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  • #319,681
  • Nov 4, 2010 5:44pm Nov 4, 2010 5:44pm
Interesting day... both EUR and GBP climbed and were stopped around the Weekly R2 levels before reversing some (EUR more so than GBP). But both are also above the daily pivots and are closing on daily above Weekly R1 and Monthly R1. The RSI I have on my daily charts (20 setting with a 20EMA on it) are both above 55 and sloping upward also both RSI's are above the 20EMA. In fact EURUSD chart the RSI is just crossing up over the EMA. Should be some more good upside for both before any real downmoves.
Today's zone = Tomorrow's opportunity!
  • #319,682
  • Nov 4, 2010 5:47pm Nov 4, 2010 5:47pm
Quoting namria
I have this going on:

http://img824.imageshack.us/img824/7744/59048518.jpg

Not sure what to do: TP or hope for a bright future
As you can see on your time frame which is really small we are forming a range or maybe a base. so going to higher time frame it's bullish

but your Sl is right below the range and also not on profit.

now the risk is here.

1. NFP tomorrow so many times your sl will be taken out because the spikes. even if you are right about the direction.

2. BOJ has a very strange meeting tonight. since UJ is so low there is a risk of some QE from BOJ or some intervention even if it's strange to do it before NFP.

So conclusion you have 2 risk in the next 24 hours to have your sl taken even if by next week we could go higher.
Many times when we form such tight range before Asia session. some spikes come just because everyone has SL place where you put it.

it's like an invitation "take my sl take my sl"

safe trading
Rule No.1: Never lose money. Rule No.2: Market is always right !
S&P 500 WTI/USD
  • #319,683
  • Nov 4, 2010 5:50pm Nov 4, 2010 5:50pm
I am targeting 1.4035 by close of trading tomorrow
  • #319,684
  • Nov 4, 2010 5:54pm Nov 4, 2010 5:54pm
Quoting pres78
Interesting day... both EUR and GBP climbed and were stopped around the Weekly R2 levels before reversing some (EUR more so than GBP). But both are also above the daily pivots and are closing on daily above Weekly R1 and Monthly R1. The RSI I have on my daily charts (20 setting with a 20EMA on it) are both above 55 and sloping upward also both RSI's are above the 20EMA. In fact EURUSD chart the RSI is just crossing up over the EMA. Should be some more good upside for both before any real downmoves.
Also another interesting observation about both pairs is that the 80.9% fib of last months swing H/L is in direct line (within 10 or so pips) of the 80.9% fib level of the 2010 swing H/L for both pairs.
Today's zone = Tomorrow's opportunity!
  • #319,685
  • Nov 4, 2010 6:01pm Nov 4, 2010 6:01pm
Quoting courtt5
I am targeting 1.4035 by close of trading tomorrow
how come you think that ?
  • #319,686
  • Nov 4, 2010 6:05pm Nov 4, 2010 6:05pm
Anyone has any idea if JPY BOJ Target Rate Decision (NOV) - which comes out in 1 hour - can change eur usd upmove / usd jpy downtrend (even temporary)?
  • #319,687
  • Nov 4, 2010 6:08pm Nov 4, 2010 6:08pm
Quoting courtt5
I am targeting 1.4035 by close of trading tomorrow
Same here. We have had bad NFP's for a while now, and even when it met expectation is was still below par and resulted is USD losses. Hopefully, tomorrow's NFP will be good and it will give these up moves a break. Weekly candle already has 420 pip move, dont see it going any higher tomorrow.
  • #319,688
  • Nov 4, 2010 6:13pm Nov 4, 2010 6:13pm
Quoting Honored
Same here. We have had bad NFP's for a while now, and even when it met expectation is was still below par and resulted is USD losses. Hopefully, tomorrow's NFP will be good and it will give these up moves a break. Weekly candle already has 420 pip move, dont see it going any higher tomorrow.
I am also expecting some retracement near 1,41 but too hard to drop 250 pips just in one day even this insane bulls after fed news... maybe monday or tuesday 1,40 but maybe.
  • #319,689
  • Nov 4, 2010 6:17pm Nov 4, 2010 6:17pm
Quoting DMA Trader
As you can see on your time frame which is really small we are forming a range or maybe a base....
So true and words of wisdom.

