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  • #29,421
  • Apr 15, 2011 2:01pm Apr 15, 2011 2:01pm
yes, i agree; however there is strong support around the 1.02 area, and seeing it spike high, it is a good chance it will drop down there and then bounce back up. i do agree it is going up, but think it is going to retrace some first.

Quoting ettrader
this is overbought on fundamentals but that doesn't mean it won't go higher we've got a weak US$ we've got the Fed that cannot or will not do anything about reversing that trend. There isn't a reason to buy the US$ they'd rather buy anything but US$ even the Kiwi is performing well and their economy is grinding to a halt. We've got half of the EUR that are broke and it's currency is heading towards the 1.50 region.
  • #29,422
  • Apr 15, 2011 2:08pm Apr 15, 2011 2:08pm
Doji on the M30/H1 exactly on my trendline. Because of the polarity change it is on the support now. You can decide to exit with a small profit/loss if your position is not too far or wait.. Just a hint. It is yours.

Edit: doesn't it look a fake break up? But just reached another trendline. Edit2: broken.
  • #29,423
  • Apr 15, 2011 2:16pm Apr 15, 2011 2:16pm
thanx. but i am going to hold thru the weekend.

i only trade for fun currently (my two shorts where 3 lots a piece; however they were micro lots :-) if it got up close to 1.06 i would have shorted with 10 micro lots - still small change to you full time traders ;-)

thanx for the advice; my goal over the next 2-3 years it to be able to trade with standard lots (however being in the us with 50/1 leverage you need 20k account for that)

Quoting w1nner
Doji on the M30/H1 exactly on my trendline. Because of the polarity change it is on the support now. You can decide to exit with a small profit/loss if your position is not too far or wait.. Just a hint. It is yours.
  • #29,424
  • Apr 15, 2011 2:23pm Apr 15, 2011 2:23pm
Quoting mpurdy1973
thanx. but i am going to hold thru the weekend.

i only trade for fun currently (my two shorts where 3 lots a piece; however they were micro lots :-) if it got up close to 1.06 i would have shorted with 10 micro lots - still small change to you full time traders ;-)

thanx for the advice; my goal over the next 2-3 years it to be able to trade with standard lots (however being in the us with 50/1 leverage you need 20k account for that)
I am a full time loser. Now it looks a good short shell but the price dropped a lot away from the trendline. I don't want to open a position to keep it over the weekend. It can gap up on Monday opening. This is what I am afraid of.
  • #29,425
  • Apr 15, 2011 2:26pm Apr 15, 2011 2:26pm
AU is WAYYYYY overdue....the overall market as well. All asset classes are just toppy. No way id be long anything at these levels.
  • #29,426
  • Apr 15, 2011 2:27pm Apr 15, 2011 2:27pm
i got chicken and took off the ones that were in profit; the other ones are still 7 pips under @1.0552...but it my pop again now that i sold, i can jump back in at the top if it goes back up???

Quoting w1nner
I am a full time loser. Now it looks a good short shell but the price dropped a lot away from the trendline. I don't want to open a position to keep it over the weekend. It can gap up on Monday opening. This is what I am afraid of.
  • #29,427
  • Apr 15, 2011 2:40pm Apr 15, 2011 2:40pm
Quoting mpurdy1973
(however being in the us with 50/1 leverage you need 20k account for that)
Pardon me for jumping in.

$20K @ 50/1 = $1,000,000 = 10 standard lots in USD.
1 standard lot = 100,000 units ($, GBP, EUR)
1 mini lot = 10,000 units
1 micro lot = 1,000 units
  • #29,428
  • Apr 15, 2011 2:50pm Apr 15, 2011 2:50pm
Is there any technical/chartist to share there veiws n chart or this thread just for injoyment or time pass..
Trade what you see, Not what you think.
  • #29,429
  • Apr 15, 2011 2:51pm Apr 15, 2011 2:51pm
digging on 552
Trade what you see, Not what you think.
  • #29,430
  • Apr 15, 2011 2:59pm Apr 15, 2011 2:59pm
yes, so that why you need at least 20k to trade standard lot sizes. give you the ability to tade one lot a time with the ability to tade a few different currencies.

or you could trade in 5 mini lot sizes so you can stage your entries in case you were off by 100 pips.


Quoting iflyjetzzz
Pardon me for jumping in.

$20K @ 50/1 = $1,000,000 = 10 standard lots in USD.
1 standard lot = 100,000 units ($, GBP, EUR)
1 mini lot = 10,000 units
1 micro lot = 1,000 units
  • #29,431
  • Apr 15, 2011 3:02pm Apr 15, 2011 3:02pm
Quoting mpurdy1973
i got chicken and took off the ones that were in profit; the other ones are still 7 pips under @1.0552...but it my pop again now that i sold, i can jump back in at the top if it goes back up???
In my point of view 1.0552 was an early entry point (did not reached the upper line of the price channel) and the trend was still in place. Now what I see that is a bearish reversal pattern right below the upper line of the price channel which is good for you. If you look the support or resistance horizontally then there is support when it started to retrace. I think now the likelihood of the turn is much higher and it can drop to the 1.052 area (the trendline or the lower line of the price channel). But is is just my point of view and I may be wrong.
  • #29,432
  • Apr 15, 2011 3:03pm Apr 15, 2011 3:03pm
Quoting needpips
AU is WAYYYYY overdue....the overall market as well. All asset classes are just toppy. No way id be long anything at these levels.
"Markets can remain irrational a lot longer than you and I can remain solvent."
-John Maynard Keynes

"Don't fight the tape."
- Anonymous; oft repeated on Wall Street

Don't kill yourself trying to pick a top or bottom. Wait until the trade turns and ride the fat part of the move.

