Good move mla. A bit tight but good nonetheless.
Scalp away my friend.
PT
In the next post I will show you were I missed 2 good entries
mla
"The Heart is the hub of all dances; go there and chill out"
14 Year Old Forex Trader's Lessons
- #902
- Sep 28, 2011 6:49am Sep 28, 2011 6:49am
- | Membership Revoked | Joined Aug 2011 | 2,325 Posts
"The Heart is the hub of all dances; go there and chill out"
- #903
- Sep 28, 2011 6:56am Sep 28, 2011 6:56am
- | Membership Revoked | Joined Aug 2011 | 2,325 Posts
"The Heart is the hub of all dances; go there and chill out"
- #904
- Sep 28, 2011 6:57am Sep 28, 2011 6:57am
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
First: She breaks the bearish TL, pull back towards it and forms a reversal pattern.
Second: For the first time she gapped down the 20 ema (the high is below the MA) and taps for the 3rd time the bullish TL.
Only a novice like me can miss those trades. C'est la Vie.
mla
Those who say it cannot be done should not interrupt those who are doing it
- #905
- Edited 7:22am Sep 28, 2011 7:10am | Edited 7:22am
- | Membership Revoked | Joined Aug 2011 | 2,325 Posts
Don't worry if you leave some crumbs behind. The market will always bake more bread.
mla
"The Heart is the hub of all dances; go there and chill out"
- #907
- Sep 28, 2011 7:48am Sep 28, 2011 7:48am
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
Those who say it cannot be done should not interrupt those who are doing it
- #908
- Sep 28, 2011 8:41am Sep 28, 2011 8:41am
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
Well it's been an interesting week so far.
We have reached the low end of our target zone and I expect a further push up into the zone (blue shaded area on the chart) between a now slightly expanded range of 1.3645 to 1.3730.
Yesterday I said that I would take a short at 1.3700 area upon reversal confirmation. Let's see how that works out today. As long as price now stays above the rising trend line formed this week, the up move is not over yet and at the very least, even if it does not push up to the upper limit of the zone, I expect some ranging within the limits later today or tomorrow. This of course barring any market moving news that may be released before the weekend.
As I mentioned in my very first analysis in Post #2 of the EurAnalysis thread, I expect the continuation of the H4 (and above) downtrend to take place in the monthly October candle (nothing is a straight line in this business)
Therefore, I am waiting for a few penetrations of the falling channel resistance line to see how much supply is waiting in the zone before deciding to open the short position. As we all know, anything can happen and we have to expect the unexpected. Although no matter what happens, I am still bearish on this pair, but it is still quite possible (as pointed out by Walb99 in post #87) of the EurAnalysis thread for the retrace to take us up quite a bit further, although I would set the upper limit at 1.3940 for a double top. The reason I feel it is possible is that it is still Wednesday and we still have 2 more days of volatility. However, as possible as it is, I do not see how it will make it that far considering the amount of supply waiting in the low to mid 1.37xx area. This is something we will have to wait and see. Remember, always be nimble.
Peace.
We have reached the low end of our target zone and I expect a further push up into the zone (blue shaded area on the chart) between a now slightly expanded range of 1.3645 to 1.3730.
Yesterday I said that I would take a short at 1.3700 area upon reversal confirmation. Let's see how that works out today. As long as price now stays above the rising trend line formed this week, the up move is not over yet and at the very least, even if it does not push up to the upper limit of the zone, I expect some ranging within the limits later today or tomorrow. This of course barring any market moving news that may be released before the weekend.
As I mentioned in my very first analysis in Post #2 of the EurAnalysis thread, I expect the continuation of the H4 (and above) downtrend to take place in the monthly October candle (nothing is a straight line in this business)
Therefore, I am waiting for a few penetrations of the falling channel resistance line to see how much supply is waiting in the zone before deciding to open the short position. As we all know, anything can happen and we have to expect the unexpected. Although no matter what happens, I am still bearish on this pair, but it is still quite possible (as pointed out by Walb99 in post #87) of the EurAnalysis thread for the retrace to take us up quite a bit further, although I would set the upper limit at 1.3940 for a double top. The reason I feel it is possible is that it is still Wednesday and we still have 2 more days of volatility. However, as possible as it is, I do not see how it will make it that far considering the amount of supply waiting in the low to mid 1.37xx area. This is something we will have to wait and see. Remember, always be nimble.
Peace.
Those who say it cannot be done should not interrupt those who are doing it
- #910
- Sep 28, 2011 10:39am Sep 28, 2011 10:39am
- Joined Aug 2011 | Status: Trader | 10,724 Posts
Have I got something on my face, SOLDIER?
- #911
- Sep 28, 2011 10:56am Sep 28, 2011 10:56am
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
Those who say it cannot be done should not interrupt those who are doing it
- #912
- Sep 28, 2011 11:09am Sep 28, 2011 11:09am
- Joined Aug 2011 | Status: Trader | 10,724 Posts
Have I got something on my face, SOLDIER?
