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  • #600,341
  • Feb 27, 2012 4:53am Feb 27, 2012 4:53am
Quoting Z3iz3i
In 1.3365/75 area, there are few session closes, quite important price levels.

Absolutely, 3365, next one after 3385.
  • #600,342
  • Feb 27, 2012 4:53am Feb 27, 2012 4:53am
These days daily pivot seems pretty useless. I wonder if PA would react to the weekly pivot..
  • #600,343
  • Feb 27, 2012 4:55am Feb 27, 2012 4:55am
Quoting fxkiller
TP touched.. SL now on BE.. let see how the pivot of 3400 reacts..
Okay ...

Jolly good part of corrective action happend towards below figure now ...

Btw 1.3400 is not a pivot ...

http://www.actionforex.com/markets/p...tmpl=component




;-|
2013-07-31 Today's Phrase of the Day: Hold off from any recycle bin experts
  • #600,344
  • Feb 27, 2012 4:57am Feb 27, 2012 4:57am
Quoting timotei
It's taken me about 2 years on and off reading everything I could about key points of ta, and still making mistakes.

Now, I have method that works and is relatively simple.

Everyone has to develop their own way.
  • #600,345
  • Feb 27, 2012 4:57am Feb 27, 2012 4:57am
Quoting frankjibe
Have you learned about gravity getting an apple on your head? have you found the relativity theory by yourself? This is just stupid, and generally I don't like this attitude of "I'm the wizard with superpowers that learned by osmosis from the chart".

We are what we are because we sit on the shoulders of the giants (giants like Einstein, like Leonardo...).

A good book is a solid starting point. Is there anyone here reading books or is forex trading just jumping from thread to thread looking at what other are doing/saying?
I believe what he meant was that no book can replace experience. There is a lot of reading material available on the subject. FF can be a tricky place to learn, because not everybody here knows what he's talking about.

www.babypips.com/school/ is a good place to start. Master the Markets by Tom Williams is a good read too.

I agree with you that there is little sense in reinventing the wheel, but you must understand how it works for yourself and not just read it in a book. Read through and fully understand everything on babypips. Read through FF posts, and selectively learn from that as well. Ask and critique whenever possible.

But I must agree with fxkiller that nothing can replace screen time. You cannot learn to deal with your emotions (a large part of trading) by reading books. In order to succeed in this business, you must have experience. Spend some time on a demo account, and get consistent profits. Then, move to live and try to replicate it. There is no perfect system. Otherwise, we would all know it, there would be an EA for it, and everybody here would have two or three Ferraris. In order to truly understand how the market works for yourself, you must invest some of your time in simply watching it. Analyze it for yourself, based on what you've read. Draw your own conclusions. Trust only yourself. Never trade based on what you read here on FF.
"We cannot direct the wind, but we can adjust the sails."
  • #600,346
  • Feb 27, 2012 4:58am Feb 27, 2012 4:58am
Quoting mercy seat
Okay ...

Jolly good part of corrective action happend towards below figure now ...

Btw 1.3400 is not a pivot ...

http://www.actionforex.com/markets/p...tmpl=component




;-|
I look at 15/30 min chart..
  • #600,347
  • Feb 27, 2012 4:58am Feb 27, 2012 4:58am
Quoting FXMastermind
Not trading EU just now, waiting for the right levels which haven´t been reached yet.

Focusing on other pairs now.
when it will be good to tread eu also for what you are waiting ?
Trend Is Friend
  • #600,348
  • Feb 27, 2012 4:59am Feb 27, 2012 4:59am
Good Morning Traders….
Am I the only one LONG-TERM-BEAR left in this room?
Attached Image


Despite hurrah-optimism on all stocks & FX markets last week, I’m remaining bearish on my mid-term and long-term Eurodollar charts.
It doesn’t mean I have already opened any SHROTs, not at all, but definitely, I am NOT getting into any LONGs.
As they say, trend is your friend, until the end, and on my charts this end is very, very close.

DAILY
For those loving S/R lines and Fibonacci, have a look on DAILY:
There is a nice descending resistance line drawn down from last year August high, thru October highs (GREEN LINE) which now can be a reasonable motivation for bears to attack and stop bulls from further appreciation. It ideally covers with congestion of other important Fibo levels and previous S/R lines too. But this supply zone is a little above existing highs, somewhere between 1,35500-1,3600 so I expect bulls attacking 1.3500 area again.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 29 KB


OSCILATORS
For those loving oscillators we have them all on OVERBOUGHT levels for quite a long time, desperately asking to get some fresh air… We need some correction soon, which can possibly turn to trend reversal after all.

FUNDAMENTALS
On the fundamental side, I don’t think Eurozone would stay so optimistic all the time, and we’ve got some dead rabbits in the hat waiting to be recovered soon.

WEEKLY – long term perspective
In a very long term, I am seriously looking down on 1.2600 hit within next 3 months.
Certainly, there are loads of obstacles on its way down and this can change throughout the time, but at the moment the “energy” and “marker strength” favors falling down. Who knows, maybe with eyes even on 1.1800 in a distance.
This is for those loving harmonic patterns, please have a look on possible AB-CD pattern. If price finds strong resistance and bounces back from 1.3550-1,3600 area, and then breaks out thru 1.2600, this would generate an classical model of ABCD pattern, with ideally equal AB and CD legs, with leg CD ending up on extremely strong support line at 1.1800. But this is in a distant future.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusdweekly.gif Size: 29 KB


I am not scalping, so now I am staying NEUTRAL looking for sound confirmation signals to go short soon.

