EUR/USD – wants to return to old ground back at 1.31 | Forex Factory

  • EUR/USD – wants to return to old ground back at 1.31

    From oanda.com

    The Euro fell sharply late last week as it moved from the strong resistance level around 1.31 back down towards 1.29. The 1.30 level could have been expected to provide some support having previously been a strong resistance level only a week or so earlier, however the Euro fell right through it. Over the last 48 hours, the Euro has been well caught by another level at 1.29 which has provided sufficient demand to not only temporarily halt the fall, however provide sufficient support to allow the Euro to bounce back to 1.30. Prior to this fall over the last week, earlier last week the Euro surged through the ... (full story)

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Trainman
Dec 12, 2012 3:14am
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Quoting Guest
and here comes the predicted PUMP for the longs to buy into the 1.31 price...go to your own weekly chart and zoom out. Most of your indicators are overbought.

Draw a diagonal trendline from Jan 2011 and you see it's all downhill!!!!!!!!!!
Depends on what interval you are looking at. From May 2011 it is downhill, but since July 2012 it is uphill. And since mid-Sept 2012 it is straight across.
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shovon
Dec 12, 2012 3:03am
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I think, 1.3030 could prove to be an strong resistance at this time, but today market price could able to manage close above 1.3012, it can be surely push further above.... Here I must mention that 1.3075 is a level which should be carefully watched.....
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shovon
Dec 12, 2012 4:16am
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Quoting Spreadbetter
Why not draw/use/calculate the correct levels of support and resistance versus 'making up' what you think are significant round numbers?
Well...As you know, I'm a very short term trader....you can say a 20 pips trader ... So, drawing a typical support and resistance doesn't make any benefit for me as it frequently break and make a new one. But, I use weekly pivot SR levels to draw support and resistance, which help me a lot to predict the max/min levels of price action movements.

Besides another different format of chart set up also help me in advance (approx 3/4 hours) of possible trend change in H1 chart. Based on which, I manually close my open trades before it can reach it's stop, so I can minimize my losses. And also open a trend favor trade to eliminate my losses.

My this strategy helps me to manage around 50 pips win per day on an average, which I believe not bad at all.

Actually my trading strategy doesn't require any typical SR levels... but, my trading tools are making me to think about certain levels, not necessarily the round numbers...
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shovon
Dec 12, 2012 4:34am
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yes... I always use 1:1 for my risk/reward....although sometimes it's 2:1 when price fall or move up more than 100 pips.... My trades, which are 2:1, till now I didn't sustain a loss as my stops are far away from my opening points...
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shovon
Dec 12, 2012 4:53am
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Quoting Spreadbetter
I've known guys do well with a fire and forget 20/20 strat., built around key levels, S&P etc..lol, I see your 13030 just got teased.
Frankly speaking, I'm not that much experienced as you can find many in FF...but, I study a lot and trying hard to learn. My strategy is a composition of many and I build up it to suit my personality.

I also tried long term trading, strictly trying my R:R in fixed 1:1 or 1:2 or 1:3.... but all these becomes a fail for me. I'm little impatience and so long term trading might fail to give me any satisfactory result. My trading strategy might portrait me as a gambler instead of a trader, but I know this strategy suits my personality and choice.

My philosophy for trading is, make money, keep you losses as minimum as possible and enjoy the thrill of trading by keeping my account in a safe side...... I still practicing and till now it works good for me.... Lets hope for the best....
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KevinThomas
Dec 12, 2012 12:38am
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Quoting Guest
+/- 200pips on either side of 1.3000 is all you'll see the rest of this year. Happy Holidays!
Anyone can say this.. Useless!!
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Kobe8kenji
Dec 12, 2012 4:55am
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given the momentum of price, should be able to break 1.3040 tonight!
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johnel
Dec 12, 2012 1:21am
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still short
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Spreadbetter
Dec 12, 2012 3:11am
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Why not draw/use/calculate the correct levels of support and resistance versus 'making up' what you think are significant round numbers?

