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  • #456,981
  • Jun 7, 2011 4:30pm Jun 7, 2011 4:30pm
Quoting Venice
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.
I would have to agree since I also trade the DAILY chart. There is no valid entry LONG on the EUR/USD. Venice is right that the close is typically not the best entry, especially considering the recent push up.

A minor pullback on the hourly may present you with a better entry.
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Capital Preservation is key to long term wealth accumulation
  • #456,982
  • Jun 7, 2011 4:31pm Jun 7, 2011 4:31pm
top day....
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Look Sharp/Trade Tight
  • #456,983
  • Jun 7, 2011 4:34pm Jun 7, 2011 4:34pm
Quoting sphinx8
yes but when do you see that? it needs some impulse, seems like EUR is on viagra rather than US influence
yep, you are right

however, in the next hour it should break todays trendline and so tomorrow we could see a touch of the multiday trendline...only if also this get broken the 1.4550 zone is reachable

i have a feeling that in this week we are seeing the 1.4550 again - even if right now the euro is really strong
Pecunia non olet
  • #456,984
  • Jun 7, 2011 4:34pm Jun 7, 2011 4:34pm
Quoting Venice
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.
i guess i should practice this also but i need a new a/c for that & i can only think about opening it after i get my broadband modem back. Cannot trust this slow USB data connection.
ok, done, i'll go with it
& if today the downtrend starts, then i'll leave this trade open to check my patience
Hope
  • #456,985
  • Jun 7, 2011 4:36pm Jun 7, 2011 4:36pm
weekly projected...
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Look Sharp/Trade Tight
  • #456,986
  • Jun 7, 2011 4:39pm Jun 7, 2011 4:39pm
Quoting profx
May I ask what pattern this is ? And why does Thursday being close have a bearing on its success or otherwise ??


(bbl)
I hate trading a Pair when a I.R. decision is due out in the very near future.

Last 2 days Lows have been about the same, in this case about 15 Pips.

Monday was a down day with the daily close coming in the bottom 25% of the daily trading range.

Tuesday was a good Up day with the daily close coming in the top 25% of the daily trading range.

Simplistic?

Yes.

Drawdowns?

Of course, we are trading off a Daily chart. Not saying anybody else should make a trade based on this, in fact I would not if I were you. ( That makes a lot of sense. )

Have not figured out my t.p or s.l. levels yet but will put them up in a few hours.
  • #456,987
  • Jun 7, 2011 4:40pm Jun 7, 2011 4:40pm
Quoting TheGamer
i guess i should practice this also but i need a new a/c for that & i can only think about opening it after i get my broadband modem back. Cannot trust this slow USB data connection.
ok, done, i'll go with it
& if today the downtrend starts, then i'll leave this trade open to check my patience
Keep in mind I am a price follower by nature as well. Some of these guys prefer to catch bounces off of an exact level. Following price always makes me 1 candle behind what is going on. So I wouldn't even think about a short position until we get an actual bear candle that has conviction behind it. For now, every bear candle to me is nothing more than reduce risk, add on bull candle.

I am long until the charts are short, and I am short until the charts are long.

Following price like this, when I am wrong, I end up basically buying new resistance, or selling the new support. But, I am more accurate. I guess you figure out if you would like to have more pips and be wrong more, or have a much higher consistency for less pips.
  • #456,988
  • Jun 7, 2011 4:44pm Jun 7, 2011 4:44pm
Quoting Venice
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.
Venice, do you stay with the DAILY for a retrace position or do you move to a smaller time frame?

I don't take them often unless it indicates a pullback and even then I typically switch to the 15M to watch it as closely as possible.
Capital Preservation is key to long term wealth accumulation
  • #456,989
  • Jun 7, 2011 4:46pm Jun 7, 2011 4:46pm
Quoting Venice
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.
I hear ya.

