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  • #337,561
  • Dec 2, 2010 7:03am Dec 2, 2010 7:03am
another nothing on that hourly, that large candle should contain trade until Mr T shows up....
Attached Image (click to enlarge)
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Look Sharp/Trade Tight
  • #337,562
  • Dec 2, 2010 7:04am Dec 2, 2010 7:04am
Quoting red2010
hi cloggie thanks for the info, how will you know when to enter?

i mean i would think there would be some crazy spike from now up until the news and probably quite a few while trichet is talking....so when will you know when to pull the trigger?

You need to judge how the news fundamentally affects the pair and then enter on the counter caused by those having the wrong rumour mill, just as NFP. You get in on the opposite spike, not for the fainthearted or those that are not comfortable with the funnymentals. For the pure technical traders you let the whipsaws settle down before getting in on the clear direction, you could think about trading the breakout of the pre news positioning and the whipsaws right after. If you are not sure about either, just stay out.
  • #337,563
  • Dec 2, 2010 7:06am Dec 2, 2010 7:06am
Quoting infinitus
Hi,

my EW analysis points to the same level....


Best to you and take care,

Markus
I like that.. i can't EW myself, so is nice that you confirm the level.

Thanks!
  • #337,564
  • Dec 2, 2010 7:07am Dec 2, 2010 7:07am
Quoting longshot_nl
yes sure, is attached.
great, thank you.
  • #337,565
  • Dec 2, 2010 7:08am Dec 2, 2010 7:08am
Quoting cloggie
You need to judge how the news fundamentally affects the pair and then enter on the counter caused by those having the wrong rumour mill, just as NFP. You get in on the opposite spike, not for the fainthearted or those that are not comfortable with the funnymentals. For the pure technical traders you let the whipsaws settle down before getting in on the clear direction, you could think about trading the breakout of the pre news positioning and the whipsaws right after. If you are not sure about either, just stay out.

thanks mate

im a newbie trader so i think its best for me to let the dust settle then before i enter. i dont know hardly anything about the fundamentals, and just trade the technicals really......so thanks for the advice!
  • #337,566
  • Dec 2, 2010 7:09am Dec 2, 2010 7:09am
Quoting longshot_nl
possible gartley now points to same level.
May be but if this price fail to hold 3166 for long time then will close the long for now & if fall below 3090 will start short.

Anyway so far just retrace lower 2 legs down ok but untill it breaks tops one by one no confirmation up further at the same time . creating tension rather trading at this place .
fontu
Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #337,567
  • Dec 2, 2010 7:10am Dec 2, 2010 7:10am
Quoting red2010
thanks mate

im a newbie trader so i think its best for me to let the dust settle then before i enter. i dont know hardly anything about the fundamentals, and just trade the technicals really......so thanks for the advice!

As a newbie, you are doing the right thing by staying out, let the dust settle.

You can start newstrading by keeping a seperate demo account and trade that one for just the news trying out different setups until you find one you like and make work for yourself.
  • #337,568
  • Dec 2, 2010 7:12am Dec 2, 2010 7:12am
thanks cloggie, good idea....news trading is tough, plus i "think" a demo account doesnt behave like a real live account, which makes entering and exiting less realistic.......but i will give it a go.....no harm done in demo!

thanks once again, appreciate the advice!
  • #337,569
  • Dec 2, 2010 7:13am Dec 2, 2010 7:13am
for those who are waiting, a nice article about iceland.....bankruptcy can be a good thing...
http://www.bloomberg.com/news/print/...-not-take.html
  • #337,570
  • Dec 2, 2010 7:14am Dec 2, 2010 7:14am
Quoting cloggie
For the pure technical traders you let the whipsaws settle down before getting in on the clear direction, you could think about trading the breakout of the pre news positioning and the whipsaws right after. If you are not sure about either, just stay out.
sitting on hands is a good technique.

i have had lots of problems at my bucketbroker just getting filled and getting disconnected (nightmare) during major post-announcement news volatility - so i just tend to wait
"If The Fool persists in his Folly he will become wise." - William Blake
  • #337,571
  • Dec 2, 2010 7:14am Dec 2, 2010 7:14am
Quoting longshot_nl
I like that.. i can't EW myself, so is nice that you confirm the level.

