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EURUSD

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#589,621
Jan 29, 2012 6:33pm Jan 29, 2012 6:33pm

Schnitzel
| Joined Jan 2012 | Status: be smart, look at the chart | 61 Posts

I will not trade against the trend, so I'm looking for a long order at around 1.3150, price should go to 1.31 maximal. If it goes below 1.3076, it would make a lower low and break the trendline, which would confirm a reversal.
No profittarget yet, although 1.3240-1.3270 will become an interesting resistance area and possible take profit area.

http://s7.directupload.net/images/120130/8favn787.gif

#589,622
Jan 29, 2012 6:34pm Jan 29, 2012 6:34pm

MidasFX
| Joined Mar 2010 | Status: Mad Scientist | 409 Posts

Excellent first 2 trades of the week. :-)

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explanation of the indicators -
pivots help define a breakout ( or range ) entries and exits.
OsMa helps detect pressure ( all indicators lag, but to give you an idea of pressure helps me. )

As we see on the charts, break of swing lows, target is next area of resistance. only entering short due to build up of negative "pressure" on the OsMa.

#589,623
Jan 29, 2012 6:37pm Jan 29, 2012 6:37pm

MidasFX
| Joined Mar 2010 | Status: Mad Scientist | 409 Posts

Quoting attila

Disliked

Sometimes I play the break sometimes not, depending on what the price was doing just BEFORE the push..

Ignored

@ Mario83

Check out this article, it may help you, as it helped me. It talks about watching the formation of candles to detect if a candle is going to breakout of a range.

http://www.forexstreet.net/profiles/...breakouts-part

#589,624
Jan 29, 2012 6:39pm Jan 29, 2012 6:39pm

Arhs99
| Joined Nov 2011 | Status: Trader | 106 Posts

I'm not convinced to go short yet, fwiw it could be stop hunting at 3200
My bias is still long but staying away atm

#589,625
Jan 29, 2012 6:43pm Jan 29, 2012 6:43pm

mario83
| Joined Oct 2010 | Status: Trader | 339 Posts

Quoting attila

Disliked

There is not much to it. I don't know of a particular thread... You can see them on your chart... I pay particular attention to their middle. Of course there's not one particular secret. There is no secret actually as I exercise A LOT of discretion when to enter/exit a trade... In general I look for candles formations at the ranges' edges. Sometimes I play the break sometimes not, depending on what the price was doing just BEFORE the push..

Ignored

Makes sense to me thank you for explanation. So for example today on EuroDollar we had H&S on m15 and as it was on the top of range from 1.3090 to 1.3225 it might give us 1.3150-60-70 area for good place to buy and stay with main trend? 50% retracement of last range. am i getting in correct? What TF do you look for candle patterns? I try no to use anything smaller than H1 but sometimes i look on m15 on the top especially for pinbars or evening star formations.

thanks

@MidasFX - thanks for the link! I will study and try to use it.

PS: Regarding breakout i also liked this article: http://www.dailyfx.com/forex/educati...ng_Trades.html

#589,626
Jan 29, 2012 6:47pm Jan 29, 2012 6:47pm

TIckerShuffl
| Joined Nov 2007 | Status: Trader | 2,903 Posts

I covered shorts at a small loss. Can't go short after being long for so long. I will likely sit on sidelines for a while and wait for the obvious - no time to grind.

#589,627
Jan 29, 2012 6:54pm Jan 29, 2012 6:54pm

attila
| Membership Revoked | Joined Mar 2009 | 16,693 Posts

Hm... Not exactly that simple... take a look to the left to 12.12.2011 around 08:00 - 16:00 GMT. What happened there? drop a line there at 3232 (my friday target btw) and one at 3098. What did the price do between these two lately? The push to 3232 started at around 3098 for all intended purposes. 3098 was resistance pretty much from Dec 16 on... so once we move above it, 3232 was in site... So now I'm watching for a drop back for the price to check the low..and take it from there... Could very well turn around at 80(latest high taken) and continue up...

Quoting mario83

Disliked

Makes sense to me thank you for explanation. So for example today on EuroDollar we had H&S on m15 and as it was on the top of range from 1.3090 to 1.3225 it might give us 1.3150-60-70 area for good place to buy and stay with main trend? 50% retracement of last range. am i getting in correct? What TF do you look for candle patterns? I try no to use anything smaller than H1 but sometimes i look on m15 on the top especially for pinbars or evening star formations.

thanks

@MidasFX - thanks for the link! I will study and try to use it....

Ignored

#589,628
Jan 29, 2012 6:56pm Jan 29, 2012 6:56pm

Whiffles
| Joined Dec 2010 | Status: Trader | 4 Posts

Could the fitch downgrades late friday not cause a sell off on open?

#589,629
Jan 29, 2012 6:59pm Jan 29, 2012 6:59pm

mohan76
Joined Jan 2011 | Status: Ordinary Members | 10,684 Posts

Quoting Whiffles

Disliked

Could the fitch downgrades late friday not cause a sell off on open?

Ignored

now it a old story , European open might have some some negative sentiment (as downgrade was after European close) rest don't care

only technical will work now

Mohan

#589,630
Jan 29, 2012 7:02pm Jan 29, 2012 7:02pm

pepsi
| Joined Oct 2008 | Status: Trader | 238 Posts

Quoting Schnitzel

Disliked

I will not trade against the trend, so I'm looking for a long order at around 1.3150, price should go to 1.31 maximal. If it goes below 1.3076, it would make a lower low and break the trendline, which would confirm a reversal.
No profittarget yet, although 1.3240-1.3270 will become an interesting resistance area and possible take profit area.

http://s7.directupload.net/images/120130/8favn787.gif

Ignored

The same here

, but my limit is at 3120 as it could reach the lower TL.

#589,631
Jan 29, 2012 7:03pm Jan 29, 2012 7:03pm

mario83
| Joined Oct 2010 | Status: Trader | 339 Posts

Quoting attila

Disliked

Hm... Not exactly that simple... take a look to the left to 12.12.2011 around 08:00 - 16:00 GMT. What happened there? drop a line there at 3232 (my friday target btw) and one at 3098. What did the price do between these two lately? The push to 3232 started at around 3098 for all intended purposes. 3098 was resistance pretty much from Dec 16 on... so once we move above it, 3232 was in site... So now I'm watching for a drop back for the price to check the low..and take it from there... Could very well turn around at 80(latest high taken) and continue...

Ignored

Thanks for explanation, now i get it. Anyway, its just mirroring it back from then. Looks like Mr Forex will never stop amazing me. So 1.3160 seems to be crucial here. Will pay attention tomorrow for it.

Its 2am here, need to go. Many many thanks, i will look for ranges and such smiliarities in fure. GOOD LUCK!

#589,632
Jan 29, 2012 7:10pm Jan 29, 2012 7:10pm