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EURUSD

  • #629,401
  • Apr 20, 2012 5:45am Apr 20, 2012 5:45am
Quoting chiba_san
mother fucker. i can't believe this shit. i took the short trade when i saw that huge wick on the 1H for 4-5am EST, and it just shot all the way up and took me out at my stop loss of 1.3200. wtf. an entire 2 full lots. fuck. what's the point of trading wicks at resistance if this kind of shit happen???

You don't go playing wicks on lower TF's when we are playing the high TF levels, what's the point in that, you are fighting not only day traders and speculators, you are now fighting position traders.

You only play a lower TF wick when the focus is on the lower TF, you may as well use the wick of gbp/cad on a 1 minute chart to trade EURUSD, about as useful as using a M5 wick when the daily is in play.
  • #629,402
  • Apr 20, 2012 5:46am Apr 20, 2012 5:46am
you can now take profit at 1.3200 or risk for 1.3212 and higher...stops in the market are between 1.3240 and 1.3260.


Quoting t-rader
i recommended this to my colleagues. however, i have to emphasize that there is no trend at the moment and those moves are definitely not a consolidation.


Regarding EURUSD,
I highly suggest that you avoid trading EURUSD today, as we have seen a 25 pip range during asian market.

Technically,
·[font=Arial][size=2][font=Arial]A...
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  • #629,403
  • Apr 20, 2012 5:47am Apr 20, 2012 5:47am
Double buckshot in play as posted a few posts ago, trade accordingly. I gave you the setup and trade management for this one.
  • #629,404
  • Apr 20, 2012 5:51am Apr 20, 2012 5:51am
How do you know which TF is in play at any given moment? Also, where did you get 3221, I only have 3214 on my chart. Thanks.

Quoting cloggie
You don't go playing wicks on lower TF's when we are playing the high TF levels, what's the point in that, you are fighting not only day traders and speculators, you are now fighting position traders.

You only play a lower TF wick when the focus is on the lower TF, you may as well use the wick of gbp/cad on a 1 minute chart to trade EURUSD, about as useful as using a M5 wick when the daily is in play.
  • #629,405
  • Apr 20, 2012 5:51am Apr 20, 2012 5:51am
this is tough fight between bulls and bears lets see who,s gonna win
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Charts are never wrong, but the chart reader often is.
  • #629,406
  • Apr 20, 2012 5:52am Apr 20, 2012 5:52am
Usd index is going down, this is just a start, you will see new highs in eu !!!
Stop shorting it for gods sake !!!
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  • #629,407
  • Apr 20, 2012 5:53am Apr 20, 2012 5:53am
Quoting edwinsieng
dude. moves on. im holding 1.2 lots from 1.318 with sl @ 1.323 and might turn long instead given this strong movements and closes above 1.32
what's your psychology in taking that trade?
  • #629,408
  • Apr 20, 2012 5:54am Apr 20, 2012 5:54am
Quoting jeff_b
How do you know which TF is in play at any given moment? Also, where did you get 3221, I only have 3214 on my chart. Thanks.

You know what TF is in play just by looking at it. What do you think the position traders are looking at, yup H4, D1, W1. IF you see a level being tested on one of those you can bet your boots that the position traders are watching it closely, so don't go playing lower TF levels and wicks then.

3185 is a huge one, that is giving us a turn of direction on the daily and will break a range play that has been going on forever.

Don't get me wrong, there still are some plays on the shorts side to be had, just be patient and only play short plays here when the bigger levels on the higher TF are rejected, not when it is first tested.

How long can it take for a level on a higher TF to be played out, feck it can take hours, you don't think that position traders go all in on the first test do you?
  • #629,409
  • Apr 20, 2012 5:57am Apr 20, 2012 5:57am
Quoting SnaveForex
morning traders...price finally entered my zone...loaded some shorts in 1.3172 sl above 1.3192.. tp tba...
breakouts on other pairs gbpjpy
  • #629,410
  • Apr 20, 2012 5:57am Apr 20, 2012 5:57am
Quoting Z3iz3i
Is that Fib level? It would be 160 pips range then ir price reached 1.3288.

Possible but it is quite high
Never mind, long story.

