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EURUSD

  • #539,981
  • Sep 19, 2011 11:20am Sep 19, 2011 11:20am
Quoting micho
you know USDJPY and USDCAD are pain in the ass, they're hard to trade lots of indecision and long wicks... also gold can be a bitch but overall a good bitch

EURUSD i guess is the most docile pair
usd/yen on a daily basis -- not enough movement during London time imo. best to play it during the asian open. post the tsunami it was one of my best trades this year (long usd ).
  • #539,982
  • Sep 19, 2011 11:21am Sep 19, 2011 11:21am
When EU dropped to 3600 and AU dropped to 0180, i was making the decision if i should long EU with 25 pips stop or long AU with 25 pips stop.. Then i decided to long AU..
EU moves up 80 pips now and AU only moves up 30 pips.. sigh...
w/e, i just place stop b/e and wait.
hope EU can move to 4020 then i will short..
  • #539,983
  • Sep 19, 2011 11:22am Sep 19, 2011 11:22am
Quoting free4440273
what explains this late day pump ? China to buy Greek bonds this time ?
it is 2am there i think they are sleeping.....
  • #539,984
  • Sep 19, 2011 11:22am Sep 19, 2011 11:22am
Spinning top @ S3 after 2 climax high bars on 5min, just trying a quick scalp short myself
  • #539,985
  • Sep 19, 2011 11:23am Sep 19, 2011 11:23am
Quoting Yuchen
When EU dropped to 3600 and AU dropped to 0180, i was making the decision if i should long EU with 25 pips stop or long AU with 25 pips stop.. Then i decided to long AU..
EU moves up 80 pips now and AU only moves up 30 pips.. sigh...
w/e, i just place stop b/e and wait.
hope EU can move to 4020 then i will short..
When life gives you lemons, make lemonade
  • #539,986
  • Sep 19, 2011 11:24am Sep 19, 2011 11:24am
Quoting Robertk
Spinning top @ S3 after 2 climax high bars on 5min, just trying a quick scalp short myself
euro next target 1.3694
When life gives you lemons, make lemonade
  • #539,987
  • Sep 19, 2011 11:27am Sep 19, 2011 11:27am
The raise was due Dowjones rally. Nothing about EU.
  • #539,988
  • Sep 19, 2011 11:27am Sep 19, 2011 11:27am
Quoting Yuchen
When EU dropped to 3600 and AU dropped to 0180, i was making the decision if i should long EU with 25 pips stop or long AU with 25 pips stop.. Then i decided to long AU..
EU moves up 80 pips now and AU only moves up 30 pips.. sigh...
w/e, i just place stop b/e and wait.
hope EU can move to 4020 then i will short..
i will buy AUDUSD again if it goes back to 1.0185 stop loss 14 pips, target 50 pips up
When life gives you lemons, make lemonade
  • #539,989
  • Sep 19, 2011 11:33am Sep 19, 2011 11:33am
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd_m15_19.09.11.jpg Size: 207 KB
  • #539,990
  • Sep 19, 2011 11:34am Sep 19, 2011 11:34am
I am looking at the two moving averges above the present candle and the maximum the top HZ LINE. Right now closing the gap and is it sustainable .
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 31 KB
  • #539,991
  • Sep 19, 2011 11:34am Sep 19, 2011 11:34am
Quoting free4440273
what explains this late day pump ? China to buy Greek bonds this time ?
I'd rather say - technical anal
  • #539,992
  • Sep 19, 2011 11:36am Sep 19, 2011 11:36am
Quote
What do I look for when studying price action? I hear this a lot and it leaves me wondering...please help

misa77,

"So, exactly what purpose do charts actually serve

Charts are a record of where prices have been. At any given time a chart reflects the opinions of all market participants who have acted upon their opinions by buying or selling commodity contracts, foreign exchange pairs, stocks, ETFs, debt instruments, etc. Charts are maps of where markets have been. Over time a bar chart reflecting this buying and sell may form a recognizable geometric configuration. These geometric patterns can be useful for trading … to a point.

