I sold the Euro about an hour ago and was targeting the 155.22 area because this looked like a logical place to bounce. But looking at it further, I cant help but think the euro dives off a cliff any minute now with 154 area the possible target, because the technicals looks exactly the same as they did on 7/29 at about 8:00. Im on a 60 min chart with ema at 5/13/62. Any immediate thoughts on this one? Im pretty new to forex and have a habit of getting myself in trouble with ideas like this.:rolleyes:
Forgot to mention Im looking at the 10/20/4 MACD. It looks like the exact same set up from 7/29??
You need to watch out for oil price. Oil price has a lot of influence on EURUSD these days.
I agree, oil has a lot to do with everything. I just dont understand…is oil moving the dollar or is the dollar moving oil? Everything seems really out of wack
everywhere. Hopefully we see a top in USD soon and go back to normal. LoL
your on here asking wheather or not you should make a trade???
you do realize your going to get thoughts on both ends
what do you want to hear?
my advice
yup trade it
I sold the Euro a couple hours ago. I just wanted thoughts on the set up. I was hoping to take a profit at 5530, but there price is in a down channel, of which it touched the top line today. Bottom line in the 1.53-54 area. Stochastics oversold already so I should be taking profit but the set up looks the same as 7/29 when it started to dive from the top of channel at a very oversold stoch area.
Covered and bought long at 1.5476 at the .786 fib level with stop at 1.5462.
when do u guys think the euro’s finally gonna make a comeback, im in a very sizeable position, plus my average price is 1.565 so u can probably understand how im feeling, what do u guys think?
I dont see the dollar stopping until 1.45 I understand I lot of people wanted to see the dollar go down. When I said before fundamental trading was gambling to me this what I meant. So in theory if someone went long on the Eur/Usd in Feb held it. They would be on the hole right now. The dollar is getting stronger fast. The Euro can t keep up. On Oanda forum. I guy told some fresh trader when in doubt go long on Eur/Usd its always gonna go up.
I think a rebound for the Euro wont happen this month. That is just my opinion so dont listen to me I blew 3 accounts fundamental trading.
So in theory if someone went long on the Eur/Usd in Feb held it. They would be on the hole right now.
That would depend when you went long in feb., as it ranged from 1.4244 up to 1.5240, and not to mention the roll-over you would have made between now and then.
I do believe we may be heading further south yet, i wouldnt be surprised to see 1.4400 before a significant recovery.
I don’t see the dollar heading in your direction anytime soon.
True it does depend on the date bought. Also I agree with the interest from holding it for that long. I do believe that the dollar will gain strenth to around the 1.4500 mark. I think if the Fed increase the interest rate then we can head towards the 1.000 mark.
So sad to hear that you had blown 3 accounts already.
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The key word for my trading strategy is back-testing. If back-testing result shows that this indicator has proven to be successful and profitable, I will be interested to use this indicator in my trading.
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Currencies Pairs : Indicator for 1 year / Indicator for 2 year
USDJPY : Parabolic / MACD
USDCHF : Stochastics / Stochastics
USDCAD : Comm Channel / Parabolic
AUDUSD : Bollinger / Bollinger
EURGBP : Stochastics / Comm Channel
NZDUSD :Comm Channel / Bollinger
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I blew them about 2 1/2 years ago I have a system thats been working very well. I appreciate the response and the system I will back test it this weekend I am always looking to make more money/pips. I am not to fond of fundamental testing. Thats how I blew my account but they taught me more about money management than anything could. I started them all with 1K now i’m up to 6 lots thanks to this last week with the strenth of the dollar.
I will see about starting another account and try fundamental trading for giggles.
Any thoughts on this set up? Might be hard to view. My explanation is a move to 1.4551, but a bounce first to test upper resistance at 1.5284 (previous support). Fib 23.6% at 1.5245. So, a bounce back to between 1.5245 and 1.5284 before a minimum move to the 1.4558 level. Im going to sleep now. Sorry if the chart looks drunk, I had to re-size it .
eurousdmove.bmp (1.4 MB)
I think your making it over complicated wait for the market to open to let it tell you where its going. See if it goes that way. The problem with Fibo. is that on opening day Sunday the price jumps where ever it wants to.