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

Originally Posted by ericwong

Sudden surge of more than 20 pips. Still going north!

Lurch up to the daily pivot and Asian market High - lots of sell orders there perhaps? Pre-unemployment claims postioning no doubt. Just noise at this stage I would say till announcement out.

we break daily pivot, i got 1.2720/30 as first targets. closed my longs before hand went for a short, got stopped out for 15 pips and went back in long.

we break higher pp, should also break the bull flag with it.

also what takes my eye, we stay aobve monthly pivot, should take us to a new high.

first resis 1.2693, 1.2725 then by 1.28

Originally Posted by Ikee

Great.....Same for Aud/Usd would be even greater...........Cheers.

Here are some AUD/USD "machine-made" wave counts:
http://forexforums.dailyfx.com/commo...ml#post1204771

Originally Posted by scalping fool

Perhaps this item too ?
Reuters Business ‏@Reuters_Biz
Greek parties agree proposed bailout revision Greek parties agree proposed bailout revision | Reuters

Anyway, knocked me out of the short for a loss

That's why I trade without stop losses. These imbecilic moves in the Euro are short lived. Traders selling the dollar...less than 24 hours after Bernanke has said there will be no QE3 this time round (as if he didn't have today's claims data 1 day in advance lol). Bulls buying the Euro hours before an all-important Spanish bank stress test...if I may borrow a line from WS2 from Gordon Gekko: "Has everybady gane NATS!"

The currency is headed for 1.20 in the next 3 months. Just keep shorting, and wait it out. You'll make a killing.
Midas

I agree with Grega, min. 128 if not more.

Price movements are geometric, all you need to do is to find its path.

Originally Posted by EuroTraderApp

That's why I trade without stop losses. These imbecilic moves in the Euro are short lived. Traders selling the dollar...less than 24 hours after Bernanke has said there will be no QE3 this time round (as if he didn't have today's claims data 1 day in advance lol). Bulls buying the Euro hours before an all-important Spanish bank stress test...if I may borrow a line from WS2 from Gordon Gekko: "Has everybady gane NATS!"

The currency is headed for 1.20 in the next 3 months. Just keep shorting, and wait it out. You'll make a killing.
Midas

1.2 sounds great - especially after a trip to 1.3

Originally Posted by EuroTraderApp

That's why I trade without stop losses. These imbecilic moves in the Euro are short lived. Traders selling the dollar...less than 24 hours after Bernanke has said there will be no QE3 this time round (as if he didn't have today's claims data 1 day in advance lol). Bulls buying the Euro hours before an all-important Spanish bank stress test...if I may borrow a line from WS2 from Gordon Gekko: "Has everybady gane NATS!"

The currency is headed for 1.20 in the next 3 months. Just keep shorting, and wait it out. You'll make a killing.
Midas

I am afraid that is a rather irresponsible thing to say on a public board. Other traders would have different situation regarding capitalisation, risk tolerance, trade management etc. How can anyone declare that one should simply trade without a stop and that an instrument is definitely going to a level in a certain timeframe. Some less experienced and not so well capitalised traders would have had their account busted long before it gets to your target.

On a more technical side, that is like actively encouraging the 2 biggest mortal sins in trading: not using stop (ie no risk defined as Cody kept saying) and doubling down.

Originally Posted by DolceVista

I agree with Grega, min. 128 if not more.

Price movements are geometric, all you need to do is to find its path.

Are you absolutely sure we are not finishing off an 'abc' expanding flat correction of the move down from yesterday for wave 2? Not so sure on upward path am I (as ever!!)

PS Just started down as I uploaded chart!

Originally Posted by DolceVista

I am afraid that is a rather irresponsible thing to say on a public board. Other traders would have different situation regarding capitalisation, risk tolerance, trade management etc. How can anyone declare that one should simply trade without a stop and that an instrument is definitely going to a level in a certain timeframe. Some less experienced and not so well capitalised traders would have had their account busted long before it gets to your target.

On a more technical side, that is like actively encouraging the 2 biggest mortal sins in trading: not using stop (ie no risk defined as Cody kept saying) and doubling down.

I am a fundie trader too. I too do not apply STOPS when I believe my direction is right. Off course I have enough money for margin call. I am right 80% or 90% of the time and have been making good money despite the volatility. I just can't understand some traders suddenly push the index up and tank it down without even knowing the risk they are going to face. So we have different styles. You make your buck and I make mine. I am a fundie trader and dare say I have been making good good money these two months by shorting the euro!

looks like we are within channel of a bull flag that has developed over last 3 days

edit; sorry Jogold - i see you have already pointed this out

Originally Posted by DolceVista

I am afraid that is a rather irresponsible thing to say on a public board. Other traders would have different situation regarding capitalisation, risk tolerance, trade management etc. How can anyone declare that one should simply trade without a stop and that an instrument is definitely going to a level in a certain timeframe. Some less experienced and not so well capitalised traders would have had their account busted long before it gets to your target.

On a more technical side, that is like actively encouraging the 2 biggest mortal sins in trading: not using stop (ie no risk defined as Cody kept saying) and doubling down.

Its not irresponsible because I'm not advocating it. I am merely stating how I trade.

Re: mortal sins - I trade with doubling/tripling down, short only, fundamental strategy with a 98% accuracy ratio. Yes it requires high tenacity and staying power (+ margin) - but sorry, I don't do tarot looking at charts saying that the pair should head there cause umm...it just should. Not understanding why something happens means you are relying on history to be right. That's a mortal sin in my view.
Midas

Originally Posted by ericwong

I am a fundie trader too. I too do not apply STOPS when I believe my direction is right. Off course I have enough money for margin call. I am right 80% or 90% of the time and have been making good money despite the volatility. I just can't understand some traders suddenly push the index up and tank it down without even knowing the risk they are going to face. So we have different styles. You make your buck and I make mine. I am a fundie trader and dare say I have been making good good money these two months by shorting the euro!

and its very generous of you to give it all back .........LOL

Originally Posted by ericwong

I am a fundie trader too. I too do not apply STOPS when I believe my direction is right. Off course I have enough money for margin call. I am right 80% or 90% of the time and have been making good money despite the volatility. I just can't understand some traders suddenly push the index up and tank it down without even knowing the risk they are going to face. So we have different styles. You make your buck and I make mine. I am a fundie trader and dare say I have been making good good money these two months by shorting the euro!

I wish you luck gambling in currency or any other margin trading markets this way in the very long run. I prefer to use a more statistically proven way of operating.

Originally Posted by DolceVista

I wish you luck gambling in currency or any other margin trading markets this way in the very long run. I prefer to use a more statistically proven way of operating.

Statistically, my strategy has a sharpe ratio of >3 and > 98% accuracy and is short only and relies on doubling up. What makes you think your strategy is "statistically" proven and is the better one?

Originally Posted by ericwong

I am a fundie trader too. I too do not apply STOPS when I believe my direction is right. Off course I have enough money for margin call. I am right 80% or 90% of the time and have been making good money despite the volatility. I just can't understand some traders suddenly push the index up and tank it down without even knowing the risk they are going to face. So we have different styles. You make your buck and I make mine. I am a fundie trader and dare say I have been making good good money these two months by shorting the euro!

business activity in the euro zone declining for the fifth straight month in June.