Please i need someone to explain the relationship between news and the eur/usd. How is it that traders buy usd when news is bad and buy eur when news is good? I dont understand please help.
- #42
- Aug 3, 2010 8:27am Aug 3, 2010 8:27am
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
Please i need someone to explain the relationship between news and the eur/usd. How is it that traders buy usd when news is bad and buy eur when news is good? I dont understand please help.
Edit: Forgive me....what I meant to say was open a new thread with your query in the "Trader Discussions"
- #43
- Aug 3, 2010 10:34am Aug 3, 2010 10:34am
- Joined Aug 2007 | Status: Trader | 1,616 Posts
PROFITABLE TRADERS ARE NOT LUCKY BUT ARE WELL PREPARED
- #45
- Aug 4, 2010 3:24am Aug 4, 2010 3:24am
- | Joined Jan 2009 | Status: Trader | 3,071 Posts
(Blue rectangle) After Frankfurt open PA went up to 3225, and was reversed at London open - so, after this pullback I sold euro, SL is already at BE, I'll let it flow and will observe how PA is behaving below 3200 and at 3175.
- #46
- Aug 4, 2010 4:32am Aug 4, 2010 4:32am
- | Joined Jan 2009 | Status: Trader | 3,071 Posts
Here's something interesting:
I closed my previous trade after the close of the marked candle (+24 pips). I noticed earlier that when PA doesn't go through, in this case, xx88 (12 pips from xx00 level) it usually means reversal (at least short term). So I went to 5m and even 1m chart, and watched what was going on. I noticed that PA stopped there and didn't want to move further down, so I closed that trade.
So remember that reversals can happen in-between those levels (xx25 xx50 xx00). But these are just places to watch the momentum of PA, whether it slows down.
It may seem that there's not much room for PA to move freely, but remember it's rather scalping strategy and you have to keep watching a pair, and execute short trades (fast scalps).
I closed my previous trade after the close of the marked candle (+24 pips). I noticed earlier that when PA doesn't go through, in this case, xx88 (12 pips from xx00 level) it usually means reversal (at least short term). So I went to 5m and even 1m chart, and watched what was going on. I noticed that PA stopped there and didn't want to move further down, so I closed that trade.
So remember that reversals can happen in-between those levels (xx25 xx50 xx00). But these are just places to watch the momentum of PA, whether it slows down.
It may seem that there's not much room for PA to move freely, but remember it's rather scalping strategy and you have to keep watching a pair, and execute short trades (fast scalps).
- #49
- Aug 5, 2010 3:06am Aug 5, 2010 3:06am
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
- #50
- Aug 5, 2010 3:11am Aug 5, 2010 3:11am
- Joined Jan 2007 | Status: Trader | 11,838 Posts
Bought this one after the test and re-test of the xx25 line, and the eventual break-through.
Nice one EV - glad to see you're still harvesting pips
Cable's also just held ~its 5825 level for a 30 pip bounce, after giving a nice sell off the failure to hold above its 5900 level early in Frankies Hour
Trading Levels with WRBs
- #51
- Aug 5, 2010 3:21am Aug 5, 2010 3:21am
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
Nice one EV - glad to see you're still harvesting pips
Cable's also just held ~its 5825 level for a 30 pip bounce, after giving a nice sell off the failure to hold above its 5900 level early in Frankies Hour
- #53
- Aug 5, 2010 6:50am Aug 5, 2010 6:50am
- | Joined Jan 2009 | Status: Trader | 3,071 Posts
Here's another thing I've noticed:
Usually, whenever 5 or 15 min candle (I use 5min candles) closes in the upper range between levels (blue rectangles), it continues to the level ahead. I use this as an opportunity to scalp 5-10 pips, or after it moves few pips away I set SL to BE and let it flow. It usually works when there's an up trend.
In a down trend - it's similar. When candle closes in the lower range between levels, it usually means continuation, so you can enter short and wait untill PA reaches first level ahead, or set BE to SL ASAP and let it go.
This works when there's some momentum and PA is not ranging. I've already scalped today 20 pips this way.
Just my observations.
P.S.
When 5m candle closes in an upper or lower range don't enter right away - wait for the next one to move up or below that first candle.
Usually, whenever 5 or 15 min candle (I use 5min candles) closes in the upper range between levels (blue rectangles), it continues to the level ahead. I use this as an opportunity to scalp 5-10 pips, or after it moves few pips away I set SL to BE and let it flow. It usually works when there's an up trend.
In a down trend - it's similar. When candle closes in the lower range between levels, it usually means continuation, so you can enter short and wait untill PA reaches first level ahead, or set BE to SL ASAP and let it go.
This works when there's some momentum and PA is not ranging. I've already scalped today 20 pips this way.
Just my observations.
P.S.
When 5m candle closes in an upper or lower range don't enter right away - wait for the next one to move up or below that first candle.
- #54
- Aug 6, 2010 1:27am Aug 6, 2010 1:27am
- Joined Jan 2007 | Status: Trader | 11,838 Posts
Trading Levels with WRBs
- #56
- Aug 6, 2010 1:44am Aug 6, 2010 1:44am
- Joined Jan 2007 | Status: Trader | 11,838 Posts
OK OK I'm going to add vol back to 5 min charts, nice one.
The HL was THE signal.......but you already know that!!
Trading Levels with WRBs
- #57
- Last Post: Aug 18, 2010 1:37am Aug 18, 2010 1:37am
- | Joined Jan 2009 | Status: Trader | 3,071 Posts
Another thing I've noticed:
double tops / double bottoms at mentioned levels (even on 1m time frame, not only at the top or the bottom of a trend) usually make a nice setup, i.e:
That setup brought me 20 pips today.
double tops / double bottoms at mentioned levels (even on 1m time frame, not only at the top or the bottom of a trend) usually make a nice setup, i.e:
That setup brought me 20 pips today.