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Trading EURUSD only

  • #42,621
  • Apr 10, 2013 7:35am Apr 10, 2013 7:35am
Quoting Pilager
How you doing? Hope your prediction holds and the USD finally shows it's strength. It's been reacting rather weakly for the last two week.
Brother I am well thank you and hope its all Pips and rainbows for you as well.

Markets are like pendulums they swing back and forth and we are only along for the ride. I do have my hopes but that isnt a good trading strageity. The one that works for me is to react when the indos tell me to. The indos are much smarter than my pea brain to give me direction in the market. I do follow the news as it is part of the 3 pillars of trading and some things are so obvious its a no brainier.
Trade smaller than rational because the market is irrational...
  • #42,622
  • Apr 10, 2013 7:37am Apr 10, 2013 7:37am
Quoting Bocephus
Here is my updated chart from yesterday and I nailed the top, so from here we can go to 3129 or back down to 2940 or lower {image}
Here is my updated daily chart from yesterday and I nailed the top again. I expect some PB now as the daily is out of gas. We may see 2965-2916 range but then again FOMC can help it go down or swing back up. Daily is definitely out of gas here and needs to fill up before another push up if any.
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  • #42,623
  • Apr 10, 2013 7:40am Apr 10, 2013 7:40am
Quoting Bocephus
Here is my updated daily chart from yesterday and I nailed the top again. I expect some PB now as the daily is out of gas. We may see 2965-2916 range but then again FOMC can help it go down or swing back up. Daily is definitely out of gas here and needs to fill up before another push up if any. {image}
Trade smaller than rational because the market is irrational...
  • #42,624
  • Apr 10, 2013 7:45am Apr 10, 2013 7:45am


Quoting Bocephus
Here is my updated daily chart from yesterday and I nailed the top again. I expect some PB now as the daily is out of gas. We may see 2965-2916 range but then again FOMC can help it go down or swing back up. Daily is definitely out of gas here and needs to fill up before another push up if any. {image}
Wait, or you will be slaughtered!
  • #42,625
  • Apr 10, 2013 7:47am Apr 10, 2013 7:47am
Quoting Uturn2
I know you cashed that Uturn! Stay green my friend
  • #42,626
  • Apr 10, 2013 8:03am Apr 10, 2013 8:03am
Gentlemen, glad to see you all here, SteveWalker, impressive stats you got there.

To JD, Uturn, Bocephus, green pips to you all.

Pilager, good to see newbies on the thread practicing and posting. I got into my see position before leaving to work this morning so wasnt' able to post up until now i got into work.

The R@3137 seemed to turn the euro back down so i've sold based on that and on the daily MACD showing diveregence. Bocephus mentioned seeing a "run out of steam on his daily and i concur.

How far down it goes will be based on the levels of support below us.
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  • #42,627
  • Apr 10, 2013 8:09am Apr 10, 2013 8:09am
Quoting Lucrativ
Gentlemen, glad to see you all here, SteveWalker, impressive stats you got there. To JD, Uturn, Bocephus, green pips to you all. Pilager, good to see newbies on the thread practicing and posting. I got into my see position before leaving to work this morning so wasnt' able to post up until now i got into work. The R@3137 ("R@3137") seemed to turn the euro back down so i've sold based on that and on the daily MACD showing diveregence. Bocephus mentioned seeing a "run out of steam on his daily and i concur. How far down it goes will be...
Thanks Lucrativ and always green pips to you my friend!
  • #42,628
  • Apr 10, 2013 8:12am Apr 10, 2013 8:12am

  1. Fed Releasing Minutes Early Due To Early Release To Congressional Staffers And Lobbyists

    From zerohedge.com
    http://www.forexfactory.com/resource...tory-quote.png
    This shocker just hit the tape: FED TO RELEASE FOMC MINUTES AT 9 A.M. VS SCHEDULED 2 P.M. FED: MINUTES MISTAKENLY SENT EARLY TO CONGRESS, TRADE GROUPS So the Fed now pre-releases data to US politicians ahead of everyone else. What else does the Fed leak to those for whom frontrunning is still legal? And as if we needed more confirmation, the market is now officially a complete circus.

