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EURUSD

  • #683,861
  • Aug 24, 2012 1:59am Aug 24, 2012 1:59am
thanks alamo
thanks mike8
  • #683,862
  • Aug 24, 2012 2:00am Aug 24, 2012 2:00am
30m pin bar just on the steep UTL.
"Men who can both be right and sit tight are uncommon."
  • #683,863
  • Aug 24, 2012 2:07am Aug 24, 2012 2:07am
Quoting Mr.MaginCole
2525 is a nice place to go Long
this being 23.8% fib of 12292 - 12592 ?
  • #683,864
  • Aug 24, 2012 2:08am Aug 24, 2012 2:08am
Quoting glowing2012
can i ask a basic question - as a novice, i am just about managing to catch small moves using PA and some indicators. but i keep killing trades too early (yesterday afternoon E/U upmove from 12540 to 12590 being latest example).

how do you decide when a move is running out of steam - i am trying to use 15M chart and CCI indicator turning or should i wait for candles to change colour?
thanks in advance

welcome glowing...


A couple of things then.....

trading with just indicators has the disadvantage of not being able to estimate a future price point....

IE: you are long but you have no idea what price to get out because you are waiting for your indicator to tell you that information.

Generally using indicators for trade signals will get you in late and out early, most oscillators like CCI will work great in ranging market but not so great in a directional move.

That said in your case to answer your question you could look for consolidation as marked in the attached chart.....

in a directional move though, consolidation is often just a pausing point which, is where having a target price in mind pays off because you can wait for consolidation near your TP.

alternatively you could use a trailing stop big enough to allow for normal consolidation zones in the EU for TF 15m that would be about 25 pips but of course you risked getting knocked out early and if you use it to exit you are guarranteed to give back 25 points profit at the end.
Attached Image (click to enlarge)
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  • #683,865
  • Aug 24, 2012 2:08am Aug 24, 2012 2:08am
waiting to break 2535...!
  • #683,866
  • Aug 24, 2012 2:10am Aug 24, 2012 2:10am
Could it be that this is the bottom of today?
  • #683,867
  • Aug 24, 2012 2:10am Aug 24, 2012 2:10am
Was waiting for this; now I can sleep.
Offering $1.50 (21%)/RTL Commission Discounts at IC Markets & Global Prime
  • #683,868
  • Aug 24, 2012 2:15am Aug 24, 2012 2:15am
thanks Max - appreciated..

will start to look at congestion zones in PA charts and wait for them to be cleared.
  • #683,869
  • Aug 24, 2012 2:17am Aug 24, 2012 2:17am
There was some decent bids at 40 which are underwater now.

I would say 05 and 17 i am looking for good bids.
They think they are smarter than I am.
  • #683,870
  • Aug 24, 2012 2:21am Aug 24, 2012 2:21am
If daily closes in red, bears will have taken the fate in deciding next week's big move. AUDUSD broke 1.04, even though investment bankers had(yeh...) to take appropriate actions not to let A/U do so(by buying euros), that is pure technical move and we all know what happens next after such brainfart actions/fundamentals being thrown away.
  • #683,871
  • Aug 24, 2012 2:22am Aug 24, 2012 2:22am
Quoting glowing2012
can i ask a basic question - as a novice, i am just about managing to catch small moves using PA and some indicators. but i keep killing trades too early (yesterday afternoon E/U upmove from 12540 to 12590 being latest example).

how do you decide when a move is running out of steam - i am trying to use 15M chart and CCI indicator turning or should i wait for candles to change colour?
thanks in advance
Good morning.

Check your pm box
  • #683,872
  • Aug 24, 2012 2:22am Aug 24, 2012 2:22am
Quoting Z3iz3i
There was some decent bids at 40 which are underwater now.

I would say 05 and 17 i am looking for good bids.

I am being a little more adventurous...

short from 1.2548 looking for 1.245x

we shall see what 05 holds in store though....
  • #683,873
  • Aug 24, 2012 2:23am Aug 24, 2012 2:23am
So far this morning very good movement for scalpers. I have placed 4 trades and closed 3 of them green. I wonder if we will see a 3 pivot run today during either session.
He who guess is LOST!
  • #683,874
  • Aug 24, 2012 2:26am Aug 24, 2012 2:26am
Quoting hlina9
Could it be that this is the bottom of today?
Not a chance, 1.2350 before the market closes for the weekend. Just a hunch.
  • #683,875
  • Aug 24, 2012 2:27am Aug 24, 2012 2:27am
Is the next resistance somewhere around 1,2530?
  • #683,876
  • Aug 24, 2012 2:28am Aug 24, 2012 2:28am
Quoting MaxDoom
I am being a little more adventurous...

short from 1.2548 looking for 1.245x

we shall see what 05 holds in store though....
Morning Max, why do you guys short it if it not reached 1,26 ? Based on the running out of steam of QE news? Or on the downtrend channel on weekly?
  • #683,877
  • Aug 24, 2012 2:30am Aug 24, 2012 2:30am
Merkel and Samaras meeting today, does anyone know when?
  • #683,878
  • Aug 24, 2012 2:31am Aug 24, 2012 2:31am
On the daily it shows the red candle so going to 2500 even below that, 2480.
  • #683,879
  • Aug 24, 2012 2:33am Aug 24, 2012 2:33am
Quoting MisterSpread
Morning Max, why do you guys short it if it not reached 1,26 ? Based on the running out of steam of QE news? Or on the downtrend channel on weekly?
At least 2640-70 should be ....but its friday ....
  • #683,880
  • Aug 24, 2012 2:37am Aug 24, 2012 2:37am
I believe the current uptrend for this week is just a retracement. In the larger view of time, the overall trend for EURUSD is still bearish. The debt crisis is still unsolved. Greece, Spain and Italy are in a mess. The yields for their 10 year bonds are extremely high, which reflect the market's non-confidence in their economy. All in all the euro-zone is fundamentally weak.

Look at my chart. We are about to hit a long term resistance at the downtrend channel line for the 4th time. What are the chances of EURUSD breaking out of this down trend? I do not know. But i believe plenty of long term traders are placing their sell orders right around point 4. Watch the price action at this critical junction.

http://i48.tinypic.com/21ae05t.png

I am still holding onto a small percentage of my long position from 1.2270. However, i have tighten up my trailing stop. As i believe the upside is limited for EURUSD.
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