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  • #532,241
  • Aug 29, 2011 6:21pm Aug 29, 2011 6:21pm
Quoting petehnm
i wouldn't expect to see those ranges until frankie and london sessions....if i can continue scalping i'd like to see it go up to 1.4550 range then go down to the 1.4500 area to re enter for a long up to the 1.4560-80 range....
Yes, I scalp to until one breaks, was expect asia to move things yesterday, was like pulling teeth, would have done ok scalping, all levels held enough to scalp, but was trying to build a position, so today like you will scalp and reassess London, present, euro is ugliest of 2 sisters, floating on bloody air, just wait till she realise she a brick and I be tied to her back until then just chase coins

Happy pip hunting bro trade safe
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  • #532,242
  • Aug 29, 2011 6:22pm Aug 29, 2011 6:22pm
Quoting chazzle
what about the moment you enter a trade?
When a pro enters a trade he is just playing the odds, just like a professional Black Jack player at the casino.

But the minute the market hits his stop the bet is no longer valid and he quickly exits the trade and even reverses the position. That kind of trader never marries a position.

On the other hand if the trader has any preconceived idea about the direction of a currency he will stubbornly stick to his losing position just to teach the market a "lesson".

And before he knows it he ends up with a 700 pip loss (instead of 50 pips).
  • #532,243
  • Aug 29, 2011 6:27pm Aug 29, 2011 6:27pm
Quoting Mr Breakout
We all have our own trading style of course but in my opinion having ANY preconceived bias about the direction of the market is a dangerous thing for a trader.
I hear ya, but dont agree

I have a preconcieved bias to sell, its all I do, I wait triggers, drivers, S&R etc and enter sell, trader must have confidence where market is go, otherwise they silly to enter, however I do hear ya, never marry a postion, fight pa, add loser etc you correct, so maybe we both right
If you are new to Forex? Say Goodbye to your account!!
  • #532,244
  • Aug 29, 2011 6:27pm Aug 29, 2011 6:27pm
Quoting KiwiTrada
Yes, I scalp to until one breaks, was expect asia to move things yesterday, was like pulling teeth, would have done ok scalping, all levels held enough to scalp, but was trying to build a position, so today like you will scalp and reassess London, present, euro is ugliest of 2 sisters, floating on bloody air, just wait till she realise she a brick and I be tied to her back until then just chase coins

Happy pip hunting bro trade safe
.....same to you brother good hunting......I'm hoping to rider her down hard when she falls(whenever that my be?...)
  • #532,245
  • Aug 29, 2011 6:31pm Aug 29, 2011 6:31pm
Quoting mario83
Well its not regular head shoulders but might be evil pip monster pattern that its forming!



Anyways, you kinda bearish to buy cheap at 4465? Hold my thumbs for this level, otherwise i need to cut my losses.
Don't worry, the euro has moved 250 pips higher since Friday, so the long must be itching to cash in their profits now, at least partially
  • #532,246
  • Aug 29, 2011 6:32pm Aug 29, 2011 6:32pm
Quoting Mr Breakout
When a pro enters a trade he is just playing the odds, just like a professional Black Jack player at the casino.

But the minute the market hits his stop the bet is no longer valid and he quickly exits the trade and even reverses the position. That kind of trader never marries a position.

On the other hand if the trader has any preconceived idea about the direction of a currency he will stubbornly stick to his losing position just to teach the market a "lesson".

And before he knows it he ends up with a 700 pip loss (instead of 50...
very well put my friend
Trade What You See Not What You Want To See
  • #532,247
  • Aug 29, 2011 6:35pm Aug 29, 2011 6:35pm
Quoting Mr Breakout
Don't worry, the euro has moved 250 pips higher since Friday, so the long must be itching to cash in their profits now, at least partially

what's up Breakout...I agree...that's a good profit to be looking at...i'm just wondering how high they'll let the other part go.......
  • #532,248
  • Aug 29, 2011 6:37pm Aug 29, 2011 6:37pm
Quoting Mr Breakout

On the other hand if the trader has any preconceived idea about the direction of a currency he will stubbornly stick to his losing position just to teach the market a "lesson".

And before he knows it he ends up with a 700 pip loss (instead of 50 pips).
so what if the trader has a preconceived idea about direction and he is correct?Could he not stubbornly hold his position and end up with 700 pips profit (instead of 50 pips)?
  • #532,249
  • Aug 29, 2011 6:49pm Aug 29, 2011 6:49pm
Quoting chazzle
so what if the trader has a preconceived idea about direction and he is correct?Could he not stubbornly hold his position and end up with 700 pips profit (instead of 50 pips)?
Absolutely Chazzle, but unfortunately most traders do the exact opposite : They cut their profits short and let their losses run!

