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  • #776,761
  • Mar 22, 2013 12:09pm Mar 22, 2013 12:09pm
Quoting sh5467
why stop trading now? in the next 5 hours we could see huge moves in the EU due to news flow, there could be some great opportunities. It's not like it's a friday and nothing is going on to effect the EU, there could be serious fireworks here.
Well first of all.. it IS Friday and London has closed. Any volume is now less likely.

I don't expect any "news", irrespective of "Cyprus says close to bailout deal" on Reuters (posting 25 minutes ago) to rock EURUSD.
It's already priced in. I don't recall many Fridays where EU posts another 100 pips in the 4hours after London close.

Again, as I said in my first sentence - if you want the US close, then that's fine - but if you're a London Time trader... it's good to close the page and start again next week.
A pip is only worth it if you know how much you risked to earn it
  • #776,762
  • Mar 22, 2013 12:10pm Mar 22, 2013 12:10pm
Quoting De La Kritz
no short trades will survive this now. we are on strong wave two of one hr chart. my tp is price kissing ema 200 of 4hrs or .3100
unless of course it is on an ABC retrace rather than wave 2 of a trend, in which case it may have already reached target.
Attached Image (click to enlarge)
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  • #776,763
  • Mar 22, 2013 12:10pm Mar 22, 2013 12:10pm
Quoting vlady1974
Well first of all.. it IS Friday and London has closed. Any volume is now less likely.

I don't expect any "news", irrespective of "Cyprus says close to bailout deal" on Reuters (posting 25 minutes ago) to rock EURUSD.
It's already priced in. I don't recall many Fridays where EU posts another 100 pips in the 4hours after London close.

Again, as I said in my first sentence - if you want the US close, then that's fine - but if you're a London Time trader... it's good to close the page and start again next week.
Exactly. Perfect time for volume 4am-11am NY time.
When the facts change I change my mind, what do you do sir
  • #776,764
  • Mar 22, 2013 12:11pm Mar 22, 2013 12:11pm
Quoting Ken A
U/J = 96.50 will take E/J to 125.00
Cheers. I've been out of the game for almost a month so I've not dived in fully yet but thanks for the price heads up. I'll check it out on Sunday.

Have a great weekend.
A pip is only worth it if you know how much you risked to earn it
  • #776,765
  • Mar 22, 2013 12:11pm Mar 22, 2013 12:11pm
Quoting Pip Anon
Because these moves are typical and do not last long. I am using my mean reversion system to grab some pips. I am not looking for long term positions in the euro. Many traders seem to have irrational exuberance regardless of what comes out of Europe.

Euro again tried to get up past 1.3000 and could not. I see it as good resistance. Maybe if the Cyprus thing gets resolve there will be a bump up, but the euro is damaged goods.

Just fading a short-term move.
ok well good luck with it. if it does break south keep an eye on the weekly pivot 1.2961 as that may provide a bounce.
  • #776,766
  • Mar 22, 2013 12:14pm Mar 22, 2013 12:14pm
Quoting sh5467
ok well good luck with it. if it does break south keep an eye on the weekly pivot 1.2961 as that may provide a bounce.
It could. GBPUSD spike closed me out positive. If euro stays flat ill close. I don't hold over weekends. Good luck to you too
When the facts change I change my mind, what do you do sir
  • #776,767
  • Mar 22, 2013 12:16pm Mar 22, 2013 12:16pm
Quoting Georji
Hi,,, what is the pyramid formation ?
It is where you have the short postions largest at the top of the LT price range and smallest at the bottom. The longs are smallest at the top and largest at the bottom.

I have OANDA which lets me have 2 accounts for the same pair so I have long and shorts separated.

By LT range I have my software set up for 1.20 -1.40. You also have to be aware of Price Saturation as I call it too much size at simular levels on the chart.

I dont use SLs but that is not for everyone so I wrote a software program that does all the pos sizing and spacing for me in real time.

It has been a life saver and a money maker. If it had a bush and a rack I would marry it.

Again this is seperate from your trading stragetly to get in and out. The 3 pillars of successful trading are: TA / FA / MM The greatest of these is MM.