Yes, it will be too much for a Friday, maybe next week..or maybe not, it doesn't matter, only following the sequence matters, but i must say so far it has worked out very well including a fantastic retrace and continuation.
Ohh, and i don't hang around here too much, only occasionaly.
Biggest joker
  • #629,411
  • Apr 20, 2012 5:58am Apr 20, 2012 5:58am
Quoting chiba_san
what's your psychology in taking that trade?
calculated risk. i can handle it. im still holding as the bull movement recovered. my tp initially was 1.304, depending on movement further on, i will close position and long it if the long movement is sustainable.
  • #629,412
  • Apr 20, 2012 5:59am Apr 20, 2012 5:59am
And 3185 again, you just know that some postion traders have started to scale in a bit, or else we wouldn't have gotten that poke through 00, you now know that they are patiently watching what the speculators and day traders are doing here.

Stops for position traders are huge and they patiently wait for the buffers to be filled by speculators, no point running through a level on the daily when you can mop up some more cash on several retests/failures of a level.

When do we know that speculators are going to throw in the towel and wait for the next run to a level, today, we would want a good close below 3166, that will make the position traders slightly uncomfortable and they will wait for Monday to try again.

It is Friday, you will not see position traders defend a level to the extent they would if it were Monday, keep that in mind.
  • #629,413
  • Apr 20, 2012 6:00am Apr 20, 2012 6:00am
Quoting cloggie
You don't go playing wicks on lower TF's when we are playing the high TF levels, what's the point in that, you are fighting not only day traders and speculators, you are now fighting position traders.

You only play a lower TF wick when the focus is on the lower TF, you may as well use the wick of gbp/cad on a 1 minute chart to trade EURUSD, about as useful as using a M5 wick when the daily is in play.
i took a wick on a level that can be seen on both the 1h and 4h. not a big level, but you can see it. it looked like the proper trade at the time. if i don't trade this way, how do you propose I trade?
  • #629,414
  • Apr 20, 2012 6:01am Apr 20, 2012 6:01am
Quoting chiba_san
i took a wick on a level that can be seen on both the 1h and 4h. not a big level, but you can see it. it looked like the proper trade at the time. if i don't trade this way, how do you propose I trade?

Listen if your way of trading gives you a statistical edge over at least 2 years and a couple of thousand trades, then don't go changing it now.

Just be mindful of what I am saying to you here when it happens the next time. Higher TF levels always trump the skinny ones.
  • #629,415
  • Apr 20, 2012 6:01am Apr 20, 2012 6:01am
And 3185 again, we can play around here for hours to come, change your trade plan accordingly.

M15-D1 pointing up, only a crap counter on M1-M5.
  • #629,416
  • Apr 20, 2012 6:06am Apr 20, 2012 6:06am
And the position traders are scaling in a bit more, mopping up the counter cash on the table here, you will see this play for quite a while here.

Trade it if you have the balls and are a good scalper, otherwise just wait for a range to form here, we know the bottom is going to be 3185 and trade the break, mindful of the fake and retest of any range that is forming.

Would I consider shorts? Heck no, not until 3185 goes convincingly and we have a momentum bar pointing to 3166, I don't see none of that right here, right now.
  • #629,417
  • Apr 20, 2012 6:08am Apr 20, 2012 6:08am
Quoting chiba_san
mother fucker. i can't believe this shit. i took the short trade when i saw that huge wick on the 1H for 4-5am EST, and it just shot all the way up and took me out at my stop loss of 1.3200. wtf. an entire 2 full lots. fuck. what's the point of trading wicks at resistance if this kind of shit happen???
Before that bar, do you see one before? That's the hammer bar at the support. Short trade you took was 1 hr after that. You Shorted right at the support.
  • #629,418
  • Apr 20, 2012 6:09am Apr 20, 2012 6:09am
we're at a big level, last week's high and 55 dma, a strong close above and we could be looking at a bullish range breakout...
  • #629,419
  • Apr 20, 2012 6:10am Apr 20, 2012 6:10am
Ok kids, I have given you the play to watch out for in the next few hours here and the corresponding levels.

Do what you want with it, I am outta here.



l8r muppets.
  • #629,420
  • Apr 20, 2012 6:14am Apr 20, 2012 6:14am
Quoting pkimnyc
Before that bar, do you see one before? That's the hammer bar at the support. Short trade you took was 1 hr after that. You Shorted right at the support.
Hey PK, YOU suspended?

I guess that's a joke? Or did you throw that hooker out of your room without paying her the $800 SHE WANTED?
New voice message: Why are you calling me? If I need you, I'll call you!
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