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  • #725,861
  • Dec 1, 2012 7:38am Dec 1, 2012 7:38am
Quoting BobGnarly
I dont see any reason not to hit 1.3157 next week, unless some major news...
Time will tell.
  • #725,862
  • Dec 1, 2012 7:41am Dec 1, 2012 7:41am
Quoting pkimnyc
Time will tell.

Indeed it will
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  • #725,863
  • Dec 1, 2012 7:43am Dec 1, 2012 7:43am
Quoting growingeuro
You have to explain more details. No point to just type what you think. We need to know why you think that.


Why do you need to know? I'm watching my Fibo levels on the daily and it used 23.6 as a trampoline. And the sep 17th high and the june 24th low
is where I'm getting the number from. Just some basic TA bro. Technically we can see a pull back to .2904 before rising again, but I dont see that happening. .2935 if anything
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  • #725,864
  • Dec 1, 2012 7:49am Dec 1, 2012 7:49am
I dont really use moving indicators, my charts consist of Volume, fibo levels and gann fans... And I trade on the 4h and D Tf's, I use 30m and 1h for my entries.
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  • #725,865
  • Dec 1, 2012 7:53am Dec 1, 2012 7:53am
Quoting pkimnyc
Check 4hr. All rejected at the top, along with bear divergence. 2920 might provide support, but friday action's been very ugly for bulls.
I agree, we may see little dip towards 2960-2970 zone levels.
But the trend is Bullish.. It has to go upside to technically correct.
It has to hit the falling trend line, coming from the 1.3170 levels.
ALso the pattern is Inverse H & S. And such pattern always bursts above neckline first.
Classical chart patterns of currencies from 15+ Year Pro Trader
  • #725,866
  • Dec 1, 2012 7:56am Dec 1, 2012 7:56am
Quoting BobGnarly
Why do you need to know? I'm watching my Fibo levels on the daily and it used 23.6 as a trampoline. And the sep 17th high and the june 24th low
is where I'm getting the number from. Just some basic TA bro. Technically we can see a pull back to .2904 before rising again, but I dont see that happening. .2935 if anything
We all want to know details. Its stupid to not tell. Thanks.
  • #725,867
  • Dec 1, 2012 8:29am Dec 1, 2012 8:29am
Quoting aviz12
I agree, we may see little dip towards 2960-2970 zone levels.
But the trend is Bullish.. It has to go upside to technically correct.
It has to hit the falling trend line, coming from the 1.3170 levels.
ALso the pattern is Inverse H & S. And such pattern always bursts above neckline first.
agree with up tend. however, momentum behind the trend is shifting. something to keep in mind.
  • #725,868
  • Dec 1, 2012 8:41am Dec 1, 2012 8:41am
Quoting BobGnarly
I dont really use moving indicators, my charts consist of Volume, fibo levels and gann fans... And I trade on the 4h and D Tf's, I use 30m and 1h for my entries.
on 15 min chart, buying climatic actions been there twice, with 2nd one ended up a lower high. any thought?
  • #725,869
  • Dec 1, 2012 9:22am Dec 1, 2012 9:22am
Quoting pkimnyc
on 15 min chart, buying climatic actions been there twice, with 2nd one ended up a lower high. any thought?
We may go up or down but one thing has become clear: This pair,I mean trading it, has become way too stressfull. Good old days, when we had 200+ pips range

Nowadays, 60 pip down then 40 up then 20 down then 10 up... Bloddy range.. Hate all scalpers and algos.. Yeah I said it...
  • #725,870
  • Dec 1, 2012 9:32am Dec 1, 2012 9:32am
Quoting math_GB
We may go up or down but one thing has become clear: This pair,I mean trading it, has become way too stressfull. Good old days, when we had 200+ pips range

Nowadays, 60 pip down then 40 up then 20 down then 10 up... Bloddy range.. Hate all scalpers and algos.. Yeah I said it...
it will come again. it's just a cycle.
  • #725,871
  • Dec 1, 2012 9:40am Dec 1, 2012 9:40am
Well i think EU would most likely to push up further next week. Probably the opening of monday will drop a bit more till around 1.296xx spot then wait for a bounce...... definitely putting my money on the buy!
  • #725,872
  • Dec 1, 2012 9:42am Dec 1, 2012 9:42am
Quoting pkimnyc
on 15 min chart, buying climatic actions been there twice, with 2nd one ended up a lower high. any thought?
Profit taking at the end of the month is my guess. I'm not ruling out a slight pullback before we head higher. The talks of the fiscal cliff move this pair so much. The only news I see coming out will be positive.
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  • #725,873
  • Dec 1, 2012 9:51am Dec 1, 2012 9:51am
USDX may have found support and EUR/USD hitting supply zone area. EUR/USD showing signs of weakness. Not sure when but could be long ways down in the coming weeks. Bulls need to be very careful with tight SL and good money management. Good luck to both sides.
  • #725,874
  • Dec 1, 2012 9:56am Dec 1, 2012 9:56am
Quoting pkimnyc
on 15 min chart, buying climatic actions been there twice, with 2nd one ended up a lower high. any thought?
Yeah that move at 3pm gmt was aggressive, I think mostly profit taking, but also get a feeling someone was trying very hard to keep the price above 1.3 but still the week ended up below 1.3. It's becoming a something of a barrier, and its interesting to see who will give way first, Bull or the Bears.
  • #725,875
  • Dec 1, 2012 10:04am Dec 1, 2012 10:04am
Quoting pkimnyc
it will come again. it's just a cycle.
Without hope we will turn into savages mate.. I just hope we can get a clear direction untill the end of the year. I read somewhere that double touch barrier options are also out of the way untill mid January so we do not need to stay in a range any more. On the upside which I do not favor, the nasty thing is the reserve managers from Asia may come back to the market again and this may push the pair much higher than anyone would expect, as long as we are below 1.30 landmark figure they do not seem to be active, above hell yeah..! So caution is essential I personally hate it when it goes the direction I have for 20+ pips and then comes back hits me with 50- I know many of the traders take profit when they have even 4-5 pips but with my lot size I trade on average 50 lots per trade and 1:10 and rarely 1:15 max leverage 4-5 pips is nothing and that type of trading is not worth the stress. Also such small profit taking is a little dangerous I get some slippage so effectively end up with nothing.

