Thread: Closed: Discuss EUR/USD News with a DailyFX Analyst

my exit is the opposite 60 min bollinger which is 1.4043
but that may drop as the day progresses.

Just as a topic of discussion, I read dailyfx's article on overbought status for EUR and GBP due to the daily RSI. However, never found that a very good indicator for a reversal, since looking historically, it can remain there in overbought for a few days to almost a month, as was the case in March last year.

So as for timing, it can be weeks out. Thoughts anyone?

Originally Posted by abro

OK . THEN LISTEN THIS CAREFULLY . I HAVE MADE UPTo 400 % PROFIT IN DEMO IN SOME HOURS with my scalping strategy . BUT STILL I BLOW IT UP BECOZ I CANT MANAGE SUCH HIGH LEVERAGE FOR LONG . EVEN ONE MISTAKE U R DEAD .. and as far as real is concerned . ur heart will start to beat fast making u nervous , and trading all the time like that will make most of ur time miserable . so its better to use MM . rather then going nuts all the time .

Ok, good that you have done well in demo. and doing well in real as well.

But, technicals may go wrong, sound market interpretation with knowing the exact economic situation of each country will NOT give wrong results. In my last 2.5 years of work, I have not blown even a single account and I do take risk upto 20% for a given day. That's the only reason I have over $100k under my oversight to be grown on contract of 100% in 3 months and I am doing this because it's already been done for last 2.5 years.

Your heart will only be out when you don't know precisely why you entered the market.

Technical traders look for a price to traders like me use a reason to trade. Abro don't feel offended. I was also a technical trader like you before 2.5 years, I traded market technically for 1.5 years. But finally I realised trading fundamentally is 100 times better than trading technically. I use high risk because my fundamental interpretation are good. Simple.

Originally Posted by Fundamentalist

Ok, good that you have done well in demo. and doing well in real as well.

But, technicals may go wrong, sound market interpretation with knowing the exact economic situation of each country will NOT give wrong results. In my last 2.5 years of work, I have not blown even a single account and I do take risk upto 20% for a given day. That's the only reason I have over $100k under my oversight to be grown on contract of 100% in 3 months and I am doing this because it's already been done for last 2.5 years.

Your heart will only be out when you don't know precisely why you entered the market.

Technical traders look for a price to traders like me use a reason to trade. Abro don't feel offended. I was also a technical trader like you before 2.5 years, I traded market technically for 1.5 years. But finally I realised trading fundamentally is 100 times better than trading technically. I use high risk because my fundamental interpretation are good. Simple.

alright ! so where do u think the euro will go ? technichals are never wrong if u know how to use them in specially 5 min chart . even u wont miss 20 pips up or down if u master 5 min charts . fundamentals are like trading in the air without any base or view . so i even dont read any news about any pair just as simple as this resistance break go long support break go short do this 10 time a day in 5 min u sure can make alot more then 20 % a day if u master it !

Originally Posted by meonia

Just as a topic of discussion, I read dailyfx's article on overbought status for EUR and GBP due to the daily RSI. However, never found that a very good indicator for a reversal, since looking historically, it can remain there in overbought for a few days to almost a month, as was the case in March last year.

So as for timing, it can be weeks out. Thoughts anyone?

RSI is just another money sucker. Judge the present economic situation of the countries whose currency you are trading. RSI cannot move the market but major news release will. Todays all market moves can be justified fundamentally.

Firstly Euro was suffering because of bad economic data ( GDP, export fall, investment data less than forecast ).

Then it was US confidence which boosted risk appetite. That's how it moved today.

Originally Posted by abro

alright ! so where do u think the euro will go ? technichals are never wrong if u know how to use them in specially 5 min chart . even u wont miss 20 pips up or down if u master 5 min charts . fundamentals are like trading in the air without any base or view . so i even dont read any news about any pair just as simple as this resistance break go long support break go short do this 10 time a day in 5 min u sure can make alot more then 20 % a day if u master it !

Fundamentals are never shooting in air. It's only for those who cannot interpret the driving factor for a particular news it's shooting in air. It's simply like you feel technicals are correct for you then I cannot say it is something like shooting in air.

What I mean to say is, market moves on fundametals and it's moved are identified by you to enter technically.

Originally Posted by Fundamentalist

RSI is just another money sucker. Judge the present economic situation of the countries whose currency you are trading. RSI cannot move the market but major news release will. Todays all market moves can be justified fundamentally.

Firstly Euro was suffering because of bad economic data ( GDP, export fall, investment data less than forecast ).

Then it was US confidence which boosted risk appetite. That's how it moved today.

no it broked the bearish channel and made a higher low before boosting . 5 min chart for example lets see where the euro goes 20 pips after breaking either line .

Originally Posted by meonia

Just as a topic of discussion, I read dailyfx's article on overbought status for EUR and GBP due to the daily RSI. However, never found that a very good indicator for a reversal, since looking historically, it can remain there in overbought for a few days to almost a month, as was the case in March last year.

So as for timing, it can be weeks out. Thoughts anyone?