I scalp and use the 10M chart. I would be considered a hypertrader.
Trade smaller than rational because the market is irrational...
  • #776,768
  • Mar 22, 2013 12:17pm Mar 22, 2013 12:17pm
Quoting sidhujag
well we are almosthere i call it the gbpusd friday ny afternoon waterboy stophunt manipulation time. Looks to favor bulls this time

No idea who the waterboy is but missed my target by 2 pips

Quoting Ken A
I don't know but this is what I have floating for GBP/USD atm. Have partialed some during the spike yesterday.

http://www.forexfactory.com/attachme...2&d=1363851460

  • #776,769
  • Mar 22, 2013 12:20pm Mar 22, 2013 12:20pm
Quoting vimalcharan
I am short in eurusd 1.2915.....but it moves up 100 pips....last week burn my 4 account....now plz help me & give idea about trading.....
how do U decide on initiating a trade.......
  • #776,770
  • Mar 22, 2013 12:20pm Mar 22, 2013 12:20pm
Quoting Pip Anon
It could. GBPUSD spike closed me out positive. If euro stays flat ill close. I don't hold over weekends. Good luck to you too
bears don't have too much power righ tnow... was just a spike to probably wipe out stops to take it higher... unless the lows give way to the spike
  • #776,771
  • Mar 22, 2013 12:21pm Mar 22, 2013 12:21pm
Quoting TraderPablo
how do U decide on initiating a trade.......
what made U decide to shorten at 2915?
  • #776,772
  • Mar 22, 2013 12:22pm Mar 22, 2013 12:22pm
Quoting sidhujag
bears don't have too much power righ tnow... was just a spike to probably wipe out stops to take it higher... unless the lows give way to the spike
Could be. Maybe algos or whatnot. I had a nice 1:2.5 risk/reward set up. There might be some buying to reposition.
When the facts change I change my mind, what do you do sir
  • #776,773
  • Mar 22, 2013 12:23pm Mar 22, 2013 12:23pm
Quoting vimalcharan
I am short in eurusd 1.2915.....but it moves up 100 pips....last week burn my 4 account....now plz help me & give idea about trading.....
what made U decide to shorten at 2915?
  • #776,774
  • Mar 22, 2013 12:25pm Mar 22, 2013 12:25pm
Another point I forgot to mention that I posted the other day.

Many traders want to do this full time however they do not practice the career mindset. You work 10-50+ years in a job to earn a living. Trading should be approached the same way.

START OUT LIKE YOU WANT TO END UP

Slow and steady wins the race. Its a walk to wealth not a race to riches (ruin)

I dont use SL and that is not for most people. However I do belive in the random walk theroy and prices always seem to come around. Too many times I used a SL just to have it go my way.

Proper MM and PATIENCE will vindicate your postions in time. Again not for everyone but works for me.
Trade smaller than rational because the market is irrational...
  • #776,775
  • Mar 22, 2013 12:26pm Mar 22, 2013 12:26pm
Quoting EuroTraderJD
Another point I forgot to mention that I posted the other day.

Many traders want to do this full time however they do not practice the career mindset. You work 10-50+ years in a job to earn a living. Trading should be approached the same way.

START OUT LIKE YOU WANT TO END UP

Slow and steady wins the race. Its a walk to wealth not a race to riches (ruin)

I dont use SL and that is not for most people. However I do belive in the random walk theroy and prices always seem to come around. Too many times I used a SL just to have it go...
That's a good point.....
When the facts change I change my mind, what do you do sir
  • #776,776
  • Mar 22, 2013 12:27pm Mar 22, 2013 12:27pm
can someone tell me how to sort this forum so the latest post is first and post 1 is on boootm (last)
  • #776,777
  • Mar 22, 2013 12:27pm Mar 22, 2013 12:27pm
Quoting Pip Anon
Because these moves are typical and do not last long. I am using my mean reversion system to grab some pips. I am not looking for long term positions in the euro. Many traders seem to have irrational exuberance regardless of what comes out of Europe.

Euro again tried to get up past 1.3000 and could not. I see it as good resistance. Maybe if the Cyprus thing gets resolve there will be a bump up, but the euro is damaged goods.

Just fading a short-term move.
Same view here. In this move up today I only short 2 times
  • #776,778
  • Mar 22, 2013 12:27pm Mar 22, 2013 12:27pm
Quoting MaxDoom
unless of course it is on an ABC retrace rather than wave 2 of a trend, in which case it may have already reached target.
Re-shorted. 12984, SL 20

It seems like an ABC to me, plus it also appears to have formed the peak of a triangle on the 15m. Its all probabilities of course/news planted when they fancy, depending.. But im going with that one.

If im wrong im out for the day, if im not..
Don't over egg the cake.
  • #776,779
  • Mar 22, 2013 12:28pm Mar 22, 2013 12:28pm
another atack to the @2975.
I think it close below this today....
  • #776,780
  • Mar 22, 2013 12:29pm Mar 22, 2013 12:29pm
Quoting eliabreu
Same view here. In this move up today I only short 2 times
It usually gives a nice set up to scalp. Just define your risk and realistic target beforehand :nerd:
When the facts change I change my mind, what do you do sir
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