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  • #141
  • May 3, 2011 1:10am May 3, 2011 1:10am
I do not see anything to cause me to place an order. I am just waiting. The EUR/USD is testing the 1.4774 level. I may have to wait awhile to see what it does at that level. Will that support hold and will it go up from there? Time will tell.
  • #142
  • May 3, 2011 1:24am May 3, 2011 1:24am
Hi Guys

Apologies for the late post....what an interesting morning...

Have been busy since 4am GMT...

Went long Euro @ 1.4805....it looked a bit shaky so took some profit @ 1.4820 and brought SL to breakeven....good thing I did.

My USDCHF shorts were also closed @ 0.8639.

Traded AUDUSD long @ 1.0919, but SL was triggered @ 1.0880. I was not very convinced of this trade, so traded smaller lot....good thing I did.

Signals are all mixed at the moment, so I am waiting.

Cheers.
  • #143
  • Edited 1:34am May 3, 2011 1:27am | Edited 1:34am
Quoting Dcb
I do not see anything to cause me to place an order. I am just waiting. The EUR/USD is testing the 1.4774 level. I may have to wait awhile to see what it does at that level. Will that support hold and will it go up from there? Time will tell.

Good call DCB......Euro seems to be stalling @ 1.4750. I am also waiting for confirmation.
  • #144
  • May 3, 2011 1:40am May 3, 2011 1:40am
Quoting darendse
Good call DCB......Euro seems to be stalling @ 1.4750. I am also waiting for confirmation.
Good morning darendse,
I was wondering how your USD/CHF trade turned out. I have added a H1 chart of the EUR/USD that I am looking at.
Attached Image (click to enlarge)
Click to Enlarge Name: EUR-USD H1 5-3-2011 4-24-18 AM.png Size: 17 KB
  • #145
  • May 3, 2011 2:00am May 3, 2011 2:00am
The H4 chart is telling a similar story...Euro is caught in sideways movement, with triple top (@ approx 1.4880, ignoring the 1.4901 spike).

Same story with USDCHF, bottom @ 0.8620.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurusd-h4.jpg Size: 40 KB
Click to Enlarge Name: usdchf-h4.jpg Size: 46 KB
  • #146
  • May 3, 2011 2:13am May 3, 2011 2:13am
Hi Dcb

Can you tell me who your broker is? I like the look of your chart.
  • #147
  • May 3, 2011 2:42am May 3, 2011 2:42am
Quoting darendse
Hi Dcb

Can you tell me who your broker is? I like the look of your chart.
I use FXCM.
  • #148
  • May 3, 2011 3:01am May 3, 2011 3:01am
Quoting Dcb
I use FXCM.

Thx.
  • #149
  • May 3, 2011 3:13am May 3, 2011 3:13am
darendse,
I don't to expect to place any trades this morning. I probably to wait and see what tomorrow offers.
  • #150
  • May 3, 2011 3:42am May 3, 2011 3:42am
Quoting Dcb
darendse,
I don't to expect to place any trades this morning. I probably to wait and see what tomorrow offers.
Hi Dcb

Same here. I will keep an eye on the US session, but don't expect anything.

Cheers.
  • #151
  • May 3, 2011 12:58pm May 3, 2011 12:58pm
I know quite a few people who make a living off of trading FX. A big factor in making a living trading FX, is having a healthy account that can withstand moves.
  • #152
  • May 3, 2011 10:57pm May 3, 2011 10:57pm
Good morning all

The sideways movement on Euro seem to be continuing this morning. I entered long @ 1.4805. First profit scale out will be @ 1.4840.

The USDCHF is in a Down Channel (H4) which I interpret as a continuation of the trend. I have entered short @ 0.8633, first profit scale out will be @ 0.8610.

I am not sure what to make of the Aussie. On H4 it is sitting on the uptrend line starting 16 March 2011. Will be watching momentum today and act accordingly.

Hope you guys have good trading day.

Cheers.
  • #153
  • May 4, 2011 12:15am May 4, 2011 12:15am
Good morning darendse. I just turned on my screen. I am looking for opportunities now. I agreed with your assessment of the EUR/USD, but the price had moved up from your entry point. I placed an order above the R/S level of 1.4800. My order of 1.48408 was triggered so, I am also buying the EUR/USD.
  • #154
  • May 4, 2011 12:47am May 4, 2011 12:47am
Darendse,
You were right about the EUR/USD. You have a good trade in play. I placed a TP at 1.48906, and I will move my SL up as the price moves up. I probably am trading too cautiously, but I have a $ profit goal for each week. At this time I have already exceeded that goal, so for the balance of the week, I will be cautious.
  • #155
  • May 4, 2011 12:52am May 4, 2011 12:52am
The price hit my SL at 1.48623 for a 21.5 PIP gain.
  • #156
  • May 4, 2011 12:58am May 4, 2011 12:58am
Quoting Dcb
Darendse,
You were right about the EUR/USD. You have a good trade in play. I placed a TP at 1.48906, and I will move my SL up as the price moves up. I probably am trading too cautiously, but I have a $ profit goal for each week. At this time I have already exceeded that goal, so for the balance of the week, I will be cautious.
Yes, Euro is doing well this morning. My Swissy trade was struggling a bit but managed to get going eventually.

I also follow a similar approach by scaling out some profit, instead of a trailing stop.
  • #157
  • May 4, 2011 1:19am May 4, 2011 1:19am
Nice to see we are all on the same page I bought the Euro this morning for a quick scalp and am now looking for other opportunities to buy it :-)

an opportunity could be presenting itself now...
  • #158
  • May 4, 2011 1:25am May 4, 2011 1:25am
Quoting AFX-UK
Nice to see we are all on the same page I bought the Euro this morning for a quick scalp and am now looking for other opportunities to buy it :-)

an opportunity could be presenting itself now...
Hi AFX...........will 1.4900 be broken ahead of ECB rate decision?
  • #159
  • May 4, 2011 1:55am May 4, 2011 1:55am
who knows... but it is looking like it, and I do have an order in above that level to take me in should it be broken.

Rightly or wrongly it is just one of my approaches to trade breakouts of Highs and Lows.

Of course you get many fakes outs but when they go they really go! :-)
  • #160
  • May 4, 2011 2:14am May 4, 2011 2:14am
Quoting AFX-UK
who knows... but it is looking like it, and I do have an order in above that level to take me in should it be broken.

Rightly or wrongly it is just one of my approaches to trade breakouts of Highs and Lows.

Of course you get many fakes outs but when they go they really go! :-)
1.4900 is a biggie.....I have a feeling it can be one of those breakouts that will go..

If you look at the daily chart the next big resistance is the 2009 high @ approx. 1.5150.
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