  • #42,629
  • Apr 10, 2013 8:15am Apr 10, 2013 8:15am
WASHINGTON (MarketWatch)-- Federal Reserve officials remained divided over how long they should keep buying bonds, according to the minutes of the March 19-20 meeting released Wednesday. The Fed said that one member wanted to slow the bond purchases immediately. A few more favored slowing the purchases at midyear, with the program ending later in 2013. Several others thought that if labor conditions improved as expected, the Fed could slow purchases "later in the year and stop them by year-end." Two members indicated that the purchases might well continue at the current pace at least through the end of the year. The Fed released the minutes early after discovering that some copies had been sent by mistake to Hill staffers and trade groups on Tuesday.
  • #42,630
  • Apr 10, 2013 8:16am Apr 10, 2013 8:16am
Out of short @ 89 for +6

Reason PA above 5 sma and RSI3 above +50

Will renter
Trade smaller than rational because the market is irrational...
  • #42,631
  • Apr 10, 2013 8:17am Apr 10, 2013 8:17am
FOMC minutes: Several members say halt to QE by year end

Written by Adam Button
April 10, 2013 at 13:00 GMT

Minutes of the March 19-20 FOMC meeting:

 

  1. A number of FOMC participants saw QE tapering around midyear
  2. FOMC saw overall outlook ‘little changed’ from prior meeting
  3. Full text of the FOMC minutes
  4. Participants ‘remained concerned’ about market stability
  5. Most participants felt risks and cost of more asset purchases remained manageable but merited close attention
  6. Participants agreed ongoing assessment of QE benefits and costs was needed
  7. Many participants reported that their business contacts were seeing some further improvement in the economic outlook
  8. Many FOMC participants felt continued solid improvement in labor market outlook could lead to slowing purchases at some point over next several meetings

Remember that the meeting was two weeks before the most-recent non-farm payrolls report and that the “continued solid improvement in labor market outlook” has been thrown into doubt. As a result, the market is less worried that purchases will be tapered around mid-year, if at all.

  • #42,632
  • Apr 10, 2013 8:18am Apr 10, 2013 8:18am
Tech trader

Key resistance was breached earlier and the bias remains with the bulls. The upper Bollinger at 1.3107 and the 38.2% fibo of the Feb/Apr slide at 1.3111 were hit on route to 1.3121 tops. Stick with the buy dips strategy for now until clearer signals of a end to the bull run are seen. Below 1.2926/28 MAs re-evaluates.
Trade smaller than rational because the market is irrational...
  • #42,633
  • Apr 10, 2013 8:21am Apr 10, 2013 8:21am
Two or three good employment reports and the Fed will start tapering

You have to go into a bit of a time machine to interpret the FOMC minutes because they are taken before the most-recent data — and the most-recent data was weak.

USD/JPY is rallying and gold slumping because the Fed sounds surprisingly eager to taper QE. Even in comments since non-farm payrolls, no one is backtracking too quickly.

Ultimately, Bernanke makes the final call but the feeling from the minutes is that the consensus is getting skittish about the size of the Fed’s balance sheet and would like to send a signal to markets that it’s being responsible. They also have a solid belief that the economy is improving.

If the next 2-3 jobs numbers are above 200K, the Fed will be quick to dismiss the soft March number a result of seasonals and will being to taper monthly bond purchases — probably by $15 billion.
Trade smaller than rational because the market is irrational...
  • #42,634
  • Apr 10, 2013 8:22am Apr 10, 2013 8:22am
Hello Lucrativ,
The game is truly muddled to suit a few. I almost left coz I knew the FOMC release was to be at 2PM.
thanks Bocephus
  • #42,635
  • Apr 10, 2013 8:33am Apr 10, 2013 8:33am
Short @ 84

My MT4 lost its connection so I had to wing it.

Sometimes you go with the Army you have not the Army you wish you had.
Trade smaller than rational because the market is irrational...
  • #42,636
  • Apr 10, 2013 8:36am Apr 10, 2013 8:36am
MT4 is up now so took a long @92

reason PA above 15 SMA and RS13 above 50

Now short @84 and long @92

Will see pips either way.
Trade smaller than rational because the market is irrational...
  • #42,637
  • Apr 10, 2013 8:36am Apr 10, 2013 8:36am
Lucrativ good morning to you too bro
Trade smaller than rational because the market is irrational...
  • #42,638
  • Apr 10, 2013 9:41am Apr 10, 2013 9:41am
Out of short @84 for +1 will reneter
Trade smaller than rational because the market is irrational...
  • #42,639
  • Apr 10, 2013 9:48am Apr 10, 2013 9:48am
In your opinion guys, how many pips should you aim for in a trade? Assuming you dont have a spike situation, for example right now it's just swinging between 70 & 80, should you take 2pips and run or wait for the chart to play out?
  • #42,640
  • Apr 10, 2013 9:49am Apr 10, 2013 9:49am
May be building a Flat [Long] on 10m
Out


Quoting EuroTraderJD
Out of short @84 for +1 will reneter
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Wait, or you will be slaughtered!
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