COT: The precious data ignored
  • #200,926
  • Feb 23, 2010 5:40am Feb 23, 2010 5:40am
Quoting X.Oden
This drop cannot be sustained according to the larger time frames. It is merely a retrace from the last long attempt. It hasn't even taken out the bottom of minor support yet...a bear trap. Just natural movement within the smaller time frames before the larger move up....that is yet to come. This is still the bottom of the current wave.

In the upcoming weeks, we'll see some pretty large movements upward IMO...but Im merely a small player....what do i know
For me it's totally the other way...this morning move up was a bull trap...an this move down is well supported by vol...still expecting 1.3505 for today if prices continue to slide like that

Good luck to you
COT: The precious data ignored
  • #200,927
  • Feb 23, 2010 5:41am Feb 23, 2010 5:41am
Quoting AmeriTrini
what good news coming from Europe will cause the Euro to rally??????



I said this when everyone was screaming long............lol.
  • #200,928
  • Feb 23, 2010 5:42am Feb 23, 2010 5:42am
Quoting kuroro001
Short ...targeting 123.10...good luck to you

LOL there we go gentlemen, you just made a market.

NICE
  • #200,929
  • Feb 23, 2010 5:42am Feb 23, 2010 5:42am
Quoting maurofx
Hope I would have traded like you. I've been shorting for 15-pips scalps since since the down move began. My first short was @3666 and I've made 7 of them...but well, I do not feel comfortable under this market conditions to stay on a trade for long. No way I'm not thankfull, it's been a great day so far! Congrats on your trades man!!!
Thanks. My initial trade was a 5% risk. The first time I added I positioned stops to equal BE, but after that point I risked approx 50%, 30%, 20%, and 10% of my total profit to add. I had a feeling a drop like this was coming. I love trades like this, it's the third time it's happened in the last two weeks. I consider myself very blessed at this point.

If we do stop the downward move here at the fib I'm fine with that, and will consider opening longs on a break and retest of 3600.
  • #200,930
  • Feb 23, 2010 5:43am Feb 23, 2010 5:43am
Quoting X.Oden
This drop cannot be sustained according to the larger time frames. It is merely a retrace from the last long attempt. It hasn't even taken out the bottom of minor support yet...a bear trap. Just natural movement within the smaller time frames before the larger move up....that is yet to come. This is still the bottom of the current wave.

In the upcoming weeks, we'll see some pretty large movements upward IMO...but Im merely a small player....what do i know

Is this a joke?
  • #200,931
  • Feb 23, 2010 5:47am Feb 23, 2010 5:47am
Quoting X.Oden
This drop cannot be sustained according to the larger time frames. It is merely a retrace from the last long attempt. It hasn't even taken out the bottom of minor support yet...a bear trap. Just natural movement within the smaller time frames before the larger move up....that is yet to come. This is still the bottom of the current wave.

In the upcoming weeks, we'll see some pretty large movements upward IMO...but Im merely a small player....what do i know

You could be right.

This weeks candle will tell a story.


In the mean time today has been a mega day playing both sides.

Failure at 1.3690 falling TL has proved to be very lucrative.
Some drink at the fountain of knowledge. Others just gargle !
  • #200,932
  • Feb 23, 2010 5:47am Feb 23, 2010 5:47am
depends on what time frame you're looking at

Quoting kuroro001
For me it's totally the other way...this morning move up was a bull trap...an this move down is well supported by vol...still expecting 1.3505 for today if prices continue to slide like that

Good luck to you
In Charts We Trust!
  • #200,933
  • Feb 23, 2010 5:48am Feb 23, 2010 5:48am
Quoting AmeriTrini
Is this a joke?
He is talking about weeks...he might be right....i don't have such long term view...
On my daily view it's a bull trap....short 'til 1.3505 then just need to see how PA reacts there
COT: The precious data ignored
  • #200,934
  • Feb 23, 2010 5:48am Feb 23, 2010 5:48am
Quoting X.Oden
This drop cannot be sustained according to the larger time frames. It is merely a retrace from the last long attempt. It hasn't even taken out the bottom of minor support yet...a bear trap. Just natural movement within the smaller time frames before the larger move up....that is yet to come. This is still the bottom of the current wave.

In the upcoming weeks, we'll see some pretty large movements upward IMO...but Im merely a small player....what do i know
Thank you for the explanation. Makes sense. Can you tell me where did you take the FMC1 and FMC 2 indicators. Are you using them with Max Tiger system? Tks and sorry for too many questions at once.
If you're not part of the solution then you're part of the problem.
  • #200,935
  • Feb 23, 2010 5:48am Feb 23, 2010 5:48am
Looking @ another 100 p down before the US session is done [3465]
Make money or go broke... its the Forex way.
  • #200,936
  • Feb 23, 2010 5:49am Feb 23, 2010 5:49am
Quoting Zsx
Thanks. My initial trade was a 5% risk. The first time I added I positioned stops to equal BE, but after that point I risked approx 50%, 30%, 20%, and 10% of my total profit to add. I had a feeling a drop like this was coming. I love trades like this, it's the third time it's happened in the last two weeks. I consider myself very blessed at this point.

If we do stop the downward move here at the fib I'm fine with that, and will consider opening longs on a break and retest of 3600.
Congrats again!! Now price stopped @ S1 and 50% of the drop since today highs...you ment this FIBO level in your analysis?? I guess if we break through we'll be seeing new lows...this move has a lot of strenght...and don't forget we have important news form US in a couple of hours..
  • #200,937
  • Feb 23, 2010 5:49am Feb 23, 2010 5:49am
Quoting X.Oden
This drop cannot be sustained according to the larger time frames. It is merely a retrace from the last long attempt. It hasn't even taken out the bottom of minor support yet...a bear trap. Just natural movement within the smaller time frames before the larger move up....that is yet to come. This is still the bottom of the current wave.

In the upcoming weeks, we'll see some pretty large movements upward IMO...but Im merely a small player....what do i know
A lovely bear trap...It gave me more than 100 PIPS...
  • #200,938
  • Feb 23, 2010 5:50am Feb 23, 2010 5:50am
what kind of stop loss would u guys advice for a micro account because i saw that downtrend but got stop out because of my tight stop loss
Trade What You See and Not What You Think
  • #200,939
  • Feb 23, 2010 5:50am Feb 23, 2010 5:50am
Quoting X.Oden
depends on what time frame you're looking at
Just answered i can agree with you regarding the TF indeed
Your view is over weeks...mine is hourly-daily
COT: The precious data ignored
  • #200,940
  • Feb 23, 2010 5:50am Feb 23, 2010 5:50am
1.3556-65 is turning point or then we drop through.

- 1.3536 fib 38.2%

- 1.3501 fib 23.6%

- 1.3444 bottom
They think they are smarter than I am.
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