EURUSD

this is one http://www.xe.com/

lotta covering towards end of last week....im long till 3856.

may i correct myself .

This does not seem like it is being bought on all dips. It is being bought.

I use vsa ... the pros cannot hide their footprint in the charts

for now I would get rid of your bear bias. If 1.3720 gets taken out next week then strong chance this thing goes and tests supply at 3950 to 1.4

btw most systems fail ... that is why an ea makes some cash for a period then blows up the account in short order. The market is dynamic

Most successful traders use naked charts... look at Redwords... and others.

I have been very happy buying dips for 3 days now

http://www.forexfactory.com/showthre...30#post4178630

I´m also long, at 3660, but why 3856? 50% retracement from 42XX??

On friday, in my estimation long entry 1.3655 was good for few pips or even more, 'cause that is support, there was also a trendline and 61% fibo, a confluence. And really, price bounced for 25 pips but than return and made a break, i would call it whipsaw to trick you and then went up again.
Later when i analyzed this i realized i could avoid price to trick me with this whipsaw 'cause price never broke rsi trendline.
So i was just wondering does rsi trendlines (with conjunction with divergence on rsi) most of the time function this good to filter whipsaws?

From usdx point of views checking now first time after the market close I got new hope about the bull to continue rather continued correction down as suspected fron eu movements at weekend.
H1 tf 200ma rejected & now retesting again for the up possible & weekly tf rejected 200ma & likely retest it to at the up again this week strong break through candle there with 2nd candle .

similiarly the brick wall as thought before 3732 tested & rejected & may even restest /pullback there ,market ended with due bull for the pullback already, before big down .
lets see what happen next week.One friend asking about the effects of irish bailout & replied blindly that euro zone should have any sorts of bad news in the coming day , not seeing the news section or any though .

fontu

Federal Reserve Chairman Ben S. Bernanke defended his monetary stimulus to fellow central bankers, saying it will aid the world economy, and made some of his strongest criticism of China’s weak-currency policy.

The best way to underpin the dollar and support the global recovery “is through policies that lead to a resumption of robust growth in a context of price stability in the United States,” Bernanke said in a speech in Frankfurt today. Countries that undervalue their currencies may eventually inhibit growth around the world and risk financial instability at home, he said

bloomberg

This is an awesome post ... but a few things may kill a trader.. hope you do not mind me commenting

1) True..fundies and charts do not matter and nor do they jive these days.

2) Stick to proven trading plan correct.

3) risk reward importance is massive .... most successful traders have very good risk management. It can never be overplayed enough. You will never be right 100 % of time, hell you are doing awesome if you are right 60% of time.

4) patience for those long term set ups important. I am a day trader I dedicate 3 hours per day to do so. it is all I need to make 10 points es , and 40 to 50 pip in fx . Friday I bought eu off lows 1.3630 as it was vwap of Thursday and often these are where pros can get into LARGE positions, entry was 1,3650 and I closed at end of day..why is easy bag holding was going on in the market all down moves . We had very high volume at 1,3630 and it turned out to be a nice shake out of longs that were buying 1.3650.

5) cutting losers short and letting winners win. This is also critical in order not to blow up an account when you are 100% wrong and at a major market turning point . Those bulls buying at 4100 either must love dd or they had a good risk management program in place. This is where something like chandelier stops come into play... they are stops that take market volatility into play ..the blue line trailing price in this chart is the chandelier stop on 60 min .. mine has setting 14. If eu goes to 1.4000 now then chances are this chandelier stop will not be hit and i just trail my stop up if in a swing trade long.If i bought at 1.3500 and the market reverses against me Monday my chandlier stop is 1.3599. I take 100 pip out of market and wait for next set up that suits my trading style.

6) Having NO bias is also important. BIAS will only make you a bear or a bull ... not a trader . EU has the potential to run back to 1.4000 if those buyers on dips that I am seeing indicate bulls back in game... if i start to see supply hitting market on up moves then I had better be ready to reverse my position ONCE I get confirmation

7) levels .....are important indies are NOT. Think of levels as a price that professional money is willing to buy or sell something at. Kind of like when you walk into a car dealership and the truck you want is 30 k ... the dealer has a little room that he is willing to sell it at and that you will feel comfortable buying at .. could be 28k ... that is support.