Good point....I think the misconception here is that one can sell every time the RSI moves from above 70 to below 70 and buy every time the RSI moves from below 30 to above 30. But in reality most traders know this doesn't work especially in strong trending moves like we see today. The key is to first identify the direction of the trend and then to only trade in that same direction. So a move by the RSI from below 30 to above 30 when the market is in an uptrend is a classic buy. On the flip side, a move by the RSI to below 70 from above 70 while the market is in a downtrend is a classic sell. Here is more:

http://forexforums.dailyfx.com/daily...tml#post156172

Originally Posted by Fundamentalist

Fundamentals are never shooting in air. It's only for those who cannot interpret the driving factor for a particular news it's shooting in air. It's simply like you feel technicals are correct for you then I cannot say it is something like shooting in air.

What I mean to say is, market moves on fundametals and it's moved are identified by you to enter technically.

ok tell me where will the euro move according to fundamentals ???? is there a news every day ?

i dont like rsi meonia
lok at bollinger bands ,i think it is a much better reversal indicator
than rsi,but like any indicator, you cant use it alone
cheers

Originally Posted by Fundamentalist

Ok, good that you have done well in demo. and doing well in real as well.

But, technicals may go wrong, sound market interpretation with knowing the exact economic situation of each country will NOT give wrong results. In my last 2.5 years of work, I have not blown even a single account and I do take risk upto 20% for a given day. That's the only reason I have over $100k under my oversight to be grown on contract of 100% in 3 months and I am doing this because it's already been done for last 2.5 years.

Your heart will only be out when you don't know precisely why you entered the market.

Technical traders look for a price to traders like me use a reason to trade. Abro don't feel offended. I was also a technical trader like you before 2.5 years, I traded market technically for 1.5 years. But finally I realised trading fundamentally is 100 times better than trading technically. I use high risk because my fundamental interpretation are good. Simple.

fundis have broken down since late last year, what use to move the market in one direction now may or may not move it in the same direction, whats good can be good or it may be bad depending on many factors.

I have never seen one survive trading on whims and such high leverage as you have mentioned doing.... so my hats off to you. If a client ever saw a 20% drop in their accounts with no signs of MM at all I highly doubt there would be any professional traders left managing accounts in forex.

I don't care if the move is 99% sure to go in my direction, risk is the same and part of the discipline of trading. I just cannot imagine trading another s account and risking 20% on a single trade.......you no doubt have some very trusting clients.

good luck

Originally Posted by Fundamentalist

Ok, good that you have done well in demo. and doing well in real as well.

But, technicals may go wrong, sound market interpretation with knowing the exact economic situation of each country will NOT give wrong results. In my last 2.5 years of work, I have not blown even a single account and I do take risk upto 20% for a given day. That's the only reason I have over $100k under my oversight to be grown on contract of 100% in 3 months and I am doing this because it's already been done for last 2.5 years.

Your heart will only be out when you don't know precisely why you entered the market.

Technical traders look for a price to traders like me use a reason to trade. Abro don't feel offended. I was also a technical trader like you before 2.5 years, I traded market technically for 1.5 years. But finally I realised trading fundamentally is 100 times better than trading technically. I use high risk because my fundamental interpretation are good. Simple.

I'm presuming you're risking 20% but looking really for large moves in currencies to the upside or downside? Say getting into a trade at around 1.30 will possible risk to 1.28, but looking for large swing up to 1.36+ for instance?

I share George Soros' view that the $ has to devalue somewhat in order to service it's budget and trade deficits.

Originally Posted by Fundamentalist

Ok, good that you have done well in demo. and doing well in real as well.

But, technicals may go wrong, sound market interpretation with knowing the exact economic situation of each country will NOT give wrong results. In my last 2.5 years of work, I have not blown even a single account and I do take risk upto 20% for a given day. That's the only reason I have over $100k under my oversight to be grown on contract of 100% in 3 months and I am doing this because it's already been done for last 2.5 years.

Your heart will only be out when you don't know precisely why you entered the market.

Technical traders look for a price to traders like me use a reason to trade. Abro don't feel offended. I was also a technical trader like you before 2.5 years, I traded market technically for 1.5 years. But finally I realised trading fundamentally is 100 times better than trading technically. I use high risk because my fundamental interpretation are good. Simple.

So may I ask, how are you going to trade this 40B treasuries auction?

Originally Posted by Thomas Long

Good point....I think the misconception here is that one can sell every time the RSI moves from above 70 to below 70 and buy every time the RSI moves from below 30 to above 30. But in reality most traders know this doesn't work especially in strong trending moves like we see today. The key is to first identify the direction of the trend and then to only trade in that same direction. So a move by the RSI from below 30 to above 30 when the market is in an uptrend is a classic buy. On the flip side, a move by the RSI to below 70 from above 70 while the market is in a downtrend is a classic sell. Here is more:

http://forexforums.dailyfx.com/daily...tml#post156172

Thomas, am I right or wrong to assume that you're mainly talking about the 60 minute RSI? As the daily can stay in overbought/oversold territory for weeks or months.

Originally Posted by CodyB

fundis have broken down since late last year, what use to move the market in one direction now may or may not move it in the same direction, whats good can be good or it may be bad depending on many factors.

I have never seen one survive trading on whims and such high leverage as you have mentioned doing.... so my hats off to you. If a client ever saw a 20% drop in their accounts with no signs of MM at all I highly doubt there would be any professional traders left managing accounts in forex.

I don't care if the move is 99% sure to go in my direction, risk is the same and part of the discipline of trading. I just cannot imagine trading another s account and risking 20% on a single trade.......you no doubt have some very trusting clients.

good luck

ahaha . nice 1