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  • #653,981
  • Jun 8, 2012 7:25am Jun 8, 2012 7:25am
Quoting roreki
Because there is a weekly support @ 1.2458 and it's a strong one
and if you look at your H4 chart you will see that this area is a very strong support
agreed that level go rightback to 2008 is bottom area 2008 crash, it is in the middle of a large 4hr falling chanel, no mans land really, 50/50 call, is one of those times could possibly scalp build a position with multiple entires one at a time, get it to free trade then next then next, whichever way her goes, will be some nice pip harvest, not as good as extreme highs or lows, but a trade plan worth considering

just mention cause you mention 4hr charts, them can take many days or weeks to play out
If you are new to Forex? Say Goodbye to your account!!
  • #653,982
  • Jun 8, 2012 7:28am Jun 8, 2012 7:28am
Quoting Nachiket
2455 is imp but not the critical levels by any means. I don't understand why people making fuss of it.
i think its still important based on the fact that my last 4hrs candle confirm a break, dont knw if the next one will, but lets keep watching.
lets c what the hourly will do, for now the price action around here is not interesting
  • #653,983
  • Jun 8, 2012 7:28am Jun 8, 2012 7:28am
Quoting KiwiTrada
agreed that level go rightback to 2008 is bottom area 2008 crash, it is in the middle of a large 4hr falling chanel, no mans land really, 50/50 call, is one of those times could possibly scalp build a position with multiple entires one at a time, get it to free trade then next then next, whichever way her goes, will be some nice pip harvest, not as good as extreme highs or lows, but a trade plan worth considering

just mention cause you mention 4hr charts, them can take many days or weeks to play out
Thanks Kiwi for your comment , i totally agree with you .. but i trade always on 15min charts but i must look at H4 and H1 charts to see the best R&S of the day , and when i saw this support i mentioned it because i see it can bounce from here and could be a good chance to buy with a small stop loss .
  • #653,984
  • Jun 8, 2012 7:29am Jun 8, 2012 7:29am
No reason to do nothing now.

Different markets are a bit mixed, so no clean break seen to downside at least yet for targeting 32, and then even maybe 12.

Bottom now maybe gives.
They think they are smarter than I am.
  • #653,985
  • Jun 8, 2012 7:30am Jun 8, 2012 7:30am
lets see if we can close m15 below 57 this time.
  • #653,986
  • Jun 8, 2012 7:32am Jun 8, 2012 7:32am
i think now up, after news.
  • #653,987
  • Jun 8, 2012 7:33am Jun 8, 2012 7:33am
EUR short
USD long
  • #653,988
  • Jun 8, 2012 7:34am Jun 8, 2012 7:34am
Quoting KiwiTrada
agreed that level go rightback to 2008 is bottom area 2008 crash, it is in the middle of a large 4hr falling chanel, no mans land really, 50/50 call, is one of those times could possibly scalp build a position with multiple entires one at a time, get it to free trade then next then next, whichever way her goes, will be some nice pip harvest, not as good as extreme highs or lows, but a trade plan worth considering

just mention cause you mention 4hr charts, them can take many days or weeks to play out

and that opens up a whole new debate where everyone will have an opinion - Just how far back should you pay attention to levels?

I have a view that once a level has been breeched by more than 50 points it is done unless it is inside the current major high low swing.

therefore with regards to an old level at 245x that has been breached all the way down to 228x so if any big options existed to be protected they would have played their hand at that time. therefore the current support at 245x must be derived from more recent events post the 228x timeline.

thats my view anyway and I have a habit of only focusing on the current recent data :nerd:
  • #653,989
  • Jun 8, 2012 7:37am Jun 8, 2012 7:37am
Quoting MaxDoom
and that opens up a whole new debate where everyone will have an opinion - Just how far back should you pay attention to levels?

I have a view that once a level has been breeched by more than 50 points it is done unless it is inside the current major high low swing.

therefore with regards to an old level at 245x that has been breached all the way down to 228x so if any big options existed to be protected they would have played their hand at that time. therefore the current support at 245x must be derived from more recent events...
but could be that some "big players" also use historical levels to place their position. it seems that they still work sometimes even if were breached before. just my observation
  • #653,990
  • Jun 8, 2012 7:40am Jun 8, 2012 7:40am
Dear all, go long might look temptation, but realize that they dropped more than 75 pips during this day, so they could not reverse all those levels in the same day. Try to wait and see if they rise up to 1.2500 psychological level and then it could be a good short technical trade.

Best Regards,
Pico.
  • #653,991
  • Jun 8, 2012 7:40am Jun 8, 2012 7:40am
Quoting shmandi
but could be that some "big players" also use historical levels to place their position. it seems that they still work sometimes even if were breached before. just my observation
certainly possible but if it is new positions then it would be lower risk to work off the more recent significant highs and lows.
  • #653,992
  • Jun 8, 2012 7:42am Jun 8, 2012 7:42am
Only bad news from CAD...and still it's strengthening...?
No wonder i don't trade fundies
COT: The precious data ignored
  • #653,993
  • Jun 8, 2012 7:45am Jun 8, 2012 7:45am
Too weak to break down yet. Fixed income is taking retrace, stocks and Crude no intention to break downside yet (on weekly basis).

Choppy market.
They think they are smarter than I am.
  • #653,994
  • Jun 8, 2012 7:47am Jun 8, 2012 7:47am
in 16 pips. was my last trade of the day. off to Poland now,
  • #653,995
  • Jun 8, 2012 7:49am Jun 8, 2012 7:49am
Quoting Nachiket
in 16 pips. was my last trade of the day. off to Poland now,
good job
  • #653,996
  • Jun 8, 2012 7:53am Jun 8, 2012 7:53am
Quoting Z3iz3i
Too weak to break down yet. Fixed income is taking retrace, stocks and Crude no intention to break downside yet (on weekly basis).

Choppy market.
Indeed. The best action seems to hint at sitting on the sidelines today but of course subject to personal aggressiveness and risk appetite.
  • #653,997
  • Jun 8, 2012 7:53am Jun 8, 2012 7:53am
will wait what happens on 40. if we break, 16 could be next.but its friday
  • #653,998
  • Jun 8, 2012 7:58am Jun 8, 2012 7:58am
Hi guys, how can i have some voucher to start a thread?

Best Regards,
Pico.
  • #653,999
  • Jun 8, 2012 7:58am Jun 8, 2012 7:58am
Quoting MaxDoom
good job
but I am almost flat for the week max. not much profit. hughely underperforming but this week was very brutal in all sense.
  • #654,000
  • Jun 8, 2012 7:59am Jun 8, 2012 7:59am
Quoting shmandi
will wait what happens on 40. if we break, 16 could be next.but its friday
nah.. closed at 40. we already droped 130 pips today
have a good weekend you all
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