As for the different kinds of things used to determine these levels. Place a murrey math line on the charts set to 60 min .. it will pick up all s/r levels. Easiest things is just go and draw lines at all pivot highs and lows.

Place a fib on charts look for confluence they will be in major s/r area... then place daily pivots on chart they will also line up with above to +-10 pip... so use one and you get all the important s/r levels lol . I am a volume traders and the only thing that matters to me is the priopr 20 days session point of contol , the vwap and the upper and lower value areas of todays and prior trading session . Not on chart below 3677... that was fridays vwap, 3655 was thursday upper value area and also major resistance form Thursday and 1.3630 was Thursdays vwap , tested TO THE PIP ..see eu 2nd chart

In a strong trending market you better understand that it is strongly trending when you using indies like rsi or stochastic ... the market can go sideways and these can come down ... and if you are trying to use them to sell a strongly trending bull market .. these strategy will lose you money

ONE OF THE MOST IMPORTANT ASPECTS OF TRADING IS UNDERSTAND HOW WHAT YOU ARE TRADING BEHAVES.

In other words .. GU is known for its frankie fakes outs ... can be easy trades

eu moves in 30 pip chunks and has a daily range right now of 150 pip .. check 3rd chart.. if you understand this then you know once a pair hasw completed days range start to look for counter trend trades ( gu gave an awesome 50 pip trade Friday based on this)

TO FINISH OFF.... THERE ARE A BILLION WAYS TO TRADE AS LONG AS YOUR WAY WORKS FOR YOU IS ALL THAT COUNTS.

Hope there is some stuff one may be able to digest and grasp in this post

http://forexmagnates.com/us-forex-br...ty-comparison/



Yep,

would be interesting too see the brokers outside of US also...

Ireland are the obvious winner in this one. The EU want Ireland to accept a bailout at any cost and Ireland is smiling all the way to the bank.

http://www.bloomberg.com/news/2010-1...kozy-says.html

Sarkozy removed the increase of corporation tax as a requirement.

Ireland needs to play this carefully and just sit back till all the EU countries fall over themselves to give them the most favourable terms on a bailout. The perfect condition would be for the EU to take over the guarantee for AIB and AI, that may be pushing it a bit far though, we'll see. The EU needs Ireland, Ireland couldn't care less, lovely.

Ireland did not go asking, the EU is offering and needs Ireland to accept on any terms.

Now we wait for Spain and Portugal to implode, won't be long.


Let's see this manipulated to no end, time to move up a few hundred, trickle some more news, down a few hundred, find a solution, up a few hundred, trickle a bit more news, rinse and repeat.

My money is on Portugal next, obvious choice, all the hallmarks are there.

I'll be curious to see if Ireland takes a bailout by the end of the weekend. I would say yes, but Ireland is a bit of a wildcard.

Government is meeting tomorrow to iron out the details, expect a "getting close" announcement tomorrow night, just in time for Welly TY open and a bit more details on Monday morning, just after the London and the final details on Tuesday, just in time for the Flashes.

Ireland is not the wildcard in this, they are the poker player holding a Royal Flush. The next Irish bond auction will be oversubscribed by a good multiple.

cloggie as that one guy told me hope you got yourself a system .... lol

buyers on all dips.. this thing heading back to 1.3950 / 1.4200

have to see how long this channel holds.

There is nothing wrong in being an inexperienced trader, but my advise is to NEVER leave a position open over the weekend, as you have NO way of doing anything about it till your broker opens...and most of the times he will with a widening spread.

As to your position:
I have a pos. open a bit lower and am NOT nervous about the market going to pay me.

Go easy and step by step, amigo, the market is there every day, no need to risk and hurry trades. Experience builds in time.

great post !!! ...

http://online.wsj.com/article/SB1000...sections_world

Big problem because of .9 million USD?

..............and I thought those kind of things only happen on this side of the pond?!