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  • #357,981
  • Jan 4, 2011 11:22am Jan 4, 2011 11:22am
  •  apt
  • | Joined Oct 2010 | Status: All your cookies are belong to me. | 1,114 Posts
Good afternoon guys.

Looks like I missed the nice drop this morning, but I finally got some regular sleep and didn't stay up all night smoking crack forex. So

We found some nice support on the 61.8% Fibonacci Fan Line this morning, and are looking up for a retest of the 50.0% Fibonacci Fan Line and possibly the 23.6% Fibonacci Retracement Level.

As of the time being we seem to be in a range, similar to last weeks, but on the higher end of the Mid week pivot. Where last week we were inbetween 1.31 and 1.33, this week seems to be 1.33 - 1.34, how high we will push on that 1.34 range has yet to be seen.

Currently Long @ 1.3313, target is 50% Fibonacci Fan Line, general range of 1.3365.

H1

http://i54.tinypic.com/dokrdj.png
  • #357,982
  • Jan 4, 2011 11:22am Jan 4, 2011 11:22am
3316 still capping it, test of 3273 would not surprise me...
Look Sharp/Trade Tight
  • #357,983
  • Jan 4, 2011 11:23am Jan 4, 2011 11:23am
Quoting ukdaytrader
Agree. 3275 should cap this move until Asia at least. I think Asia might have a go at it though.
Lets wait.

Zigzag might give us a bounce or a breakout. Well, that reverse triangle below could well put us in an ascending range.. But lets wait for a confirmation first.

No prediction- only reaction
  • #357,984
  • Jan 4, 2011 11:25am Jan 4, 2011 11:25am
Quoting T@rantula

No prediction- only reaction

That's it, we are in an accumulation phase. Waiting and watching to see what forms is the only way to go right now, unless you are a scalper and can handle the low probability setups available right now. I have 3 possible ranges to form here, none of them confirmed yet.
  • #357,985
  • Jan 4, 2011 11:27am Jan 4, 2011 11:27am
Not a bad find this one. Not traded euro today.

100 up and running still
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rat
  • #357,986
  • Jan 4, 2011 11:27am Jan 4, 2011 11:27am
I'm surprised so many here looking for longs at this point. I only trade shorts on retracement, do not want to be caught trading against the trend.
  • #357,987
  • Jan 4, 2011 11:27am Jan 4, 2011 11:27am
Quoting PayTheLimit
out 3314, -7
Maybe you take a second shot at 3328 to 3336
  • #357,988
  • Jan 4, 2011 11:28am Jan 4, 2011 11:28am
Quoting cloggie
VIX is a good one to keep an eye on when trading indices, it is one of those self fullfilling prophecies as loads of ETF traders keep an eye on it.
fear/greed ratio ?

NP.. going in my Toolbox.. for sure... :d

im a daytrader, PA entry, SL and TP using levels..

S&P catching up with GOLD and OIL..

again if DOW Theory is RIGHT.. many traders are on Taking profit side.. the drop could happen very quick...


have a look at the BOARD
OIL -3.1% GOLD -2.1%
[Chart]
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Attached Image
  • #357,989
  • Jan 4, 2011 11:29am Jan 4, 2011 11:29am
  •  apt
  • | Joined Oct 2010 | Status: All your cookies are belong to me. | 1,114 Posts
Quoting skozyuk
I'm surprised so many here looking for longs at this point. I only trade shorts on retracement, do not want to be caught trading against the trend.
There is no trend, it's ranging.
  • #357,990
  • Jan 4, 2011 11:30am Jan 4, 2011 11:30am
Quoting infinitus
Maybe you take a second shot at 3328 to 3336
was tempted just a min or two ago, down here, but passed, truth is its not the best time to trade, preffer LO+3, just wanted to get a P/L today...
Look Sharp/Trade Tight
  • #357,991
  • Jan 4, 2011 11:32am Jan 4, 2011 11:32am
I guess,euro finally dive,look for usdcad day chart to confirm usd strenth.
My target is 1.3220,1.3180 lol
  • #357,992
  • Jan 4, 2011 11:33am Jan 4, 2011 11:33am
if...
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those who can, do. those who cant, talk about those who can
  • #357,993
  • Jan 4, 2011 11:34am Jan 4, 2011 11:34am
Quoting apt
There is no trend, it's ranging.
its been trending lower since 2008
those who can, do. those who cant, talk about those who can
  • #357,994
  • Jan 4, 2011 11:35am Jan 4, 2011 11:35am
Quoting gatorinla
its been trending lower since 2008
its about to start trending on my benchmark 2min chart in a second...
Look Sharp/Trade Tight
  • #357,995
  • Jan 4, 2011 11:36am Jan 4, 2011 11:36am
  •  apt
  • | Joined Oct 2010 | Status: All your cookies are belong to me. | 1,114 Posts
Once again, strong support found on the 61.8% Fibonacci Fan Line.

Pair is in consolidation between the Fan Line and the 38.2% Fibonacci Retracement Level.

There is continual pressure here however, we could see a break, where we would find further support at the 50.0% Fibonacci Retracement Level.

M15

http://i52.tinypic.com/wqyas1.png
  • #357,996
  • Jan 4, 2011 11:36am Jan 4, 2011 11:36am
Quoting iflyjetzzz
I've got a fundamental note favoring risk off trade.

This is a bit old, but hasn't caught much press....
Yep I think the sooner America gets out of Iraq/Afghanistan the better.

The dollar will strengthen and the Euro will collapse.
  • #357,997
  • Jan 4, 2011 11:38am Jan 4, 2011 11:38am
The are going for the stops below 1.3250
  • #357,998
  • Jan 4, 2011 11:42am Jan 4, 2011 11:42am
Quoting apt
There is no trend, it's ranging.
I disagree, look at the W1 chart. The major trend is downslope, obviously the high time frame may not be accurate for short term scalp, however given the sentiment of strong USD and recent H1 moves, bears have more to look forward to on intra-day time scale.

You may win some pips on re-tracement, however chances are you will get caught with your pants down when bears roar in.
  • #357,999
  • Jan 4, 2011 11:42am Jan 4, 2011 11:42am
Quoting PriceVolume
I think you're waaaaaaaay overleveraged. You need to stop trading live and go back to the basics, such as money management. Do yourself a favor - step back and take the time to come up with a plan.
I'd add a few aaaas in that waaaaaay.
In my youth, I would trade overleveraged. Not FOREX, equities. But the same results. Big wins, big losses. Eventually blew up my account. Excessive leverage always, always, always ends up blowing up your account.
At best, I'm a mediocre technical trader on FOREX. Yet I'm profitable due to conservative money management.

I'm done for the day; made .7% on my account - all on the short side. That's more than enough for me; not enough risk/reward to play right now.
Funny thing is, I fired up my computer three hours ago and was looking at taking a long position based on PA to that point. Prior to taking the position (while looking at charts, reading fundamentals), EUR moved from 1.34 to 1.337. More hesitation. Finally took a short position and rode it down for a decent ride.
Thanks Cloggie et al for posting your TPs. I don't post my mine because I'm far too inaccurate at the moment. I've always been a fundamentals trader; I'm now learning the ins and outs of technicals. ... this old dog's trying to learn new tricks.
  • #358,000
  • Jan 4, 2011 11:44am Jan 4, 2011 11:44am
Quoting Piters
fear/greed ratio ?

Not just that, VIX has become a tradeable hedge instrument for equity traders at key levels. Just spend a bit of time on Google and see what you think.
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