Trading For A Living

Thanks darendse...good to see through your eyes.

Am already long on the UF, and waiting to go long on the EU and EF when the set up comes.


My GU second part of the trade got stopped out at breakeven.
My AU short is looking a bit perilous, but my rules are to either get stopped out or go to profit, so I just have to sit and wait...

Thx Dcb. I have closed the remaining part of my position. 0.8990-0.9000 is key resistance and it was not attacked with enough vigor.

...waiting again.

This morning has been bitter sweet for me... made some money on my intraday trading, but got stopped out of one of my longer term trades...

Hey guys,

my prediction about the EUR/USD was not so bad ;-)
The pair finally reversed its down drop for retrace of about 50 pips.
I think there is a lot more potential in it despite the dept crisis of Greece and the Finnland election.

Besides: thanks again for opening this thread and all the kind poeple in here

Nicely done Beyon and AFX.

Congratulations Beyon! I was wondering this morning if you had bought the EUR/USD.

Congratulations to you, AFX and Beyon. I am still waiting. I want to try to catch a major move each week, and I am willing to pass some small ones. Beyon, congratulations to your 50+ PIP move. I saw the support, but I was not willing to take a chance. Well done to all of you.

Thanks Dcb,

too bad, currently I'm not trading sice I'm very busy with writing my own automatic trading system.
This thread deals mainly with support and resistance and this is exactly what I'm looking for to program.

But I would have taken it, fore sure...so don't believe a word I'm saying
To me there is not more potential in technical analysis than pure price action.
Doing a multitimeframe analysis after selection of the market you want to trade(parallel and inverse analysis).
Thats all there is for me besides the fundamental side.
So I(or the program) try to avoid trading the news since there is no logic in interpreting them.
Take for example Japans recent disaster.
In a very short time after the reactor explosion, the YEN drops heavily all over the board.
But all in a sudden there were huge retraces...so why is this?
One of the main reasons(as reported by major newspapers) was that the investors thought that the Japanese would need lots of YEN to rebuild their infrastructure.
They would have to sell many things in order to do so.
So, the question is: did you ever thought about such a fast retrace of the YEN after such an enormous disaster?
I haven't and it was totally suprising.
Long story short, I'm not able trading the news since human kind is absolutely unpredictable.
Therefore I rely purely on what recent price action is telling me and looking for areas where supply exceeds demand or vice verca.

Happy trading @all

PS: please excuse my bad English

After this morning's analysis, I still still see bearish sentiment in Euro and bullish sentiment in Swissy....

I bought USDCHF(0.89903) on weakness and sold EURUSD(1.4296) @ intraday double top.

Scaled out 50% of Euro trade, stop at BE.

USDCHF struggling to break 0.9000, but has more vigor.

Euro stopped out @ BE and USDCHF position closed at -8 pips.

Cheers till 2morrow.

Well my USDCHF trade going nowhere fast...reluctant to break the high, but as we are still getting higher highs on the H1 I wait in expectation.

I just entered long on the EU and EF, and they have already taken off.

Looks like my prediction for the inverted H&S on EF daily is playing out...fingers crossed. I have set my first profit target just shy of the Weekly R1 pivot and the second profit target at 1.36739 just shy of the daily 161.8 fib.

I'm thinking the EU may do a fresh assault on the daily swing high now that it's crossed back above the weekly support and retested it from above on the H4 chart. So first profit target is just below the swing high, and second target at the Weekly R3.

Woke up this morning to see the EU and EURCHF trades doing very nicely.

EU daily chart, yesterday's candle closed as a nice railroad crossing back up above support/21 EMA. We had a 38.2 retrace on the daily, so my second profit target has been adjusted to 1.47760, just shy of 138.2. (First target just below the swing high)

EF daily chart, yesterday's candle started the nice inverted right shoulder bouncing straight off the 61.8 retrace, so confirming second profit target at 1.36739 just shy of the 161.8 fib should be okay. (First target at Weekly R1)

The USDCHF daily candle did give a higher high than the previous day's candle, but the pair is still having difficulty breaking through resistance. However, my rules are, either get stopped out or go to target, so I'm still in.

My AU demo trade stopped out. As I have 3 live trades going I won't be taking any more demo trades, just to keep my concentration on the live trades. But in any case I can't see anything that looks promising on the other pairs just yet.

Nicely done Lovinit!

Agree with you on the USDCHF. The 0.9000 barrier is thick, although it was pierced late in the US session. No new patterns have developed so I will continue to watch it today for any clues.

The Euro broke down through a bullish trend-line (H4 and D1) on Monday. It managed to retrace just over 61.8% of that fall yesterday taking some of my account with it .

Today I will be watching intraday momentum...will the Euro continue back to 1.4500 or will it venture down towards 1.4150?

The Aussie has formed a Ascending Triangle on H4 and broke out at the top. I assume it is following Gold which broke $1500.00. Question now for me is will it continue and where do I get in?

Just went long Euro @ 1.4406 and short USDCHF @ 0.8967.

hi darendse, i just hold my long uchf from area 0.8930++ and target around 0.91100++. what next resistance you see here.. nice topix here..

Thanks darendse.

Well my USDCHF got stopped out, and it looks like now it may go down to break the low. I'm standing aside for now to see what happens.

The EU and EF still going well.

I sold the USD/CHF this morning, but I adjusted my stop loss too tight so I was stopped out with a 21.5 PIP gain. I am also selling the EUR/CHF, and it is moving between profit and loss. I will just wait to see what it will do.

Hi liburfx

I would think the downtrend lines from June 2010 or Feb 2010 would come into play. That would also be approx 61.8% - 78.6% retracement of the last fall.

The last fall in Mar 2011 retraced almost 100%.

Be careful against the trend .

I was stopped out of my sell of the EUR/CHF with a 23 PIP loss. That hurt, but less learned. I got in too soon.

....the lessons just never seem to stop.

Got stopped out on both my trades as well(+35 pips)....waiting again.

You know, I should be frustrated, but I am not. I am disappointed that I did not see that, because I should have. It was my mistake. It is part of trading. I see it as my continued growth as a trader.