looks like the yanks haven’t read our posts!:17:
price is making a lower high on the eurusd, but will it not be wise to wait till after the New York cut to short, as price is unlikely to drift far from 1.2150?
@shoot- hehehe – nevermind the yanks’ reading skills. they seem to hate their own currency! But at this stage the 100 seems to hold. At least I won’t be stopped out (never S/L) because methinks the trend is all the way down.
No one can make you use a stop loss, but remember, that means your betting your whole account. If you were working for some one else it would be a guarranteed firing. Cheers,
Mike
This is quite suicidal… I would really advice you to use some S/L… But as Mike said everyone’s free, it’s your money, it’s your life 
Waiting for the lower high was conservative enough for me, after the bar confirming the lower high closed below the 38 fib I shorted.
Going to watch how price reacts around the 23 fib level, but hoping to target 1.2042.
The thing that concerns me is the ATR and how much price has moved already today.
Whoever owns that option isn’t fooling around…
There seem to be mounting retail shorts based on technical analysis and lack of option knowledge, I’m guessing the hour will close above 1.215 and then drop like a cream cracker…
EUR/USD: Just testing the 100MA and 38% fib on the 1-hour chart, following a big swing up. Looking for either a consolidation at this level or a rejection.
- If consolidation I will go long if I see a bullish pattern on the 15-min chart, 200MA will be confirmation that the bulls are back in control.
- Rejection will mean the bears are still in control. Will look for resistance against 100MA and 38% fib and bearish pattern on 15-min chart.
Thanks David for all you have taught us!
@Mike,
Not to worry. I also never use leverage on aggregate higher than 1-1, rarely and for short periods maybe 1-2. And my equity has enough pips to cover the E/U range (since inception) twice over. My style favours keeping multiple small positions open for longer periods and is mostly based on fundies. Last time I posted a loss was in Oct 2010. One prerequisite is that my broker does not adhere to fifo. I do not make big money in the sense that I will leave a fortune behind but I’m happy. By the way, I might be the oldest on this forum as David is the same age as my youngest!
ALL are welcome even old people are hehe
Are you talking EU? I largely have been ignoring OF till I get the other side down
I understand your logic as I also have traded that way. However about three years ago I watched the EU move more then 1000 pips in one day ( one direction ) and GBPJPY over 1500 pips. That kind of move is rare to be sure, but what a game changer if you got the trade wrong with no stop. All the best,
Mike
Mr. option holder is throwing everything he’s got at this E/U but the bears are strong and persistent!
Looks like a hell of a fight…
David, thank you for sharing your knowledge.
Please comment on my EURUSD trade from last night (2012/07/25 22:11 GMT+2)…
Entry: 1.2058 (just above the 0 FRL)
Stop Loss: 1.2023 (20 pips below the day low)
Take Profit: 1.2135 (resistance)
+77 pips
USDCHF short:
Entry: 0.9962 (6 pips from day high and +/- 14 pips from 100 FRL)
Stop Loss: 0.9995 (above 100 FRL)
Take Profit: 0.9876 (61.8 FRL)
+86 pips
GBPUSD long:
Entry: 1.5503
Stop Loss: 1.5475 (23.6 Fibo)
Take Profit: 1.5565
-28 pips
This was a stupid trade but I see my mistake:
- 1.5520 is 38.2 Fibo and is resistance
- Tight trading range
- Bad entry
A good entry would’ve been 1.5478 (23.6 Fibo); exit 1.5520 (38.2 Fibo) or 1.5513 (50 SMA).
Your thoughts please.
Hi s3w, H1 “print” means absolutely zero, unless the H1 bar closes below the 100. Then bias is still on downside. You do not even look at the M15 til the H1 close bias is confirmed, and it hadn’t been in this instance.
Nice NU H1 rail tracks, and as bears are still in control I am going short here looking for m15 setup. Not sure if David ever just enters when his M15 setups occur on the H1. Some technical res becomes support at @867-860 level, get through this and theres bit of space below.
@Mike,
Yep, I was there. Took me about six months to get rid of the hedge I had to put in. Thanks for your concern.
Sorry, by print I meant the candle had closed and was not going to change, is this the wrong terminology?
Pinbar isn’t classed as a 15M setup, only on the 1H, unless of course you get a common sense occurrence (for example multiple pinbars with other confirmations)