I put in a Limit order very close to the market price and it got hit. With MBTrading I actually get paid for Limit orders instead of being charged a commission so I tend to set them a little closer than I should.
  • #456,990
  • Jun 7, 2011 4:48pm Jun 7, 2011 4:48pm
nite all, good luck, PTL...
Look Sharp/Trade Tight
  • #456,991
  • Jun 7, 2011 4:48pm Jun 7, 2011 4:48pm
Quoting proletary
CET stands for Central European Time. In other words GMT+1. Paris, Berlin, etc.
OMG!! That's WAY out of my timezone! LOL

But thanks for the suggestion.
Make your losses in demo. Earn your profits live.
  • #456,992
  • Jun 7, 2011 5:00pm Jun 7, 2011 5:00pm
Quoting Venice
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.
By the way I am L @ 1.46913.

Probably TP 1.48 and more than willing to take a 100 Pip drawdown but these numbers are not set in stone. If I get up by 30 Pips, knowing me I'll take the quick profit only to see it immediately spike up drastically.

Overall I am extremely Bearish on this Pair.

So Astro takes out a Long position based on a Daily chart.

Maybe not the most prudent action to take but I am going to trust past experiences on this setup on this one and let the chips fall were they may.
  • #456,993
  • Jun 7, 2011 5:09pm Jun 7, 2011 5:09pm
Not near trade station Gator but these are my 4HR levels. Check chart in post below. May bounce around 86 for a bit. Saw 12 above as resistance too on weekly so may get slight retrace if can't break 1.47 in Asia.

Quoting pipper
Don't think we will see a slight retrace until 1.4686
Disclaimer: Check your 1m charts
  • #456,994
  • Jun 7, 2011 5:15pm Jun 7, 2011 5:15pm
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no need to explain.

good night.
Hero calls followed by margin calls...
  • #456,995
  • Jun 7, 2011 5:15pm Jun 7, 2011 5:15pm
Quoting Venice
Keep in mind I am a price follower by nature as well. Some of these guys prefer to catch bounces off of an exact level. Following price always makes me 1 candle behind what is going on. So I wouldn't even think about a short position until we get an actual bear candle that has conviction behind it. For now, every bear candle to me is nothing more than reduce risk, add on bull candle.

I am long until the charts are short, and I am short until the charts are long.

Following price like this, when I am wrong, I end up basically buying new resistance,...
Maybe i understood little, not all. But i want to play this way like taking one lot for 10-30 days & playing other small game of 10-15pips (scalping) Maximum 2 lots.

Now, when to take such long term trade...... i don't know

Edit: Just 1.400 to 1.4900 i have in my mind.
Hope
  • #456,996
  • Jun 7, 2011 5:16pm Jun 7, 2011 5:16pm
Providing it doesn't break 1.45566, these are my upside targets. Nite all

Quoting pipper
New targets after pullback providing it doesn't break 1.45566

1.47641
1.48434
1.48923
Disclaimer: Check your 1m charts
  • #456,997
  • Jun 7, 2011 5:28pm Jun 7, 2011 5:28pm
Weitere Aufwärtsversuche sind vorerst möglich - auch wenn die Luft etwas dünn wird ...



;-|
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2013-07-31 Today's Phrase of the Day: Hold off from any recycle bin experts
  • #456,998
  • Jun 7, 2011 5:38pm Jun 7, 2011 5:38pm
Quoting Forexia
OMG!! That's WAY out of my timezone! LOL

But thanks for the suggestion.
How I Nailed Ur Mammy, episode 20 season 4:

178
00:09:36,580 --> 00:09:41,040
So, you, uh, get up really early to
trade on the European stock exchanges?

179
00:09:41,050 --> 00:09:41,990
What's that like?

  • #456,999
  • Jun 7, 2011 5:46pm Jun 7, 2011 5:46pm
Forex trading in the '80s... here is a series of 3 YouTube clips that follows 3 traders, 1 in HK, 1 in London and 1 in NY, as they trade over a $billion in one day to make $100,000 profit.

Forex trading in the '80s

Thank fcuk for charts and having the ability to buy or sell with the click of a mouse button... LOL

Enjoy!
  • #457,000
  • Jun 7, 2011 5:55pm Jun 7, 2011 5:55pm
I thought Berny will say something about it.
http://www.eutimes.net/2011/05/russi...-gold-is-gone/
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