Moved down to 1.2950… Limit at 1.2900. 100 pips
What rally? 50 PIPS up is something to get giddy about? If you are a scalper, yes, This market is great!
If you know why you are LONG, explain it to us. Another slaughter is coming. Exact opposite slaughter of what came in July. Retail went short when trend was long then. Now retail wants to go long when trend is short. SELL!!!
Yesterday’s rally from 1.2880 to 1.3000 was a good 120 pips. I didn’t get all of that, because I got in late, if you had gone in for the full 120 and the 100 today, that’s 220 pips for two days.
And another 200 once this rally is complete… So in 3 days 420 pips.
1.2880 with-in next 14 hours, JMO
Awesome Job,
Get ready for the 17:00 EST dumping
11 minutes,
If there was a huge slaughter approaching, I think it would have been evident in the price action. On Monday, the market was very still waiting for something to happen. It tried dropping, but it found support and it shot back up. Today it shot up, and hit a lot of limit orders for shorts, take profits for those that were long, and yet it still didn’t tank.
There’s enough buyers in this market to continue to give it rise. I’ll close out my long order when price dictates that it is set to go down and stay down.
I’m a price action trader. I don’t pay any attention to the news or fundamentals as I find that it causes people to start guessing what price is going to do, rather than what price did and what price is doing.
Each candlestick tells the story about the day.
There is a ‘slaughter’ coming on the downside, we’re just not there yet.
Wouldn’t this looming slaughter be more evident in existing price action?
MG - Are you saying you make your trading decision based on what you see in the daily candles alone?
Yes. The candlesticks are representative of how price moved for the day. How price moved was driven by psychological factors on how people perceive the current market and future market to be.
Unless there is some crazy unexpected news our of no where, I’m not saying much in price action that would give me any indication that there is going to be some huge slaughter. The stage would begin to be set if that was the case.
My charts are naked. Everything else to me is just unnecessary noise that complicates price action.
Concur.
Most indicators only succeed in cluttering up the chart, while they mostly contradict each other.
Drawing S&R lines or occasionally using Pivots or Fibs is all I do to enhance candlestick analysis.
Indicators use PA, too, to display information … so why add them to a chart, if one can analyze the raw data by oneself?
Cheers,
P.
There are no secrets to success. It is the result of preparation, hard work, and learning from failure.
(Colin Powell)
Yes, in my opinion on the 1h and 3h chart, there is a looming disaster waiting to happen. It may have already materialized, and we probably have a week or two before it starts, based on S & R levels.
I was wrong yesterday. I overshot the targets. I have to be more alert. Anyway, it looks like Euro/USD is coming down to around 1.2930. And possibly further.
I would find it very difficult for intraday trading to be able to see a long term picture.
Besides all that, you were wrong, because you tried to predict what price was going to do, while I was following along with what price was doing. See the difference? Being more alert isn’t going to make you any better of a fortune teller.
The daily candle is not closed yet. So, while the EU is going down at the moment, for me that isn’t an indication of a downtrend or any form of reversal in market bias. I would need to see where the candle closes before rending any decision on which direction the market might go. I’ve been in this trade since the 23rd when I entered my long position, and my bias continues to remain bullish.
I’m looking at the R of 1.3160 on the 3h chart and the current trend (sideways). Once that top is reached, there’s a good chance a reversal kicks in, and it may not even reach that, given R of 1.3060 and the break below 1.2800.
Today has been choppy and confident price will eventually hit around 1.2930.
I’m automating everything… No more chart watching.
Do you catch yourself doing that? You’re saying things like “there’s a good chance” and “may not even reach”.
Your bias is continually against the idea of a bull trend and you’re looking for every reason to make that assumption, whether you consciously realize that or not.
Consider this, months ago EU was at 1.50.
Also consider this, if you scale back, EU price has been going up since July.
Block out the indicators. Block out the noise. Let price breath as price is incredibly dynamic. Follow along with what price is doing. And right now, it appears as if it’s trying to go up. Will there be downs along the way? But I don’t try to capture every movement price makes. I just try to capture a piece of it on a larger timeframe. I’ve spent enough years driving myself nuts on anything lower than a daily chart. Not worth it.
I spend maybe 20 minutes a day looking at the various charts I monitor and make my decisions on whether it’s a bull bias, a bear bias, or if I’m sitting on the sidelines. Sometimes I’m wrong. Sometimes I’m right. I just need to make sure that the times I’m right outweigh the amount of pips of when I’m wrong. So far so good.
There’s nothing wrong with watching the charts. I do throughout the day as well at times. However, I’ve committed to never making a change until the end of the business day.
Furthermore, the market is always bouncing up and down. Just because it starts to go down, doesn’t mean it’s the upcoming slaughter, or a reversal and the beginning of a downtrend. It’s easier to fall into that trap when you’re watching hourly charts.
I was wrong also…
Thats why I scalp, lol
At 17:00 I had 9 good pips down,
I have Power Hours, as I call them…
03, 08, 12, 17, 22, 00 (est zone)