Right. The first 2 is from marketcenter.com Watch out the second chart. That's USD against JPY. Just broke 150yen level and 2years high. So, USD is pretty strong. I agree it's good trade to short EUR against USD.
Maria, the trend is your friend. Triple bottoms are rare in forex. Right now in the Asian market EURUSD is under fire. I am sure that there are lots of sell stops under 1.1900. Not only are there stop losss orders, but orders to open a position on a breakout of 1.1900 as well. Think about it.
Already closed my shorts, went short 7th Oct at 1.2194, got out at 1.2041. Went short again at 1.2075 on the 17th and closed out at 1.2002. I think there is a likelyhood of a sideways channel and reward : risk ratio is pretty good. This bottom is pretty strong, was not broken earlier and was already in place in July. I am looking at longer term, those who are looking at the intraday only are like a 16 year boy on first date.The slightest movement and all kinds of things start jumping. Long at support, short at resistance. The longer in place the more one has to observe it. The longer term position players control the markets more than the intraday traders do. I may be wrong but the risk: reward is too good to pass up. Thanks for the caring, am flattered and it is appreciated. Maria
If it's longer term, the trend is obviously down. Contrarian trades like buying here i s rather short term, I would say. I can have a long position here if it's a short term or intraday trade, but for long term, no. Just watch out where you put your stoploss. I agree someone there are hell of lots sell-stops to be fired at a certain level. Some stoplimit order can be gone through by rough market move there. This is just my opnion, and I know it's stupid to talk about positions ignoring each timeframe or strategy, but IMO, the reversal strength at the bottom is already fired at the day of 200pips rally. then goes down again and rebounded again, but not enough power to break the last rally top level. Plus, USDJPY trends strong, 2 years high yesterday. If I see some resistance on JPY, I can conclude USD is not strong enouch, but it just has broke the significant 150yen resistance that is 2 years high again. Refer the chart I posted above. JPY chart.
I hear what you are saying but I am trading the system that is in place. And that system tells me that there is a likelyhood of a long term divergence, in other words the downtrend is potentially over. I am only looking at the setup and the R:R, nothing more, nothing less. And one of the things I have learned is not to go short just above support, how attractive it may be. Same as one does not go long just below resistance. May reverse when the right opportunity arrives. For every buyer there is a seller. 50% of the market participants gets it right, 50% gets it wrong. At the end of the day this is what makes the market. Am not using stop limit orders, thank you Maria
Right, I know what you mean. I trade with systems, too, and one of my long term-system established a short position of EUR yesterday. Could be a lost trade, but I also follow the system signal. By the way, it's kinda cool to post the 15min delay chart and real time quote above, agree? anyone. Everyone can check how the price action goes anytime one check this thread.
Yes, we cannot override our system because then we do not have a system. Even if we feel that we are 100% sure it will go the opposite way and will result in a loss. Have learned that lesson at great expense: Have the discipline to stick with the system. Good trading to you, Maria