[TW] 07-06-2012- EUR/USD (long) by [fxsrikanth]

[fxsrikanth]

LONG EUR\USD H4

LONG OR SHORT : LONG EUR\USD H4
Entry Point:1.2380-1.2400
Stop Loss:1.2300
Profit Target/s:1ST LEVEL IS 1.2450 AND 2ND IS 1.2500
Reward-to-risk Ratio:2.5:1
Risk percentage: 2%
Indicators used:BOLINGER BANDS,RSI,AND STOCHASTIC
Trade Rationale: I AM USING 3 BASIC INDICATORS....NOTHING EXTRA
Trade Adjustments:MOVE STOP LOSS LEVEL ACCORDING TO THE PRICE UPWARD MOVEMENT

[4xpipsense]

I think the Entry point was out played by more bearish move to around 1.2250 Friday's low.

See the chart below: Entry point is the red line.

Does it mean one should wait for an upward move.

On the other hand I was thinking to place a Short entry at 23.6% Fib, that is if EUR/USD could get there.
See attachment:



And target Fridays low and a stop loss of 50 pips. A Risk to Reward ratio of 1:1.7.

I still consider myself a beginner. Any input or more idea will be appreciated.

[fxsrikanth]

hi friend......thank you for your advice........
even i am also thinking the same..

at the time i posted this this is appropriate..... but after the news released...everything has changed........and you know what.....now there is a chance (not sure....because....i am also new trader...) to drop the value up to 1.2150......

any how i am very happy....to meet you.....have a great day........

and can you tell me the moving average which you used?

[4xpipsense]

I use the system I learnt here in babypips called "Cowabunga" or the the amazing crossover involving the use of

1. 5EMA and 10EMA with different colors.
2. Stochastic set at 10,3,3
3. RSI set at 9 with one level at 50.

Sometimes I add MACD set at default ie 12, 26,9.

MACD is excellent in spotting divergence also.

The new one I am using as MA now is strictly DiNapoli. I am still testing it.
Last week I used it and bag some pips. It's called Displaced Moving Average (DMA).
There is nothing special about it.
It's the same as MA but differs by adding a number on the "shift box"

I think from what I learnt It can predict future price when you add a number on the shift dialogue box.
I am trying these set up with it.

SMA3x3
SMA7X5 and
SMA25X5

The first is for short term, the second for medium and the third for long term trade if price breaks them
The SMA3X3 and 7X5 can server as crossover too.

Your overall settings could be like this H4 EUR/USD Chart:



Please I may adjust this pending order as I am suspecting a long upward Retracement. Try and analyze your
before entering. Crossover is in play except RSI that will give me a clear appetite to hit my button. A break above 7x5
(Blue MA) will also make me go long too.

Secondly, I add Fibonacci levels to know the area of my Entry and Exit.

Again I use trend lines and channels too just like today.
Market has been moving on rising channel within a range.

Please I am not an expert or pro, I am still learning and will try to learn from you too. Forex is so wide and a lot need to be covered.

I am glad to meet you here too.

[fxsrikanth]

that is great greater and greatest.......!!!

really i like this......thanks my friend.......have a great day......

i am from india.....and what about you?

[4xpipsense]

that is great greater and greatest.......!!!

really i like this......thanks my friend.......have a great day......

i am from india.....and what about you?

That why we are here. To put heads together and succeed.
I am from Nigeria my friend.

[fxsrikanth]

i have send you the friendship request....please add me to your f'list.....

now we are going to make some bucks together.....

hava a great day......

[maxmuds]

guys i am new to forex too. so i am thinking should i go long or short. i really couldnt get ur analysis.?? please reply asap.

[4xpipsense]

guys i am new to forex too. so i am thinking should i go long or short. i really couldnt get ur analysis.?? please reply asap.

Maxmuds,
For me I am SHORT. I adjusted my initial plan because price couldn't reach
my 23.6% Fib level but ranged around a strong support area of 1.228 and 1.23

So luckily a down move to 1.223 was achieved. I think opportunity still calls for further bearish move.
But I suggest you wait for a retracement to enter. I want to try and Short at 1.2770 now.

Who knows? Price could get there and boom down again. Please don't forget SL in case it goes against the plan.

[fxsrikanth]

you 4xpipsense.....rocking........my net is very very slow over here.........you helped him in a wright time.......keeeeeeep go on