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

as an update, the tripple bottom confirmed the bullish bias, the price successfully broke troug the channel res, also the 90 and 200 day MA and heads toward mid res. at 1.296-7.

Successful trading!
MAXJOY

Originally Posted by MAXJOY

I sold Euro on 1.2975 as I was in a rush, waited for the correction and sold once bounced off from S1 at 1.2944. Missed the bounce back from pivot as had no internet connection
The pair appears in short term up trend towards the resistance area of 1.2950-55 after we can expect reverse to a lower low. I do not expect any major moves until London & NY are in business.

Successful trading!
MAXJOY

Hi Sharon - I know the FED (Bernake) and the Obama Admin can do wonderfully destructive and devilish things which they deem is correct. So my question to you is there are so many writeups by the various FX analysts that the Euro will tank to 1.25. What is your opinion on this? Thanks a lot.

Originally Posted by ericwong

Hi Sharon - I know the FED (Bernake) and the Obama Admin can do wonderfully destructive and devilish things which they deem is correct. So my question to you is there are so many writeups by the various FX analysts that the Euro will tank to 1.25. What is your opinion on this? Thanks a lot.

LOL Hey ericwong, I'm no expert in these areas, I was just throwing my 2cents in. :-) As far as Obama administration, all I can say is thank God he isn't getting everything he wants so far....

My charts show a EURO tank also. However, I go with the flow. I think several traders here have posted the scenario that if the EURO goes over certain points, then it's bullish. Only time will tell.

Also, I'm one of those weak EWers who only check out 5 waves and abc corrections. I'm looking that we are presently in a correction mode with a target of ~ 1.2983-85 (60M), then down. Also that price hits the top of that TF's BB. But nothing written in stone for me. Plus no one else has said that.

Edit: opps...course once I posted that price flys down. That's why I usually don't open my trap.

Thanks Sharon, I am a new FX trader and green horn but I have to say this forum is the best since I started investing (not trading previously) 30 years ago. I have attended numerous courses all having their own websites but I have never been more impressed until I chanced upon this site. The people are really professional and helpful. Thanks Sharon for your reply,

Originally Posted by ericwong

Thanks Sharon, I am a new FX trader and green horn but I have to say this forum is the best since I started investing (not trading previously) 30 years ago. I have attended numerous courses all having their own websites but I have never been more impressed until I chanced upon this site. The people are really professional and helpful. Thanks Sharon for your reply,

You're so welcome, ericwong. I too really like this site. Very professional and invaluable input. Some you will agree with and others you won't, but all are teaching us something. Seeing how others are viewing price action/trend lines/channels are all informative.

i would sell any up with stop 1.3050 . target 1.2870/1.2815

Good luck

Originally Posted by ando24

Dollar realtime stream charts free:
FOREX_REALTIME_CHARTS_SMALL_1_MINUTE_CANDLE_30UNIT_NORMAL_DUKASCOPY

Dollar realtime charts free:
DOLLAR_LIVE_CHARTS

hey ando24, whats your view on the euro, you a bull or a bear?
how's sales, are they good from this forum?

EURO current and immediate resis is 2955 and if holds out expecting a move down to 2895 but would be incline to see a surge from here onwards as not expecting it to break as of yet.. that is if no EU bad news starts doing the rounds... Expected move today against the 2890-95 hold is expected around to 3027-30 for today...
USD has been in a bull channel instead of an expected wedge I was suspecting earlier.. Still the tops seems to be looking heavy and 8 hrs can show a corrective drop upto around 9930-37...

GL...

Originally Posted by Sim3

Ok I get some screenshot of the recently trading.
I entered at 3177 thinking it has dropped to the bottom and the RSI has signal oversold, however I was wrong
Shortly after I enter another position at 3130 thinking it has really oversold. The reversal did happen shortly after but i didnt catch the moment at the time and it start to retrace forming a double top
I continue to hold my position seeing that it has double bottom and might set for a reversal.
But things just doesn't turn out what it suppose to be and end up losing 220 pips at the moment. I am still holding to the baby and waiting for any opportunity to minimize my loss.


You might say that why I never put stop loss in the first place. I got some bad experience using the stop loss. For the first few trading, I did put stop loss at 30-50 pips but forex is very violate and it might just up/down 50pips before it recover and this usually happen when I am sleeping. End up losing due to the stop loss and if I didn't put any stop loss, I will have a profit. To prevent this from happening I widen my stop loss at 300 pips.
Can you advise me what I have done wrong in my trading and what is the best practice for such situation?

Thank you.

Hi Sim3. Hope I can help. After all. Been there, done that. Hence my motto. And you are right about the stop losses.
Ok. You broke the cardinal rule by trading against the trend.
You assumed a change in direction because you misread your indicators.
You did not wait for confirmation of a change in direction.
Personally I do not have any indicators on my main charts except for the Heiken Ashi which I find is all one really needs to trade with, along with drawing lines & boxes to show breakouts etc.
My Woodies CCI is only to show divergence & to reassure me that the trend is really down when a minor retracement occurs.
Your last chart say’s it all. The trend was down. You lower indicators had just past through heading South. You went North.
If you still have the trade going, you may be in for the long haul. Either pull out or Hedge at a higher value. Not sure what charting package you have. Hopefully it is easy to hedge with like mine. I hardly ever pull out of a losing trade. I just hedge the hell out of it until it comes good again.

Looking for 1.2860, so long as it does not break north for a decent retracement.....

I think it needs to get above 1.29832 once it does then it will drop and make a new low sub 1.2900 and from there the longs should be good for a ride

This is with an ending diagonal in view above 1.29832 confirms as long as it does not make it past 1.3045 but 161.8 of A of 4 is at 1.3003 so from there south to 1.2890 give or take and then the bigger ride north

With respect to the trend, I'm still looking into selling on a test or close to 1.30.

Originally Posted by banison

With respect to the trend, I'm still looking into selling on a test or close to 1.30.

...me to...

Originally Posted by banison

With respect to the trend, I'm still looking into selling on a test or close to 1.30.

probably won't jump into any positions until after any reaction to data coming out at 0800 gmt