resistance? theres no resistance @ that zone (i think,90%)
- #32,262
- May 24, 2012 1:46pm May 24, 2012 1:46pm
- | Joined Jun 2009 | Status: nothing new under the sun | 1,428 Posts
ok here it is.trees not going to grow till infinity nor price going to drop till zero,though i do agree we see black swan events quite frequently in financial markets i think price is oversold areas and when the correction comes its going to be quite violent and pretty every one is short of euro and even headlines in newspaper shouting euro is finish and greece will be kick out of euro. here is my take i am entering longs from 1.2530 and down and taking new positions every 50 pips down till/if price reaches 1.2420 and then with a hard stops between 50 to 75range ie ur looking for my stops in the area of 1.2363 and 1.2320 with a max loss 7 to 10 % of my equity.i am looking for my first target at 1.2800 and thereafter i will be buying on every dip.dont ask me for charts this is pretty much my intuition and money management(7 to 10% are my uncle points) this is a 1:2 RR trade. please dont follow the above advise as one need balls of steel and u know what ur doing and this is extremely individulise trade almost on verge of gambling but i have got strong feeling for this trade.
:nerd:
:nerd:
Allah has permitted trade and has forbidden interest [koran]
- #32,264
- May 24, 2012 1:59pm May 24, 2012 1:59pm
if u mean (very strong) support ,why ur TP is below that support zone?
but i guess it is worth it to be patient
- #32,266
- May 24, 2012 2:05pm May 24, 2012 2:05pm
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
ok here it is.trees not going to grow till infinity nor price going to drop till zero,though i do agree we see black swan events quite frequently in financial markets i think price is oversold areas and when the correction comes its going to be quite violent and pretty every one is short of euro and even headlines in newspaper shouting euro is finish and greece will be kick out of euro. here is my take i am entering longs from 1.2530 and down and taking new positions every 50 pips down till/if price reaches 1.2420 and then with a hard stops between...
No, Euro is not finished and yes, it will correct. However, it would be prudent to wait for a reversal signal rather than just take a gamble.. No?
I would like to add that the low was not broken just for the sake of 100 pips. When a major support like that is broken, the move is typically much larger. Also, a sideways consolidation is just as valid as a harmonic correction. Just saying'
Those who say it cannot be done should not interrupt those who are doing it
- #32,267
- May 24, 2012 2:06pm May 24, 2012 2:06pm
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
just didn't know it would take longer to crack it down, I'll wait and see, if i'm off i'll just close it with 91 pips profit.
but i guess it is worth it to be patient
Those who say it cannot be done should not interrupt those who are doing it
- #32,268
- May 24, 2012 2:08pm May 24, 2012 2:08pm
- | Joined Feb 2012 | Status: Your Stop Loss is my Take Profit | 462 Posts
Why are you going against the sentiment and the fundamentals?
For me technical means nothing when fundamentals and sentiment are so clear...
With some countries in the EU near to "bankrupt", France and Germany not agreeing, who knows what will happen to the future of Europe, dollar getting stronger... We still don't see the light in the end of the tunnel... We are in the middle of the storm yet!
I wish you good luck.
, but of course price and logic is everything (i think)
redsword11, IfMyante, KennyZ, bumapatria, JohnPaul77 made my trading style.
- #32,269
- May 24, 2012 2:11pm May 24, 2012 2:11pm
- Joined Dec 2011 | Status: Don't put all ur eggs in one basket | 3,453 Posts
Doc... You're nuts.
No, Euro is not finished and yes, it will correct. However, it would be prudent to wait for a reversal signal rather than just take a gamble.. No?
I would like to add that the low was not broken just for the sake of 100 pips. When a major support like that is broken, the move is typically much larger. Also, a sideways consolidation is just as valid as a harmonic correction. Just saying'
24 May 2012 14:00 EDT http://www.efxnews.com/sites/all/the.../rss_small.png
By eFXnews.com
Greece exit from the EMU is imminent, the bank of Tokyo Mitsubishi-UFJ said in note.
The bank outlined some major factors behind this call. First, the market is filled with rumors that a "planned departure" will take place over the weekend of June 2nd/3rd.
Second, the heavy EUR sell-off on Wednesday in reaction to the disappointing outcome of the EU summit.
Third, the Deutsche Bundesbank latest comments that Greece is violating the EU/IMF funding program and that its exit from the euro-zone will be controllable.
BTMU's note was echoed by some market observes on Thursday saying that the reports of an upcoming tax on foreign CHF deposits might been intentionally leaked by the Swiss National Bank in order to reduce the pressure on its CHF 1.20 floor vs. the EUR.
Such a move, if true, would be seen as part of the SBN's strategy for Grexit. The premise behind that strategy is that if EUR/CHF manages to climb in the pre-Grexit days, it will be easier for the SBN to defend the floor when the actual event takes place.
- #32,270
- May 24, 2012 2:12pm May 24, 2012 2:12pm
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
for me technical , fundamental , sentiment all must be considered/think ,balance
Those who say it cannot be done should not interrupt those who are doing it
- #32,271
- May 24, 2012 2:14pm May 24, 2012 2:14pm
- | Joined Jun 2009 | Status: nothing new under the sun | 1,428 Posts
Why are you going against the sentiment and the fundamentals?
For me technical means nothing when fundamentals and sentiment are so clear...
With some countries in the EU near to "bankrupt", France and Germany not agreeing, who knows what will happen to the future of Europe, dollar getting stronger... We still don't see the light in the end of the tunnel... We are in the middle of the storm yet!
I wish you good luck.
.now i am hoping for market to reach 1.2480 to enter some more positons. by the way my positions will be crescendo type ie biggest position will have the smallest loss.as i said please dont follow my advise. PT is the best if at all u want to follow anyone.God bless u Allah has permitted trade and has forbidden interest [koran]
- #32,272
- May 24, 2012 2:14pm May 24, 2012 2:14pm
for me technical , fundamental , sentiment all must be considered/think ,balance
Everyone knows it will go down until the European situation is balanced, and then yes, the technical analysis make sense! Until then BEARS, SHORT, SELL is the way.
- #32,274
- May 24, 2012 2:17pm May 24, 2012 2:17pm
- 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
- #32,275
- May 24, 2012 2:19pm May 24, 2012 2:19pm
becos markets not rational and proof is i am taking such irrational position.
DR, so many bad things happening in Europe that by the end of the year, EUR should be around 1.1000, or less. Greece is bad, Portugal is getting less income with the Troika politics, Spain is increasing unemployment... so on...
As I said, I wish you good luck, but I am going the other way in Scalping mode
- #32,276
- May 24, 2012 2:21pm May 24, 2012 2:21pm
If you see strong support between price and your target, then the logical thing to do is take partial profit on the trade and let the rest ride.
today was a good day
happy green pips everyone, shorts and longs
- #32,277
- May 24, 2012 2:22pm May 24, 2012 2:22pm
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
becos markets not rational and proof is i am taking such irrational position.
Those who say it cannot be done should not interrupt those who are doing it
- #32,279
- May 24, 2012 2:23pm May 24, 2012 2:23pm
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
I've just done that 5 min ago
today was a good day
happy green pips everyone, shorts and longs
Those who say it cannot be done should not interrupt those who are doing it