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  • #410,461
  • Mar 20, 2011 9:49pm Mar 20, 2011 9:49pm
Quoting pkimnyc
price can spike higher til london.
'capped' at high of .4281, prime for double top or major trend development.
  • #410,462
  • Mar 20, 2011 9:57pm Mar 20, 2011 9:57pm
Quoting pkimnyc
price can spike higher til london.

Thanks may I know what is the reason for the spike? I'm currently in the trade, so that I can make an adjustment..
Never Stop Learning...
  • #410,463
  • Mar 20, 2011 9:59pm Mar 20, 2011 9:59pm
Quoting chonyc
Thanks may I know what is the reason for the spike? I'm currently in the trade, so that I can make an adjustment..
Demand exceeded supply.
  • #410,464
  • Mar 20, 2011 10:01pm Mar 20, 2011 10:01pm
Quoting pkimnyc
price can spike higher til london.
Shut up. I am short.
The Thief of Wall Street
  • #410,465
  • Mar 20, 2011 10:02pm Mar 20, 2011 10:02pm
I've always said. people enter trades on higher time frames with disregard of what's going on underneath them. a quick glance on m5 will indicate we are going up before going down. if using too tight of a stop loss you will be taken out. otherwise you will be sitting through a pretty nasty draw down

as of now the lowest I would go is 4169 on m15. Topside shows at around 4200. h1 is down, so down we go but there is a lot of resistance around 4156. gl all.

edit: we are at a critical level so small bites are more than appropriate.
  • #410,466
  • Mar 20, 2011 10:03pm Mar 20, 2011 10:03pm
Quoting Venice
Demand exceeded supply.
Kindly correct me if I'm wrong aren't we in a supply area of Nov. 05, 2010 from the Daily chart?
Never Stop Learning...
  • #410,467
  • Mar 20, 2011 10:06pm Mar 20, 2011 10:06pm
Quoting Chicky
Shut up. I am short.
Talk forex, not height.
  • #410,468
  • Mar 20, 2011 10:08pm Mar 20, 2011 10:08pm
Quoting hindustani
Talk forex, not height.
You too shut up.
The Thief of Wall Street
  • #410,469
  • Mar 20, 2011 10:09pm Mar 20, 2011 10:09pm
Quoting chonyc
Kindly correct me if I'm wrong aren't we in a supply area of Nov. 05, 2010 from the Daily chart?
Correct. And slowly pushing through it. Have to pay attention to many time frames. But that is why it's so rocky right now. Lots of pushin and pullin going on in a thin market.

Always keep in mind, just because a supply level exists, doesn't mean it will hold. All it takes is demand to exceed it, and then next thing you know you have a breakout from all those going against it covering along with peeps buying.
  • #410,470
  • Mar 20, 2011 10:10pm Mar 20, 2011 10:10pm
Quoting chonyc
Thanks may I know what is the reason for the spike? I'm currently in the trade, so that I can make an adjustment..
we've been trending up, now price moving side way in smaller tf, usually means continuation to the direction of the trend, but momentum is dying out to the upside. we can have one more spike before london (fake out then reversal or pull back during high volume time to have enough momentum to the down side (maybe)). if price spikes up then it creates bearish divergence in 1hr chart.
  • #410,471
  • Mar 20, 2011 10:11pm Mar 20, 2011 10:11pm
Quoting attila
I've always said. people enter trades on higher time frames with disregard of what's going on underneath them. a quick glance on m5 will indicate we are going up before going down. if using too tight of a stop loss you will be taken out. otherwise you will be sitting through a pretty nasty draw down

as of now the lowest I would go is 4169 on m15. Topside shows at around 4200. h1 is down, so down we go but there is a lot of resistance around 4156. gl all.

edit: we are at a critical level so small bites are more than appropriate.

Absolutely. I know when I trade daily... if I am looking for long positions, my loading points are actually the pivot levels. DPP, S1,s2,s3 etc. Opposite for shorts. (DPP, R1,R2,R3).

No reason to buy up high when you have 24 hours worth to deal with and a good chance that if you are above any of these levels, at least the first level will be hit. High enough odds that it is part of my strategy.

A lot of averaging goes into them as well. Average down, average up depending on what PA is currently telling me until I get to my standard trading lot size and am ready to rock.
  • #410,472
  • Mar 20, 2011 10:12pm Mar 20, 2011 10:12pm
.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 18 KB
  • #410,473
  • Mar 20, 2011 10:12pm Mar 20, 2011 10:12pm
Quoting Chicky
Shut up. I am short.
...
  • #410,474
  • Mar 20, 2011 10:14pm Mar 20, 2011 10:14pm
Quoting Venice
Correct. And slowly pushing through it. Have to pay attention to many time frames. But that is why it's so rocky right now. Lots of pushin and pullin going on in a thin market.

Always keep in mind, just because a supply level exists, doesn't mean it will hold. All it takes is demand to exceed it, and then next thing you know you have a breakout from all those going against it covering along with peeps buying.

OK, thanks very much.. Put a tight stop to it @4200 if It doesn't take out 4160 I'm closing the trade hope it get there...
Never Stop Learning...
  • #410,475
  • Mar 20, 2011 10:14pm Mar 20, 2011 10:14pm
which broker has USDx ??
  • #410,476
  • Mar 20, 2011 10:16pm Mar 20, 2011 10:16pm
Quoting chonyc
OK, thanks very much.. Put a tight stop to it @4200 if It doesn't take out 4160 I'm closing the trade hope it get there...
Excellent. Personally I am flat at the moment... need to let PA show the way first. But, I like what I am seeing out of this statement... a trading plan.

We can never know the future. We can only take high probability setups and then follow through with our trading plan with each trade that we have. This is how we change the perspective of this world from gambling to trading.
  • #410,477
  • Mar 20, 2011 10:16pm Mar 20, 2011 10:16pm
Quoting pkimnyc
...
Just kidding buddy.
The Thief of Wall Street
  • #410,478
  • Mar 20, 2011 10:16pm Mar 20, 2011 10:16pm
Quoting pkimnyc
we've been trending up, now price moving side way in smaller tf, usually means continuation to the direction of the trend, but momentum is dying out to the upside. we can have one more spike before london (fake out then reversal or pull back during high volume time to have enough momentum to the down side (maybe)). if price spikes up then it creates bearish divergence in 1hr chart.
Hopefully i gets there before London...Thanks
Never Stop Learning...
  • #410,479
  • Mar 20, 2011 10:21pm Mar 20, 2011 10:21pm
Quoting gatorinla
do you know a trade other then a shot in the dark not picking a top or bottom? even jumping in a trend is saying there was a top or bottom. and now we are going in the other direction.
right you are gator. nobody really knows where the price is going. i simply meant that following the main trend (in case there's one ofc) provides better value in the long run.

btw, eurusd does look toppy atm
"To hold, you must first open your hand. Let go." - Lao Tzu
  • #410,480
  • Mar 20, 2011 10:23pm Mar 20, 2011 10:23pm
Quoting Chicky
Just kidding buddy.
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