What a lousy day...only managed to achieve +5.89% so far
- #45,804
- May 31, 2012 6:43am May 31, 2012 6:43am
- | Joined Feb 2012 | Status: Trader | 1,207 Posts
Haha I've just posted a couple of pages ago not to think like that
Who knows where price will go, does it even matter if it goes up or down as long as there is movement. Focus on what is happening today. You can't predict all the support and resistance levels. Some will break, some won't. We are currently bearish (as you can see on the charts) and as a result shorts are in play. How you decide to enter/exit and what risk levels you want is up to the trader.
Once you get into a good position, just manually trail it. If you are short, keep moving...
Yeah you did didnt you, obviously i have subconsciously learned to try and pick the bottoms/tops which is something i will now try to stop doing and just specifically concentrate on the here and now. Trend, S&R levels, PA.
Much appreciated Fosking
i like those numbers :-_)
At any rate... there alos happens t be a pretty large barrier option around E/U 2350, and significant stops under that price... that will possibly be the target this week for E/U lows, and since this week is mostly done...if we can push down closer today... it'll also put some pressure on the A/U downward.
however...I'm still kinda wishing i held my E/U short rather than this A/U short.... as eur/aud pair looks very weak... implying that the euro will likley fall more than the aussie when compared to the dollar or any other currency for that matter.
combined with the fact that the euros is priced higher, and therefore has more pips in a given percent change.... the E/U short is probably the better trade, especially when considering pip values.
but, both should move downward
X
- #45,809
- May 31, 2012 7:03am May 31, 2012 7:03am
- Joined Nov 2009 | Status: ¯¯¯¯¯¯¯¯¯¯ | 1,339 Posts
i will now try to stop doing and just specifically concentrate on the here and now. Trend, S&R levels, PA.
Yeah you did didnt you, obviously i have subconsciously learned to try and pick the bottoms/tops which is something i will now try to stop doing and just specifically concentrate on the here and now. Trend, S&R levels, PA.
Much appreciated Fosking
I love tops and bottoms myself... but you gotta keep in mind a "v bottom", where a market touches once, and then pulls back not to touch again... is a very very rare exception. I think i can safely say 85%+ of bottoms are the result of a double bottom, triple bottom, 24 hour + consolidation.... etc.
whats even better is picking the top of a pullback in a downtrend, or picking the bottom of a pullback in an uptrend.
those are great tops and bottoms.
and those ones often do NOT double top/bottom, consolidate for 24hrs +, etc... the often just touch, and move back in the direction of the trend.
X
AHah... I couldn't have been more wrong, at least if the first 5 minutes have anything to do with it...
anyway... aud/usd looking decent...though it really needs to break down out of this range.
X
P.S. looks to do it right about now possibly!
anyway... aud/usd looking decent...though it really needs to break down out of this range.
X
P.S. looks to do it right about now possibly!
- #45,817
- May 31, 2012 7:44am May 31, 2012 7:44am
- | Joined Feb 2012 | Status: Trader | 1,207 Posts
I love tops and bottoms myself... but you gotta keep in mind a "v bottom", where a market touches once, and then pulls back not to touch again... is a very very rare exception. I think i can safely say 85%+ of bottoms are the result of a double bottom, triple bottom, 24 hour + consolidation.... etc.
whats even better is picking the top of a pullback in a downtrend, or picking the bottom of a pullback in an uptrend.
those are great tops and bottoms.
and those ones often do NOT double top/bottom, consolidate for 24hrs +, etc... the often just...
