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  • #456,961
  • Jun 7, 2011 3:56pm Jun 7, 2011 3:56pm
Quoting Forexia
My chart was telling me it should go up. EU's been creeping up all morning but all of sudden dropped when Bernanke announced more QE. I mean if this news is priced in, at least the price should stay still but it actually dropped. So I guess people expected too much before??

How do you get a supply/demand info. of a currency?
not sure he's actually announced more qe...

check out those reports in my previous post...
  • #456,962
  • Jun 7, 2011 3:56pm Jun 7, 2011 3:56pm
Quoting infinitus
At what time GMT do you trade normally?
predominately the NY session, usually start trading around 10 - 11 am EST.
Make your losses in demo. Earn your profits live.
  • #456,963
  • Jun 7, 2011 3:58pm Jun 7, 2011 3:58pm
Quoting PayTheLimit
I say lets clean it up now, and be done with it....
well, look at the spike during bernanke's speech and where it stopped
  • #456,964
  • Jun 7, 2011 4:00pm Jun 7, 2011 4:00pm
well what is the top we are looking at before trend change to downward? I mean regardles some smaller retracements..... 1,49ish and a month of time?
  • #456,965
  • Jun 7, 2011 4:01pm Jun 7, 2011 4:01pm
It goes against my game plan.

Everything is telling me not to do it.

But yet I am going to do it anyway in about 15 minutes.

I will enter a Long on this Pair.



I am basing my trade on the Daily chart. The little daily pattern has worked in the past with a high success rate but should I discount that success rate because Thursday is so close? Maybe I should just leave it alone.

Nah, going Long here in a few minutes.
  • #456,966
  • Jun 7, 2011 4:01pm Jun 7, 2011 4:01pm
Quoting Mr Hatch
well, look at the spike during bernanke's speech and where it stopped

what is your high?
Look Sharp/Trade Tight
  • #456,967
  • Jun 7, 2011 4:01pm Jun 7, 2011 4:01pm
Quoting Forexia
Hmmmnn... Thought of following the daily charts actually especially that trading signals are more reliable on daily tf but couldn't work out how and when to sleep when following the chart?

You must have body and mind of steel
Naw. I sleep through London lol. I set pending orders on the daily close (6pm EST), generally around 3 - 5 orders for a fully loaded trade. I only buy below the previous days close (above open for sell).

Wait until 6 pm next day, reevaluate. If price has closed below x level, I was wrong and close out the order. If I was right, move stop to BE+10 or so if with the trend, close order out if against the trend ( I only allow a max of 2 total counter trend candles).

Once things get moving, I am constantly lowering and raising the leverage during asia depending on the previous candle close.

For instance, yesterday I scaled out 50% of my long euro from 4133 (candle close near 50% of previous days candle reduces probability by a big chunk). Now I am looking to re-add to my longs over tonight tomorrow, even with being so high up since we engulfed north.

The important part is, that any long I add in right now is risk - free (I am only risking profit I have yet to take yet). As my position average moves up slightly, I'll move the stops up to protect that.
  • #456,968
  • Jun 7, 2011 4:02pm Jun 7, 2011 4:02pm
Quoting Forexia
predominately the NY session, usually start trading around 10 - 11 am EST.
I noticed few times that around 7:00 CET there are big moves. So you may want to get up earlier
  • #456,969
  • Jun 7, 2011 4:02pm Jun 7, 2011 4:02pm
Quoting FibbinArchie
not sure he's actually announced more qe...

check out those reports in my previous post...
OK I should correct myself. He didn't say MORE QE but he stated that QE policy is still needed especially given that inflation is not broadbased and is not long-term.

His exact words were:

"Although it is moving in the right direction, the economy is still producing at levels well below its potential; consequently, accommodative monetary policies are still needed."