Good Luck trading to all.
  • #319,690
  • Nov 4, 2010 6:18pm Nov 4, 2010 6:18pm
I would never count on news going in my favor and if you look at recent weekly candles a much bigger one wouldnt be abnormal considering the week we are in.
  • #319,691
  • Nov 4, 2010 6:24pm Nov 4, 2010 6:24pm
Correction, typo: 1.4085

Quoting courtt5
I am targeting 1.4035 by close of trading tomorrow
  • #319,692
  • Nov 4, 2010 6:28pm Nov 4, 2010 6:28pm
Quoting courtt5
Correction, typo: 1.4085
yes dude now is fine, this target is not unreachable
  • #319,693
  • Nov 4, 2010 6:35pm Nov 4, 2010 6:35pm
Quoting courtt5
I am targeting 1.4035 by close of trading tomorrow
Yes, and I'm targeting parity by tonight!

Are you crazy? please tell me what made you make this ridiculous statement???

I'm targeting 1.4500 but thats for next week... already got in at 1.4200 and looking for another entry at 1.4100...
@pawpaw1000 on Twitter
  • #319,694
  • Nov 4, 2010 6:36pm Nov 4, 2010 6:36pm
I didnt think I was clear enough. Sorry about that. Here it is. Go short now and be richer in 24 hours.

1.4085
  • #319,695
  • Nov 4, 2010 6:36pm Nov 4, 2010 6:36pm
Quoting DMA Trader

Many times when we form such tight range before Asia session. some spikes come just because everyone has SL place where you put it.

it's like an invitation "take my sl take my sl"

safe trading
tight range before Asia + Stops above limit range = spikes.

Hey Mr Noda are you still watching Forex ?
Rule No.1: Never lose money. Rule No.2: Market is always right !
S&P 500 WTI/USD
  • #319,696
  • Nov 4, 2010 6:38pm Nov 4, 2010 6:38pm
look at Cable
Rule No.1: Never lose money. Rule No.2: Market is always right !
S&P 500 WTI/USD
  • #319,697
  • Nov 4, 2010 6:41pm Nov 4, 2010 6:41pm
Here.
Attached Image (click to enlarge)
Click to Enlarge Name: ed.gif Size: 18 KB
  • #319,698
  • Nov 4, 2010 6:42pm Nov 4, 2010 6:42pm
Quoting Honored
Same here. We have had bad NFP's for a while now, and even when it met expectation is was still below par and resulted is USD losses. Hopefully, tomorrow's NFP will be good and it will give these up moves a break. Weekly candle already has 420 pip move, dont see it going any higher tomorrow.
OK GUYS, LET'S GET SOME CLARITY ON THIS...

We have been in a range for almost 4 weeks... We FINALLY break range and now you people think we going back into it. OK, POSSIBLE but HIGHLY unlikely... I'd say if you are going short, tp not less than 4150... Even that would be a stretch. Got my second entry there but don't really expect it to be hit!

We Got helicopter Ben in charge people... And ECB is making NO statements. Unless BOJ do something, we going to 1.4500 easily by wed next week...
@pawpaw1000 on Twitter
  • #319,699
  • Nov 4, 2010 6:43pm Nov 4, 2010 6:43pm
Hi DMA trader,

Newbie here. "tight range before Asia + Stops above limit range = spikes." means? especially the stops above limit range, can explain more?
Thanks
  • #319,700
  • Nov 4, 2010 6:48pm Nov 4, 2010 6:48pm
you people?

4500? If forex was this easy, we'd all be rich.

Quoting pawpaw1000
OK GUYS, LET'S GET SOME CLARITY ON THIS...

We have been in a range for almost 4 weeks... We FINALLY break range and now you people think we going back into it. OK, POSSIBLE but HIGHLY unlikely... I'd say if you are going short, tp not less than 4150... Even that would be a stretch. Got my second entry there but don't really expect it to be hit!

We Got helicopter Ben in charge people... And ECB is making NO statements. Unless BOJ do something, we going to 1.4500 easily by wed next week...
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