Quoting shovon
I think, 1.3030 could prove to be an strong resistance at this time, but today market price could able to manage close above 1.3012, it can be surely push further above.... Here I must mention that 1.3075 is a level which should be carefully watched.....
Reply
Spreadbetter
Dec 12, 2012 4:27am
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What kind of R:R, is it 1:1?

Quoting shovon
Well...As you know, I'm a very short term trader....you can say a 20 pips trader ... So, drawing a typical support and resistance doesn't make any benefit for me as it frequently break and make a new one. But, I use weekly pivot SR levels to draw support and resistance, which help me a lot to predict the max/min levels of price action movements.

Besides another different format of chart set up also help me in advance (approx 3/4 hours) of possible trend change in H1 chart. Based on which, I manually close my open trades before it can reach...
Reply
Spreadbetter
Dec 12, 2012 4:37am
Permalink
I've known guys do well with a fire and forget 20/20 strat., built around key levels, S&P etc..lol, I see your 13030 just got teased.

Quoting shovon
yes... I always use 1:1 for my risk/reward....although sometimes it's 2:1 when price fall or move up more than 100 pips.... My trades, which are 2:1, till now I didn't sustain a loss as my stops are far away from my opening points...
Reply
Spreadbetter
Dec 12, 2012 5:14am
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Well if you pull up a daily chart (perhaps 2 day TF chart gives a better visual) you can see that since mid September the range has only been circa 350 pips. So you're right in as much until price escapes the gravity pull of this 13000 key psyche level the 200 range may be key.

Quoting Guest
+/- 200pips on either side of 1.3000 is all you'll see the rest of this year. Happy Holidays!
Reply
jaygee
Dec 12, 2012 5:24am
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top weekly dtl now at 1.3007. the week is young though. monthly 38 fib =3148
Quoting Guest
and here comes the predicted PUMP for the longs to buy into the 1.31 price...go to your own weekly chart and zoom out. Most of your indicators are overbought.

Draw a diagonal trendline from Jan 2011 and you see it's all downhill!!!!!!!!!!
Reply
BaitUp
Dec 11, 2012 9:48pm
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Umm...that's a 400 pip spread...kinda going way out on a limb huh? LOL!....you just can't make this kind of stuff up....
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Trader#B7C4
Dec 11, 2012 11:39pm
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and here comes the predicted PUMP for the longs to buy into the 1.31 price...go to your own weekly chart and zoom out. Most of your indicators are overbought.

Draw a diagonal trendline from Jan 2011 and you see it's all downhill!!!!!!!!!!
Reply
Trader#6BE6
Dec 12, 2012 2:25am
Permalink
Quoting BaitUp
Umm...that's a 400 pip spread...kinda going way out on a limb huh? LOL!....you just can't make this kind of stuff up....
Quoting KevinThomas
Anyone can say this.. Useless!!
Typical FF comments...always making fun of other tradres comments, yet not offering any constructive comments of your own.

The purpose of my comment was that I don't expect the euro to take off in 1 direction only...it should consolidate around the 1.3000 area. And it probably won't move any more than 200pips away from 1.3000 in either direction...so if you sold near the highs or bought near the lows you can make some money. But buying/selling at the 1.3000 level isn't as high as a probability for a win. I don't consider myself a "forex genius" and I definitely can't pick the exact tops and bottoms of a range/consolidation so that's why I used the +/- 200pip range. I don't see it moving further than that...it may be even a little less.

Forgive me for not making myself clear in my first statement....But by all means, continue making fun of your fellow FF traders when they try to share their opinion.
Reply
Spreadbetter
Dec 12, 2012 5:00am
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The first rule of trading is MM, seems like you've got that cracked.

Quoting shovon
My philosophy for trading is, make money, keep you losses as minimum as possible
Reply
jaygee
Dec 12, 2012 5:31am
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daily rsi 50 was rejected. 60m 200 sma has been mounted, bottom of the old 4h utl has been breached. mid terms are a little overbought. pretty bullish so far, no indication this is done yet
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Trader#6BE6
Dec 11, 2012 8:59pm
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+/- 200pips on either side of 1.3000 is all you'll see the rest of this year. Happy Holidays!
Reply
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