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11-29-2009, 02:22 PM
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EURUSD
This is what I think is likely up with the EURUSD market... Price has been in a nice up trend this year, but it has been so strong that price was literally flying upward and without much clear trend line support... The market is slowly climbing higher still, but dragging sideways as well to find a clear support line... As the market finds the support line we should see a break out higher at some point.... Remember don't fight the trend... The only thing that should change the bullish bias for EURUSD would be for price to make a daily close below the up trend line shown here on the daily chart.... Bulls are still running the show here.....
Last edited by brad_1199; 11-29-2009 at 02:48 PM..
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11-29-2009, 03:05 PM
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As a new trader..
I'm long on AUD.. Great charts BTW Brad.. Thanks
Is it this good all the time? Just kidding of course..  |
11-29-2009, 07:31 PM
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Quote:
Originally Posted by Paul Mason
I'm long on AUD.. Great charts BTW Brad.. Thanks
Is it this good all the time? Just kidding of course.. |
Thanks Paul |
11-29-2009, 07:33 PM
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EURUSD
All you EUR/USD bears out there beware... I'm ready to take your money !! This is a screen shot of THE EUR/USD DAILY CHART and a long position that was just opened... Stop is in place at 1.4725 -//- Target is 1.5500 ... Risk to reward ratio is (1 : 2) and attractive..
As price moves upward I will be looking to move my stop to break even...
As long as this up trend line on the daily chart holds, the bulls are in control 100% and i like those odds...
Last edited by brad_1199; 11-29-2009 at 07:35 PM..
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11-29-2009, 08:47 PM
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DailyFX Forum Highlights
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11-30-2009, 01:42 AM
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I like your transperancy and honesty
Quote:
Originally Posted by brad_1199
All you EUR/USD bears out there beware... I'm ready to take your money !! This is a screen shot of THE EUR/USD DAILY CHART and a long position that was just opened... Stop is in place at 1.4725 -//- Target is 1.5500 ... Risk to reward ratio is (1 : 2) and attractive..
As price moves upward I will be looking to move my stop to break even...
As long as this up trend line on the daily chart holds, the bulls are in control 100% and i like those odds...
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Wow, you are a very big trader. Would like to learn from you. My YM id is workuk1.
Hope to start a biz relationship with you |
11-30-2009, 10:31 AM
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Quote:
Originally Posted by brad_1199
All you EUR/USD bears out there beware... I'm ready to take your money !! This is a screen shot of THE EUR/USD DAILY CHART and a long position that was just opened... Stop is in place at 1.4725 -//- Target is 1.5500 ... Risk to reward ratio is (1 : 2) and attractive..
As price moves upward I will be looking to move my stop to break even...
As long as this up trend line on the daily chart holds, the bulls are in control 100% and i like those odds...
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Brad, yeah the EUR/USD trend is still upward and so that's the higher probability trade to take. I agree.
For those who've been trading a while like we have will likely remember traders "picking the top" the last time EUR/USD ran up. Some started picking it at 1.3500 while others waited until 1.5000, etc. They all lost dearly as the pair climbed above 1.6000 which hardly no one thought was possible.
In the currency market...there's hardly any such thing as "too high" or "too low".
It's best to stick with the trend, no matter how rediculously high we think that it's gone.
__________________
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The DailyFX Forums have over 75,000 members, and many discussions going on at once. If you aren’t sure where to get started, watch this video as your how-to guide to the DailyFX Forums: http://forexforums.dailyfx.com/daily...ion-video.html
Email me with your questions and I’ll introduce you to the community and point you in the right direction. I look forward to hearing from you.
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11-30-2009, 08:46 PM
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Dec 1 DailyFX Forum Highlights
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Enroll in our online FX Power Course today and get personalized instruction from our team of expert traders 24 hours a day. We have taught over 25,000 students and in just eight lessons, we will teach you the fundamentals of Forex trading. Click here to get more information.
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11-30-2009, 09:25 PM
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eur/usd 5 min chart
Trend still up but usd reacting to Japan 'talking usd up.' IF breaks 1.50 first support at 4975.
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11-30-2009, 10:10 PM
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interest rate decision in oziland
this is the craziest market reaction i've seen in my short trading life... this is the third raise by the RBA this year and the AUDUSD has gone down after the last 2 announcements!!! amazing stuff really... just venting guys, not wondering... as they say, the market is always right  |
11-30-2009, 10:44 PM
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Quote:
Originally Posted by mikelgcsdv
Wow, you are a very big trader. Would like to learn from you. My YM id is workuk1.
