All good MrZ, I'm just one of those annoying people who always pulls things apart to see how they work. As you know I mainly follow trend, but as you have seen do deviate from that under certain conditions. I had you pegged for a "pure follow the trend" guy. Seems you are a little more complicated than that
Don't go against the Zambrano. If he sais its going to 1.2600 - it is.
I hope so I need a good entry, I cashed in my long a bit to soon on Tuesday at 1.2661 (opened at 1.2604) should have done much better but still 57pips is 57pips
57 pips is good Do that 2 times per week and you will be ok
Hello Traders! Here are some Euro charts with wave counts on them. I can not vouch for the accuracy of the counts and I sometimes see "repainting" or count changes throughout the day. So use them as a guide. I will start posting these regularly if you guys are interested.
Any feedback to the usefulness of this analysis would be welcome or just give the post a link to let me know if it is helpful.
Happy trading!
Greg McLeod
DailyFX Forum Moderator
Great.....Same for Aud/Usd would be even greater...........Cheers.
I have some questions about Pivot Points, as I've heard different tidbits here and there. I understand, of course, that nothing is exact and the market never behaves the same way all the time, so I'm just speaking in general terms and what usually might happen in regards to Pivot Points. So, some of my questions:
Is it common to see a bounce and pull-back off a Pivot Point? And when this happens would one expect price to continue in the original direction of the Pivot Point once the pull-back has been completed? Or should this really be considered in terms of the direction of the trend? That is, in an uptrend, if price hits S1 first, one could expect price to bounce up and continue to R1, and vice-versa, in a downtrend, if price hits R1 first we could expect a bounce down and price to continue to S1?
What about in the case of, in a down trend, price hitting S1 first, would we expect a continuation to S2, either after a small pull-back or congestion or slow-down? And vice-versa, in an uptrend, price hitting R1 first?
Thanks for the insight and any other insight regarding Pivot Points.
well since you talking about PP (PIVOT POINT), i for one wont be a better trader with out PP. not sure what kind of platform you have, but i use FXCM station just for the pivots i use.
the way that i see them, are just areas of small breaks. they dont work in my favor 100% of the time, but more times then not price will respect the PP. if we in an uptrend you will see more days that price will bounce very nicely off of the PP and visa versa.
days like this one, PP can get a little confusing. my system tells me, if we below PP, sell, above and buy. its that simple. today we below the daily PP. so my system tells me to sell. ok ill look for a place to sell. but then on a longer TF, its telling me to buy. i use more then one pivot point to place all kinds of trades from scalps, to day trades, to swing trades. i mentioned last week that we have been above the weekly pivot for the last 2 weeks, then i was talking about this week saying, "lets see if we can do the same this week". it did.
because we above the weekly pivot, i will try and go long at bottoms of a trend, say on 30 min because i know the trend still has momentum to the upside because we above the weekly PP.
first, lets looks at the 4 hour chart below. look back a little and u will see a only a big red line. thats the monthly pivot. again my system tells me if we below i look to sell and the other way round. because we below the "monthly pivot" i want to fine tune my system and look for areas of resis.
i then get the smaller PP which is the weekly which helps me out with that.
the overall trend is down because we below the monthly pivot (lets say) so i know price will go back down at some point but because on the shorter term, price is starting to find support on the weekly pivot. because of that, (on a shorter term) i look to buy because we above it and as long as we above and price continues up, price more times then not respects the pivot.
the same goes for the 30 min chart chart with a smaller TF and diff PIVOTS for different time of trades that i take. this chart i might look for "day trades" in the overall direction.
in reality, each person needs to do back testing and try it with a demo account and see if it "fits you".
ive been in the markets for around 4 years now, of which its been working very well for me with the pivot for the last year.
this works for me, but it might not work for you or someone else. so play around with it, and "tweak it" as you like that fits you best. but at the end you need to feel real confy with the system you use.
i know my system is a little to much. with MA, stoch's, MACD, pivots, BB. but thats how i like it and learned to use it in my favor. other might just use TL by them selfs or MA.
its for you to play around with..... hope maybe i shared some light with you, and others out there.
PS. im sure there are people out there who dont like to show there system or how they use it to make money, since they might have worked on it for months or even years (in my case) but i like to share what i know, and what i know, in regard to my self, IS powerful so if theres some one similar out there who trades like i do, i might help with that
hope i made sense what i said and every one understood.....
GL
Quick in and out.. no time for charts..
EUR :: if we drag under 2560 once again becareful at around 2626-28 .. possible confirmation of a break and a reversal point..2717 is next break lvl and a move to the end of the correction or around 2860-70 highly likely..
GU has done a break above 5695 and again on shorter time frame at 5710.. 5772 resis and the one higher as posted into around 59..
AUD :: strongest for been nicely above 10125-30.. Till it stays higher to its corrective lvl breakout.. would stay bid......
USD :: did a minor break above the channel with the bear channel but failed to close so could dip back..Initial wihtin channel breakout lv is 10087.. main reiss or main bear channel breakout resis lvl on USD is 10110....
laterzzzzzzzzzzz and be safe... done on my main accts........... now to do some to ease the itch..
Tried EG out after a long time and shorts were sweet..........
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...
I am with you Foxy, short at 2670, scalp target 2650 or lower
Wow scalping I am impressed, I can't scalp to save my life, I was looking for a correction back to 1.2589 so I will hold my position until I feel that this correction is over. Good luck everyone.
Spanish Bank Stress Tests due at c. 17:30pm UK time - if there is an event that could move the Euro sharply today - it would be this. Just before that, we got initial claims out of the U.S.
Spanish Bank Stress Tests due at c. 17:30pm UK time - if there is an event that could move the Euro sharply today - it would be this. Just before that, we got initial claims out of the U.S.
Midas
Sudden surge of more than 20 pips. Still going north!
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Originally Posted by tradetime
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Do that 2 times per week and you will be ok 
...Cheers.
