bbmac
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eurgbp hasd taken out some major support levels and once it broke 1230/12250 the slide was ineveitable really it could well go to 11950, before it reverses, but watch for the ecb and boe rate announcements later this week and the us non farm payroll figures on friday all of which will effect the marketa nd could spark a rally if ecb/boe dissapoints and payroll figures are on the upside.
To be long the Euro and GBP is much more risky than being short. Thursday and Friday are two big days for Forex. Thursday being ECB and BoE rate decisions. Friday is the biggest day of the month with US non-farm payroll.
Cricket be careful and set a stop or you could lose 200+ points very quickly.
Cricket be careful and set a stop or you could lose 200+ points very quickly.
Cricket,
Take a look at the articles on Linda Bradford Raschke's site www.lbrgroup.com, especially the Time Tested Trading Rules.
Interesting reading, especially if you are starting out.
Take a look at the articles on Linda Bradford Raschke's site www.lbrgroup.com, especially the Time Tested Trading Rules.
Interesting reading, especially if you are starting out.
Cricket.
"...I took the long out 10 days ago,..."
How far away was/is your stop? What made you go long?
I mean how did you decide?
What were you trading before?
And forget that the market 'HAS ' to do anything. It will do what it wants regardless of whatever news comes out.
"...I took the long out 10 days ago,..."
How far away was/is your stop? What made you go long?
I mean how did you decide?
What were you trading before?
And forget that the market 'HAS ' to do anything. It will do what it wants regardless of whatever news comes out.
options,
My stop is at 11800, Took it out as ity seem to have well come off its high of 12900. got in at 12600, then edged it with 12400, then again at 12200, GULP!!!!!!! all onlly for £1 i might add, but already about £1200 down, Just sitting hoping good news to come out.
My stop is at 11800, Took it out as ity seem to have well come off its high of 12900. got in at 12600, then edged it with 12400, then again at 12200, GULP!!!!!!! all onlly for £1 i might add, but already about £1200 down, Just sitting hoping good news to come out.
hope is the raper of accounts!!......stops, stops, stops...it's your money, but GET OUT, (which you should have done at least £1180 ago) regroup and really get to grips with studying your chosen instrument...get to know the technical behaviour, fundamental characteristics, and more importantly the MONEY management techniques!
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Cricket.
Brave of you to admit to that loss on the board. There are a lot of peeps that wouldn't.
You still haven't mentioned 'why' you took the trade.
And 'edged it'. Do you mean that you added to the position with more buys. Or have you lowered your stop as it has dropped?
Okay. Bad news is that this could drop to 1980 before it finds any real support. There is a bit of consolidation around today's present low, but not a lot. After it broke 2400 on the 3rd attempt the way it broke it meant it was only going to go in one direction.
The good news is that it is 'due'' a pullback given it's dramatic fall, but that doesn't mean to say it will happen.
The year's rise in the euro/dollar has been spectacular, (just by using the chart,) the sideway's run at the top suggested it was taking deep breaths while it decided which way it was going.
The dollars' recovery will not be a straight up affair. And any news will only be as good as the source it comes from. Because fx is such a massive market. If you could find out how all the big players were trading and were able to remember who was doing what and if orders went through or were only'rumoured' you might have a bit of luck by trading on news. Until that time, which will be 'never' by the way; trade only what the chart is telling you. Do not listen to anything or anyone else.This is of course my view. Others will tell you that they trade only on the news.
In any case at the start of a trade I would be very 'open' to having got it wrong and ready to change my view. That is accomplished by having an emergency stop in place, but by trading with a mental stop. If timing is off. The market will only get 10 pips max off of me per trade.
Brave of you to admit to that loss on the board. There are a lot of peeps that wouldn't.
You still haven't mentioned 'why' you took the trade.
And 'edged it'. Do you mean that you added to the position with more buys. Or have you lowered your stop as it has dropped?
Okay. Bad news is that this could drop to 1980 before it finds any real support. There is a bit of consolidation around today's present low, but not a lot. After it broke 2400 on the 3rd attempt the way it broke it meant it was only going to go in one direction.
The good news is that it is 'due'' a pullback given it's dramatic fall, but that doesn't mean to say it will happen.
The year's rise in the euro/dollar has been spectacular, (just by using the chart,) the sideway's run at the top suggested it was taking deep breaths while it decided which way it was going.
The dollars' recovery will not be a straight up affair. And any news will only be as good as the source it comes from. Because fx is such a massive market. If you could find out how all the big players were trading and were able to remember who was doing what and if orders went through or were only'rumoured' you might have a bit of luck by trading on news. Until that time, which will be 'never' by the way; trade only what the chart is telling you. Do not listen to anything or anyone else.This is of course my view. Others will tell you that they trade only on the news.
In any case at the start of a trade I would be very 'open' to having got it wrong and ready to change my view. That is accomplished by having an emergency stop in place, but by trading with a mental stop. If timing is off. The market will only get 10 pips max off of me per trade.
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