EUR/USD
Member Since Oct 08, 2011
137 posts
Oct 08, 2014 at 19:45
Trade reference EUR/USD buy-stop @ 1.2674
Exit 2: near 1.2745 v-stop (next reverse-hook's low) - mission accomplished
Exit 2: near 1.2745 v-stop (next reverse-hook's low) - mission accomplished
"a little bit of knowledge is a dangerous thing"
Member Since Apr 14, 2014
230 posts
Oct 08, 2014 at 20:25
PERPETUUMMOBILE posted:
Trade reference EUR/USD buy-stop @ 1.2674
Exit 2: near 1.2745 v-stop (next reverse-hook's low) - mission accomplished
Nice trade, what's next move?
Member Since Oct 11, 2013
775 posts
Oct 09, 2014 at 00:17
The Eurusd keeps retracing, lets see how high it can go, it may be getting ready to go back down.
Member Since Nov 11, 2012
271 posts
Oct 09, 2014 at 05:47
Eur will probably resume its downtrend from Friday morning if it fails to close above 1.2748 today. In that case bulls should be closing long trades after taking profit at 1.2748.
antariks1@
Member Since Apr 08, 2014
1141 posts
Oct 09, 2014 at 06:31
Above 1.2700 expect the short-squeeze to continue toward 1.2780-1.2820 where we should see plenty of bearish selling. The daily trend remains bearish (for now) though we are in the second day of action above the 10-day moving average, leading us to believe we are at least seeing some sideways consolidation before another leg downward.
"I trade to make money not to be right."
Member Since Oct 08, 2011
137 posts
Oct 09, 2014 at 07:44
peeterwoolf posted:PERPETUUMMOBILE posted:
Trade reference EUR/USD buy-stop @ 1.2674
Exit 2: near 1.2745 v-stop (next reverse-hook's low) - mission accomplished
Nice trade, what's next move?
I posted the trade exits a couple days ago, with an explanation as to why prices have a good chance to go there.
as you can see , prices usually consolidate at or near the low and high of a reverse-hook formed in the past.
you can see that the current consolidation occurred right at Exit 2.
A short consolidation cannot contain more than 10 bars (see 1 hr. chart and count the bars), then trend should continue in the same direction. If bar 11 doesn't break (or an earlier bar) always with the exception of bar nr. 6 (95% a fake-break), then the next earliest bar that can be traded is nr. 17, or the high of the first up-hook outside of the consolidation, which is the safest spot to enter.
Exit 1: near 1.2720
Exit 2: near 1.2745 v-stop (next reverse-hook's low)
Exit 3: near 1.2840 v-stop (next rev-hook's low)
I also explained in a previous posting why the retracement started 3 days ago (distance from GAP to very top on the weekly chart)
"a little bit of knowledge is a dangerous thing"
Member Since Oct 08, 2011
137 posts
Oct 09, 2014 at 16:53
almost all indicator-traders have the same problem: they fight the trend!
Once they realize that the trend has reversed, chances are, the trend is about to change again in the opposite direction.
this is, because indicators give you delayed data, best case scenario they can be used as support for chart-pattern readers.
Trading with indicators is like chasing a rabbit and every once in a while you get to touch its tail - but never catch it.
I posted a signal this week Monday, which was the lowest possible entry on the 1 hr. chart. the trade reached the predicted Exit 3 for 80 pips.
The next trade I posted Tuesday, using the 4 hr chart. (buy-stop @ 1.2674)
Exit 1 and 2 have been taken out already (currently +100 pips), and prices are headed toward Exit 3.
Learn how to read chart patterns - they always work - in any market (forex, stocks, etc.) - on any chart time-frame.
A chart is a chart, it doesn't matter what you trade.
Another critical thing is selecting the proper lot-size for each trade (it is different with every trade!).
If anyone is interested, I will explain here.
This knowledge completely changes one's trading results when going by these lot-calculation rules.
The lot selection rule is also the ONLY cure for greed, fear and hope - emotions which most traders have to deal with.
Once they realize that the trend has reversed, chances are, the trend is about to change again in the opposite direction.
this is, because indicators give you delayed data, best case scenario they can be used as support for chart-pattern readers.
Trading with indicators is like chasing a rabbit and every once in a while you get to touch its tail - but never catch it.
I posted a signal this week Monday, which was the lowest possible entry on the 1 hr. chart. the trade reached the predicted Exit 3 for 80 pips.
The next trade I posted Tuesday, using the 4 hr chart. (buy-stop @ 1.2674)
Exit 1 and 2 have been taken out already (currently +100 pips), and prices are headed toward Exit 3.
