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EURUSD

  • #568,321
  • Nov 30, 2011 9:16pm Nov 30, 2011 9:16pm
Quoting fxjawn
sometimes the aussie acts better than the euro...

these are my favorite setups... a retest of the daily high going into asia after a huge run up. fade it.... always good for a few...

reason i posted it here is it is sometimes good to monitor the aussie on moves like these bc the aussie will usually tend to retreat faster off the high

they euro just kind of slowly came off the high from earlier today without a retest of the high so the setup was not there on that pair...
out of 3 of the 4 trades at 191.... +84, +78, +70 closed the short from 282 ill hang on to
  • #568,322
  • Nov 30, 2011 9:17pm Nov 30, 2011 9:17pm
Have you ever seen the Currency market trade so flat the last 9 hours?
Crazy
  • #568,323
  • Nov 30, 2011 9:38pm Nov 30, 2011 9:38pm
Quoting JTattheRanch
Have you ever seen the Currency market trade so flat the last 9 hours?
Crazy
seen 2 months flat.
  • #568,324
  • Nov 30, 2011 9:39pm Nov 30, 2011 9:39pm
back to trading desk
Trade responsiblypatience is the key/Swing trader
  • #568,325
  • Nov 30, 2011 9:48pm Nov 30, 2011 9:48pm
Quoting Zero-Sum
What I don't understand reading this forum(s) is that a lot of traders don't start out with the basic strategies, just like anything else, you have to build up and fine tune what you do.

look at daily/4H, mark the high's and lows, put some trendlines from those highs and lows {even on weekly chart} and put in sell orders below the highs and Buy orders above the lows with SL's on the opposite side/maybe around the next high or low.
yeah alot of people dont know the basics but thats fine with me... it keeps the losing rate high which is good

(i dont agree about trendlines and highs/lows... i dont think they are relevant or useful also dont agree on stop losses, you can instead close your losing trade and reverse on signal... stop loss is for noobs if not used and tested with a mechanical system)
When life gives you lemons, make lemonade
  • #568,326
  • Nov 30, 2011 9:57pm Nov 30, 2011 9:57pm
Quoting micho
stop loss is for noobs
absolutely.
Attached Image
  • #568,327
  • Nov 30, 2011 10:00pm Nov 30, 2011 10:00pm
i was long the audusd today so i made a quick 200 pips in 5 minutes; however, i wouldnt have wanted to be short at 8am EST without a stop loss and being highly leverage... it would have been very painful (unless you are trading small lots and plan for 200-300 losses.

for instance (i trade for on the side - not my day job; currently i am long the audusd with 10 mini lots with only 2500 balance in my account ... i do that with a very small stop until i can get my stop lost at break even - now i am up 250 bucks which is about 10% profit - very nice; however, if something bad were to happen i would break-even; not get wiped out)

now if i was trading the same 2500 account trading 1 micro lot; then yes, i could sustain a 200-500 pip loss and still be okay. it is how you trade (note: most of the time trade less leveraged; then i use a 100 pip stop)

to say that stops are for noobies; sends the wrong message to the noobies; and could cause them to trade without stops and get wiped out.

Originally Posted by micho http://www.forexfactory.com/images/buttons/viewpost.gif
stop loss is for noobs


Quoting pkimnyc
absolutely.
  • #568,328
  • Nov 30, 2011 10:03pm Nov 30, 2011 10:03pm
Quoting micho
yeah alot of people dont know the basics but thats fine with me... it keeps the losing rate high which is good

(i dont agree about trendlines and highs/lows... i dont think they are relevant or useful also dont agree on stop losses, you can instead close your losing trade and reverse on signal... stop loss is for noobs if not used and tested with a mechanical system)
I trade these #s from Daily ( Highs and Lows ) with Tls and channels on h4 and entries from 5 min .

Works like a charm
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 283 h4 11-30-11 levels to watch.gif Size: 30 KB
Click to Enlarge Name: 271 h4 levels to watch 11-17-11.gif Size: 31 KB
The finest tool in the world still needs a MAN who KNOWS how to use it.
  • #568,329
  • Nov 30, 2011 10:07pm Nov 30, 2011 10:07pm
8 hrs consolidation between 1.3450-1.3470. looks like many shorts are pilled up for this bullet train to derail. bring on europe.
  • #568,330
  • Nov 30, 2011 10:09pm Nov 30, 2011 10:09pm
unless the big banks intervene again - eurusd should be in the 1.20s but the banks keep bailing them out.

we may see 3500-3800 before it drops again.

Quoting Nachiket
8 hrs consolidation between 1.3450-1.3470. looks like many shorts are pilled up for this bullet train to derail. bring on europe.
  • #568,331
  • Nov 30, 2011 10:12pm Nov 30, 2011 10:12pm
Quoting mpurdy1973
unless the big banks intervene again - eurusd should be in the 1.20s but the banks keep bailing them out.

we may see 3500-3800 before it drops again.
thats not much another 50 pips u are talking abt. thats very much possible. this reminds me of the 400 pip rally we had in october. 2 days after that rally we were 400 pips down.
  • #568,332
  • Nov 30, 2011 10:14pm Nov 30, 2011 10:14pm
Quoting Zero-Sum
but for me it is the most consistent there is.
in the end, that's all that matters.
  • #568,333
  • Nov 30, 2011 10:28pm Nov 30, 2011 10:28pm
Quoting micho
yeah alot of people dont know the basics but thats fine with me... it keeps the losing rate high which is good

(i dont agree about trendlines and highs/lows... i dont think they are relevant or useful also dont agree on stop losses, you can instead close your losing trade and reverse on signal... stop loss is for noobs if not used and tested with a mechanical system)
i still think stop loss is better just in case of some extraordinary events happend like yesterday.
  • #568,334
  • Nov 30, 2011 10:31pm Nov 30, 2011 10:31pm
Quoting Yuchen
i still think stop loss is better just in case of some extraordinary events happend like yesterday.
Yep. Stops n targets are a must. Then again... I'm a noob.
  • #568,335
  • Nov 30, 2011 10:33pm Nov 30, 2011 10:33pm
Quoting Yuchen
i still think stop loss is better just in case of some extraordinary events happend like yesterday.
what happened yesterday? i told you EURUSD is long 2 days ago... there is nothing extraordinary
When life gives you lemons, make lemonade
  • #568,336
  • Nov 30, 2011 10:38pm Nov 30, 2011 10:38pm
Quoting micho
what happened yesterday? i told you EURUSD is long 2 days ago... there is nothing extraordinary
what do you think for today?
  • #568,337
  • Nov 30, 2011 10:43pm Nov 30, 2011 10:43pm
Quoting amir_mehdi
what do you think for today?
dont know, but it should touch 1.38xx in the next few days until further notice
When life gives you lemons, make lemonade
  • #568,338
  • Nov 30, 2011 10:48pm Nov 30, 2011 10:48pm
today maybe i will short USDCHF later
When life gives you lemons, make lemonade
  • #568,339
  • Nov 30, 2011 10:59pm Nov 30, 2011 10:59pm
Today I'll look for a decent retest of to the 3420-40 area before building some longs on the way up in regards to yesterday's events
  • #568,340
  • Nov 30, 2011 11:27pm Nov 30, 2011 11:27pm
http://www.forexfactory.com/attachme...3&d=1322611768

Looks like my Corrective wave A got hit.
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