Carbon-Dioxide: the gas of life! https://youtu.be/ttJBdr6eBuo
- #48,561
- Sep 30, 2014 1:46am Sep 30, 2014 1:46am
- Joined May 2012 | Status: CoC'd again ! | 8,578 Posts
- #48,562
- Sep 30, 2014 1:54am Sep 30, 2014 1:54am
- Joined Jun 2010 | Status: Trader | 3,896 Posts
Make your losses in demo. Earn your profits live.
- #48,563
- Sep 30, 2014 2:18am Sep 30, 2014 2:18am
- Joined Jul 2011 | Status: Winning | 1,859 Posts
It may want to form the double bottom on the M15. Or it may just keep creeping up and shoot when it is in the vicinity of 110. It is a 50-50 chance at this point. There is very little chance it will break below 109 with USD still bullish. So instead of betting on the double bottom formation and losing out on the uptrend, I prefer holding, unless I see a deliberate move downwards after Japan release.
You mentioned the 15 minute double bottom, and it hit (see the screenshot below) perfectly. It seems as though they might be listening here right on this forum!
Anyways, there is a phrase, (hah! I remembered it!) "self fullfilling prophecy"...
You also mentioned that the USD is still trending upwards (which is a bit odd, it REALLY is trending downwards, it's just in a strong phase right now), which is absolutely true. See the indicator in my screenshot and how there is a lot of green circled in red. Price is now hinting upwards with a strong bullish bias.
I wanted to write this post because this is what a lot of trades end up looking like, REGARDLESS of the time frame, and the last "down move" below my position at 109.30 is what I call a "shakeout". What they're doing there is, they're actually trying to make you lose money. Either by hunting and hitting your stop losses (if you use them), or just shaking and destroying your confidence and the trade and force you into taking a loss and exiting your position. There are many ways these guys can play tricks on you, which also reminds me of another point: WHY I NEVER USE A STOP LOSS!
This is a classic trade, imo...
Please check out my blog at https://from-zero-to-hero . net
- #48,566
- Sep 30, 2014 6:05am Sep 30, 2014 6:05am
- Joined May 2012 | Status: CoC'd again ! | 8,578 Posts
{quote} Thanks Exo. Good to see you again. Nope still doesn't see it. Is it marked a low-impact (yellow-colored) data?
Here it is, times are UK BST
Carbon-Dioxide: the gas of life! https://youtu.be/ttJBdr6eBuo
- #48,578
- Sep 30, 2014 8:39am Sep 30, 2014 8:39am
- Joined Nov 2012 | Status: Trader | 5,895 Posts
Inserted Video
too many people waiting for the 110, not yet, not yet
- #48,579
- Edited 9:01am Sep 30, 2014 8:50am | Edited 9:01am
- Joined Apr 2014 | Status: Scalper / Swing Trader | 1,417 Posts | Online Now
http://www.youtube.com/watch?v=OFVk5xVK7vs too many people waiting for the 110, not yet, not yet
Of course not. We reached 109.84 right before a major event, and the RSI on the 5min mark showed that the pair was continuously overbought (also on 15min and 30min). Shorted on 109.84, waiting to see if it'll hit 109.2-3 before the consumer confidence announcement. If not, eh. I pocketed at least around 30 pips.
I'm just wondering if I can reload a long before or after the announcement in 10min. Hopefully before.
Edit: No, nervermind. We're in the last 5min, doesn't look like it. TP at 109.65
Edit 2: Awww. CB consumer confidence down. Shorting again, but lost profit for the previous one. Oh well. At least it's not a loss.