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  • #349,601
  • Dec 21, 2010 4:52am Dec 21, 2010 4:52am
It's going to be another range day. Buy at the bottom sell at the top is probably the best thing to do. Or take a day off.

Happy Trading Everyone!
Attached Image (click to enlarge)
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  • #349,602
  • Dec 21, 2010 4:53am Dec 21, 2010 4:53am
Quoting ianlikesgolf
I have read a few of your posts, they have been helpful for me to learn.
I liked the 30, 50 & 100 SMA you were using.

I was interested in the significance of waiting for the 4hr candle close?
I can see that 131.90 has the confluence with the descending trendline on your chart.

all the best
Ian
The significance of 4h close is a confluence of technical variables. Look at my previous chart. What do u see? Look at TLs, fibs and descending triangle which has been broken.

The TL remains intact below 3190 suggesting movement towards 3030 area
  • #349,603
  • Dec 21, 2010 4:55am Dec 21, 2010 4:55am
Quoting MissPips
I hate to agree with that because my bias is bearish also but short trades today and yesterday haven't been acting like they 'should' (i.e they haven't been going nearly as far as you'd expect for a good entry point) and I think that the weekly chart gives some insight as to why
The weird PA yesterday was due to low volume trading, Monday and consolidation before bank holidays.
  • #349,604
  • Dec 21, 2010 4:59am Dec 21, 2010 4:59am
Could be. But it was also a perfect third bounce off of that weekly trendline. Same for today. You would thought, based on previous price action for similar events, that the short initiated by the Moody's report would have carried on. But it hasn't. So somebody must be buying a lot in order to have stopped it.

Quoting T@rantula
The weird PA yesterday was due to low volume trading, Monday and consolidation before bank holidays.
  • #349,605
  • Dec 21, 2010 5:01am Dec 21, 2010 5:01am
Big picture gives bulls sign...
Attached Image (click to enlarge)
Click to Enlarge Name: chart.gif Size: 14 KB
  • #349,606
  • Dec 21, 2010 5:04am Dec 21, 2010 5:04am
Moody's reviews five Portuguese regional and local governments for possible downgrade

Source: RTRS
  • #349,607
  • Dec 21, 2010 5:04am Dec 21, 2010 5:04am
Quoting MissPips
Could be. But it was also a perfect third bounce off of that weekly trendline. Same for today. You would thought, based on previous price action for similar events, that the short initiated by the Moody's report would have carried on. But it hasn't.
exactly and the bounce of a weekly trendline as a long term support. I thought shorts would carry on but lack of selling volume and profit taking stalled the price.
  • #349,608
  • Dec 21, 2010 5:15am Dec 21, 2010 5:15am
still holding my shorts ,... GL
  • #349,609
  • Dec 21, 2010 5:22am Dec 21, 2010 5:22am
http://cdn.forexfactory.com/images/attach/png.gif 2010-12-21_12h07_ EURUSD _ min240 _ 1100 x 800 (CandleVolume).PNG (28.3 KB)


Intraday EUR/USD: The downtrend off last week's bull failure high at 1.3500 still lingers, and has room for further weakness below Monday's low at 1.3094. A push below 1.3122 is required to expose the 1.3094 low, and threaten further weakness towards 1.3060 and the wave equality target at 1.3041. Corrective strength will struggle in the 1.3250/1.3273 area, and only above the latter would create room for gains to 1.3360.

Weekly chart EUR/USD trend: Bearish.


Moin Tarantula ...

Maybe the two black arrows do show what Francis Bray did mention with his so-called 'wave equality target' ...

I do not want to bet on that ... could happen ... could not happen ...

Timequality and time to risk ratio is not well proportioned anymore ...

For me ... the only move has been the corrective consolidation phase move ... that we have seen from last downmove ... but that is past and yesterdays papers ...

Das ist Makulatur ... as we uses to say ...

During the Asian Session ... we had further announcement from Asian Markets that they are willing to support the Euro ...

The rest seems to me a bit like 'flip the coin' or ask my lovely dog ...