Hope to start a biz relationship with you
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Hi Mike... I just post my thoughts here on the forum, and if they happen to help someone else, then that's great... I'm not here looking to build any biz relationships.. Forex is all the biz i need... I'm not sure exaclty what kind of relationship you're looking for here anyway.. Mentoring possibly ?? Not sure.. Anyway, if you like what I have to say just read the forum regularly, I'm all over the dailyfx forum on a daily basis with all kinds of ideas...
Last edited by brad_1199; 11-30-2009 at 10:46 PM..
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11-30-2009, 10:57 PM
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EURUSD
Quote:
Originally Posted by Sean Hyman
Brad, yeah the EUR/USD trend is still upward and so that's the higher probability trade to take. I agree.
For those who've been trading a while like we have will likely remember traders "picking the top" the last time EUR/USD ran up. Some started picking it at 1.3500 while others waited until 1.5000, etc. They all lost dearly as the pair climbed above 1.6000 which hardly no one thought was possible.
In the currency market...there's hardly any such thing as "too high" or "too low".
It's best to stick with the trend, no matter how rediculously high we think that it's gone.
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Sean, excellent post ---- I remember everybody losing their shirt and ties trying to call the top in EURUSD on the way to 1.6000 ...It's much easier to ride the trend than fight it...
EURUSD has been in a strong up trend on the daily chart for quite a while right now so I'm comfortable to try the long side of the market, but i'LL be keeping a close eye on things at these levels...
I think the 1.5300 - 1.5500 area could prove to be formidable resistance, but we haven't reached there yet, so i'LL keep trying to push this market higher...
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12-01-2009, 05:33 AM
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Quote:
Originally Posted by Matt Russell
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yet again more usefull information goodness will my brain be able to handle it AALL, doubtful.......but I do have a question hidden here......
with the rise of gold ...almost rampently, at what point, if any, does "peter griffin" step in and say for the good of the world economy and all of our great people we can no longer let the price of gold fluctuate.....dont see it happening but my goodness, some book smart guy has to be thinking it......question: will it happen
bill
ps
...got beat at darts last night....averaged 43 ppd....don't like her much .....lol
Last edited by Sean Hyman; 12-01-2009 at 09:55 AM..
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12-01-2009, 09:54 AM
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Quote:
Originally Posted by rbishara
this is the craziest market reaction i've seen in my short trading life... this is the third raise by the RBA this year and the AUDUSD has gone down after the last 2 announcements!!! amazing stuff really... just venting guys, not wondering... as they say, the market is always right |
rbishara, the market rallied up in advance of the event and it was pricing in the expectation of a rate hike.
So many times when a currency rallies up to an expected hike...there's a decent chance that it will sell off upon the announcement.
HOWEVER, long term this is still a bullish sign (3 rate hikes in a row). So after a period of pull back/consolidation, you'll likely see the Aussie head higher once again over the longer term, widening interest rate differential that has the dominance over time.
The mistake that many traders make in this market is trading fundamentals on a "per event" basis rather than looking at them over time.
In other words, the trader should say, "Where are rates heading overall?"...and then look for entries into that longer term fundamental view, rather than trying to play an "event" and think that the pair will always rise upon good news (such as a rate hike).
Hope this helps.
__________________
Come join me at the FXCM Las Vegas Expo along with the FXCM course instructors and DailyFX analysts May 3-4th: http://www.fxcmexpo.com/
The DailyFX Forums have over 75,000 members, and many discussions going on at once. If you aren’t sure where to get started, watch this video as your how-to guide to the DailyFX Forums: http://forexforums.dailyfx.com/daily...ion-video.html
Email me with your questions and I’ll introduce you to the community and point you in the right direction. I look forward to hearing from you.
Sean Hyman - DailyFX Forum Moderator - shyman@dailyfx.com
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12-01-2009, 02:17 PM
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Quote:
Originally Posted by brad_1199
Sean, excellent post ---- I remember everybody losing their shirt and ties trying to call the top in EURUSD on the way to 1.6000 ...It's much easier to ride the trend than fight it...
EURUSD has been in a strong up trend on the daily chart for quite a while right now so I'm comfortable to try the long side of the market, but i'LL be keeping a close eye on things at these levels...
I think the 1.5300 - 1.5500 area could prove to be formidable resistance, but we haven't reached there yet, so i'LL keep trying to push this market higher... |
I have recently gone against my mantra of "stick with the trend" which was so good to me last year. I keep seeing signs for bullish momentum and have made money on the upside but have talked myself into a bearish positions for fear of a pullback in risk appetite. The one thing that is clear for the pair is that the 50-Day SMA is the support line and until we see a break below you will have to favor upside potential.
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