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

Originally Posted by bill2759

Looks like My Cat like Instincts took a turn for the Worse. I just can't afford to ride to a stoploss of 100Pips. So I'm out at -50 Pips and a Bloody mess on the highway. I'm still in the game, and if it goes as Mr kruger says and turns around before His 100 pip stop is hit, I'll say "You're a Good Man Charlie Brown." Now to get these Tire Marks off My Chest.

Old Bill

If you can not take a 100pips hit, then trade something that is not moving fast
you have aud/nzd, does not move that fast and the pip cost is cheap, you make little till the market in the euro land get calm a little.

It is always good to cut your loss when you are not sure, you did a good thing.

Originally Posted by adam6655nyc

If you can not take a 100pips hit, then trade something that is not moving fast
you have aud/nzd, does not move that fast and the pip cost is cheap, you make little till the market in the euro land get calm a little.

It is always good to cut your loss when you are not sure, you did a good thing.

Adam,

Huge fall in most of the currency pairs.

No technicals here, looks sentiment driving the market.

Originally Posted by adam6655nyc

If you can not take a 100pips hit, then trade something that is not moving fast
you have aud/nzd, does not move that fast and the pip cost is cheap, you make little till the market in the euro land get calm a little.

It is always good to cut your loss when you are not sure, you did a good thing.

It's not that I can't take a 100 pip hit. It just doesn't make any sense in the way I trade. While waiting for the Market to make a 500 point move, you could be in and out, long and short over three times that amount. I believe the word used is "Action". There may come a Day in the Future, Not that I have that much Future left, When I can open a position set a stop and a target and take a months Sabbatical and then return to My Greatly increased Trading Account. But not quite yet My Friend.

P.S. Afford may have been a poor choice of words. Pehaps Cojones might have been better.

Old Bill

Originally Posted by adam6655nyc

You mean 8707 support (not resistance, or you meant resistance?)

support indeed

anyone knows what happen to AUD/JPY

What was the reason for this sudden fall around 65 pips?

It seems that Joel's trade was a total failure with the price just hits his stop loss and going further down. Sean was right about not trying to buy in bearish trends. I was cautious about this trade as Joel made significant loss last year partially due to this kind of trade decisions and he's still stuck to it since when it works, it makes well profit. But sure it is a risky trade to take on.

Nikkei Down by 286 points, may be that is pushing the prices down.

Originally Posted by bill2759

It's not that I can't take a 100 pip hit. It just doesn't make any sense in the way I trade. While waiting for the Market to make a 500 point move, you could be in and out, long and short over three times that amount. I believe the word used is "Action". There may come a Day in the Future, Not that I have that much Future left, When I can open a position set a stop and a target and take a months Sabbatical and then return to My Greatly increased Trading Account. But not quite yet My Friend.

P.S. Afford may have been a poor choice of words. Pehaps Cojones might have been better.

Old Bill

I did not mean anything bad, I can not afford a 100 pips loss, my limits usually under 75-50 pips, if I am not going able to set my stop around that area, I wait till the price comes down to my comfort zone, or look for other pairs to trade. It is my own comfort zone, I do not risk too much, and I move to the next trade with no regrets, I only set wide stop orders when I have profit on my side in the trade, like now, I am sitting on a paper profit one both my short eur, gbp vs USD, eur and aud vs jpy (I have one trade approaching my limit that will eat some of those profits, I shorted aud/nzd and my stop is 127, but that pair jumps 100 pips easy, I think I will be hit) but as you can see I did not mean anything.

Please do not ever take any of my comment in a bad faith as ALL my intention when I POST HERE is to help

Wish me luck with my short aud/nzd.

Originally Posted by NMV

Adam,

Huge fall in most of the currency pairs.

No technicals here, looks sentiment driving the market.

Sentiment always driving the market, technicals is what I use to convince myself I am right, but look at the charts and it will give you indication, most of those indicators that you hear about are done using the info/numbers from last candle, that means old news, where the pair is moving or going to is a different story, that is why you see successful traders use other measures to predict the move.