So I guess ppl were expecting more QE? Since they didn't see it, even though the statement is still pretty dovish, it didn't warrant further price increase??
Make your losses in demo. Earn your profits live.
  • #456,970
  • Jun 7, 2011 4:02pm Jun 7, 2011 4:02pm
Quoting PayTheLimit
what is your high?
4693.6 on the day and 4695.8 on that spike
  • #456,971
  • Jun 7, 2011 4:04pm Jun 7, 2011 4:04pm
close enough, thought someone saw 99's...
Look Sharp/Trade Tight
  • #456,972
  • Jun 7, 2011 4:06pm Jun 7, 2011 4:06pm
euro is still bullish, but its loosing momentum and the trend seems to get weaker.

if 1.4550 breaks it should go fastely to 1.445 and below
Pecunia non olet
  • #456,973
  • Jun 7, 2011 4:08pm Jun 7, 2011 4:08pm
Quoting wm-eu
if 1.4550 breaks it should go fastely to 1.445 and below
yes but when do you see that? it needs some impulse, seems like EUR is on viagra rather than US influence
  • #456,974
  • Jun 7, 2011 4:09pm Jun 7, 2011 4:09pm
Quoting gatorinla
just for the hell of it. if we don't retrace c how 4712.3 acts. if we do retrace a close below 4679.5 may be the first clue. 1 h closes. i still c 4703 08 and now 12 as some resistance. the rest with 4663 and 53 remain the same.
3712 is a smaller tf. the larger one still shows 3739.
Well,hopefully the guys throwing volley after volley of orders into these protective limits around 1.47 will soon run out of ammo. And BTW it's time to close shop if you run your buisness in NY isn't it?
"Put your shoulder to the wheel!"
  • #456,975
  • Jun 7, 2011 4:15pm Jun 7, 2011 4:15pm
Quoting Venice
Naw. I sleep through London lol. I set pending orders on the daily close (6pm EST), generally around 3 - 5 orders for a fully loaded trade. I only buy below the previous days close (above open for sell).

Wait until 6 pm next day, reevaluate. If price has closed below x level, I was wrong and close out the order. If I was right, move stop to BE+10 or so if with the trend, close order out if against the trend ( I only allow a max of 2 total counter trend candles).

Once things get moving, I am constantly lowering and raising the leverage during...
What a nice strategy. my mouth starts watering after i see 40-50 + pips
Hope
  • #456,976
  • Jun 7, 2011 4:19pm Jun 7, 2011 4:19pm
Quoting Astroman
It goes against my game plan.

Everything is telling me not to do it.

But yet I am going to do it anyway in about 15 minutes.

I will enter a Long on this Pair.



I am basing my trade on the Daily chart. The little daily pattern has worked in the past with a high success rate but should I discount that success rate because Thursday is so close? Maybe I should just leave it alone.

Nah, going Long here in a few minutes.

May I ask what pattern this is ? And why does Thursday being close have a bearing on its success or otherwise ??


(bbl)
  • #456,977
  • Jun 7, 2011 4:19pm Jun 7, 2011 4:19pm
Quoting Mr. Aldi
I noticed few times that around 7:00 CET there are big moves. So you may want to get up earlier
What's CET?
Make your losses in demo. Earn your profits live.
  • #456,978
  • Jun 7, 2011 4:22pm Jun 7, 2011 4:22pm
Quoting TheGamer
What a nice strategy. my mouth starts watering after i see 40-50 + pips
lol. Generally I see 100-150 on retraces and 300-500 on with trend plays.
But, keep in mind, this goes on over a weeks period at times. For instance, this will be day #10 for my euro play.

But, the bad trades I also have seen anywhere from 50-100 pip hits as well. All relative I guess.
  • #456,979
  • Jun 7, 2011 4:22pm Jun 7, 2011 4:22pm
Quoting Forexia
What's CET?
CET stands for Central European Time. In other words GMT+1. Paris, Berlin, etc.
"Put your shoulder to the wheel!"
  • #456,980
  • Jun 7, 2011 4:24pm Jun 7, 2011 4:24pm
Quoting Astroman
It goes against my game plan.

Everything is telling me not to do it.

But yet I am going to do it anyway in about 15 minutes.

I will enter a Long on this Pair.



I am basing my trade on the Daily chart. The little daily pattern has worked in the past with a high success rate but should I discount that success rate because Thursday is so close? Maybe I should just leave it alone.

Nah, going Long here in a few minutes.
Just a FYI, I do trade the dailies, and we could see a low of 4633 without invalidating the direction.

Very rarely, does buying the close get you the best price.

Just from my own experience.
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