I really am seriously asking experienced traders here what would be wise way to trade 50 - 100 contracts with that type 1:10 leverage. I really need to find out a reasonable realistic profit target per day. Currently 40 pips is my daily target but quite honestly I rarely can reach it and my stop loss per day is 20 pips. There are days I lose 20 pips and stop trading for that day. In the past I insisted and saw that that 20 pips loss turn out 100 or maybe worse so that is the money management way that worked for me so far. Any ideas, especially running such account sizes, I am not asking any opinion for small accounts which use extreme high leverage. Much appreciated in advance...
  • #725,876
  • Dec 1, 2012 10:12am Dec 1, 2012 10:12am
Quoting math_GB
Without hope we will turn into savages mate.. I just hope we can get a clear direction untill the end of the year. I read somewhere that double touch barrier options are also out of the way untill mid January so we do not need to stay in a range any more. On the upside which I do not favor, the nasty thing is the reserve managers from Asia may come back to the market again and this may push the pair much higher than anyone would expect, as long as we are below 1.30 landmark figure they do not seem to be active, above hell yeah..! So caution is...

I'm far from very experienced but I think you need to decide what your goals are. Do you want to do day trading, swing trading or position trading. Once you know that you can adjust your MM to work in your favor. Day traders and scalpers have much smaller SL's and trader smaller TF's. If you're trading larger TF's like I do you must use wider SL's to accommodate for news, economic figures etc.. And position trading you better be right about the trend you are seeing. Me personally when and if I trader daily or scalp I use mental SL's
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  • #725,877
  • Dec 1, 2012 10:22am Dec 1, 2012 10:22am
Quoting math_GB
Without hope we will turn into savages mate.. I just hope we can get a clear direction untill the end of the year. I read somewhere that double touch barrier options are also out of the way untill mid January so we do not need to stay in a range any more. On the upside which I do not favor, the nasty thing is the reserve managers from Asia may come back to the market again and this may push the pair much higher than anyone would expect, as long as we are below 1.30 landmark figure they do not seem to be active, above hell yeah..! So caution is...
regardless the daily range. 40-50 pips are still good imo. depending on where you get in though. market condition sometimes do this. you just need to adjust your target profit accordingly, i guess. if this isn't going for you then you might consider choosing other pairs to trade.

when majors are not moving, then you might look into cross pairs.
  • #725,878
  • Dec 1, 2012 10:23am Dec 1, 2012 10:23am
Quoting math_GB
Currently 40 pips is my daily target but quite honestly I rarely can reach it and my stop loss per day is 20 pips.
The range nowadays is bout 100 and you are trying to catch 40 pips which is almost half the range! I really can't see anyone doing that cosistantly.

Maybe it'd be easier to catch couple of 20pips than one 40 pips.
  • #725,879
  • Dec 1, 2012 10:29am Dec 1, 2012 10:29am
Quoting BobGnarly
I'm far from very experienced but I think you need to decide what your goals are. Do you want to do day trading, swing trading or position trading. Once you know that you can adjust your MM to work in your favor. Day traders and scalpers have much smaller SL's and trader smaller TF's. If you're trading larger TF's like I do you must use wider SL's to accommodate for news, economic figures etc.. And position trading you better be right about the trend you are seeing. Me personally when and if I trader daily or scalp I use mental SL's
There have been days where I kept a position for days but these days it is literally impossible to have such trades. So day trading with a view of general trend is the one that works for me I guess. Considering that I have 40 pips a day target, it doesn't make sense to have a larger SL more than 20 pips. Also I don't think it is wise to have larger daily profit pips for more than 40 since the daily range has become so tight... Difficult... Difficile.. Molto diffcile..
  • #725,880
  • Dec 1, 2012 10:38am Dec 1, 2012 10:38am
Quoting math_GB
There have been days where I kept a position for days but these days it is literally impossible to have such trades. So day trading with a view of general trend is the one that works for me I guess. Considering that I have 40 pips a day target, it doesn't make sense to have a larger SL more than 20 pips. Also I don't think it is wise to have larger daily profit pips for more than 40 since the daily range has become so tight... Difficult... Difficile.. Molto diffcile..

If you cant watch your account fluctuate from day trading well then yes you will be best at trading smaller tf's. 40 pip a day target is very feasible. If you monitor your trades all day I would start by removing your SL's. When people say " oh they are just stop hunting" dont be one of people that got shot... If you have a mental SL and price breaks it with force and volume you are best to get out. If it drifts below your SL and has a nice reversal, stay in the trade until your target is hit. Also I never risk more than 4% of my capital on a trade. I know that is more than the normal 1-2% figure you hear all the time but it works best for me.
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