Those who say it cannot be done should not interrupt those who are doing it
- #541
- Oct 4, 2011 8:37am Oct 4, 2011 8:37am
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
We finally have a nice correction forming and it has come a long way up in just one hour.
However, I am waiting as I don't think the correction is done yet. Even if it is, it is still too expensive for me to go short again quite yet.
Here's my updated H1 analysis chart with a new sell zone.
I have moved my sell limit down to 1.3350 from 1.3500
.
Short Euro and remaining that way. That's just the way it is !
- #543
- Oct 4, 2011 8:41am Oct 4, 2011 8:41am
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
I bet you are right in the longer term but with the MA strategy I'm using I took the trade with a 12 pip SL. Taken some off at +20 and the rest B/E+3. A few dollars in the pot....
Those who say it cannot be done should not interrupt those who are doing it
- #545
- Oct 4, 2011 9:26am Oct 4, 2011 9:26am
- Joined Feb 2006 | Status: Trader | 2,228 Posts
The 1.3200 level printed & 1.3300 has been hit & printed, but I am not ready to get short just yet. When 1.3325 proves to be solid resistance, then I will become much more interested in more shorts. 
PipTrapper & PipKiller.......nice informative post fellows....keep them coming.
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PipTrapper & PipKiller.......nice informative post fellows....keep them coming.
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- #546
- Oct 4, 2011 10:02am Oct 4, 2011 10:02am
- Joined Jul 2008 | Status: "Not all information is beneficial. | 1,724 Posts
Here is chart at present and sentiment
I will get in if the lower time frames speak in my ear!
I will get in if the lower time frames speak in my ear!
- #547
- Edited 12:44pm Oct 4, 2011 10:34am | Edited 12:44pm
- Joined Sep 2011 | Status: I make Rambo look like a boy scout. | 1,472 Posts
My pleasure Ace, it's all about understanding the big picture and how you decide to use it.
Finally got a cheap ticket to ride and following it a bit with trendline, Bollinger band 20ema mean line and technical supply levels.
I dug down into the 2 minute chart and could see it stalling around the 1.3310
Short @ 1.3302
Original SL @ 1.3322
SL now moved down to 1.3279
Targeting 1.3185
Worst case I get taken out for a 1:1 R/R profit now.
Update: Moved SL down to next technical level at 1.3268
Update 2: SL now moved just above next technical level on 2 min to 1.3262 worst case I make a 2:1 profit to risk. If this level holds I'll give her a little more rope to run.
Final update to this post. Trailed SL hit @ 1.3262 for 40 pip gain 2:1 reward to initial risk following with short term technical supply demand levels. Overall up 3.5% today after getting run over buy a bus on Eur/Gbp cross short and a small position on a so so Eur$ supply level short trade I tried earlier and taking profit too early on a Euf/Chf and a $Yen longs I placed last night. Overall, not a bad day, made a couple bad choices, kept a level head and managed the risk to small losses and came out ahead.
Time to sit on my hands and see if this rally has any teeth to get into a couple supply areas I'm watching on the 30 min I posted earlier today.
Finally got a cheap ticket to ride and following it a bit with trendline, Bollinger band 20ema mean line and technical supply levels.
I dug down into the 2 minute chart and could see it stalling around the 1.3310
Short @ 1.3302
Original SL @ 1.3322
SL now moved down to 1.3279
Targeting 1.3185
Worst case I get taken out for a 1:1 R/R profit now.
Inserted Video
Update: Moved SL down to next technical level at 1.3268
Update 2: SL now moved just above next technical level on 2 min to 1.3262 worst case I make a 2:1 profit to risk. If this level holds I'll give her a little more rope to run.
Final update to this post. Trailed SL hit @ 1.3262 for 40 pip gain 2:1 reward to initial risk following with short term technical supply demand levels. Overall up 3.5% today after getting run over buy a bus on Eur/Gbp cross short and a small position on a so so Eur$ supply level short trade I tried earlier and taking profit too early on a Euf/Chf and a $Yen longs I placed last night. Overall, not a bad day, made a couple bad choices, kept a level head and managed the risk to small losses and came out ahead.
Time to sit on my hands and see if this rally has any teeth to get into a couple supply areas I'm watching on the 30 min I posted earlier today.
I don't care which way the market is going as long as it's going my way
- #549
- Oct 4, 2011 10:43am Oct 4, 2011 10:43am
- 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
- #550
- Oct 4, 2011 10:52am Oct 4, 2011 10:52am
- 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
- #551
- Oct 4, 2011 11:01am Oct 4, 2011 11:01am
- Joined Sep 2011 | Status: I make Rambo look like a boy scout. | 1,472 Posts
I don't care which way the market is going as long as it's going my way
- #552
- Oct 4, 2011 12:05pm Oct 4, 2011 12:05pm
- Joined Sep 2011 | Status: I make Rambo look like a boy scout. | 1,472 Posts
I don't care which way the market is going as long as it's going my way
- #556
- Oct 4, 2011 1:05pm Oct 4, 2011 1:05pm
- Joined Sep 2011 | Status: I make Rambo look like a boy scout. | 1,472 Posts
I don't care which way the market is going as long as it's going my way
- #558
- Oct 4, 2011 1:13pm Oct 4, 2011 1:13pm
- Joined Sep 2011 | Status: I make Rambo look like a boy scout. | 1,472 Posts
I hope everyone else profited from that bounce couldnt have asked for a better one lovely bit of pocket money made in the last 45mins now to await the next shorting position lets hope this correction is as short lived as last weeks one! I.e Lets hope a rate cut is on Trichet's cards!
I don't care which way the market is going as long as it's going my way
- #559
- Oct 4, 2011 1:41pm Oct 4, 2011 1:41pm
- Joined Feb 2006 | Status: Trader | 2,228 Posts
I did not get onboard the northbound train.....decide to stay out for now, but the southbound train looks inviting.
