So after 2 days of yoyoing around the 1.3200 the bears finally had enough and pushed the EURUSD Llower. But how low will it go? My gut tells me at least another 200 pips to 1.3000 but some “experts” suggest 1.2800 by the end of the year. What’s your view?
Wait, isn’t USDCAD the loonie?
I think you’re referring to EURUSD. The fiber?
As for my views, EURUSD is too mainstream so I don’t trade it 
My goodness your right. All this time I’ve been referencing the loonie as EURUSD. What a ****up to make lol
Sore subject for me as I missed my sell signal back at about 1.3550. Took a UJ long as a runner up, I’m up about 130 pips but man that eurusd was a big miss for me. Anyway, if I had entered short back then I’d still be in the trade. Price is about 1.3150 now. It’s fighting support. I’d have a stop loss at about 1.3280. I don’t have TPs I just let winners ride. Next significant resistance I’ll be looking for a trend change will be 1.2950 to 1.2850. I don’t expect much support between 1.3050 and 1.2950 for a short barring any fundamental changes. Just the analysis I use to trade hope it helps bud
Oh man it suxs when you miss a trade. As you know I scalp/day trade. Hit the sell instead of buy last night during durable goods data. That cost me. Hindsight should have left the trade on. Oh well. Thats the markets!
Ha. Yea I saw that. I’m actually following your thread but I don’t scalp or have much to add so don’t expect much contribution from me. As much as scalping confuses me I do find interest in tick charts. I love any charts that filter noise. A lot of people making the mistake of assuming price action trading has to be done with candlesticks. I analyze and enter based off non candlestick charts. I just use candlesticks to study market psychology during my open trades. I do agree with everyone that market sentiment on eurusd remains bearish tho. I know jake went short around the time I missed my signal. He might have some insight as far as a more technical analysis goes. Best of luck
I don’t attempt to trade post-news anymore, but here’s a tip I learned from a NFP mistake I once made. When trading the news or scalping in high volatility, always set a SL before opening the trade. The SL should not necessarily be an attainable target, so you can use, say 100 pips, but it would act as a check to confirm your trade.
For example, if you want to sell EURUSD at 1.318 during the news, you would want to set a SL at say 1.328. Now, if you set this SL and mistakenly hit buy, you wouldn’t be able to enter the trade because the system would give you an error message because SL for a buy trade has to be below current price. This way you save yourself some grief.
Actually you’ll be suprised just how much trading tick charts is just like trading day charts. Because you eliminate volume using ticks the noise is gone and the set ups are very similar. I’m sure you experienced position traders can bring a lot to it and show me a thing or two.
Fundamentals suggests that it could head much lower (better Fed rate hike prospects, possibility of more easing from ECB) but it appears that the move is way overdone and that there is no one left to sell. I’m inclined to just short at market and aim for 1.2800 as well, but it might be better to wait for a correction and a better price.
can you rephrase that and be more clear about it? interested.
Just a quick way of confirming your trade idea during high volatility.
For example, it’s NFP day and NFP was strong. So, I am looking to scalp by buying USDJPY.
USDJPY is currently at 104.05.
My SL for the buy trade is going to be far away, at 102.
Now, if I click to buy, the trade/order would be opened with my SL at 102 and I enter the market.
If I mistakenly click to sell, the trade/order would not be opened because my SL of 102 is less than current market price (104.05).
Bro, you have all the links. 1.22 by Nov 2015. Means it will have to reach 1.28 somewhere along the way
Just make sure you are entering a PRICE SL and not a PIP amount SL. I made that mistake one time. Don’t remember the pair but I wanted a price sl at something like 1.2050 but didn’t see it was in pips. So instead of having my 100 pip sl I had a 1.2050 pip sl. Of course it got hit instantly. I thought the market moved against me 100 pips the second I placed my trade. Lol