Very, very nice! Just keep the posts coming, David!
Itās a phrase coined within the banking world to describe the transactional value of 1,000,000,000. A billion is referred to as milliard, which is very easily confused with million & billion when being discussed between American, Asian & UK colleagues communicating within frenetic, noisy & fast moving offices where regional dialects can often become blurred & misheard.
A yard is both universal & easier to translate when communicating across international & regional sectors.
Great stuff, looking forward to hearing more, welcome
Morning,
Iām just going over the charts just now to see if there is anything of interest.
Early views are Iām seeing some breakouts of the ranges that have formed in the past few days/week. But many of you will know, I donāt buy high and I donāt sell low.
If I see anything of interest then I will pop it up here.
David
Someone give this man a gold starā¦ in fact make it 2 gold stars and a lollypop any flavour he wants!
Early spike this morning!
Looks like its settling down now
Which part of the country are you in David?
thanks Dave for this opportunity to participate in this. I strongly hope to make something beautiful out of it so I can one day soon also say āthe fx market is the real dealā. I have come to understand that there really is no holy grail but your ability to manage what you have reasonably makes all the difference and because too much is never enough, I will learn from from you to make me a better trader. thanks again.
David, thanx a lot, very interesting
Welcome David, thanks for your insights. I took a wee trade on the EUR/USD using the M15 chart as entry, worked out well - Thanks :35:
EUR/USD
Early indications are that buyers are in the marketā¦ just not pro money at this time, the move up was retail driven and faded away.
We canāt ignore the fact that the EURO has been choppy past few days/week with the economic events/comments and meetings that have been taking placeā¦FED Mon/Tues.
So just because we can trade the EURO or anything else at any time, does not mean that we should.
If a trade does not present its self you you, then no trade exists, simple as that, donāt go looking for trouble just because you want a trade on. There is no law that states you MUST have a position on everyday regardless of how the market isā¦ just remember that!
I have the current BULL/BEAR zone logged on my chart below. This is where the pro money will be eyeing any actionā¦bulls and bears.
Stay above the B/B Zone and bulls will remain in control.
Break and hold below the B/B/ Zone and the bears will look to take and keep control.
To the upside intra-day the first major resistance comes in at 1.2350-60 followed by 1.2400-25 and then 1.2460.
To the downside intra-day the first major support comes in at 1.2200, the down at 1.2160-70. A break of 1.2160 would cause panic selling as its seen as a pretty strong support.
Todays EUR/USD events:
EURO: Spain Bond Auctionsā¦ Looking to raise 2-3 bln euros over 2,5 and 7 years.
Results due around 09:40 GMT+1 (UK Time).
USD: Unemployment Claims
USD: Existing Home Sales
USD: Philly Fed Manufacturing Index
How To Play The BULL/BEAR Zone Today
Wait to see if price tests the B/B Zone or comes within it. If it does then look for either a bullish engulfing candle, or rail tracks candle pattern. Or look for bullish regular or hidden stochastic divergence, or a 1,2,3 pattern on the 15 minute chart.
If none of the above print, then stand aside to see if the B/B Zone breaks. If this happens, then look for it to be tested and held as a resistance zone to get short.
I tend to only trade at correction zones and bull/bear zones as these are known as the pro money zones. If they donāt get tested or broken, then I tend to just stand aside and twiddle my thumbs or something. Donāt chase the marketā¦ let it come to you!
Good Luck
David
Thanks for you extremely informative posts David.
What would you consider as an acceptable stop for your trades?
Good post Dave!! Would you not also trade a pullback today to the upside on an area that proves support as long as news flow supports it. Also today there is talk on the wires of a China rate cut today. As you know usually we see it around noon London time.
Cheers
Jeff
Hi,
I would only do that if it was both order flow and news flow driven. But thatās a little technical for me to explain here for the other members at this stage of the thread. I will likely cover this kind of stuff at a later date as we progress.
David
Morning David,
I have this already set-up on my eurusd chart today, not sure how you place you bull/bear correction zones, but I used the support resistance from previous high and lows, I was looking at the chart this morning and saw the hike in price and knew it was retail and not pro money moving, so am starting to understand that a little better, I was watching for a retrace to the 50-61.8% which falls to the 100/200sma and support zone in the shaded area, where I would then have moved to the 15min chart to look for a entry as long as price didnāt break lower. Was this correct way of looking at the charts?
thanks joffie
15-30 pips is really all that is needed as long as you trade at the pro money zone and wait for the appropriate timing signal.
Hi David,
Could you explain more about rail tracks candle pattern.
Thanks.
Hi joffie,
Yeah you have pretty much got that nailed on.
The B/B Zones/Correction zones are just areas of confluence. This can combine one or both MAās if close to each other, and fib levels or technical support and resistance levels. It can also combine a chart pattern such as the neckline of a head and shoulders or double top/bottom, or previous days break point.
Your just looking for a heavy confluence areas that would allow you to buy low or sell high as thats where the pro money is pricing trades.
The move up early this morning was totally retail drivenā¦ hence why I said early on I donāt buy high or sell low.
For anyone who wants to understand how to find retail driven moves v pro money moves and examples, then please read post #4 on this thread: 301 Moved Permanently
David
joffie,
I have answered your post, but a mod has to approve it as it contains a link.
Should be up soon.
Hi David, just so Iām clear, the bull/bear zone is when the 200 and 100 MAās are confined within fib lines or specific fib lines such as the 38 and 50 that you have highlighted?
Pete