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  • #6,521
  • Aug 17, 2012 6:07am Aug 17, 2012 6:07am
Quoting Rag2RichesFX
good call and i closed for -3 right before those stops were taken out

EURAUD is giving me a headache. the buy pressure is too strong
i remember eur/usd was at 1.2340. as resistance, daily sell from 1.2340 into 1.2260 area, but again when it return to 1.2320, PA already define 1.2320 as support, and next PA crash was 1.2340 and we got into 1.2370 yesterday.

Now today, it turns out 1.2340 is eur/usd support, but can be crashed into 1.2320.



now eur/usd get delayed by 1.2380 selling zone. but if pa seats above 1.2380 it will make 1.2380 support.

same goes for AUD USD.

1.0510 was my signal down sell.

and it become resistance, then it sell again on frankie at 1.0470. it become next resistance.

now if it sells from 1.04548,its the next minor resistance.

But us session have volatility, it can spike everything up on a 4hour, so gamble with a good RR and stops.
  • #6,522
  • Aug 17, 2012 6:10am Aug 17, 2012 6:10am
Quoting 5percent
i remember eur/usd was at 1.2340. as resistance, daily sell from 1.2340 into 1.2260 area, but again when it return to 1.2320, PA already define 1.2320 as support, and next PA crash was 1.2340 and we got into 1.2370 yesterday.

Now today, it turns out 1.2340 is eur/usd support, but can be crashed into 1.2320.



now eur/usd get delayed by 1.2380 selling zone. but if pa seats above 1.2380 it will make 1.2380 support.

same goes for AUD USD.

1.0510 was my signal down sell.

and it become resistance, then it sell again on frankie at 1.0470. it become...
yeah i dont think the RR is there with Aussie. If this was the first push down into 104.50/40/35 it would be worth it to long but not now.

we are below daily S3 which is very rare, perhaps that was just the final stop hunt before bulls take over for the rest of the day


also agree with you on the E/U support levels. buy stops are building above 1.2380/00 before more offers come in at 2440/50, and buy stops above there
Be hopeful in a winning position, and fearful in a losing position.
  • #6,523
  • Aug 17, 2012 6:30am Aug 17, 2012 6:30am
notice that on min 5, price did not get above 1.0460, 1.04548 was the area of previous low from the bounce into 1.05 before 1.0436 we see today, which turns to become the resistance now.

fews ways to see it now, either they had take profit no one is supporting that area. we notice big runs from 0.95 to 1.06. and eur/aud was massively selling as well, now it get bounced back, alot of covering done on eur giving eur some strength and cutting out on AUD.

2) get stopped out from trailing stops.

3) get breakeven out.

no more margin support there.

Previously, forexlive claimed 1.0436/50 have strong bids/exporters etc. it went into 1.06

1.0570/1.0610 names called selling from that point. we visited 1.06 twice. 1.0570 and 1.0590 a few times.

before 1.0540 says hello into 1.04 area.

if price were meant to go up, buy stops would be recommended.
  • #6,524
  • Aug 17, 2012 6:32am Aug 17, 2012 6:32am
Quoting DonL
Hi Gatorinla,

Just got back from a great dinner out with my lovely! She just loves it when I'm checking markets on my phone when I'm away from the Trading Room.

Right now I'm waiting on a break of the box either above 1.0453 or below 1.0434.
Well, price has broken below 1.4034 and has come back to test it.... no buyers at the moment.... but starting to look like a bit of pressure to come back above.
  • #6,525
  • Aug 17, 2012 6:38am Aug 17, 2012 6:38am
Quoting KiNgEdwarD
stopped out
This is what my EA told me ...........

http://www.forexfactory.com/attachme...1&d=1344999577
daddybearforex. com
  • #6,526
  • Aug 17, 2012 6:42am Aug 17, 2012 6:42am
Quoting DaddyBear
This is what my EA told me ...........

http://www.forexfactory.com/attachme...1&d=1344999577
Hopefully we can all come up to number #1s!!
  • #6,527
  • Aug 17, 2012 6:46am Aug 17, 2012 6:46am
Quoting DaddyBear
This is what my EA told me ...........

http://www.forexfactory.com/attachme...1&d=1344999577
which # is mine?
Sometimes it's better to be wrong,to learn..
  • #6,528
  • Aug 17, 2012 6:48am Aug 17, 2012 6:48am
looks like low has been achieved for today
Sometimes it's better to be wrong,to learn..
  • #6,529
  • Aug 17, 2012 6:52am Aug 17, 2012 6:52am
Quoting gnomoneey
miss target of this up move by 12 pips...next target now 1.0453 then 1.0440
if the bear angel still intact 1.0209 to complete right side of head.
then right shoulder at 1.0439 then to complete right shoulder 1.0209 again

let's see if i'm right and only time will tell...
gm all

let's see now where the h4 candle closes above or below the support.
i think we are still down some more today.
daily will most likely close under support...
Wooooohooooo or Boooooohooooo
  • #6,530
  • Aug 17, 2012 6:53am Aug 17, 2012 6:53am
Quoting KiNgEdwarD
looks like low has been achieved for today
too soon to say, the battle has just begun
  • #6,531
  • Aug 17, 2012 7:00am Aug 17, 2012 7:00am
Quoting KiNgEdwarD
looks like low has been achieved for today
Too soon to tell if the current low will stand.
  • #6,532
  • Aug 17, 2012 7:01am Aug 17, 2012 7:01am
Quoting DaddyBear
This is what my EA told me ...........

http://www.forexfactory.com/attachme...1&d=1344999577
This EA's view is related to SL. Are Stop Losses All Born Equal?