I'd love to ride oil lower (it's got ~$25/bbl of risk premium) but I'm not crazy enough to jump in front of that fast moving train while there's unrest in the Middle East.
  • #29,433
  • Apr 15, 2011 3:06pm Apr 15, 2011 3:06pm
Quoting iflyjetzzz
"Markets can remain irrational a lot longer than you and I can remain solvent."
-John Maynard Keynes

"Don't fight the tape."
- Anonymous; oft repeated on Wall Street

Don't kill yourself trying to pick a top or bottom. Wait until the trade turns and ride the fat part of the move.

I'd love to ride oil lower (it's got ~$25/bbl of risk premium) but I'm not crazy enough to jump in front of that fast moving train while there's unrest in the Middle East.
Im not....my trade is based on sound charting.....this one is at the top of a 17 year AU channel trend line....the dow is at a 30 year top trend line ... I dont have to pick tops....the technicals are providing me with the answers.

Among those who dislike oppression are many who like to oppress.
Napoleon Bonaparte
  • #29,434
  • Apr 15, 2011 3:08pm Apr 15, 2011 3:08pm
large red line is strong support...i think it could bounce off of before going up much more:




Quoting khizer
Is there any technical/chartist to share there veiws n chart or this thread just for injoyment or time pass..
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  • #29,435
  • Apr 15, 2011 3:09pm Apr 15, 2011 3:09pm
Quoting mpurdy1973
yes, so that why you need at least 20k to trade standard lot sizes. give you the ability to tade one lot a time with the ability to tade a few different currencies.

or you could trade in 5 mini lot sizes so you can stage your entries in case you were off by 100 pips.
OK, sorry about that. I read your post as implying that 1 standard lot = $20K x 50.

Personally, I only try to trade one currency at a time. In the past I've traded many different positions across asset classes. I found that when the feces hit the rotating oscillator, I couldn't react fast enough. Now I only hold a couple of open positions and concentrate my limited cognitive abilities on mainly those things while casually monitoring other possible trades. But I'm old and slow.
  • #29,436
  • Apr 15, 2011 3:16pm Apr 15, 2011 3:16pm
yes, i know! if i waited for the high it would have been good.

it could bounce and go higher next week off of 1.052 area and most likely at least bounce there even if it goes lower.

when i trade i look for s/r, trendlines, fib, and pivot points and look for convergence between them (however, sometime the fundamentals get in my way)

Quoting w1nner
In my point of view 1.0552 was an early entry point (did not reached the upper line of the price channel) and the trend was still in place. Now what I see that is a bearish reversal pattern right below the upper line of the price channel which is good for you. If you look the support or resistance horizontally then there is support when it started to retrace. I think now the likelihood of the turn is much higher and it can drop to the 1.052 area (the trendline or the lower line of the price channel). But is is just my point of view and I may be...
  • #29,437
  • Apr 15, 2011 3:21pm Apr 15, 2011 3:21pm
Quoting mpurdy1973
large red line is strong support...i think it could bounce off of before going up much more:
It is but very far from here. I would like to see something that proves the turn. Now it is bullish or sideways (long term) but the first support for your trade is at around 1.052-1.053 I think.
  • #29,438
  • Apr 15, 2011 3:28pm Apr 15, 2011 3:28pm
Quoting needpips
Im not....my trade is based on sound charting.....this one is at the top of a 17 year AU channel trend line....the dow is at a 30 year top trend line ... I dont have to pick tops....the technicals are providing me with the answers.

Among those who dislike oppression are many who like to oppress.
Napoleon Bonaparte
The great thing about the markets is that there has to be someone on the opposite side of the trade. I've been on the wrong side plenty of times and I may be again; we'll have to wait and see how things work out.
I'll be cutting my position significantly and taking profits going into the weekend. I don't like holding open positions when the market's not open.

Green pips to you.
  • #29,439
  • Apr 15, 2011 3:40pm Apr 15, 2011 3:40pm
Quoting mpurdy1973
yes, i know! if i waited for the high it would have been good.

it could bounce and go higher next week off of 1.052 area and most likely at least bounce there even if it goes lower.

when i trade i look for s/r, trendlines, fib, and pivot points and look for convergence between them (however, sometime the fundamentals get in my way)
You never know where is the high until the market proves. I just said I prefer to wait for confirmation or dobule/triple confirmations before I enter. But it is my style and sometimes the best looking trades are the loser ones. I did the same for a long time, I did not wait the good entry points and I had to escape from the trades. Sometimes the trade can run away from you if you don't act immediately but that is very rare, especially when you trade higher timeframes.

Now it looks bad.. Gold is 1486, OMG. NZDUSD is in the sky also and no sign of reversing.
  • #29,440
  • Apr 15, 2011 3:42pm Apr 15, 2011 3:42pm
Quoting khizer
Is there any technical/chartist to share there veiws n chart or this thread just for injoyment or time pass..
I'll giver a whirl...

Not sure if you can follow along with description, but reading the chart from left to right...

You can see through the use of Zig Zags how when a resistance area has been broken, price has driven back to find these places as support...Red circle = resistance area, green line = price beakout, green circle = support test...

Last week top was created, as in, of current there is no new high on the weekly chart or daily since last week...Price has driven down to test support and was bought back up to resistance. Okay, really not that interesting so far, but until there is a clear rejection at top, assumption of up trend should continue. An exodus here would send us to retest previous support ranges and only then would it be proper to re-asses the movement.

Toppy as hell here imo, but I am a 1m trader, so, really no matter to me the direction of the next 500 pips....
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