EURUSD

EUR/USD at 9.45am 1.3457 up to 1.3575 7.05pm.
it work so well for me

1.40 plus some slippage is exactly what I think too based on the expert EW analysis of a dear friend.

Reason i think people always see tops.
Advice from experience trader says :-

Zoom out line start at bottom left corner moves to top right corner.

interpretation:-
experienced trader ---Sees uptrend.jumps onboard.

new trader ---------- sees price at "TOP" right corner, looks for short and is correct 5% of the time .

I see EUR going up or I should really say pushed up somewhere between 1.50 to 1.55. However, I cannot see when it'll get there - within next 3 or 6 months?

Well I have watched this thread for awhile so I figured I will throw my analysis in here.

Looking at the daily chart, there should def be a reaction at 1.3664 or 1.3777. I am leaning towards the 1.3777 area just because it has more rejection then .3664 but we will see.

Divergence will come into play but, we prob got to see one of those two levels. I use higher time frame charts for entry levels, and if you are day trading you should be able to pick up some good pips shorting from at these levels.

The support levels that I am watching are .3280 area, .3030 and 1.2630ish. Again should be good reaction at these levels.

Thank you, I can finally understand someones very simple advise. It's tough to rather the next step to my learning in this market ,and trying to get better. Useful information like this is greatly appreciated for a newbe.
Cheers

I reckon the main problem is that new traders read books and articles and praise to what is written there.

I believe all you need is practice, practice, practice or you can take this as a puzzle and be fully mechanical... Whatever you have to do for making money is what you have to do...

r/r lower than 1:1 has given people alot of money so nothing is written in stone... go to collective2.com and check out the trades there, many of the good traders are trading really weird but you know what? it works

I keep it simple, MACD DIVERGENCE, FIBS and the most important Daily, 4hr Support and Ressistance levels.

I look for a signicicant R or S level to match up with one of the FIBO levels and make the trade. If I can get all three DIVERGENCE, FIBO sitting on a S or R line. Its a 99.9% winner.

Inabiltiy to close above 1.36 area should bring us down to 1.32 region if that breaks 1.303 area. Good play for scalpers.

Markets playing hot potato I see, excellent. - Now I shall purchase a mini-load of USD.

You are absolutely right. Just to make it clear, I don't trade based on what I think, nor do I trade based on EW prediction, since its usefulness falls short when it comes to daily moves.

1000 pips in 3 weeks is bit too much. We should see some consolidation with downward correction in next few weeks.

long for 1.3672 resistance
watch pic

I believe all you need is practice, practice, practice or you can take this as a puzzle and be fully mechanical... Whatever you have to do for making money is what you have to do...

r/r lower than 1:1 has given people alot of money so nothing is written in stone... go to collective2.com and check out the trades there, many of the good traders are trading really weird but you know what? it works [/quote]

I'll check that out I see alot of trades out there riding the waves, but was taught never below 2:1 RR
Cheers

Were just thinking off if there is enough magnet traders out there now... Maybe not on low volume...

but then again on low volume maybe everyone is already short...

I'll check that out I see alot of trades out there riding the waves, but was taught never below 2:1 RR
Cheers[/quote]


I reckon if a newbie stop reading all these articles and books and just look at this as a game and record what went wrong and what you could have done differently and interpret that he have come a long way... Just do it with micro lots, nothing to loose for trying

Zen in market wizards are trading by just guessing when we are going up and down and he has made millions...

Bank Of Japan Will Have To Be Back Soon
By NICHOLAS HASTINGS
A DOW JONES NEWSWIRES COLUMN


LONDON -- The Bank of Japan will be back in the markets sooner than we think.
At the moment, the central bank's massive Y2 trillion intervention exercise week before last certainly appears to have worked in pushing the yen lower.
The dollar is still trading over Y84.00, well above the Y82.97 level at which the central bank entered the market.
See how the how the dollar has performed against the yen since the intervention Sept. 15:
http://www.dowjoneswebservices.com/chart/view/4639
Since then, however, economic data indicate that a weaker yen is becoming even more imperative for Japan.
Also, global risk sentiment is deteriorating again. Doubts over the global recovery are becoming more of an issue and tensions between the U.S. and China are once again on the rise.
This shift in sentiment will accelerate safe-haven flows in the Japanese currency, pushing it higher against other major currencies such as the euro as well as against the dollar.
Pressure on the Japanese authorities to pursue a weaker yen policy have increased over the last week with the economy showing little sign of a bounce and the ministry of finance now resorting to another $55 billion economic stimulus package.
The damage that yen strength is having on Japanese exports was evident in the new trade data Monday showing that export growth slowed in August. The rise of 15.8% on the year was the slowest since the start of 2010.
The latest Bank of Japan Tankan survey Wednesday is likely to only make matters worse. The survey may show an improvement in the third quarter but should indicate that things will turn sour in the fourth.
The increased need for Japan to engineer a weaker yen could well coincide with a period when flows into the currency become even more intense.
More talk of increased quantitative easing from the U.S. is likely to be followed by a similar rise in talk of more monetary easing from the euro zone as confidence in the global recovery continues to deteriorate.
If that is the case, the yen's safe-haven role will only expand as investors move out of the euro as well as the dollar.
Of course, the Bank of Japan will follow the Fed and the ECB with its own plans for increased unconventional measures.
But, this will have little impact on overall yen sentiment, especially now that trade tensions between China and the U.S. are likely to increase.
Despite calls by U.S. President Barak Obama for China to accelerate its appreciation of the yuan against the dollar, the People's Bank of China actually pushed the dollar higher against the yuan at its fixing Monday.
This indicates Beijing has little intention of putting its own economic recovery at risk in order to help U.S. exporters.
For the yen, this could mean even heavier safe-haven flows both because of rising tensions between Washington and Beijing and because of the prospects of an even slower U.S. recovery.
Early Tuesday, the yen was a little higher against the dollar, which came under initial pressure from a report in the Wall Street Journal signaling that the Federal Reserve will adopt a less aggressive and more gradual increase in quantitative easing this time around.
The dollar eased back to Y84.18 by 0645 GMT from Y84.25 late Monday in New York, according to EBS.
The euro, however, fell to $1.3422 from $1.3444 and to Y113.04 from Y113.25.
Although talk of further quanitative easing has often been seen as negative for the |U.S. currency, some analysts are saying that a more gradual increase could be positive.
Certainly, new economic data from the U.S. later in the day, which are expected to show a small fall in house prices and a decline in consumer confidence, will increase speculation that more quantitative easing is needed.
Bloomberg TNI FRX POV
Reuters
USD/DJ
Thomson




free 24 hr link
http://www.djnewsplus.com/ge/al?rnd=...o5HsmGAw%3D%3D

looks like 36 is being defended

I reckon if a newbie stop reading all these articles and books and just look at this as a game and record what went wrong and what you could have done differently and interpret that he have come a long way... Just do it with micro lots, nothing to loose for trying

Zen in market wizards are trading by just guessing when we are going up and down and he has made millions...[/quote]

I am sure that this trader is not just guessing. The best traders have a gut feeling for the market.

Take me for example.... I have a gut feeling that 90% of trades I enter will lose money and they do

I am sure that this trader is not just guessing. The best traders have a gut feeling for the market.

Take me for example.... I have a gut feeling that 90% of trades I enter will lose money and they do [/quote]
LOL :-)