Hi all, Swissy long position form yesterday was stopped at entry level; Have just reentered the trade @1.3653 with stop at 1.3575 and same inittarget ial target 1.3870 Good Luck!
Hello everybody. I was all morning and afternoon till now working with charts. Both recommendations I made here were stopped as you can see. Yes, losses are part of trading, but lately there is something wrong with my trades. Maybe its just a raw of bad trades, and maybe it is not just that. I was checking that out, but there is no definite sign of my mistakes. That is my style, and I cannot change my approach because of it now. Actually, after looking at euro daily chart it may be clearly seen that we are almost in day by day (with little exceptions) copy of move from 1.19 -1.08. I am always trying to be flexible in market conditions, but recently the bullish $ sentiment was still in place, and still is not gone. On euro we are @ 1.1605 now after being as high as 1 1620. In order for me to keep bearish view, we need to close below 1.1550, i.e. 1.1620 should cause a strong resistance and hold. In case we don't close above, I will be standing aside for a day-two, maybe more. . . I think there is also an intervention to be taken in account, which is mixing the market and the technical picture. Regards, Rezo
Hi Everyone, Took some time off, as one has always keep in shape, and once you feel things are going bad, no matter experience, nerves and health, it is essential to take some time off to rehabilitate. One and two losses are not a problem - losses are part of routine in this business, but once things go really bad, it is necessary to stay even stronger, bcos to keep trading in such situation is the worst thing. Yesterday and today I was off watching the market - only kept myself updated couple times. Either way I needed to see how this move is going, and view has defiantly changed now. I think now we are going to see more USD weakening. Technically it is also well supported, and I think euro is looking towards +1.19, cable looks even better to retest the 1.7050... I think it is still good time to go selling dollars, and maybe tomorrow being Friday may give chance to take positions. For euro, 1.1645 looks a good level to go long. Lets hope there will be some profit taking to allow taking long positions. I will make a reco on euro once/if I enter. I think it is BoJ - and even if they didnt intervien, market is afraid of it, helping usdjpy, eurjpy and rest of yen pairs to keep yen from appriciating... See you all tomorrow, Good Trades and Best Regards, Rezo Shmertz.
I agree...I am surprised by the euro's continued climb from a technical standpoint. Originally, I was looking at the previous top around 1.1855 on the daily as a double top, and I was expecting a corrective rally back to the double-top's low point at 1.1544, or perhaps the 20p EMA a little higher. No dice, we are sitting at 1.1741 now...hmmm.
Hi all, As I said, I am looking to long euro for at least retest of +1.19, but in my opinion we may be heading higher. Very promsing move is in place. I hope we see some profit taking today to buy as cheap as possible. After overnight buying, now even 1.1680 looks as a good price. Lets see how things go today. Good Luck!
Sunday, November 16, 2003 Hi Everyone, EURUSD: We are seeing a very confident and potentially strong rising move. Waiting to buy near low 1.17, maybe lower if market will be kind enough. Initial target is +1.19 (around the year highs, but trade may be held for higher target). USDJPY: Selling for 106 levels. GBPUSD: Retest of 1.7050 is very possible, maybe higher. I will be looking for a buy opportunity.
USDCHF: As usual - if euro is strengthening, swissy is also stronger vs dollar. Currently it is no doubt that for market, swissy is even more attractive, and therefore I am seeking sell for a retest of 1.3050 - 1.31 and eventually the year low at 1.28. Now it is almost certianly confirmed to be the classical retracment of 61.8 percent for reversal to come back to resume original move down. I.e, according to this scenario 1.31 should be broken this time. Otherwise ... ... well, we talk about it later if there will be a need. Of course, at the moment strength of other currencies is also expected against US dollar, but in terms of having projection on majors, I always prefer trading the majors. I haven't mentioned it for some time now, and to those who follow my posting it will not be new, but still: this pre-opening analysis is based on previous weeks' action and projection is for near 1-2 days after week opening. Afterwards picture may change, and my view in that case should and will change as well; updates are always here for those interested. Sorry, I don't make the market, and I think even if we join all together, we still wont be able to move it for more than couple pips Have a great week, Kindest Regards, Rezo Shmertz