Is there anyone still in the EUR trade?
Do what you want, but do it in love
- #12,307
- Edited 10:39am Apr 7, 2010 10:07am | Edited 10:39am
Hi there,
the 1.3331 and 1.3320 I took them from the 4h.the shadow is the pin you are reffering to.
so,should I take a look at the daily chart instead of the 4h? On the daily one I only see the lasty TP as 1.3273 or 1.3267 if I take in consideration the pin.
I look at the CS line previous levels and that's how I set up the TP.
Ok I understand what you mean, sorry I must have had a brain freeze the first time
I consider the lowest point of the previous move as important support and the lowest point of the lowest bear candle as the true low point.
On the current 4hr chart, when I look for the previous support level in the PA it is the bear candle with a low of 1.32667 that occurred on 25th March at 2000. Please remember that my time is Cyprus time as my broker FxPro is located there.
Regarding the "shadow" my answer is YES, I always consider the low point to be the lowest price achieved within the time the candle was open rather than the lowest point in the body of the candle.
Regarding your TP location, if your method is to use the CS for suggested TP levels then that is your choice and forms a core part of your own trading rules.
For me. I do not normally set a TP but rather just run a trailing stop along the KS however in this case I chose the 1.33 number as an achievable TP level that does encounter the next strong resistance level because this current downward move has gone quite a few pips already and I didn't want to push my luck too far.
Normally I would set my initial TP at the 1.32667 most recent low point resistance when there are no higher TF ichi components acting as S/R such as Daily KS or kumo etc.
Does that answer your question in enough detail or would you like further information on my logic for anything I have written?
Cheers,
4x.
- #12,308
- Apr 7, 2010 10:10am Apr 7, 2010 10:10am
Is there anyone still in the EUR trade?
Yes I am still holding this position.
It's a bit moody today this Euro but I will continue to hold this position unless I see some market sensitive news due on the calendar in which case I might close out given the price action is just rumbling along slowly.
4x.
Very grateful for your feedback 4x. If all goes well, this may be my first long term Ichimoku trade. Fingers crossed. We do however have news at 6.30 and 7pm this evening, gmt.
Google news alerts are good for this.
Siris
- #12,311
- Apr 7, 2010 10:36am Apr 7, 2010 10:36am
Keep your eye out for any leaked Greece news also as this seems to be coming outside of official announcements.
Google news alerts are good for this.
The things which hurt, instruct! - Benjamin Franklin
In this market I tend to trade with a fixed pips target in mind. This is only because the market can drop then reverse quickly and it has led to some bad trades on my behalf.
Take this GCad trade i took early London...it dropped pretty heavy then switched back around. Thankfully my TP was 75pips ish as i figured the market would at least form a double bottom on the hourly.
Same went for my GAUD trade and scooped up 50pips on that.
I just take smaller gains and bank them...until this greece news hits i will play it safe.
Do what you want, but do it in love
- #12,315
- Apr 7, 2010 11:42am Apr 7, 2010 11:42am
Do you have replaced your Chikou Span with another line?
- #12,320
- Apr 7, 2010 12:41pm Apr 7, 2010 12:41pm
Kijun holds and stoc is on his way to overbought... I assume we will maybe touch 1.3300 tonight...
The things which hurt, instruct! - Benjamin Franklin