Anyone that has been looking to go short for the last two weeks - can be a bit happier now - we have traded under so many support levels that it looks like we are going to trade lower for the next few sessions. I would not go short right now rather on a correction against the 1.3285 high. The only thing that disturb this picture is Friday's US NFP.
4hr
Last edited by Alejandro Zambrano; 05-02-2012 at 06:05 AM.
Progress of retracement chart - at 50% from 1.2994. 1 day MA band not twitching yet - consolidation is my play for now back into band and regression channel perimeter.
Last edited by Clivewaverider; 05-02-2012 at 05:40 AM.
hello traders its a quick update of my charts, today i was short took some profit, took a long at 3168 booked a loss @ 3153 -15 pips that was good trade even with a loss of -15 pips cos i played by my game plan, now i re entered long again at 3140 only after the confirmation the the uptrend has finished, wait the uptrend has finished then why are you taking long? bcos the mechanics says that when the swing lows on 240 min TF taken out at least by 25 pips then its time for the retrace most probably not always as most of u know that but i m lil aggressive trader too, the retrace should be to the retest of last upline on the 4 hr TF or the major fib levels i.e 61%, 50% or 38%.
we sell short only at those fib levels only if we see weakness and rejection on 15min and 60 time frames, to me if we get to 1.3220ish area its a good short
for this current trade long at 3140 im using a little wider stop because of increased volatility by decreasing my position size the stops are under 3120, you may say im using stops between 20-30 pips with price targeting 3185 and 3206.
thank you and chart attached
good luck!
Progress of retracement chart - at 50% from 1.2994. 1 day MA band not twitching yet - consolidation is my play for now back into band and regression channel perimeter.
what i'm lookin at, just can't post charts from where i am...
shorts have reduced a bit in the last hour from 61>59%, stopping the trend, but perhaps we'll see an acceleration upwards this afternoon
O.K. I'm short at 1.3250 and will short again at 1.33 if we reach it. Place 1/2 SL at 1.3350 with remaining 1/2 SL at 1.34. Initial target is 1.2950, then 1.2850.
still holding, looks like the initial move has started but suspect this will still see some fight on the way down.
hello traders its a quick update of my charts, today i was short took some profit, took a long at 3168 booked a loss @ 3153 -15 pips that was good trade even with a loss of -15 pips cos i played by my game plan, now i re entered long again at 3140 only after the confirmation the the uptrend has finished, wait the uptrend has finished then why are you taking long? bcos the mechanics says that when the swing lows on 240 min TF taken out at least by 25 pips then its time for the retrace most probably not always as most of u know that but i m lil aggressive trader too, the retrace should be to the retest of last upline on the 4 hr TF or the major fib levels i.e 61%, 50% or 38%.
we sell short only at those fib levels only if we see weakness and rejection on 15min and 60 time frames, to me if we get to 1.3220ish area its a good short
for this current trade long at 3140 im using a little wider stop because of increased volatility by decreasing my position size the stops are under 3120, you may say im using stops between 20-30 pips with price targeting 3185 and 3206.
thank you and chart attached
good luck!
3157 could potentially be a short term resistance which may turn into major, other potential res are 3170-75 and 3204-20 imp one
and on the downside if we continue to slide lower then 3107-08; to me worst case scenario is 3058
good luck and use leverage wisely!
we're below R2 so i'd be cautious on holding on for a move past R3 (13120)
I really trade in both longer term and shorter term. I am holding this trade long term so I don't mind holding for a couple of months or so. I think the targets may take weeks to more than a month from here. I then ride the long term target down with short term daily goals so typically I can double the pips in a range.
But thank you for the word of caution. Always good to get and hear input.
Same old plan as i mentioned few days back,
Daily moved as expected, i ve a looner short from 3254 since yesterday still holdin for 116+ pips,
n did some scalps in between for 55 pips,
lookin for a move down to 3080 area as per daily n weekly,
a small bounce back to daily S2 or 3160 before a fall is expected....
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Originally Posted by turmaz 
