What is it that you technical traders can see that I don't. Spain, Greece, Italy and whole of Europe are in such a dire state and yet the euro still shoots up. What is hidden from us which I am not seeing?
CodyB posted a book - trading in the zone - a few days ago
if you read this and it does not make sense then stick to micro account until it does
(unless you have cracked the secret codes of the universe)
1.2550 is offering some support but price can very easy slip under this level and reach 1.25 which right now seems to be the preferred level to enter long EUR/USD positions. As long as we trade above 1.2330 the bias is bullish and we should expect to reach 1.2650. We have also the possibility to trade the breakout above 1.26.
A decline under 1.2430 open up for a decline to 1.24 and the 1.23 low, thus short positions are preferred under 1.2430.
If you can any questions about this scenario or anything else trading related feel free to write to me here on the forum.
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EUR/USD 60 min chart
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Possible break on USD to the higher side done.. 10180 holds for a 10236 min tgt..
EURO 2555 now resis GU bear flag base now at 5481 .. AUD 9918.....
Mad house here and laterzzzzz..
GL...
Patience is virtue. The sooner we learn this all, sooner we can start walking to the bank. Good Luck to all of us
The trick is to wait the price meet ur limits, instead of one jumping in.. however scalps is a totally different scenario and is not everyone's cup of tea
Disclaimer: I'm not at all suggesting trades when by either posting the graphs, or my entries. You can view it, but in the end you have to use your own logic and approach, as there is no certainty about this uncertain market...
What is it that you technical traders can see that I don't. Spain, Greece, Italy and whole of Europe are in such a dire state and yet the euro still shoots up. What is hidden from us which I am not seeing?
It’s statistically impossible to prove that fundamentals have any bearing on price in the short term (periods of less than 3 years). My personally view is that there some effect but that it is not linear as you are expecting rather unlinear and fairly random over time. That’s why I am always talking about different scenarios but don’t really know when they will play out – I just know how to act when they are playing out.
On the flip side surveys show that most professionals use some kind of technical analysis to predict price in the short term and it’s also possible to show that traders are herding (following the trend). The solution to your problem is therefore to employ technical analysis which you combine with your fundamental case. Today that means that you would not do anything until we drop under 1.2430 – because we are in a short term up trend which will fail only if we trade under 1.2430.
Last edited by Alejandro Zambrano; 06-14-2012 at 05:24 AM.
It’s statistically impossible to prove that fundamentals have any bearing on price in the short term (periods of less than 3 years). My personally view is that there some effect but that it is not linear as you are expecting rather unlinear and fairly random over time. That’s why I am always talking about different scenarios but don’t really know when they will play out – I just know how to act when they are playing out.
On the flip side surveys show that most professionals use some kind of technical analysis to predict price in the short term and it’s also possible to show that traders are herding (following the trend). The solution to your problem is therefore to employ technical analysis which you combine with your fundamental case. Today that means that you would not do anything until we drop under 1.2430 – because we are in a short term up trend which will fail only if we trade under 1.2430.
Alej - thank you very much for your explanation. I am learning. This is really a battlefield between all forces!
Hello fellow traders
Hope u guys are doing better than me this week
Last trade I did was on monday. I made my weekly optimal tp tho..
I dont really like these choppy markets.. hope u guys dont have any losses..
Anyway im happy for my fascistic system not allowing me to take any trade in those markets
Hello fellow traders
Hope u guys are doing better than me this week
Last trade I did was on monday. I made my weekly optimal tp tho..
I dont really like these choppy markets.. hope u guys dont have any losses..
Anyway im happy for my fascistic system not allowing me to take any trade in those markets
i agree - the message i'm getting from price action is - AVOID AVOID AVOID
think i'll wait for the direction to make its mind up
over all im bearish the EUR and bullish the dollar. but the dollar still might have some room to head just a tab lower.
also what seems to be forming, is a bull flag on 30 min TF. we above the 200MA so its more likely will head up. unless we get back below the 200 im bullish shorter term
over all im bearish the EUR and bullish the dollar. but the dollar still might have some room to head just a tab lower.
also what seems to be forming, is a bull flag on 30 min TF. we above the 200MA so its more likely will head up. unless we get back below the 200 im bullish shorter term
also there's the daily pivot @ 1.2545 and we could get a break below to 1.2535/40 before heading up and breaking the bull flag.......... im my view, as long as we stay above that, there's BULL POWER YOO......
also there's the daily pivot @ 1.2545 and we could get a break below to 1.2535/40 before heading up and breaking the bull flag.......... im my view, as long as we stay above that, there's BULL POWER YOO......
i agree - problem with any longs (except scalps) is the sl needs to be below 12430
i don't trust any of the other higher lows as support - maybe a long just above 12515 prev. low is worth a punt with tight stop - think i might give that a go - if we drop down there
good analysis is easy
making money from your analysis is a whole new ball game
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