Do not believe everything you read about technical, BUT focus on support/resistance and you will do well, look at any chart and look at where the turns are, you will be amazed. it is the herd mentality that drives the turns, look at the market now, everyone is afraid to go long, it will turn, because smart money will flip it and make money on the other side while everyone is afraid to go long, you just have to find which pair is not falling (not following what is falling) look at the chart tomorrow after london close-noon and you will see who is ready to run.

I am ignoring eur and gbp vs usd now because I AM IN IT, but if I was out of those pairs, I would watch eur/gbp and see who is winning and then confirm the trade with other pairs vs that currency, look at eur/cad, eur/gbp, eur/aud and you will see when eur is ready to turn. (not always work, but among other things to watch)

The one to watch now is USD/JPY, WHICH one will win. interesting pair.

Well hello again all, My 1.3800 call few weeks back came true, unfortunately it went lower Looks like E/U doing that staircase pattern like that 800 pip fall back in December. Bears feasting.

Originally Posted by bill2759

It's not that I can't take a 100 pip hit. It just doesn't make any sense in the way I trade. While waiting for the Market to make a 500 point move, you could be in and out, long and short over three times that amount. I believe the word used is "Action". There may come a Day in the Future, Not that I have that much Future left, When I can open a position set a stop and a target and take a months Sabbatical and then return to My Greatly increased Trading Account. But not quite yet My Friend.

P.S. Afford may have been a poor choice of words. Pehaps Cojones might have been better.

Old Bill

If you decline to tell me , I totally understand, but how old are you? you can say I do not like to reveal that and I respect that.

Originally Posted by adam6655nyc

Sentiment always driving the market, technicals is what I use to convince myself I am right, but look at the charts and it will give you indication, most of those indicators that you hear about are done using the info/numbers from last candle, that means old news, where the pair is moving or going to is a different story, that is why you see successful traders use other measures to predict the move.

Do not believe everything you read about technical, BUT focus on support/resistance and you will do well, look at any chart and look at where the turns are, you will be amazed. it is the herd mentality that drives the turns, look at the market now, everyone is afraid to go long, it will turn, because smart money will flip it and make money on the other side while everyone is afraid to go long, you just have to find which pair is not falling (not following what is falling) look at the chart tomorrow after london close-noon and you will see who is ready to run.

I am ignoring eur and gbp vs usd now because I AM IN IT, but if I was out of those pairs, I would watch eur/gbp and see who is winning and then confirm the trade with other pairs vs that currency, look at eur/cad, eur/gbp, eur/aud and you will see when eur is ready to turn. (not always work, but among other things to watch)

The one to watch now is USD/JPY, WHICH one will win. interesting pair.

True, retailers will think in one way, big people think differently.

I have seen all these days before the major news, in antcipation, traders either pull down or hike the price. After the news is broken, different story.

Originally Posted by NMV

True, retailers will think in one way, big people think differently.

I have seen all these days before the major news, in antcipation, traders either pull down or hike the price. After the news is broken, different story.

I love it when the panic news is something the markets have known for months. There are more than a few elephants in the room on both sides of the pond. The Next few months will be the best 2-sided trading in quite some time. Play it right and you can skip those dog days of summer trading and hang out in the hamptons with the fat cats.

Originally Posted by NMV

True, retailers will think in one way, big people think differently.

I have seen all these days before the major news, in antcipation, traders either pull down or hike the price. After the news is broken, different story.

True, the collapse today was enough for a whole month of decline, happened in one day lol, so do not expect more tomorrow, or next week, Sunday will be the scare them open, and then Monday you will see everything flipping, nothing new, nothing change, and the media will go on as " the sentiment....etc", risk aversion, risk apetite...etc

Just keep your head clear, and your eyes open and you will see the new support/resistance for 2010, nothing new here, it is a new year, and the new rules for the year are being written. keep watching till you know the support and resistance and go to work.