EURUSD | Page 33325 | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

EUR/USD, GBP/USD, USD/CHF

Similar Threads

MT4: how to change "EURUSD" to "#EURUSD"? 3 replies

Re: EurUsd short term 15 replies

did oanda just drop its spread for eurusd to 1 pip? 11 replies

EA for multiple lot limit order for EURUSD 0 replies

NFP nice bump up on EURUSD 2 replies

Attachments: EURUSD
Exit Attachments

EURUSD

  • #666,481
  • Jul 7, 2012 7:02am Jul 7, 2012 7:02am
Quoting Motion
Hi Myo, if that really is your Daily Chart, please change your broker. You've been working with a wrong daily impression of prices. Chanya has the right charts.

Kindest regards,
Motion.
Well, thatīs why I donīt rely on candlestick analysis too much, and I donīt want to move because I like the low spreads Oanda offers. Btw the daily candles close at Midnight EST (New York time). Isnīt that what the Wall St. cats use?
  • #666,482
  • Jul 7, 2012 7:07am Jul 7, 2012 7:07am
Quoting Myo
Well, thatīs why I donīt rely on candlestick analysis too much

I am going to disagree with your this statement . Its like saying I don't know how to read but I am stilll doing MBA ... It does not make sense . No matter how you trade Example indicators , Support and resistance . Fibonacci Etc Unless your data of the chart isn't correct , you are DOOMED . No offense .. Just an advise .. Plus , have a look around to other brokers as well , there are alot of other brokers that provide low spread especially the ones that I named . On the other hand , I do not think spread matters that much when you know what you are doing . But , that's just me ...

Regards
Human
  • #666,483
  • Jul 7, 2012 7:11am Jul 7, 2012 7:11am
Wheres Pipnaija this week usually comes on laughing ......... perhaps BUYING the EURAUD@ 1.23904 and now its 1.20319 aint so funny............ "STROKES OF A MASTER"
  • #666,484
  • Jul 7, 2012 7:14am Jul 7, 2012 7:14am
Guys, do you think EURUSD will go up??
  • #666,485
  • Jul 7, 2012 7:21am Jul 7, 2012 7:21am
Quoting weisiong00
Guys, do you think EURUSD will go up??
Maybe 100+ pips to 1.24xx then will continue down to the parity
  • #666,486
  • Jul 7, 2012 7:30am Jul 7, 2012 7:30am
Quoting Chanya
I am going to disagree with your this statement . Its like saying I don't know how to read but I am stilll doing MBA ... It does not make sense .
At the moment I disagree with this statement. Please provide me with convincing evidence, that FXPRO , Interbank FX and hot forexīs daily candles are more relevant than Oandaīs. Do you have e.g. empirical proof that the majority of traders which matter to the market (institutional traders etc. - retailers donīt count here), are using the same charts you use (or charts very similar)? I am very interested in this and would probably change my broker depending on the outcome. I donīt want no wrong charts.

Quote
No matter how you trade , Support and resistance . Fibonacci Etc Unless your data of the chart isn't correct , you are DOOMED .

Regards

Well, thatīs a tough one. E.g. a swing high in june at 1.2342 (Iīm making these numbers up) should stay an easily identifiable swing high, regardless of your candles, from which you could draw your fibonaccis, or a level which you would use as resistance. And you donīt need candlesticks to identify letīs say a test and rejection at that level, which you then can trade. But I donīt want to argue about this right now, itīs a fairly complex matter, I suppose.

Edit: Oh, and spreads should matter. Even small values can add up to huge profit differences over the long run. I saw somebody do a calculation on a similar topic (I believe it was about the size of your stop loss - or was it spread? Itīs a shame I canīt recall - and its effects on your monthly gains in% ) over at trade2win. It was an eye opener. But I am not sure if I remember it correctly.
  • #666,487
  • Jul 7, 2012 7:36am Jul 7, 2012 7:36am
Hi Guys,

Elliott Wave Update.

Take Care,
Seb

PS. More on my blog.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurusd ew weekly.jpg Size: 118 KB
Click to Enlarge Name: eurusd ew daily.jpg Size: 117 KB
Click to Enlarge Name: eurusd ew h4.jpg Size: 135 KB
Click to Enlarge Name: eurusd ew h1.jpg Size: 150 KB
  • #666,488
  • Jul 7, 2012 7:42am Jul 7, 2012 7:42am
Quoting Myo
Well, thatīs why I donīt rely on candlestick analysis too much, and I donīt want to move because I like the low spreads Oanda offers. Btw the daily candles close at Midnight EST (New York time). Isnīt that what the Wall St. cats use?
1. Candlesticks/Bars is a SERIOUS trader's compass.

2. It's not about the spreads. It's about working with the right data. The low spreads becomes useless when a trader's capital is gone. You cannot eat your cake and have it.

