EURUSD | Page 34028 | 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

  • #680,541
  • Aug 15, 2012 3:49pm Aug 15, 2012 3:49pm
Quoting attila
Wait.. W is bullish, M is bearish as far as I know.. If you look at it the other way you've got it all wrong, I mean really wrong.. To answer to your question, I don't know what I'll do, but for sure I will NOT take a short once a W formed at support and long the other way..

Taking a short into support or a long into resistance HOPING is what blows accounts IMO.
Tell that to our friend SunTrader who thinks its blasphemy if W is bullish! lol.. I always thought the other way around.. but I do think he has a point and you might be wrong here...

Ever heard of bearish/bullish gartley/butterfly?

Edit: I think its trading style... where as you would wait until it comes back down effectively creating an M from the W which you would consider bearish... and set your SL at the top? I would short at the top with a small SL knowing if the gartley/butterfly breaks... better R/R for me I think.

I also think that if you just had a bearish gartley and turns into a bullish butterfly for example I wouldn't trade that because of the possibility of it riding down like I was saying before. To buy I would wait until a R was broken after a sizable bearish run and it came back down to form an M... then I know my SL and I know my potential TP target (minimum the R, while 50% would set my BE).
  • #680,542
  • Aug 15, 2012 3:52pm Aug 15, 2012 3:52pm
P.S. I'm not trying to tell you how to trade or anything I'm just making conversation.[/quote]

i post here for the conversation, that is where i can take what i read and what i know and find a confluence of information to grow with. i've been posting all my charts to justify my opinion. as you may or may not know i have often posted about my lack of success.

recently, i've been trading positive and my gains far exceed my loses. this last post is consistent with the old me and i posted it to remind myself for the umpteenth time not to chase price after a nice run.
  • #680,543
  • Aug 15, 2012 3:54pm Aug 15, 2012 3:54pm
Quoting Rag2RichesFX
Very well said.

The instant you get arrogant, the market takes your money.

I think we are all teachers and students.
For me, it's me who makes me lose money or put on trades that I see as sub par in hindsight. (Don't ever blame the market, it is all your fault.) Everytime I get a string of winners I start getting a bit cocky/ impressed by my own winning streak, and I guess at a subconscious level think I can't lose, then proceed to losen my trading set up criteria a bit, which almost always would have kept me out or got me in at a better price.

I always do well when I am supremely patient and can wait whole sessions, or days for price to get to a strong set up...like an assasin waiting in the shadows for just the right moment.

Ya the best at anything are perpetual students, who can even learn from those new to the game.
  • #680,544
  • Aug 15, 2012 3:54pm Aug 15, 2012 3:54pm
Quoting sidhujag
Tell that to our friend SunTrader who thinks its blasphemy if W is bullish! lol.. I always thought the other way around.. but I do think he has a point and you might be wrong here...

Ever heard of bearish/bullish gartley/butterfly?
No no no. I am not wrong. W bullish, M bearish.. That's part of the ABC of trading.. Now they can happen in the middle of nowhere and fail that's a different story.. All patterns fail.. Somebody said the best patterns are the ones that fail and I tend to agree..

Yeah, I heard of them all patterns.... Gartleys have some very clear fibs characteristics and I'm not sure they fall under the same category with what we're talking about here.. M/W are extremely tight patterns, more at a several candles level, not the same thing...
  • #680,545
  • Aug 15, 2012 4:00pm Aug 15, 2012 4:00pm
i would have thought we'd see a retrace to at least 50% of the second previous H4 bullish candle and not just a double top with a slight retrace.

maybe my bear short is still valid. all i know is this, if i get out of this trade in the + it wasn't due to a valid trade decision.

OR, am i just trying to find justification for a poor trade in a slow market since i'm procrastinating doing something of substance right now.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.png Size: 54 KB
  • #680,546
  • Aug 15, 2012 4:01pm Aug 15, 2012 4:01pm
Quoting sdcasper
P.S. I'm not trying to tell you how to trade or anything I'm just making conversation.
i post here for the conversation, that is where i can take what i read and what i know and find a confluence of information to grow with. i've been posting all my charts to justify my opinion. as you may or may not know i have often posted about my lack of success.

recently, i've been trading positive and my gains far exceed my loses. this last post is consistent with the old me and i posted it to remind myself for the umpteenth time not to chase price after a nice run.[/quote]

Well great, glad to hear your trading is turning a corner, mine recently has too in recent months.

I highly recommend the multiple time frame stuff from the TMA thread. Really works well in combination with TA and some informed trader judgement.

If you follow the rules it will also break the bad habit of shorting AFTER short impulse moves and longing AFTER long impulse moves, and then getting retraced.

My first week with it, trading multiple currencies, I made 400+ pips and won 14-20 (I lost track) trades in a row. Demo it though first, it takes some judgement and the TMA lines repaint. You can get faked out when the lines are both flat and sidways, making it hard to judge a stronger direction...which is why I used the higher time frames to decide if an entry on 15M seems like a good idea. Like anything else, it isn't a silver bullet, you need to consider news and such and the larger trends. But, it helps a lot to keep you out of trouble and point out what are potentially good and bad entry points.
  • #680,547
  • Edited 4:05pm Aug 15, 2012 4:05pm | Edited 4:05pm
thanks, i'll check it out.

just to add insult to injury, i woke up to +36 and saw the W bottom (since we are on that subject) and didn't take profit. was stopped out a few hours later.

my thought was to take profit and run with the W pattern and some end of run profit taking. instead i went back to sleep. got stopped out, and jumped back in after the fact.

i think if i write about it enough i won't do it again.
  • #680,548
  • Aug 15, 2012 4:05pm Aug 15, 2012 4:05pm
Quoting attila
No no no. I am not wrong. W bullish, M bearish.. That's part of the ABC of trading.. Now they can happen in the middle of nowhere and fail that's a different story.. All patterns fail.. Somebody said the best patterns are the ones that fail and I tend to agree..

