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  • #216,041
  • Edited 2:08am Mar 25, 2010 1:46am | Edited 2:08am
@Passholder

Lol, dont blame me, Im just stating my experience with EU so far.
I just hold on to all my shorts and in time all of them when green!

Boy i would have kicked myself if I have closed them at a loss previously
  • #216,042
  • Mar 25, 2010 1:53am Mar 25, 2010 1:53am
As I said a few days ago, this downward trend was expected. It's the Weekly chart that tells the tail.

A short entry candlestick engulfment formed last week and for those that trade price action (inside bars, engulfments, pin bars) would have place all the necessary pending entry orders with hopes of capitalizing off this dead giveaway entry signal.
  • #216,043
  • Mar 25, 2010 2:03am Mar 25, 2010 2:03am
I'm sidelined today I think.

Personally, I'm favouring a bull move today. Price has moved a big amount yesterday, much more than its usual daily range without any form of retracement. I will like to see it retrace to the daily pivot for a new short.

Also, I think the bad news from Europe has already been priced in, so we might see some profit taking before the EU Summit meeting later. Any sort of agreement between the nations whether Greece is going to ask the IMF for help or not, will probably stabilize the Euro and bring it higher for a bit at least.
  • #216,044
  • Mar 25, 2010 2:03am Mar 25, 2010 2:03am
here we go again
"In economics, the majority is always wrong." John Kenneth Galbraith
  • #216,045
  • Mar 25, 2010 2:11am Mar 25, 2010 2:11am
And the market just gave me a "in your face" with this move up, still shorting it!
  • #216,046
  • Mar 25, 2010 2:21am Mar 25, 2010 2:21am
good morning everyone,

not the happiest trader this morning and seeing now the 2nd day in a row price movement at 06.00gmt really pisses me off. Now its back where it started and need to re-adjust my charts hence to the little trip below 1.33
Good luck trading everyone,
TCat
Trade on your own risk Plan your trade&trade your plan dont be a
  • #216,047
  • Mar 25, 2010 2:22am Mar 25, 2010 2:22am
Quoting desulute
And the market just gave me a "in your face" with this move up, still shorting it!
... and this is why traders need to stay nimble and not commit to trades. Everyone is screaming "Short" while not understanding how the market works. That upwards trend was traders pocketing their profit, always expect that after a large, fast move.

I just pocketed 8 pips off that upwards move because I saw an inside bar on the hr.
  • #216,048
  • Mar 25, 2010 2:26am Mar 25, 2010 2:26am
Quoting Trading Cat
good morning everyone,

not the happiest trader this morning and seeing now the 2nd day in a row price movement at 06.00gmt really pisses me off. Now its back where it started and need to re-adjust my charts hence to the little trip below 1.33
Good luck trading everyone,
TCat

Morning TC what are your expectations for today my friend?
"The Side that Knows When to Fight and When Not to, Will Take the Victory"
  • #216,049
  • Edited 2:44am Mar 25, 2010 2:27am | Edited 2:44am
Quoting desulute
@Passholder

Lol, dont blame me, Im just stating my experience with EU so far.
I just hold on to all my shorts and in time all of them when green!

Boy i would have kicked myself if I have closed them at a loss previously
Don't be fooled, you have caught the resumption of the weekly trend. but just last week, and the previous 4 weeks it wasn't so easy. It was in what they call range trading, and you have to be able to deciper the diffence in market movement to adjust your styles accordingly. Congrats on the pip[s but tread with caution!
All that is left in FF is just plain garbage. "Cloggie"
  • #216,050
  • Mar 25, 2010 2:29am Mar 25, 2010 2:29am
Quote
The Greek government says it isn't looking for money but a detailed plan that would "exert influence" on markets ...

