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  • #486,721
  • Jul 12, 2011 4:17am Jul 12, 2011 4:17am
Quoting aizazk
The fact that you know your limitations is a huge step forward towards success. Keep at it, you'll eventually learn to read the market better and be able to take these trades that are currently high risk to you.
I will learn it, its not rocket science, but its not an "easy cash" either. It takes a lot of time, a lot of patience, a lot of reading, and last but not least, a lot of mistakes. And I'm willing to give it all of those. I am now much better than I was 3 months ago when I opened my real account and I believe I'll keep getting better, as time and trades pass by.
And while E/U is still untradable for me, swissie is giving me fairly nice profit
  • #486,722
  • Jul 12, 2011 4:18am Jul 12, 2011 4:18am
Quoting freemen
More and more bears wake up
Bus drive down the hill kids get in ...
Next stop 1.3850
Sharp reversal from 3850 on russia buying euro...

Italian yields have come off... now EU is safe IMO...
  • #486,723
  • Jul 12, 2011 4:18am Jul 12, 2011 4:18am
Probably the most inteligent comments I've read here.
I took the best advice any one has ever given me from Cloggie, threw away all my indicators except 1, now trading purely on PA and candle patterns/formations.
Had my most profitable day ever yeserday (yes real money!!!) took just over 80 pips out of EU, if I'd had the courage/experiece could still be riding it down, but not complaining, at last I'm starting to make some money rather than losing it!!
Thanks again to all the traders here.

Quoting sintelion
I am analysing 1h/4h/1d charts, trading 1h, not aiming for smaller timeframes, and not calling tops/bottoms either. I'm usually waiting for a confirmed move and picking a proper entry TA based.

The thing is, since I am still a fairly "new" trader, I am trying to take the "safer" trades with confirmed direction and some decent r:r ratio, at least until I get better with "reading" the market and the FA. And selling a 500 pip no-retrace drop against a 3 month low just doesn't fit in that cathegory.

Judging those kind of moves takes much better...
  • #486,724
  • Jul 12, 2011 4:20am Jul 12, 2011 4:20am
Quoting DarkWolF
Looks like I might have got a bit lucky with this short on the NZD/JPY daily trade with the move that happened today.
well checking your daily chart you sold straight into major demand^^
Hero calls followed by margin calls...
  • #486,725
  • Jul 12, 2011 4:24am Jul 12, 2011 4:24am
watching 62/77 above now...
Attached Image
Look Sharp/Trade Tight
  • #486,726
  • Jul 12, 2011 4:27am Jul 12, 2011 4:27am
Quoting PayTheLimit
watching 62/77 above now...
Expect a squeeze
Attached Image (click to enlarge)
Click to Enlarge Name: squeeze.jpg Size: 128 KB
  • #486,727
  • Jul 12, 2011 4:28am Jul 12, 2011 4:28am
Quoting ultra_knight
Sharp reversal from 3850 on russia buying euro...

Italian yields have come off... now EU is safe IMO...
Where you get this information???
Once scalper always scalper
  • #486,728
  • Jul 12, 2011 4:29am Jul 12, 2011 4:29am
Quoting PhAnTi'
well checking your daily chart you sold straight into major demand^^
Potentially, and if I was at my PC when it happned I probably would have but unfortunately I was still at work
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #486,729
  • Jul 12, 2011 4:29am Jul 12, 2011 4:29am
Quite a bit of consolidation at 3950, maybe some bears might reload here..
Anything can happen.
  • #486,730
  • Jul 12, 2011 4:30am Jul 12, 2011 4:30am
Quoting ddinnov
Quite a bit of consolidation at 3950, maybe some bears might reload here..
decision point
  • #486,731
  • Jul 12, 2011 4:31am Jul 12, 2011 4:31am
Quoting ultra_knight
Sharp reversal from 3850 on russia buying euro...

Italian yields have come off... now EU is safe IMO...
Believe me I know russians this is TRAP.
They buy a bit and will sell a much more.
Once scalper always scalper
  • #486,732
  • Jul 12, 2011 4:33am Jul 12, 2011 4:33am
Quoting Traderji
I think a retest of the extreme on H4 is likely given the momentum preceding.
Quoting aizazk
It's possible - but I'm flat good luck if you're in a position.
I got into a long off of that H4 pin bar, saw bullish follow through. Let's see where this leads too from here.
Trends, breakouts, price action.
  • #486,733
  • Jul 12, 2011 4:36am Jul 12, 2011 4:36am
Quoting PayTheLimit
watching 62/77 above now...
got lucky and sold some 61's...sl's tight, dont know what I'll play for, would like 17...well see how the hour closes...
Attached Image
Look Sharp/Trade Tight
  • #486,734
  • Jul 12, 2011 4:36am Jul 12, 2011 4:36am
Quoting PayTheLimit
watching 62/77 above now...
same here..I have 73....
Patience, Emotion Control and Discipline.
  • #486,735
  • Jul 12, 2011 4:36am Jul 12, 2011 4:36am
Quoting freemen
Believe me I know russians this is TRAP.
They buy a bit and will sell a much more.
  • #486,736
  • Jul 12, 2011 4:37am Jul 12, 2011 4:37am
1.5000 before 2.5000 !!!!!!!
  • #486,737
  • Jul 12, 2011 4:37am Jul 12, 2011 4:37am
Still respecting my levels...
Attached Image (click to enlarge)
Click to Enlarge Name: eurus3333.gif Size: 45 KB
  • #486,738
  • Jul 12, 2011 4:37am Jul 12, 2011 4:37am
Some very good and insightful comments here thanks
I currently have a short open from 1.3860 and was hoping to close it at like 20-30 pips below.
But seeing the latest movement (it's now like 100 pips above) I'm highly doubting if it will get this level again today or tomorrow, I don't want to risk too much.
Any input on this one? What do you guys expect? Should I take the loss and wait and see or do you think it's safe to keep it open?
  • #486,739
  • Jul 12, 2011 4:38am Jul 12, 2011 4:38am
pin bar forming on 15 minute off 1.3950 previous support...
Anything can happen.
  • #486,740
  • Jul 12, 2011 4:40am Jul 12, 2011 4:40am
Quoting freemen
Believe me I know russians this is TRAP.
They buy a bit and will sell a much more.
3850 is also the target of triangular breakout... So technically also its a very strong support for EURO..

When you see such sharp reversal... never fight market...
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