Whew...thank goodness I'm in demo mode

EURUSD - I was looking and ploddding and noticed a decent trend in EURUSD. It did what I thought it would: so I went long at 1.3626 and hit my target of 1.3663. That was all fine and dandy - but I got greedy. My indicators told me it should go down again, so I went short @ 1.3660 and neglected to put a “stop” on it. It’s currently sitting at 1.3682.

1.3680 has been a key number over the last 3 weeks. That number has been within 5 to 10 pips either way of being the high, low, open or close on 13 of the last 26 days.

Not to mention there are ascending wedges on the 4 hour charts over the last two days on the Aussie, euro, pound, and gold, and descending wedges on the dollar, and chf.

Expect a big move soon. Depending on how you’re playing it, 22 pips is not a big drawdown anyway. Price action commonly falls within that range.

It’s hard to do, and I miss out on pips sometimes, but I’ll wait on it to be coming up at me to sell into it anyway. The stop loss is in the rear view mirror a tad farther when it does go my way.

I’m expecting the EUR/USD to fall to at least 1.3625 and then maybe even to 1.3550 before a major rise happends so I would hold onto that position.

Price is really good at never doing what one ‘expects’ it to do.

It will get there eventually, but it’s dangerous to prescribe your medicine to others ills.

Thanks for the responses, great site / great members. I know this is a real stupid question, but I’ve been solely focused on using Fib since I’m a NEWBIE. What software are you using there, Master? Is that Meta Trader? I like it.

Yes Meta Trader 4.

It’s available from a large percentage of the brokers out there.

I have to use my broker’s platform for trading, but I do all my charting, and planning on MT4.

What danger are you talking about ?
How is moosedrool put in danger by me telling him what I would do if I had opened that position ?
Even if he decided to play sheep and keep his position open just because I said I would, he would still not be in danger, as he clearly stated in the title of his post, he is using a DEMO account.

Do whatever you want.

EUR/USD was ***** narrow this week, my only good trade was a short from 1.3690 to 1.3580… everything the rest of the week was an up trend and stupidly narrow consolidation, where are the bears?

I’m still short and I’m almost sure the price is going up tomorrow, come on Retail Sales

A little confused since I’m new. One of the esteemed members wrote in another post: “I entered a trade at 1.650 this morning at 07:00 EST (12:00 GMT my time) and rode it up to 1.662 (thats 100 plus pips in one trade).”

Question: How does one get +100 pips with those number? I guess my math is way off. Any help?

Every penny is 100 pips.

Let’s take the last 2 digits off.

If he bought at 1.65, and sold at 1.66, that is one full cent.

1.6500 to 1.6620 is actually 120 pips.

Got it - thanks Tang. I figured as much but I wasn’t too sure. Now I feel stupid:)

Hey we all start somewhere right? So here’s another one for you. I really don’t want to sound dumb so what would be the pip with 1.3621 / 1.3693 - 72 right?

Yep. You got it.

Hopefully you weren’t going short:p

lol -nope.

I’ve been cramming so much of this info in that I get caught up on some of the more basic stuff. What an evil web Forex weaves:)

Anyone think EURUSD could possibly hit 1.440? I really wish I would have sat on the 1.3626 and waited until tonight. It’s currently at 1.3700.

What are you basing your thoughts about it going up on?

Good question. First of all I’ve noticed the slump of almost 10% since November. So the question I ask myself is: Has it finally reached fair value?? Or has the slide been excessive. I think with the dollar being mixed after jobs, trade data and what I’ve charted, I could see it leveling off around 1.440. Of course I could be reading the Fib chart I put together completely wrong. But my gut tells me I’m right. Of course, I’m just a Newbie though.

I did take a short @ 1.3700 - I think this morning it’ll drop somewhere near 1.3650.

Of course I was wrong with the short and took the loss at 1.3720. However I took the long there @ 1.3720. I think I’m going to leave that open until Tues or Wed. 1.3850???