Forex trading live calls and set ups

[AFK]

sh eurusd 1.3963 stop 1.3975

Peter

1.4 is the obvious place to sell it and try to catch a few pips of the pullback, but overall to me it looks like E/U is recovering from yesterday's losses and is heading for a retest of 1.415-1.42 level - just look at the last two hourly candles. just my two euro cents.

 

[wackypete2]

stopped out
I can see I'm going to be on the wrong side today.
What happened to yesterday's down move? all gone. geez.

Peter

 

[wackypete2]

1.4 is the obvious place to sell it and try to catch a few pips of the pullback, but overall to me it looks like E/U is recovering from yesterday's losses and is heading for a retest of 1.415-1.42 level - just look at the last two hourly candles. just my two euro cents.

I didn't think it would completely recover from yesterday today. lol. But longer term I agree with you.

Peter

 

[wackypete2]

At least my analysis of audusd was darn near perfect yesterday. Once in a while I'm good

Right now it looks like Last Friday's low is acting as resistance.

Peter

 

[bedsit]

I didn't think it would completely recover from yesterday today. lol. But longer term I agree with you.

Peter

Hi Pete.
I can't see any obstacles till 14003

 

[AFK]

Pulled the remaining 50% of my E/U trade at +60. Now looking to sell at 1.3995 with a stop at -20 and a target at +30-40.

 

[AFK]

E/U came to within 5 pips from my limit order, it's probably safe to say it won't trigger... I'm looking to buy around 1.392, stop 50, tp 100+

 

[bedsit]

.

 

[bedsit]

E/U came to within 5 pips from my limit order, it's probably safe to say it won't trigger... I'm looking to buy around 1.392, stop 50, tp 100+

There is sort of a badly shaped pennant (at the moment). By definition if it breaks it up, should go the lenght of the flag pole (maybe round 120pips)

 

[Rooster34]

'morning everyone..err..afternoon for you UK traders!

Peter

1.4 is the obvious place to sell it and try to catch a few pips of the pullback, but overall to me it looks like E/U is recovering from yesterday's losses and is heading for a retest of 1.415-1.42 level - just look at the last two hourly candles. just my two euro cents.

If it gets up there again I'm selling this time. Alas only on demo. But 1.4 is burned in my brain now. I can see how years of watching the markets would give a person a powerful edge all by itself. I'm sure y'all have resistance points and pivots and trends hardwired in your psyche by now.

 

[bedsit]

There is sort of a badly shaped pennant (at the moment). By definition if it breaks it up, should go the lenght of the flag pole (maybe round 120pips)

Only thing - there are too many candles (forming the pennant). Ideally shouldn’t be more than 7 candles max.

 

[AFK]

If it gets up there again I'm selling this time. Alas only on demo. But 1.4 is burned in my brain now. I can see how years of watching the markets would give a person a powerful edge all by itself. I'm sure y'all have resistance points and pivots and trends hardwired in your psyche by now.

For me that ship has sailed - fading the first test of a s/r level has the highest probability of success, on the second and later tests the level is more likely to be broken. I think that E/U is looking bullish for the short term so I'm looking for a pullback to buy. Also I should point out that the "years of experience giving a person a powerful edge" does NOT apply to me as I haven't even got 2 years of experience..

 

[Rooster34]

AFK, or anyone actually, I have a question.
I thought in general major S/R line were tested sometimes multiple times. That's how things like triple tops are formed.
Def not trying to argue or anything, just wanting to learn.
Thanks for any replies.
Royce.

 

[Vaco]

AFK, or anyone actually, I have a question.
I thought in general major S/R line were tested sometimes multiple times. That's how things like triple tops are formed.
Def not trying to argue or anything, just wanting to learn.
Thanks for any replies.
Royce.

Rooster, look for trends then buy dips or further breakouts, they are really easy to spot as well, if they are not obvious when you open the chart then it isn't a trend yet.

With regards to dble and triple tops people are drawn to them because they stand out on a chart and we all say 'next time i'll place my order right at the bottom on that support lvl and ride it all the way up'

In truth what you will be doing is placing a buy order at a previous low and 'hoping' that price will bounce at the next re-test

Try this exercise,

go back on the chart a couple of years or pick a chart you are not familiar with, then each time a high/low forms that you would want to trade write down the price and stop level then move forward.

You will be amazed at how often support/resistance fails

Now having an eye on major support/resistance levels then dropping to a smaller tf and trading with the trend through the level or as a reversal is a different matter altogether.

I guess what i'm really saying is don't commit to buying/selling at a particular lvl until price gets there and you see the reaction. Also bear in mind market conditions, are we in a trend or range bound.

Hope you all made a profit today

see you all tommorow.

 

[Rooster34]

Vaco, thanks.

 

[wackypete2]

So what's next for the eurusd pair? Now that we fully recovered from the 300 point downdraft yesterday and almost touched 1.4000, do we get another 300 point swing down? Are we still looking to get to 1.41 or 1.42? Are we buying dips for the next leg up? or shorting for another correction?
Any interesting responses and comments welcomed!

Peter

 

[bedsit]

So what's next for the eurusd pair? Now that we fully recovered from the 300 point downdraft yesterday and almost touched 1.4000, do we get another 300 point swing down? Are we still looking to get to 1.41 or 1.42? Are we buying dips for the next leg up? or shorting for another correction?
Any interesting responses and comments welcomed!

Peter

I wouldn't touch it now - nor any other pair. I leave the trades open after London close only if they are considerably in profit and through my experience most of the time they are more likely to hit the stop than the target while I'm fast asleep.
IMO Best to wait till tomorrow and get the idea.

 

[wackypete2]

Interesting. I have the same opinion after the US session closes. I generally only hold open positions into the Asian session if I will be actively trading or at least monitoring. Again, in my experience, if prices is near important level(s) it will almost always blow through them (to take out stops most likely) and swing back. For this reason I never put stops in the obvious location or I can play these spikes for a few pips profit.

Peter

 

[Mr Flibble]

I don't trade patterns but when I trade I recognise that I am trading against fellow human beings and they trade using many different TA types. Looking at the EUR/USD I can see a perfect flag right now. I'm expecting more upward movement and heres the reason.

A trend will just continue some people liken it to Newtons law. To stop a short turn trend there must be some violence as I like to call it. That usually requires a massive movement up and then a bounce. Imagine a ball in a room with a ceiling and a floor that can move up and down. As fast as we go up once we hit the ceiling we will come down just as fast. The start of this latest upward movement can be traced to about 12am GMT. Notice the last few minutes we have a small movement up...now I don't see any violence here..now we move down really quickly and bounce we have a bullish engulfing candle= start of this massive leg up.

Right now we have had the big run up but its just moving gently around. It needs to go up about 50 or so points higher very quickly then down just as quickly to start us back down again. Heres a few charts for giggles.

The last one is the start of the last massive move up. I'm going to start documenting these to really learn price action.

 

[wackypete2]

Hi Mr Flibble. Good Stuff.

Here's what I am looking at for tonight. A break of the consolidation. The break should go higher but might be capped at the 1.40 level for now. A break lower may have more reward in the short term.

Peter