Gruß

mercy
Attached Image (click to enlarge)
Click to Enlarge Name: 2010-12-21_12h07_ EURUSD _ min240 _ 1100 x 800 (CandleVolume).PNG Size: 28 KB
2013-07-31 Today's Phrase of the Day: Hold off from any recycle bin experts
  • #349,610
  • Dec 21, 2010 5:24am Dec 21, 2010 5:24am
The significance of 4h close is a confluence of technical variables. Look at my previous chart. What do u see? Look at TLs, fibs and descending triangle which has been broken.
The TL remains intact below 3190 suggesting movement towards 3030 area

....................................................................

Hi T@rantula

I appreciate you sharing your thoughts. thanks for helping out.
  • #349,611
  • Edited 5:40am Dec 21, 2010 5:25am | Edited 5:40am
Quoting Linus78
It's going to be another range day. Buy at the bottom sell at the top is probably the best thing to do. Or take a day off.

Happy Trading Everyone!
This week and last have really helped me with range trading techniques (order size/scaling in & out/choosing the correct price to set limit orders). I've been modifying a technique that I used in trading stocks that I first heard from Jim Cramer called trading around a core position. http://hubpages.com/hub/Make-More-Mo...Stock-Position I think that FOREX is better suited for the technique, as you can execute many more trades in FOREX than in stocks.
Today I'm holding a net short position but taking profits at the bottom of the range and selling short at the top of the range.
I'm slowly scaling out of my position due to a medical appt this morning by using more/larger limit sell orders than limit buy orders.
  • #349,612
  • Dec 21, 2010 5:32am Dec 21, 2010 5:32am
Quoting cloggie
Muppet.
Hey Cloggie,

I am following your calls since quite a while. What I never see is how you call out those levels (some chart analysis)?? I guess you don't use EMA's and trendlines or other shitty indicators for those calls, do you?? Do you use a combination of pivots or how does that work?? It's very impressive and I would be very happy if you take some time for a little explanation and how you get to those levels??
Very good job!!

Later

Bax80
Everyday 1K keeps the doctor away ;-)...
  • #349,613
  • Dec 21, 2010 5:35am Dec 21, 2010 5:35am
Bax, Cloggie just stopped by for the day yesterday. He said he was going to catch a flight today. Of course, depending on where he lives and where he's going to, the flight could be cancelled. The weather's brutal over in Euroland right now.
  • #349,614
  • Dec 21, 2010 5:36am Dec 21, 2010 5:36am
Quoting mercy seat
Moin Tarantula ...


mercy
well...we are close to holidays and we dont have strong movements. We are mostly ranging.

As for me. I have already made 40 pips today, i would have scaled out around 3135 also but i wasnt close to my computer in that particular moment.

My stops are placed @ BE so the profit has been locked.

I will scale out if I see 3120 and 3090 if I notice that the price is bouncing of. If we break weekly TL, i will move my intraday target to 3030.
  • #349,615
  • Dec 21, 2010 5:37am Dec 21, 2010 5:37am
Quoting Alihuzaifa
Big picture gives bulls sign...
Not saying yours is wrong but mine says we could see 1.27 before 1.329


Attached Image (click to enlarge)
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Mind over matter..I don't mind and you don't matter.
  • #349,616
  • Dec 21, 2010 5:42am Dec 21, 2010 5:42am
Waiting for that flag to break
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  • #349,617
  • Dec 21, 2010 6:05am Dec 21, 2010 6:05am
Long scalp @ 1.3152

M5:
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Don't be a hero. Don't have an ego. Always question yourself
  • #349,618
  • Dec 21, 2010 6:06am Dec 21, 2010 6:06am
Quoting slimtrady
Waiting for that flag to break

flag, pennant

continuation patterns

more bear
Mind over matter..I don't mind and you don't matter.
  • #349,619
  • Dec 21, 2010 6:09am Dec 21, 2010 6:09am
Volume Profile M15
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  • #349,620
  • Dec 21, 2010 6:12am Dec 21, 2010 6:12am
buy eu tp 1.3190
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