---
Read Charts - Not Papers
  • #600,349
  • Feb 27, 2012 4:59am Feb 27, 2012 4:59am
Quoting Z3iz3i
In 1.3365/75 area, there are few session closes, quite important price levels.
I don't think so, it will go up in the next H1 candle
Think Different
  • #600,350
  • Feb 27, 2012 5:07am Feb 27, 2012 5:07am
Quoting halkins
Good Morning Traders….
Am I the only one LONG-TERM-BEAR left in this room? Attachment

Despite hurrah-optimism on all stocks & FX markets last week, I’m remaining bearish on my mid-term and long-term Eurodollar charts.
It doesn’t mean I have already opened any SHROTs, not at all, but definitely, I am NOT getting into any LONGs.
[b][font=Verdana]As they say, trend is your friend, until the end, and on my charts this end is very,...
Nice analysis Halkins , no you arr not the only LONG-TERM-BEAR left lol. I have almost similar views as yours.
MMMYYYKKK
  • #600,351
  • Feb 27, 2012 5:07am Feb 27, 2012 5:07am
Quoting zpr
emotions (a large part of trading)
Exactly this is one of the biggest point, why traders fail..!!! And no book can replace that!

On every Book will be written..

You have to control your emotions..

You have to follow the money management..

bla bla and so on..

But you will never will be able to do this, still you react on it in your live trading..! The only thing is to became a good trader is, to learn first the basics from forex trading and do not fill up your mind with 1000 Books, Strategys etc.

Then trade for some time in Demo and built up your own trading skills.. and than move on Live account with very small account size.

Some Brokers allow you even to start with $10 Account and this is the real target of Forex! How long you can protect your $10 Account from losses and how much gain you can bring on it!

This things will teach you the real action of FX. And with the time (years) you will be able to manage good account size with good trading decisions...
  • #600,352
  • Feb 27, 2012 5:10am Feb 27, 2012 5:10am
Quoting halkins
Good Morning Traders….
Am I the only one LONG-TERM-BEAR left in this room? Attachment

Despite hurrah-optimism on all stocks & FX markets last week, I’m remaining bearish on my mid-term and long-term Eurodollar charts.
It doesn’t mean I have already opened any SHROTs, not at all, but definitely, I am NOT getting into any LONGs.
[b][font=Verdana]As they say, trend is your friend, until the end, and on my charts this end is very,...

thank you for reassuring me about my bearish position
Daily Target: 20 pips
  • #600,353
  • Feb 27, 2012 5:17am Feb 27, 2012 5:17am
Quoting polatok
when it will be good to tread eu also for what you are waiting ?
It was .3400 and that´s exactly where I went long...
Quant Hedge Fund CEO
  • #600,354
  • Feb 27, 2012 5:21am Feb 27, 2012 5:21am
Quoting frankjibe

We are what we are because we sit on the shoulders of the giants (giants like Einstein, like Leonardo...).

A good book is a solid starting point. Is there anyone here reading books or is forex trading just jumping from thread to thread looking at what other are doing/saying?
I read two good books that helped me a lot:
The Market Maker's Edge - Josh Lukeman
combines fundamental analysis and technical analysis, entry and exit points, psychology, and risk control.

and Beat The Forex Dealer - Agustin Silvani
I really enjoyed this one

I'm sure you can get more info on Wiki etc

regards
  • #600,355
  • Feb 27, 2012 5:21am Feb 27, 2012 5:21am
Quoting halkins
Good Morning Traders….
Am I the only one LONG-TERM-BEAR left in this room? Attachment

Despite hurrah-optimism on all stocks & FX markets last week, I’m remaining bearish on my mid-term and long-term Eurodollar charts.
It doesn’t mean I have already opened any SHROTs, not at all, but definitely, I am NOT getting into any LONGs.
[b][font=Verdana]As they say, trend is your friend, until the end, and on my charts this end is very,...
very clear charts thankyou
Trade responsiblypatience is the key/Swing trader
  • #600,356
  • Feb 27, 2012 5:22am Feb 27, 2012 5:22am
Quoting FXMastermind
It was .3400 and that´s exactly where I went long...

I know you scalp.


Just out of curiosity,

Do you close your trades manually or aim for set pip no. ?
  • #600,357
  • Feb 27, 2012 5:24am Feb 27, 2012 5:24am
Quoting timotei
I know you scalp.


Just out of curiosity,

Do you close your trades manually or aim for set pip no. ?
Depends mostly in current market environment...If PA is wild, then I tend to micromanage my positions, if it behaves, I set TP accordingly to market conditions and my money management and let it run...
Quant Hedge Fund CEO
  • #600,358
  • Feb 27, 2012 5:28am Feb 27, 2012 5:28am
Quoting KillerWhale
I was out too early
Tell me about it...

Btw I had a buy order placed at 127.30 and guess where that bitch turned back up - at .35...Could be further 70 pips in profit by now. I hate myself for sucking so much
Quant Hedge Fund CEO
  • #600,359
  • Feb 27, 2012 5:32am Feb 27, 2012 5:32am
Good area to buy eur/usd should be between 3370-3388
MMMYYYKKK
  • #600,360
  • Feb 27, 2012 5:34am Feb 27, 2012 5:34am
Quoting myk
Good area to buy eur/usd should be between 3370-3388
If it never go up there, you never long ?
Think Different
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