Thanks!
Hi Longshot,

what is your projection after we have reached the target?

I think that we will retrace deep to around 3190 to 3200, because wave 1 and 4 have overlap. Therefore Leading diagonal. The wave 2 following a leading diagonal retraces between 66 and 83%.
  • #337,572
  • Dec 2, 2010 7:15am Dec 2, 2010 7:15am
Quoting red2010
thanks cloggie, good idea....news trading is tough, plus i "think" a demo account doesnt behave like a real live account, which makes entering and exiting less realistic.......but i will give it a go.....no harm done in demo!

thanks once again, appreciate the advice!

I still use demo accounts to try out different things, it gives you a statistical framework to work with.
  • #337,573
  • Dec 2, 2010 7:18am Dec 2, 2010 7:18am
Quoting infinitus
Hi Longshot,

what is your projection after we have reached the target?

I think that we will retrace deep to around 3190 to 3200, because wave 1 and 4 have overlap. Therefore Leading diagonal. The wave 2 following a leading diagonal retraces between 66 and 83%.
Because of this setup I will close my short position in the next minutes and take a very small long position.
  • #337,574
  • Dec 2, 2010 7:19am Dec 2, 2010 7:19am
Quoting fontu
May be but if this price fail to hold 3166 for long time then will close the long for now & if fall below 3090 will start short.

Anyway so far just retrace lower 2 legs down ok but untill it breaks tops one by one no confirmation up further at the same time . creating tension rather trading at this place .
fontu
Thanks for the heads up.
I will trade with tight stop and only if i find more confluince on low timeframes..
  • #337,575
  • Dec 2, 2010 7:20am Dec 2, 2010 7:20am
Quoting cloggie
3150 is the first major roadblock for any shorts today,

No change, PTJ I finally got mine.
  • #337,576
  • Dec 2, 2010 7:20am Dec 2, 2010 7:20am
Quoting infinitus
Hi Longshot,

what is your projection after we have reached the target?

I think that we will retrace deep to around 3190 to 3200, because wave 1 and 4 have overlap. Therefore Leading diagonal. The wave 2 following a leading diagonal retraces between 66 and 83%.
My target would be 1.3295 depending on PA.
  • #337,577
  • Dec 2, 2010 7:21am Dec 2, 2010 7:21am
Quoting infinitus
Because of this setup I will close my short position in the next minutes and take a very small long position.
Maybe the wave 5 of the leading diagonal was aborted. It can be counted valid.
  • #337,578
  • Dec 2, 2010 7:22am Dec 2, 2010 7:22am
Quoting red2010
thanks mate

im a newbie trader so i think its best for me to let the dust settle then before i enter. i dont know hardly anything about the fundamentals, and just trade the technicals really......so thanks for the advice!
I'm with you, definitely will let things settle before entering. Once we get a clear trend that is when I will start placing an order...
  • #337,579
  • Dec 2, 2010 7:24am Dec 2, 2010 7:24am
EUR/USD Orders: We Have You Surrounded!
Stops on the topside and stops down below….
Stop-loss buy orders at 1.3225
Sell orders from Asian central banks at 1.3185 now.
Downside stops begin at 1.3120.

www.forexlive.com

funny, isn't it?
  • #337,580
  • Dec 2, 2010 7:24am Dec 2, 2010 7:24am
Minutes before the mess. This my update chart for the potential target areas to close the rest of my position. Given that I expect volatility, no more room allowed. Stop moved to BE @1.3126.

We'll see.

Good luck to all.

sisse
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