After only 50, 100 or 150 pip profit, most traders cash their chips out instead of milking the trend to its end. As a result, they leave 500 pips or more on the table.
  • #532,250
  • Aug 29, 2011 6:52pm Aug 29, 2011 6:52pm
Hi all, look for sell for short term
1M & 5M scalper. 1Malaysia..
  • #532,251
  • Aug 29, 2011 7:00pm Aug 29, 2011 7:00pm
Typically I use Fundamentals to give me a feel for the prevailing wind/trend and TA/PA for entry/exit based on the support/resistances, ranges etc.

The last few weeks has seen great volatility in this pair as two zones (US and Euro) who are both in a bind try to tackle their economic and debt woes. Indeed over the last month or so, good US data has led to Euro rallies as the broader global economic baromater has been of greater influence than US v European financial FA figures.

Friday being a great example. This week, with London been off and the US muted (thin volumes) we are to some extent recovering from the dizziness of 10 days of super volatile trading.

The fundamentals / current Euro Risks (Finland, Merkel and comments by Legrande) should be putting significant pressure on the Euro, however Bernankie's speech offered the market nothing new (probably wisely as QE1 and QE2 effects have already dissapaited).

So this week is probably best to wait for clear / clean breaks more on the TA/PA than anything else as rather than having a strong FA prevailing wind telling us that one is rising against the other, we are in a bit of a squall.

The first week of September, with Euro Finance decisions and US budgetary decisions looming I suspect will re-assert which of these two horribly battered enconomies is percieved as more in trouble than other.

In times like this however where both are hurting so much, it is the USD that will be percieved as the safe bet, as it is the US economy that will dictate the immediate global recovery/recession.

With Japan and Suissey both wanting their currency low and therefore NOT to be safe harbours it does open up the possibility of new safe Havens being selected (who wants to put their money is a safe haven that will be 'intervened all over').

I wonder if the Aussie (last affected by Gloabl Recession as it would require China to falter) or indeed the pound (somewhat isolated from direct Euro woe's) will become the new safe havens. Gold is the classic safe haven but has alot of bubble-theatre attached to it at the moment.

These are indeed interesting times.
  • #532,252
  • Aug 29, 2011 7:11pm Aug 29, 2011 7:11pm
Quoting AngelPips
Hi all, look for sell for short term
m5 chart now is still in bullish trend you can try to look there.

My chart levels:

4547 Monday high
4496 current short term support 23,6 fibo
4465 38,2 fibo and latest s/r level and mine TP for shorts

good luck everyone, going to sleep now and hoping E/U to hit my TP before i wake up

cheers!
  • #532,253
  • Aug 29, 2011 7:11pm Aug 29, 2011 7:11pm
Quoting chazzle
so what if the trader has a preconceived idea about direction and he is correct?Could he not stubbornly hold his position and end up with 700 pips profit (instead of 50 pips)?
Hey Chazzle

I dont wish spam forum but I think trader who lose 700 pips on trade a, has wierd mm, b, very deep pocket (not for long) c, no sl etc

They not trade long time, back to day job.
If you are new to Forex? Say Goodbye to your account!!
  • #532,254
  • Aug 29, 2011 7:15pm Aug 29, 2011 7:15pm
Quoting petehnm
what's up Breakout...I agree...that's a good profit to be looking at...i'm just wondering how high they'll let the other part go.......
That my friend is the million dollar question
  • #532,255
  • Aug 29, 2011 7:16pm Aug 29, 2011 7:16pm
Quoting Mr Breakout
That my friend is the million dollar question

amen....
  • #532,256
  • Aug 29, 2011 7:25pm Aug 29, 2011 7:25pm
Quoting petehnm
amen....
Quite frankly the Euro is weird right now, no specific trend, just a boring consolidation period going nowhere (at least for now), especially on the daily chart.

On the other hand, look at the AUD/JPY for example, pure nice up trend on the 1h, that's the kind of action/currency I like to follow and ride.
  • #532,257
  • Aug 29, 2011 7:28pm Aug 29, 2011 7:28pm
au and kiwi looking juicy for sell scalp, if anyone interested ?
If you are new to Forex? Say Goodbye to your account!!
  • #532,258
  • Aug 29, 2011 7:30pm Aug 29, 2011 7:30pm
hello all~~
lunch time here for me....

hows everyone going?
Patience, Emotion Control and Discipline.
  • #532,259
  • Aug 29, 2011 7:31pm Aug 29, 2011 7:31pm
Quoting Mr Breakout
Quite frankly the Euro is weird right now, no specific trend, just a boring consolidation period going nowhere (at least for now), especially on the daily chart.

On the other hand, look at the AUD/JPY for example, pure nice up trend on the 1h, that's the kind of action/currency I like to follow and ride.

I hear ya...but you got to admit it sure is fun when you catch the euro jamming up or down....
  • #532,260
  • Aug 29, 2011 7:31pm Aug 29, 2011 7:31pm
Quoting KiwiTrada
au and kiwi looking juicy for sell scalp, if anyone interested ?
they are always tempting...
but I will pass this time...
had tried twice on aussie last night....
1 failed 1 out+5....

any position on hand my friend??
Patience, Emotion Control and Discipline.
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