EURUSD

did anyone trade that huge spike in price when euro hit 1.2665? It came out of nowhere. I dont know if a lot of you were expecting it, I am still very new to forex

You should check the economic calendar and you would then know that the fomc had their interest rate statement which was less hawkish than the market had expected.

Definitely check the economic calender for any day you are trading friend. A small stop loss adjustment prior to news time can save you a bundle. Personally, I took a late lunch hour so I could drive home and trade the FOMC interest rate announcement. It was the best lunch I've had in a long, long time.

happy trading!

Yes, second nice bounce from a weekly support in a week. If only all trades were that simple.. (buy support, sell resistance)<o>
</o>

As I was uncertain about what the FED will announce (not the 25 bps hike but the rhetoric), but I was sure there will be volatility, I placed two stop orders slightly above of the day's high for going long, and slightly below the day's low for going short (OCO orders). The former got hit, and I am still riding it. Actually I doubled my bet on a pullback this morning (around 9 am CET), which is now at breakeven (fingers crossed).

With these kind of entries I am careful with two things:

- I have to be sure I can rely on my broker, and my orders (including follow-up orders) will be executed properly even in the heat of the battle after the FOMC announcement. (I am still testing my broker on this.)

- I have to be extremely careful with whipsaws. Yesterday was an easy ride, but it often happens that the market bounces up and down heavily, one order gets executed (the other cancelled at the same time), and then price turns back. With a reliable broker I can still profit from this, as I am going normally for 10-15 pip gains, and the volatility is usually enough for my limit to get hit, even if it turns back later on. (Yesterday was a different case, because I read the announcement immediately, and it was clear the dollar is going down.)

hurvinek

Oh, and another thing. Notice how the run up bounced back from the 50% Fib retracement of 1.2978-1.2479 range (1.2728). Nice, predictable one, but I hope we'll take it out very soon, and head for 61.8% (at 1,2786).

SO where is the dollar heading this week, after almost 300 pips does it still have steam to keep going down. Or is there a possibility of some kind of retraction. well im hopeing for something because i went short on the pair at 12750????? well have to see!!!!!!!!!!!!

Well I think there have to be some retracement at some point. Why did you go short at 1.2750 though?

Other than a hunch i had no method for my maddnessssssss but i think im gonna ride it out for a little while and try to pick up a few lots over 12800 and try to break even or make a few!!!

be careful trying to chase a fast moving market like this...you will need a wide stop for one thing so position size sensibly...

well it looks like i made out but im just mad that i went to sleep and twenty min later the trade closed 33 pips from the low. o well i made my goal for the day so i cant complain!!!!!!
O and i am fairly new only about 6 months under my belt, but im wondering if there is a thread that might discuss the big reports like the NFP??????

Yeah I went short on Cable and had to wait over the weekend like you, but I made $4100 bucks!! But man I was in the hole friday afternoon alot.

For NFP use this approach to trade it, and try to use a Straddle position to catch the fast move:

If the NFP number comes out to be the same as the
consensus or very close, then you must wait 25-30 minutes before trading
and use my technical analysis approach most likely
going the direction of the fundamental announcement
trend. Wait for a pivot point violation and possibly one
of my signature trades to hit.

Now for the big tip, if it moves out of that price
range it will go in the direction of the fundamental
(above estimated will have a strong short bias on the GBP/USD,
below estimated will have a strong long bias on the GBP/USD,
or EUR/USD ), it might whiplash alot in the first 30 minutes but
ultimately it is a 99% chance that it will go in the correct
direction. So the way to make the big money is to wait
for price to do the opposite of what it is supposed to do.
I like to wait for price to pullback to the starting price
at 8:29 am EST or 20 pips further then get in and load the boat!

But if the number is a 50k difference then watch out because
there is a good chance it will only retrace 38.2% or 50% of
the first five minute candle, so you might want to get in quicker.
Either way you make money. Since you should target a
70 to 110 pip target you should also have a much wider
stop, of about 50 pips because brokers go stop hunting on
NFP days. If you're really confident use a mental stop.

If you're new to trading the Forex, please demo trade this
report.

Remember to wait for the pullback.

Hold for the 2-5 hours for your target to get hit (my live
trading group gets a special indicator teaching you this).

And watch out if the number is a 50k difference for a smaller
pullback.

for news straddle plays, consider using options

i closed out early last month on nfp, letting it override my plan. i'm not gonna do that this time - just ignore it like fed decisions (which worked nicely this time round).

anyway i see an opportunity to buy should it regress to the trendline.

Hi Isotonic,

just discovered this very interesting thread! I went long today on EUR/USD @ 1.2731
Do you think it is a good choice?

from the looks of things I think we're in for a bit of a downward correction.......but what the heck do I know...been wrong before

Kiaora from New Zealand

I have just joined FF and am glad to find an active community of traders, this is my first post so I hope this is the kind of thing that is useful...

I see a monthly M3 pivot and other indicators of resistance converging on 1.2885.

http://homepages.ihug.co.nz/~rdee/fo...d1_07jul06.gif

The commerical traders are also very short on the euro-globex.

http://homepages.ihug.co.nz/~rdee/fo...d1_06jul06.png

So I am looking for a point of exhaustion of this rally near 1.2885 in the next few days. Check it out.

Regards, Robert Dee

Hamilton, New Zealand

^^ where do I find the monthly pivot indicator for MT4?

JAPAN RAISING RATES!!!!!!!!!!!!!!!!!!

when asia opens I believe the dollar will suffer.....

JAPAN RAISING RATES!!!!!!!!!!!!!!!!!!

when asia opens I believe the dollar will suffer....


And sirpips!!!

Nice speddo !!!!

Check this post from Habeeb.

http://www.forexfactory.com/forexfor...99&postcount=2