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EURUSD

  • #240,821
  • May 12, 2010 6:34am May 12, 2010 6:34am
Quoting clambill
My belief is you only need one momentum oscillator, if you want to use one. I lost my respect for contrarian indicators months ago.
please explain me how dose momentum works and how do you use it. thanks.
  • #240,822
  • May 12, 2010 6:36am May 12, 2010 6:36am
Quoting Trading Cat
had a tiny short from 63 and placed sl into 1pip profit asap which is good.
Dont know who was it but someone posted the alert of a falling wedge. This could then go up a lot so take care shorters...
Still waiting for my long signal to enter based on stoch. This is my 1H chart. it did not break my lower TL.

Breaking of the LTL will change my bias.
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  • #240,823
  • May 12, 2010 6:40am May 12, 2010 6:40am
Which way is it going to break?

My guess would be long but I'll wait for entry!
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  • #240,824
  • May 12, 2010 6:41am May 12, 2010 6:41am
Quoting Trading Cat
Thank you very much I dont really think of myself like this, I just observe and very often wrong.
Like my call before I was expecting price to move back up instead it took the downside. Was of no concern as I was flat and went out jogging instead. Plan was to enter short back up at 2736. Now with the move down and broke a tl on my chart downside is more possible below 66 could be ok with very tight sl for 2600. Again we are ranging and I am really not good in ranging conditions.

@J B
@Emanuele
@miller_boy
Thank you very much

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  • #240,825
  • May 12, 2010 6:47am May 12, 2010 6:47am
Quoting rygel2001
please explain me how dose momentum works and how do you use it. thanks.
I'm going to try to use an example from the stock market because I think it's more simple. Let's suppose you look at Goldman Sachs (ticker symbol GS) and British Petroleum (BP). Both spiked down on heavier volume after an uptrend after some negative news came out. Suppose you thought in the long term that they're likely to go back up. So, let's say the price ends up making like a V shape. Where do you want to participate in that large wave? If you get in once the price has gone half way back up, then you only have half the wave as a potential profit. So, for months I focused on trying to participate on a change in direction. And this is what I've found: momentum oscillators like the RSI and slow stochastics are too fast, they generate fast entry signals that cause to many false signals and moving average crossover systems can be so slow in certain circumstances you can end up missing 80% to 90% of a move by the time you get in (this depends somewhat on time frame and profit targets). I ended up developing a method that is in between the two (medium fast signal). I'd rather not totally reveal it now but it's a combination of a somewhat fast moving average and the price levels.

Of course, right now I started working on my exit strategies. And this time I realized that exiting can be WAY more complicated than choosing an entry point. And I also noticed that my exit strategies end up influencing my entry strategies as well. And also that different strategies would be required in different situations.

I hope I didn't confuse too many people.
  • #240,826
  • May 12, 2010 6:50am May 12, 2010 6:50am
2

this is more in line with my liking.
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Trade on your own risk Plan your trade&trade your plan dont be a
  • #240,827
  • May 12, 2010 6:51am May 12, 2010 6:51am
Price bounced from purple TL, back below 23.6 fibo level (3332-2519) and below DP. When price trends it usually stays below coloured MA, this time failed so further bearish momentum cannot be admited so far. Last dounce up came from 100MA on 5M chart, which usually works as sup/res for price.
So I'm waiting to see how price reacts against DP now. Sideways day, not a clear directio...not the best day to trade imho.
Good luck guys!
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  • #240,828
  • May 12, 2010 6:54am May 12, 2010 6:54am
Thankz clambill,

That is why so many peeps out there miss the market. I use momentum, Macd for volume, and DMI for supply and demand.
He who fears being conquered is sure of defeat - Napoleon Bonaparte
  • #240,829
  • May 12, 2010 7:00am May 12, 2010 7:00am
Quoting clambill

Of course, right now I started working on my exit strategies. And this time I realized that exiting can be WAY more complicated than choosing an entry point. And I also noticed that my exit strategies end up influencing my entry strategies as well. And also that different strategies would be required in different situations.

I hope I didn't confuse too many people.
i always exit to soon from trades so i`m with u on that.
not sure i understand how u use momentum to enter in a trade, i`ve never used this indicator... but i will try
  • #240,830
  • May 12, 2010 7:00am May 12, 2010 7:00am
EURO-DOLLAR: Recovery off pullback lows around $1.2655 ($1.2656 61.8%
$1.2605/1.2738) edges back up to $1.2695 into early NY trade, with
traders earlier reporting Swiss name demand aiding the correction.
Resiastance seen between $1.2700/05.

Provided by: Market News International
Trade on your own risk Plan your trade&trade your plan dont be a
  • #240,831
  • May 12, 2010 7:02am May 12, 2010 7:02am
Quoting rygel2001
i always exit to soon from trades so i`m with u on that.
not sure i understand how u use momentum to enter in a trade, i`ve never used this indicator... but i will try
Well, I meant that ended up choosing a combination of a somewhat fast moving average and price levels for entry. I abandoned momentum oscillators.
  • #240,832
  • May 12, 2010 7:11am May 12, 2010 7:11am
2 daily PP rejections, and buy volume seems to be very thin ...

I wouldent buy into that ponzy rally, neither got a position for now
  • #240,833
  • May 12, 2010 7:12am May 12, 2010 7:12am
Any chance it will see 1.2647 today?
  • #240,834
  • May 12, 2010 7:13am May 12, 2010 7:13am
Quoting Emanuele
Any chance it will see 1.2647 today?
dont know, u should place a SL no matter what u doing.
  • #240,835
  • May 12, 2010 7:18am May 12, 2010 7:18am
Quoting Emanuele
Any chance it will see 1.2647 today?
Its quite likely, but in forex its never sure... its either up or down...
We live in a finite world with infinite possibilities.
FxTyrant M-Series (Live - Darwinex) All Time Return: 0.7%
  • #240,836
  • May 12, 2010 7:19am May 12, 2010 7:19am
For the reason of the falling wedge we should not see the dp today again. Should we see the dp -> falling wedge broken and a small rally could happen above the dp towards 2791- 2850.
Rejection of falling wedge upper tl would bring us back to 2600 and sub. Here my opinion is to short at or break of 2654.
In 12min we will know more about direction or at least I am expecting soe kind or pa then.
Trade safe,
Tcat
Trade on your own risk Plan your trade&trade your plan dont be a
  • #240,837
  • May 12, 2010 7:22am May 12, 2010 7:22am
I like to see it reach 1.2600 ... hope soon we'll see it..
  • #240,838
  • May 12, 2010 7:26am May 12, 2010 7:26am
Stopped at BE earlier...a trade for nothing
I still want to see 1.2750...i'd like to see a bounce up
Flat right now even though i'm about to try another long
COT: The precious data ignored
  • #240,839
  • May 12, 2010 7:27am May 12, 2010 7:27am
I have a feeling it will collapse in the next minutes.
  • #240,840
  • May 12, 2010 7:35am May 12, 2010 7:35am
EURO-DOLLAR: Holds $1.2680 area around the morning US data, seeing
fractional uptick as trade deficit comes in just a fraction wider than
forecasts. Euro remains below the $1.2739 area of overnight highs seen
in European trading, the euro capped by sales from semi-official and
Asian CB after seeing solid demand above $1.2700 from the hedge fund
community. Offers in place now at $1.2700/05, talk earlier suggested
bids at $1.2635 but now also hearing some stops nestled around that
level too.

Provided by: Market News International
Trade on your own risk Plan your trade&trade your plan dont be a
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