3. The official time for daily candle close is the Ney York close at 5pmET. Another preferable option is the GMT midnight which occurs 3hours later. The so-called wall street cats go home 5pm and that is when their day close. They come back in the morning and remember where they stopped the day before, not where price was while they were in the club or in bed with their spouse.

Maybe more on this later. Depends...
Don't just beat the markets, leave bruises.
  • #666,489
  • Jul 7, 2012 7:43am Jul 7, 2012 7:43am
Quoting Piters
Jon,

You are a Good guy.. I respect your views.

However, tell KEN "thanks" for blocking me @Useless just because My reply to Geppy's arrogant behavior, and expressing my views..

so disappointing..



cheers mate..
Yes mate. He can can ban me all he wants as well. I stopped posting there since the wulf/pk incident (that actually goes several months back) and since that geppy asshole came in there...
  • #666,490
  • Jul 7, 2012 8:10am Jul 7, 2012 8:10am
Quoting Flynchenberg
Hi Guys,

Elliott Wave Update.

Take Care,
Seb

PS. More on my blog.
btw voted on your blog as well last week. not an elliottician myself but I can easily honour your contributions!
from your comment 'much more to come'... i take it your outlook remains bearish.
  • #666,491
  • Jul 7, 2012 8:15am Jul 7, 2012 8:15am
Quoting 2046
btw voted on your blog as well last week. not an elliottician myself but I can easily honour your contributions!
from your comment 'much more to come'... i take it your outlook remains bearish.
Bearish as fak....

94% bulls on eToro on EUR/USD pair just speaks for itself.

The same with Gold, EURAUD, GBPUSD, EURJPY, EURGBP.

No wonder 95% of Forex traders loos all the money in less then a year.
  • #666,492
  • Jul 7, 2012 8:33am Jul 7, 2012 8:33am
Quoting Flynchenberg
Bearish as fak....

94% bulls on eToro on EUR/USD pair just speaks for itself.

The same with Gold, EURAUD, GBPUSD, EURJPY, EURGBP.

No wonder 95% of Forex traders loos all the money in less then a year.
All TFs from h1 up are bearish but up to H4 Ichimoku shows considerable bullish pressure building up:

1. PA is at great distance from Kijun sen (50%fib level of last 26 periods) and that often provides a strong rebounce.

2. D1 looked inconclusive or sidelined in the last few weeks. However the strong bearish signal from thursday suggests bearish continuation on higher TFs
  • #666,493
  • Edited 9:19am Jul 7, 2012 8:38am | Edited 9:19am
Quoting Motion
1. Candlesticks/Bars is a SERIOUS trader's compass.
Dear Motion,

You claim that candlestick analysis is a serious traderīs compass. I told you that I try not to rely on it to much, since candle openings and closes can vary between different broker feeds, with the known results. So I checked with Bloomberg and Reuters, which I deem reputable financial services and news providers and had a look at the candlestick charts they offer (EURUSD D1, dating roughly one month back. And it seemed you were right, both you and Chanya: In comparison to those feeds, my daily charts are way off. No sign of a bullish engulfing on any of them.

Then I looked closer, and, well, just have a look at the charts at the end of this post and what I marked on them (Chanya, you too). My conclusion is: Even if both charts are pretty close most of the time, they still print very different candles from time to time, which, in my eyes, makes the search for the "correct" daily candle something of a foolīs game (not meaning to be disrespectful). So, until I stand corrected, I will not put too much weight on daily/4h/etc. candlestick formations in the future, though I have for some time in the past (the smaller timeframes, like 1, 5, 15, 30 and 60 minutes - might paint a completely different picture though - I havenīt checked for these).

Interested in hearing your answer
Myo

Edit: Little mistake. Thatīs supposed to be an "inverted hammer" in the first chart, of course.

Feeds taken from: http://www.bloomberg.com/quote/EURUSD:CUR/chart/
http://www.reuters.com/finance/curre...=1&srcCurr=EUR
Attached Image (click to enlarge)
Click to Enlarge Name: bloombergcandlesticks.JPG Size: 43 KB
Attached Image
  • #666,494
  • Jul 7, 2012 8:48am Jul 7, 2012 8:48am
Quoting Myo
At the moment I disagree with this statement. Please provide me with convincing evidence, that FXPRO , Interbank FX and hot forexīs daily candles are more relevant than Oandaīs. Do you have e.g. empirical proof that the majority of traders which matter to the market (institutional traders etc. - retailers donīt count here), are using the same charts you use (or charts very similar)? I am very interested in this and would probably change my broker depending on the outcome. I donīt want no wrong charts.