A chart is NOT predictive. Some people believe that if they could only study a chart hard enough, and in the right way, they would be able to determine what a market will do. NOT! I do not want you to miss this next point: Charts do not provide a prediction, they provide a possibility! Sorry, but that is the function of a chart.



A chart provides a trader with an edge. Exploiting an edge is how a trader makes money. I am attracted to classical charting for two reasons. Chart patterns:

  1. Provide me with clue for what is possible
  2. Offer – at least some times – an opportunity to construct an enormously asymmetrical reward to risk trading event

Technical analysis, including chart analysis, has earned voodoo reputation. It deserves this reputation. The reason is that technical analysts go on record with market predictions based on their analysis. Most of these market predictions are wrong. Of course, sometimes the predictions are wrong because patterns fail. Sometimes they are wrong because the chart misreads his or her chart. Now fundamental analysts are wrong just as often, but their methods do not earn voodoo status – this is a subject for another day.



There are five primary things you need to understand about charting.

  1. Most chart formations fail and morph into other patterns, which in turn fail and morph again.
  2. Charting cannot be used to understand a given market all the time.
  3. Major moves can occur without any clue from the charts.
  4. Charts are not predictive. They are a map of where markets have been, not a map of where they are going.
  5. Charts are a trading tool – and when used as a trading tool charts serve a wonderful purpose.

There are times when a chart morphs, morphs, morphs and keeps on morphing until a huge, no-question-about it pattern emerges. Then I get excited. It is at this point when the outcome of a market becomes a real possibility (not predictive).

When a chart pattern provides a real possibility along with a set up consistent with an overwhelmingly favorable reward to risk profile, then I become really interested."

That was Peter Brandt, one of the greats.

Good luck.

Khalid

  • #539,993
  • Sep 19, 2011 11:37am Sep 19, 2011 11:37am
Quoting micho
i will buy AUDUSD again if it goes back to 1.0185 stop loss 14 pips, target 50 pips up
so orange boy, why do you always use very small stop, do you trade based on 1 min chart ?
  • #539,994
  • Sep 19, 2011 11:40am Sep 19, 2011 11:40am
Quoting micho
euro next target 1.3694
Most likely yes, I scored an incredible 4 pips nonetheless
  • #539,995
  • Sep 19, 2011 11:41am Sep 19, 2011 11:41am
Quoting Yuchen
so orange boy, why do you always use very small stop, do you trade based on 1 min chart ?
cause i'd like to take it in the best price... otherwise the risk will be bigger

lol @ orange boy

Inserted Video
When life gives you lemons, make lemonade
  • #539,996
  • Sep 19, 2011 11:42am Sep 19, 2011 11:42am
In my opinion 1.3720 - 1.3743 is area ceiling for today, if we get there i will contemplate short with tight sl - let us see tough...
  • #539,997
  • Sep 19, 2011 11:44am Sep 19, 2011 11:44am
Quoting johnnyrei
In my opinion 1.3720 - 1.3743 is area ceiling for today, if we get there i will contemplate short with tight sl - let us see tough...
That range is out of question. Eu will close red today, there is no hope about Greece. and some insiders already starting placing the shorts.
  • #539,998
  • Sep 19, 2011 11:47am Sep 19, 2011 11:47am
1.434 in the next month? who knows...

haven't been able to be around but i thought of posting this just to make you guys aware that parity could be next and then so could 1.5 LOL

red circle is the false break of the bottom of the flag and today's green circle is the retest. below todays low and this plan invalidates.

i don't trade longer tf but i'll keep this in mind while i daytrade this baby.

180 pips green so far ( 4 pairs couple of positions per pair) taking into account i lost around 230 in the morning (thought it would take a couple of days to retest and not already today).

green pips

WBR
Attached Image (click to enlarge)
Click to Enlarge Name: eu 1.434.jpg Size: 105 KB
dreams do come true.
  • #539,999
  • Sep 19, 2011 11:48am Sep 19, 2011 11:48am
teflon euro -- so true. this crap should really be at 1.20 by now ! and yet, it's so resilient ...
  • #540,000
  • Sep 19, 2011 11:52am Sep 19, 2011 11:52am
if I was an insider, I'd let to close this super-annoying gap before any further downward movement...
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