Wow, if just having a plan is enough to influence markets, I want a copy of that document!
  • #216,051
  • Mar 25, 2010 2:33am Mar 25, 2010 2:33am
New trading range of Euro = 3200-3600?
  • #216,052
  • Mar 25, 2010 2:36am Mar 25, 2010 2:36am
hello guys we need some bulls now....closed some of my shorts so we can get a retracement for this two days....at least 1.3550, love that to enter shorts on monday...

good luck guys
  • #216,053
  • Mar 25, 2010 2:37am Mar 25, 2010 2:37am
Nice , beyound expectation . 1.3333 is no more any obstacle . so price should fall to 1.3322 & up again 1.3443/93 play perhaps .will take long at the low again.
fontu
fontu
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Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #216,054
  • Mar 25, 2010 2:39am Mar 25, 2010 2:39am
To be honest, going short now is a bigger risk than going long especially with the EU Summit happening later.

Any sort of good news coming out of that meeting and shorts will find themselves in the bottom end of the trading range with not much room to move.

My advise for shorts is to lock or take their profits off the table, wait for the meeting to end, and look for entries then. Until then, I will expect profit taking to take place and that will mean a retracement to hopefully the daily pivot.
  • #216,055
  • Mar 25, 2010 2:40am Mar 25, 2010 2:40am
@Jhig

Thanks for the heads up, but im still gonna keep my shorts as i believe Short EU is still the rule of the day!
  • #216,056
  • Mar 25, 2010 2:41am Mar 25, 2010 2:41am
Quoting AMuharram
Morning TC what are your expectations for today my friend?
I am open for anything. Would still love to see a retrace to 3404 area max 3423(50%fibo) to short €, saying that I long from 3355 (eg break of 23.60%fibo) to 3404 and 3423.
Another option is for a quick scalp, the rejection trade from the pivot at 3377 (max10pips short from pivot).
Would not want to short below1.33 for now it need more time to consolidate and retrace to finally get below1.33 with force.

Thats it pretty much.
T.Cat
Trade on your own risk Plan your trade&trade your plan dont be a
  • #216,057
  • Mar 25, 2010 2:43am Mar 25, 2010 2:43am
gu just taken short at 4926, now im waiting for eu to move then short, gonna open eg at 0.8935-0.8930
  • #216,058
  • Mar 25, 2010 2:43am Mar 25, 2010 2:43am
Quoting Trading Cat
good morning everyone,

not the happiest trader this morning and seeing now the 2nd day in a row price movement at 06.00gmt really pisses me off. Now its back where it started and need to re-adjust my charts hence to the little trip below 1.33
Good luck trading everyone,
TCat
Morning T cat , hope ok . lets have some good retracements before further fall, may be as far as 1.3686 ( not think so will ) if all ok. 1.3366 breaks up will get life , hammar in H4 tf ,bouncing from bottom.
fontu
Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #216,059
  • Mar 25, 2010 2:44am Mar 25, 2010 2:44am
Quoting tonyo524
Don't be fooled, you have caught the resumption of the weekly trend. but just last week, and the previous 4 weeks it wasn't so easy. It was in what they call range trading, and you have to be able to dechiper the diffence in market movement to adjust your styles accordingly. Congrats on the pip[s but tread with caution!
Hey thanks tonyo. Advise well taken!
Im guessing this up move is just a freak move, it will be down soon.
Short is the order of the day here for me unless the market give me more "in your face moves lol!"
  • #216,060
  • Mar 25, 2010 2:45am Mar 25, 2010 2:45am
Quoting Skylar Locke
To be honest, going short now is a bigger risk than going long especially with the EU Summit happening later.

Any sort of good news coming out of that meeting and shorts will find themselves in the bottom end of the trading range with not much room to move.

My advise for shorts is to lock or take their profits off the table, wait for the meeting to end, and look for entries then. Until then, I will expect profit taking to take place and that will mean a retracement to hopefully the daily pivot.
you are one sided with your view, the news could come also negative for the € and short would be. There are actually 3 outcome possibilities 1. negative € 2. positive € 3. nothing is decided=negative €.
Just a different kind of view mate
Trade on your own risk Plan your trade&trade your plan dont be a
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