Thanks! I figured it was a low risk high reward trade... Hell, sometimes I feel like I might as well be throwing darts. ha ha I am highly discretionary in my trading!
I closed it out but I am looking for a re-entry if anything shows up. It's a counter-trend trade, but a potentially lucrative one if it pans out. If the long doesn't show up, I'll just go short, since the overall trend on the daily charts is down and a failure to make this move up would basically re-establish this overall down move we've been having...This looks like the bulls' last chance to make a move at least for a little while... At least that's how I am trading it
2 Cents. E/U support at approx 1.2800, ? I'm still occasionally trying to export from openoffice, to share charts. 5:40--believe a political career is clearly in your future. I have no idea what you just said!
Google "Cropper Capture" and use it to take screenshots of your charts, etc...at that point just upload the pics to something like photobucket or whatever site you prefer...copy the code and paste it in the thread. Viola'! Instant chart sharing. Not sure if that's what you were having trouble with or not though. As far as support at 1.28...nah, I am a momentum trader. It's actually resistance at 1.28, the 200 MA on the hourly charts. Momentum is headed up right now on the hourly chart...however on the daily chart momentum is down and about to get more solid. If price is able to break through ~1.28, I would expect a significant rally to take place...if it's not able, then that just lends even more credence to continuation of the trend (down) on the daily charts. Basically if bulls can't breach the ~1.28 level, it will be the nail in the coffin for a little while at least. Keep in mind though that ultimately it's a crapshoot as to what will happen. The way things have been going, nothing would surprise me. Especially on Fridays. They might try some fancy intervention to get some touchy-feely care bear rally before the weekend, or it may crash like hell. Really no telling...Just manage your risk. [QUOTE][i]Quote from davidmaria1:[/i] [B] 5:40--believe a political career is clearly in your future. I have no idea what you just said! [/B][/QUOTE] Basically on the shorter time frame price is trending up strongly...However, on the daily time frame, price is trending down strongly, the short term trend and long term trend are in conflict with each other...there is currently major resistance on the hourly chart...if price can break through resistance it will show some strength on the part of the bulls and may indicate a nice counter-trend rally....otherwise, the daily trend will take over as the dominant decision making factor in my trades.
Closed EUR/AUD for +4. I'll be working most of the day (Friday) and price appears to have taken a breather. Hourlies still look ok, but Fridays are strange, I agree. Gonna try those sites you mentioned. I might be out of the stone-age after all!. I'll try the recent EUR/AUD chart.
I have IB FX Trader up but only have used the regular TWS to enter orders. Seems TWS is sufficient for my trades. I'll give the FX Trader a shot one of these days.
The most interesting moves will come if NFP is worse than -300k ... lots of whipping motions all European session, and the only thing that kind of "worked" was upping leverage and going for smaller, faster scalping targets. If NFP is less than -200k then it will become more boring and whipping. Only a strongly negative number will give some heavy direction. Equities will likely go negative though, so the repatriation and delevering action will be negative. This week has been very much about whipsawing.
Ok, thanks, if you get round to using it can you post a review if you remember, just I've never come across anyone who uses it!