It is a complex matter ... But I have heard the phrase " Majority is authority " , so its simple if thought of this way ... If majority of brokers have fairly identical data , and one OANDA does not agrees , then I think this ought to matter don't you think ???
Human
  • #666,495
  • Jul 7, 2012 9:05am Jul 7, 2012 9:05am
Quoting Chanya
It is a complex matter ... But I have heard the phrase " Majority is authority " , so its simple if thought of this way ... If majority of brokers have fairly identical data , and one OANDA does not agrees , then I think this ought to matter don't you think ???
Please have a look at my last post.
  • #666,496
  • Jul 7, 2012 9:19am Jul 7, 2012 9:19am
Quoting godim
Things are going?
No reaction? What do you think about this pattern?

Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 26 KB
"You have to BE before you can DO, and DO before you can HAVE." Zig Ziglar
  • #666,497
  • Jul 7, 2012 9:57am Jul 7, 2012 9:57am
Wow, what a heated discussion. I hope it end after my post. Sometimes one couldn't accept how other consider normal, but IMHO it was okay it's what we are, sometimes we loose our temper. But I think it should ends here.

Now, about that high on several brokers. I sincerely hope that there is no gap there. I have position in line with the move opened by EA, but if that really happened I might loose many good friends in another forum. Maybe for a while maybe forever. And I will make sure that I won't let any position open for weekends from now on, the reason is simple we couldn't be right at any time. And if I wrong next time it would hurt my account badly. So, anyone have the proper explanation for that spike yet?

Before anyone bash my statement, my current position is attached.
Attached Image (click to enlarge)
Click to Enlarge Name: open position.png Size: 19 KB
  • #666,498
  • Jul 7, 2012 11:02am Jul 7, 2012 11:02am
Quoting Myo
Dear Motion,

You claim that candlestick analysis is a serious traderīs compass. I told you that I try not to rely on it to much, since candle openings and closes can vary between different broker feeds, with the known results. So I checked with Bloomberg and Reuters, which I deem reputable financial services and news providers and had a look at the candlestick charts they offer (EURUSD D1, dating roughly one month back. And it seemed you were right, both you and Chanya: In comparison to those feeds, my daily charts are way off. No sign of a bullish...
Ok Myo, for the sake of your interest in my reply, I'll explain this.

I claim that candlesticks/bars is a trader's compass, YES, it is. If you know how to use it. It helps u sail on the right track. And knowing how to use it entails employing the right ones. A captain sailing with a defective compass is bound to be lost. Now that leads us to the next step.

Bloomberg and Reuters are reputable financial services, YES. I have their feed too and it's wise you decided to view their charts.

Then you took a closer look, GOOD. And you spotted an "Inverted hammer" on June 11 and June 18 on the Bloomberg Chart...

Firstly, officially, that would be a "Shooting Star". Inverted hammer happens at troughs, not peaks.

Secondly, what you're seeing is arbitration. A professional/skilled trader would've noticed that the price arbitration on those dates would be a result of the weekend inactivity. I don't need to be told those days are asian monday mornings/uk sunday nights. The Bloomberg platform accepted feeds an hour earlier opening around the 1.26 level while the Reuters platform kicked in at about an hour later when the price has already spiked to around 1.27. But they ended up closing below the open and near the low. Either ways one would have meant a shooting star(bearish) and the other a bearish engulfing/dark cloud cover(still bearish). And that is why I keep saying, the CLOSE of a candle tells the greatest story about the period.

In summary, a skilled trader would still have gotten what the compass was saying. That is why less-skilled traders are advised not to trade weekend opens. But if you understand this little facts, you'll be good to go.

Thanks for being interested in my answer and I'm sorry for the late reply. Hope you enjoy your weekend.

Kindest regards,
Motion
Don't just beat the markets, leave bruises.
  • #666,499
  • Jul 7, 2012 11:07am Jul 7, 2012 11:07am
Quoting godim
No reaction? What do you think about this pattern?

Attachment

hi there

what Language and chart is it...! it's very strange!
  • #666,500
  • Jul 7, 2012 11:20am Jul 7, 2012 11:20am
Quoting Motion
Ok Myo, for the sake of your interest in my reply, I'll explain this.

I claim that candlesticks/bars is a trader's compass, YES, it is....
I couldn't agree more to you, my entries are based on candlestick and it's patterns. Sometimes I do not use it. Usually, I wait for certain price level and seek entries around that level. Sometimes I just jump right away, and guess what? If I just jump the train I got better price, but the winning/losing ratio is hurting me compared when I look for certain candle. So, at least for me it was that important.

Everyone could have different strategies or entry criteria but for most people candle/bar is crucial element in their strategies, the one who use PA actually put more attention into it.

PS: Got an interesting statistics (including analysis) on this article: http://www.dailyfx.com/forex/educati...ade_Forex.html
It's funny consider most do not even bother to look the chart at Asian markets, me included. I will do my own statistical analysis there, maybe on sunday.
409 traders viewing now