Learn how to read chart patterns - they always work - in any market (forex, stocks, etc.) - on any chart time-frame.
A chart is a chart, it doesn't matter what you trade.
Another critical thing is selecting the proper lot-size for each trade (it is different with every trade!).
If anyone is interested, I will explain here.
This knowledge completely changes one's trading results when going by these lot-calculation rules.
The lot selection rule is also the ONLY cure for greed, fear and hope - emotions which most traders have to deal with.
"a little bit of knowledge is a dangerous thing"
forex_trader_202879
Member Since Aug 07, 2014
406 posts
Oct 09, 2014 at 16:59
EU to give us one more big pop upwards today
if you load a 1hr chart the biggest move to the down side we can have is a touch of the sma10
if you load a 1hr chart the biggest move to the down side we can have is a touch of the sma10
forex_trader_202879
Member Since Aug 07, 2014
406 posts
Oct 09, 2014 at 16:59
shorthing eu will result in much bigger losses at this point. you have been warned
Member Since Jul 10, 2014
1117 posts
Oct 09, 2014 at 17:00
It looks like correction has begun for EUR/USD - it's currently trading at 1.2740 with a likely target at 1.2800, perhaps even 1.2900 later on. The question is whether the bearish trend is exhausted and this is a reversal or not.
Member Since Jan 28, 2014
41 posts
Oct 09, 2014 at 17:02
i lost 800$ ...im idiot and al are my fault...
Member Since Jun 08, 2014
454 posts
Oct 09, 2014 at 19:39
a Huge sell off on all the american stocks after the FED decision and the fear that the weak Euro will damage the american economy. soon EUR/USD has to start of a bullish trend the FED and ECB will push it to happen.
Member Since Oct 11, 2013
775 posts
Oct 09, 2014 at 21:44
The Dollar falied yesterday after de FOMC minutes, but today we see the EURUSD retracing back down. The Euro remains weak.
Member Since Nov 11, 2012
271 posts
Oct 09, 2014 at 22:42
takechance posted:
Eur will probably resume its downtrend from Friday morning if it fails to close above 1.2748 today. In that case bulls should be closing long trades after taking profit at 1.2748.
The reversal was expected but happened rather quickly. The pair closed below 1.2748 as per expectation but the bullish momentum seems to be intact. Hence I would revise my long profit target to 1.2790. No short sell immediately.
antariks1@
forex_trader_202879
Member Since Aug 07, 2014
406 posts
Oct 09, 2014 at 23:07
pramodwick posted:Sorry to hear about your loss. What you should do is identify the reason why you the lost. What we have seen the last 5 months on EU is by far one of the rarest events in forex. Yet, if everyone keeps shorting you will suffer much bigger loss. It is in your best interest to take scalp positions then holding, as scalping is what the market does.
i lost 800$ ...im idiot and al are my fault...
forex_trader_202879
Member Since Aug 07, 2014
406 posts
Oct 09, 2014 at 23:15
Please everyone have a look at the following graph. This is by far the only way a bullish position should be taken at this point in time
https://www.myfxbook.com/files/Cholipop/eudata1hr.bmp
https://www.myfxbook.com/files/Cholipop/eudata1hr.bmp
forex_trader_202879
Member Since Aug 07, 2014
406 posts
Oct 10, 2014 at 02:39
Cholipop posted:As you can see we closed acrossed the price and eu has broken it slightly across it.... Have a look at where you sl would be ( a closed on the 1hr inside the blue box)
Please everyone have a look at the following graph. This is by far the only way a bullish position should be taken at this point in time
https://www.myfxbook.com/files/Cholipop/eudata1hr.bmp
Member Since Apr 08, 2014
1141 posts
Oct 10, 2014 at 06:47
The break above 1.2700 brought a short squeeze to the 1.2780-1.2820 price region, with resistance at 1.2790 eventually bringing about heavy selling and profit taking to bring the exchange rate back below 1.27. With the pair in its third day above its 10-day moving average we expect short term bullish correction to continue (despite long-term downtrend and bearish fundamental environment) and will look to set a long on a drop back down to the 10-day.
"I trade to make money not to be right."
Member Since Jul 10, 2014
1117 posts
Oct 10, 2014 at 14:23
EUR/USD did seem to be in a bullish correction but it also started heading down again. At this point I am not certain whether this is part of the correction or the bearish trend is continuing, or if this is an attempt to form a double bottom. I think we might have to wait for Monday for the situation to become clear.
