This thread is for trading only eurusd on any timeframe.
Mike
2nd trade.
As you can see I was right about the direction of my first trade, timing was wrong.
No mistakes this time +10 pips.
Third and last trade,
I chicken out on this one (lets say that I got confused by my new broker platform:34:), my target easily
reached, but only took 3.7 pips, well I guess I am still learning.:33:
Define your entries and your exits. You sound flippant in your decisions in the market. A losing trade doesn’t mean you made a mistake. It’s inherent that you will lose trades.
Master
Thank you for your comment, what are you up today? In terms of trading.
Ok, I am ready for a new trading day.
Today Euro minimum bid rate at 9.45pm my time, my trading day will be finished by then.
Well, she broke 3150, and now? Anyone?
I use 1:400 leverage and my target daily is 2pips but I go all the way to 30 pips stretch during favorable news. I started with $100 and am doing $3600. I take $50 per pip now and planning to increase to $100 on the $4k mark. I use 20pips stop and have only struck that on two occasion (remember the recent JPY swing on the govt 10trn intervention) loosing over $1k. I need to know what people think about this before increasing my pip value. I even intend $1k per pip in the near future.
Great… M a big fan of EuroDollar
I think you are doing well.
Your RR is unconventional, that does not mean that is wrong.
My advice is that bad times will come and just make sure you do not lose it all.
Regarding the increase, increase it to a level that you feel comfortable with, do not overextend.
Mike
My first trade, today:
Pulled back to the 3150, got in risking 5 pips with a TP of 10 pips, I think she got to about +7 pips, then turned.
Trailed may SL, lost 2.2 pips.
Second trade:
Got in below the clusters bars, with a SL of 6 pips and a TP of 10. She reached +7 pips, then she turned, I scratched this one for +0.2 pips, LOL.
I missed a good trade, the big box on the left, I was posting, with my time frame is not wise to get distracted
I am packing up for the day and take the day loss like a real man. LOL.
Is today’s candle indicating the end of the retracement?..and possible continuation of uptrend?..it just now dipped below a minor support level of 1.3105 and went back to the stronger 1.3125 support…any thoughts?..we’ll have to wait to the close perhaps…
Peter
Could be, I am not sure.
Looking at the daily chart seems you are right, she just retraced around 50% of the previous bull trend also forming a double bottom. I suggest that you attached your analysis to a chart so it will be clear to your interpretation.
My charts are based on 30 seconds TF, so really 2 past hours will be enough for me valuate.
I wrote this a week ago but its still valid.
In the long term the price has been consolidating since the high of 2008 at 1.60472 with no real indication of a strong prominent long term trend. In the weekly chart you can clearly see that there has been lower highs at 1.60472, 1.51465, and 1.49319. And there has been a lower low at 1.18797. This gives this consolidation a bearish bias but it’s not clearly evident. However I always say point out the obvious first since those are the points of most interest to traders around the world. And that is clearly evident.
In the medium term the fall from 1.49319 to 1.26192 isn’t over yet. For this to be over I would like to see a break above 1.34930 that should pave the way to at least 1.39406. This will also break the 200SMA. I expect this to be a strong resistance level and whipsaws are more likely since it’s going against the medium term trend. I will look for strong price action movement, momentum, and volume to pin point a valid breakout.
To the downside I am looking for a clean break below 1.3000 psychological support level. This will extend the fall from 1.49319 down to 1.26192. A break at 1.26192 will extend the fall to test the major psychological support level at 1.18797. This would be a very good set up to occur since it’s going with the medium and long term trends. Both 1.26192 and 1.18798are very evident on the chart so I am expecting strong action around those areas.
Interesting.
I think you should give us a daily Technical Analysis view to discuss.
From your weekly chart, I see a possible higher bottom at 1.26 forming a double bottom with the previous first higher
bottom after the low of 1.18, which is around 0.68% retracement of the leg from 1.18 to 1.49.
On the daily chart the retracement of the last leg is forming a head and shoulder pattern but also a possible inverse head
and shoulder pattern.
Today, I started to read a book called “The daily Trading coach”, sounds interesting.
There is a quote at the beginning of the book by Friedrich Nietzsche:
“What? A great man? I always see merely the play-actor of his own ideal”
seems , u are new in forex trade?
Yeah you could be right. Keep in mind everyone will look at price action differently just like everyone will have there own idea of support and resistance.
My opinion:
In the weekly chart There isn’t enough evidence to suggest that it is a higher bottom until the green resistance line is broken. That is because the lower high that created the resistance level would of been broken and an extension of the rise from 1.26192 would have resumed via another leg. Only then is it an obvious higher low.
One the daily chart we can’t say that there is a real head and shoulders pattern. Head and shoulders patterns are trend reversal by nature. We could say that a descending triangle formation has formed which is a continuation pattern. The gives evidenced that the prior medium term down movement from 1.49319 might continue at a break of its support level. But trading isnt a perfect science so we could say that it has characteristics of a reversal head and shoulders pattern and since a h&s pattern is a trend reversal formation, this formation prior short term trend was up, therefore it shows evidence that, and bearish bias has developed. A more significant bearish bias can also be view in today’s real chart 05/04/2012 with a series of lower highs developing and a descending triangle formation has developed.