Yeah, I heard of them all patterns.... Gartleys have some very clear fibs characteristics and I'm not sure they fall under the same category with what we're talking about here.. M/W are extremely tight patterns, more at a several candles level, not the same thing...
Hmm interesting... who knew there were so many forms of M/W's lol
  • #680,549
  • Aug 15, 2012 4:07pm Aug 15, 2012 4:07pm
looks like we go further south.
  • #680,550
  • Aug 15, 2012 4:11pm Aug 15, 2012 4:11pm
Quoting sdcasper
thanks, i'll check it out.

just to add insult to injury, i woke up to +36 and saw the W bottom (since we are on that subject) and didn't take profit. was stopped out a few hours later.

my thought was to take profit and run with the W pattern and some end of run profit taking. instead i went back to sleep. got stopped out, and jumped back in after the fact.

i think if i write about it enough i won't do it again.
Ya I got a trade from 1.2286 since sunday evening. Went +26, then quickly after that close to -100 pips. Now it's come back, was up +20 this morning. Now I'm sitting at -3 pips. I believe it will break down a good deal, before being able to go long again and take out my 200 pip stop.

I'm hoping tonight or tommorrow to be able to lock in some profit. Way this weeks been going though, it's probably retrace and sit at -30-50 and make me regret my entry till next week then drop, (which was a reentry from last week I only took off to not get stopped by the weekends spread widening)

I could have had a steller week so far, my setups showed up several times and worked out. But, I only ever have one trade open at a time and either get stopped out or lock in profit. .. so, I'm stuck watching this one trade.
  • #680,551
  • Aug 15, 2012 4:12pm Aug 15, 2012 4:12pm
Quoting sidhujag
Hmm interesting... who knew there were so many forms of M/W's lol
Those are the only ones I really care about for intraday purposes.. Higher up, we're getting into chart patterns and that's a completely different discussion..

open a 5 min chart and make it a line chart.. you'll see them all over the place..
  • #680,552
  • Aug 15, 2012 4:19pm Aug 15, 2012 4:19pm
Quoting attila
Those are the only ones I really care about for intraday purposes.. Higher up, we're getting into chart patterns and that's a completely different discussion..

open a 5 min chart and make it a line chart.. you'll see them all over the place..
Funny that I've been using M/W the opposite of what u have with no problems lol MM is key IMO and sticking with the larger trend.

I trade mainly off of the 5 for entry.
  • #680,553
  • Aug 15, 2012 4:44pm Aug 15, 2012 4:44pm
Quoting sidhujag
Funny that I've been using M/W the opposite of what u have with no problems lol MM is key IMO and sticking with the larger trend.

I trade mainly off of the 5 for entry.
The beauty is in the eyes of the beholder
  • #680,554
  • Aug 15, 2012 4:53pm Aug 15, 2012 4:53pm
Quoting sidhujag
Funny that I've been using M/W the opposite of what u have with no problems lol MM is key IMO and sticking with the larger trend.

I trade mainly off of the 5 for entry.
Mmmm maybe you've stumbled on to an interesting edge, trading the FAILURE of patterns within the larger trend.
  • #680,555
  • Aug 15, 2012 5:01pm Aug 15, 2012 5:01pm
Quoting attila
The beauty is in the eyes of the beholder
PM
  • #680,556
  • Aug 15, 2012 6:00pm Aug 15, 2012 6:00pm
Quoting KumoDragon
Mmmm maybe you've stumbled on to an interesting edge, trading the FAILURE of patterns within the larger trend.
Best trades are on patterns failures..
  • #680,557
  • Aug 15, 2012 6:03pm Aug 15, 2012 6:03pm
Same thing today for Asia? Buy EUro and sell AUD?
  • #680,558
  • Aug 15, 2012 6:56pm Aug 15, 2012 6:56pm
oooooooooofffffffff
  • #680,559
  • Aug 15, 2012 7:06pm Aug 15, 2012 7:06pm
If USDX respects the trendline, we should see the euro shootup ?
Attached Image (click to enlarge)
Click to Enlarge Name: USDX.jpg Size: 60 KB
  • #680,560
  • Aug 15, 2012 7:09pm Aug 15, 2012 7:09pm
Quoting pino2
EUR/USD should visit 1.2260 area as I mentioned before, today it slightly reached it. (1.2263)
GBP/USD should visit 1.5605 area
USD/CAD should visit .9943 area
GBP/JPY should visit 122.06 area
USD/CHF should visit .9795 area
USD/JPY should visit 79.04 area
XAU/USD should visit 1614 area
My first target has been reached (USD/JPY = 79.04)
526 traders viewing now, 2 are registered:
Ezn
,
aaa88