Learn to Swim

Retest?

Note to self. I hate stop orders. Sure it's a good way of using price action confirmation to get into the market.....but often it seems you lose out on the initial momentum thrust. I like limit orders much better but there is the chance your order won't be hit. That's the trade off.

Notice the false bareakout to the 1.8213 level and back into the range...a double false breakout. Interesting level, looking for a return to the upside.



Edit: if you believe in fibs.......I would look for an inside bar trigger so if I'm wrong I don't risk much.

Accumulation. News this evening. Guess I should take a look at the calender huh? jeez

News trade on aud. I was targeting the 9 level where I would liked to short from.....truth is, are we going to stay in the area or continue to 95. I don't know....is there a trend change? Are the bulls coming back in? We will see.

gbp/aud possible targets/turning points.

usd/hkd

aud/usd

loonie

Euro........not a clue really. lol

edit: false break to the downside as I posted this.....

chf/jpy

loonie update

Euro is still a mystery to me. lol But my 2 zones are still in play.

I would like to post my perspective on orders. I recently used a stop order to enter a trade, my reasoning was that there would be confirmation of my trade by momentum as my order was picked up. I will no longer be doing this with the only exception of an inside bar trade. I think stop orders have a purpose for certain things but I will no longer employ that method of entering the market. I like setting limit orders and joining the fray with the natural flow of the market. Let the cycle take you in. I often get better entries and R:R this way. I also don't feel like a trapped fool when my order gets tagged for a game of deep retrace.

Now having said that I'd like to mention the retrace. The market conditions have changed a bit and It is not uncommon to see a .786 or even a .886 on certain pairs..........

hi calderone ;

The price is now at a significant zone (I think) , and also the descending trendline still keeps the price below itself. So I think still the advantage on bears' side. But the high volatile market really makes us excited and worried and stressed. I am short on EURUSD , I just wanted to hear ur opinion... what do you think about it?

http://img36.imageshack.us/img36/2796/lt8o.png

I'm no expert on the euro by far but if you take a look at the weekly and the fib level in play, it would seem that this high news week was just a small hiccup in a larger bear trend. Also kind of double toppish in a sense. I think we would need to drop lower even if we were to see a trend change to the upside. Sorry for the messy chart.

I also just want to add I am still bearish aud, bullish usd/cad....meaning I am bullish on the us dollar. Risk on and watch money flow out of equities. I also am getting bullish on gold although my broker doesn't offer that because I am in the US.


I'm not married to these thoughts but I tend to keep it in the back of my mind.

I welcome anyone to post a chart, any chart and add your sentiment. I am extremely simple with trading. I like daily and 4hr, 6hr, 8hr timeframes. I will enter on an hourly sometimes but usually I set orders. I may not understand your techniques but I will respect them.