I see people use the same SL regardless of which trading type they entered. Now, the question is how do I know which trading type I am in. My view is that everybody can be a trader but only a few can be speculators.

Sometimes something beyond SL is needed in trading the Forex market.
daddybearforex. com
  • #6,533
  • Aug 17, 2012 7:04am Aug 17, 2012 7:04am
yes may be not the low, hourly close looks more bearish..
Sometimes it's better to be wrong,to learn..
  • #6,534
  • Edited 7:27am Aug 17, 2012 7:15am | Edited 7:27am
Quoting DonL
Too soon to tell if the current low will stand.
This is a very high probability trading technique. getting into trades too often will get burn then likely.

this is my usual practice, call me conservative. i rather see the price being rejected at the same area with supply wick a few times, on 1 hour, 4 hour and daily chart before i recognize that as a area of good level of entry for sell and pin for buy. i will place buy limits on PIN area. Nothing is 100 percent, i will place stop value just below longest pin by 5 pips.

i would not chase a top nor chase a bottom, i let price lead me there. Trading hours and new york close is important.

on cycles of 5 and min 15, if top is found, it will retrace abit and re-challenge it then likely on a uptrend and vice versa down trend, it will return to the support area then likely, open up min 5 and min 15 using horinzontal u can see on the candle.


. if top is not found it will keep shooting higher. Once i see the drop off point of top, i will place a pending sell limit there.

vice versa on support, i won't want to catch a falling knife.
if bottom is found, this is the usual practise on min 5 and min 15, price is likely to return back to the almost same area before it takes a push up, its a cycle of stoch and waves.

however, due to volatility in us session, a volume can easily push it up and u don't get to see this kind of cycles., if that happen i miss the trade. But i will place buy sell stops to get them if i haven't get my daily target.


this cycles are usually in asia/europe session.

us session is gambling to me, las vegas, anything can happen on thursday and friday, and best if its full moon.

datas are secondary, don't focus on them too much. fundamental news when u knew it, its already too LATE, the price has move.

see min 5, 1.0423/25. twice it went there, a long can be build there with tight stop.s
  • #6,535
  • Aug 17, 2012 7:17am Aug 17, 2012 7:17am
Quoting KiNgEdwarD
yes may be not the low, hourly close looks more bearish..
Why did you think hourly close looks more bearish? Thanks.
daddybearforex. com
  • #6,536
  • Aug 17, 2012 7:26am Aug 17, 2012 7:26am
Quoting DaddyBear
This EA's view is related to SL. Are Stop Losses All Born Equal?

I see people use the same SL regardless of which trading type they entered. Now, the question is how do I know which trading type I am in. My view is that everybody can be a trader but only a few can be speculators.

Sometimes something beyond SL is needed in trading the Forex market.
Just a couple of thoughts...

If I'm trading breakouts or S & R, I will use a precise entry and a close SL. Sometime as little as 5 pips. At that point, I'm either expecting the trade to immediately head in the direction of my trade. If I'm wrong, I'm wrong and will not want to keep that trade long enough to see a draw down, especially since it will usually involve full lot amounts. I would rather get out and look for a better entry.

If doing a longer term trade in swing style, the SL will be based on RR and previous support areas, Such as an entry just above a previous high on a trending move with SL just below the previous candle low. Always keeping risk below 2 - 3%. Would enter these trades on a daily chart as a ABC style trade.

SL is not the main criteria in trading, it is just a tool to control the risks around the way an individual is trading.

Cheers
  • #6,537
  • Aug 17, 2012 7:35am Aug 17, 2012 7:35am
Quoting 5percent
This is a very high probability trading technique. getting into trades too often will get burn then likely.

this is my usual practice, call me conservative. i rather see the price being rejected at the same area with supply wick a few times, on 1 hour, 4 hour and daily chart before i recognize that as a area of good level of entry for sell and pin for buy. i will place buy limits on PIN area. Nothing is 100 percent, i will place stop value just below longest pin by 5 pips.

i would not chase a top nor chase a bottom, i let price lead...
Great stuff 5! I always make sure that I read every one of your posts!
  • #6,538
  • Aug 17, 2012 7:39am Aug 17, 2012 7:39am
Quoting 5percent

see min 5, 1.0423/25. twice it went there, a long can be build there with tight stop.s
the key today is closing in this h4 candle below or above 1.0420..
below au goes lower and uses 1.0420 as resistance
above we to towards 1.06 again

btw tool half 1.0440
letting other half to ride down only in 3.5 we close below 1.0420
Wooooohooooo or Boooooohooooo
  • #6,539
  • Aug 17, 2012 7:39am Aug 17, 2012 7:39am
Aussie has been rallying for a long time. It's time to retrace. Looking at eur/aud now. It is trying to break resistance. I think it should hold for some time and some sideways work will be done. But then, upwards.
Attached Image (click to enlarge)
Click to Enlarge Name: euraud resistance.gif Size: 33 KB
  • #6,540
  • Aug 17, 2012 7:50am Aug 17, 2012 7:50am
Quoting CNTrader
Just added to short. I will look to add to a winning trade again at the white dotted line below for a target of 0450 then 0380. I will then look for long opportunities at these levels as well. Not married to the trade its just what I see now may readjust based on what I see with price behavior.
Just woke up to Target 1 attained and then some. Banked some pro-fits and rolled stops to 0470. Waiting for next stop 0380 and gathering small longs for a retrace at these levels. 0437 gathering some respect. for longs looking at 0467 and 0490 ish areas
Don't follow me! You can and most likely will LOSE all your money!!!!
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