- #913
- Sep 28, 2011 11:09am Sep 28, 2011 11:09am
- Joined Aug 2011 | Status: Trader | 10,724 Posts
Buma,
If you look at the H1 chart, between yesterday's high and today's high, followed by the latest move down, we have created a cup and handle pattern. Bullish continuation on break of yesterday's high.
Although, the handle is a bit deep but that's how it's drawn during volatile times so I still think it is valid.
Let's see how it works out.
just make sure it doesnt go the OTHER way.
Have I got something on my face, SOLDIER?
- #914
- Sep 28, 2011 11:13am Sep 28, 2011 11:13am
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
Convergence is one of the trader's best tools.
just make sure it doesnt go the OTHER way.
Those who say it cannot be done should not interrupt those who are doing it
- #915
- Sep 28, 2011 11:25am Sep 28, 2011 11:25am
- Joined Aug 2011 | Status: Trader | 10,724 Posts
until such time as this week's rising trend line is broken, I am not ready to short until we get through month end. The big move down is not coming until the October monthly candle.
im skeptical, how can you KNOW somethign might happen?
Have I got something on my face, SOLDIER?
- #916
- Sep 28, 2011 11:25am Sep 28, 2011 11:25am
- Joined Aug 2011 | Status: Trader | 10,724 Posts
until such time as this week's rising trend line is broken, I am not ready to short until we get through month end. The big move down is not coming until the October monthly candle.
im skeptical, how can you KNOW somethigs gonna happen?
Have I got something on my face, SOLDIER?
- #917
- Sep 28, 2011 11:31am Sep 28, 2011 11:31am
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
...im skeptical, how can you KNOW somethigs gonna happen?
ADD: ... and a good understanding of market psychology.
Those who say it cannot be done should not interrupt those who are doing it
- #918
- Sep 28, 2011 11:48am Sep 28, 2011 11:48am
- Joined Aug 2011 | Status: Trader | 10,724 Posts
Heres my gold and silver shorts: i knew that the supply converged well with the ichi, and price action really shown how bulls just got rejected to recieve any higher highs. Rejection wicks, and big loss in momentum. That long accumulation of thsi whole damn day is worth the wait though
good neurosurgery here. Im geting used to this that i dont need to fill up my chart with stuff. only ichimoku gives somewhat sense of helping me determine direction, but its all in the head now. almost a habit
good neurosurgery here. Im geting used to this that i dont need to fill up my chart with stuff. only ichimoku gives somewhat sense of helping me determine direction, but its all in the head now. almost a habit
Have I got something on my face, SOLDIER?
- #919
- Sep 28, 2011 1:09pm Sep 28, 2011 1:09pm
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
I like to believe that "hindsight is 20/20" but sometimes I have to doubt even that saying.
A thought crossed my mind that perhaps I should have just accepted the 1.3689 high that slightly pierced the falling channel resistance as the entry point for my short position. However, we still have two days left in this month and week and nothing yet rules out the probability of hitting the zone (or higher) again.
Yes I know price has fallen below this week's rising trend line (no matter which points you use to draw it) and is probably heading lower, but I still believe we will get a bounce back up before the final plunge downwards.
Volume is lower right now and because the European equities sold off in the last hour of their trading session, it stands to reason that the US market (who are more nervous about Europe than the Europeans) would follow suit and sell off.
Besides, we didn't exactly get any good news from Europe today (not that I expected any, but come on, throw us a fake rumor at least)
So, we shall see what Asia starts us off with later. Until then, I am still sufficiently short the euro so if it keeps plunging down now, I'm in the money.
Those of you who have not shorted yet, I wouldn't recommend you jump in now. The goal is to sell the tops, not the bottoms.
Good night all.
Peace
A thought crossed my mind that perhaps I should have just accepted the 1.3689 high that slightly pierced the falling channel resistance as the entry point for my short position. However, we still have two days left in this month and week and nothing yet rules out the probability of hitting the zone (or higher) again.
Yes I know price has fallen below this week's rising trend line (no matter which points you use to draw it) and is probably heading lower, but I still believe we will get a bounce back up before the final plunge downwards.
Volume is lower right now and because the European equities sold off in the last hour of their trading session, it stands to reason that the US market (who are more nervous about Europe than the Europeans) would follow suit and sell off.
Besides, we didn't exactly get any good news from Europe today (not that I expected any, but come on, throw us a fake rumor at least)
So, we shall see what Asia starts us off with later. Until then, I am still sufficiently short the euro so if it keeps plunging down now, I'm in the money.
Those of you who have not shorted yet, I wouldn't recommend you jump in now. The goal is to sell the tops, not the bottoms.
Good night all.
Peace
Those who say it cannot be done should not interrupt those who are doing it
- #920
- Sep 28, 2011 1:33pm Sep 28, 2011 1:33pm
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
Those who say it cannot be done should not interrupt those who are doing it