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EUR/USD
Mitglied seit Oct 08, 2011
137 Posts
Mitglied seit Oct 08, 2011
137 Posts
Oct 07, 2014 at 06:59
Mitglied seit Oct 08, 2011
137 Posts
One rule in price-bar formation trading is:
Do not fight the trend when it is present.
Trading out of a trading range - as I have posted this afternoon - is very simple and has a 95% chance that it works when it is done right.
I have also explained how GAPs work and when the retracement in the direction of the GAP usually starts.
It always starts with a trading range consisting of 20 or more bars, as can be seen on the 1 hr chart today.
According to the rules, bar nr. 17 is the earliest one that should be traded. But it is safer to trade a bar past nr. 20.
The buy-signal I posted was on bar nr. 23 - a very safe bar to trade.
Learn the language of charts and take the guessing out of the game.
Trade without indicators, media manipulation or other people's opinions.
Trade what you see on the charts and not what you think (or others think) should or could happen.
The truth about direction can only be found in the charts.
Do not fight the trend when it is present.
Trading out of a trading range - as I have posted this afternoon - is very simple and has a 95% chance that it works when it is done right.
I have also explained how GAPs work and when the retracement in the direction of the GAP usually starts.
It always starts with a trading range consisting of 20 or more bars, as can be seen on the 1 hr chart today.
According to the rules, bar nr. 17 is the earliest one that should be traded. But it is safer to trade a bar past nr. 20.
The buy-signal I posted was on bar nr. 23 - a very safe bar to trade.
Learn the language of charts and take the guessing out of the game.
Trade without indicators, media manipulation or other people's opinions.
Trade what you see on the charts and not what you think (or others think) should or could happen.
The truth about direction can only be found in the charts.
"a little bit of knowledge is a dangerous thing"
Mitglied seit Oct 08, 2011
137 Posts
Mitglied seit Apr 08, 2014
1141 Posts
Oct 07, 2014 at 07:34
Mitglied seit Apr 08, 2014
1141 Posts
EURUSD broke higher during the course of yesterday session, testing the 1.2650 level and closing above the 10 day moving average. We could see sellers coming in between 1.2750 and the all-important 1.28 handle.
"I trade to make money not to be right."
Mitglied seit Oct 08, 2011
137 Posts
Oct 07, 2014 at 10:20
Mitglied seit Oct 08, 2011
137 Posts
The high from yesterday is now a legitimate buy-stop entry on the 4.hr chart (1.2674)
Caution - it has to overcome 1.2681 first, which is a v-stop (low of a reverse-hook)
This trade could take you to:
Exit 1: near 1.2720
Exit 2: near 1.2745 v-stop (next reverse-hook's low)
Exit 3: near 1.2840 v-stop (next rev-hook's low)
According to the consolidation rules - this trade is only valid if prices break on the current bar or on the next bar (4 hr. chart).
The bar after the next one cannot be traded, as it will be bar nr. 6 in consolidation.
Caution - it has to overcome 1.2681 first, which is a v-stop (low of a reverse-hook)
This trade could take you to:
Exit 1: near 1.2720
Exit 2: near 1.2745 v-stop (next reverse-hook's low)
Exit 3: near 1.2840 v-stop (next rev-hook's low)
According to the consolidation rules - this trade is only valid if prices break on the current bar or on the next bar (4 hr. chart).
The bar after the next one cannot be traded, as it will be bar nr. 6 in consolidation.
"a little bit of knowledge is a dangerous thing"
Mitglied seit Jul 10, 2014
1117 Posts
Oct 07, 2014 at 14:41
Mitglied seit Jul 10, 2014
1117 Posts
Some correction did begin for EUR/USD and it appears that the current target is 1.2710. There is a pretty strong resistance there, so once it reaches that level I will be on the lookout for any signals that it might start falling again.
Mitglied seit Apr 14, 2014
230 Posts
Mitglied seit Jun 08, 2014
454 Posts
Mitglied seit Oct 11, 2013
775 Posts
Mitglied seit Apr 08, 2014
1141 Posts
Oct 08, 2014 at 06:25
Mitglied seit Apr 08, 2014
1141 Posts
We are seeing the largest bullish correction in EURUSD that we have seen in months. That alone would be enough to give us pause but the pair is now above its 10 day moving average in a highly oversold environment. While the daily trend still remains strongly bearish the short-term trend is in danger of becoming bullish with a break above 1.2700.
"I trade to make money not to be right."
Mitglied seit Oct 08, 2011
137 Posts
Oct 08, 2014 at 06:34
Mitglied seit Oct 08, 2011
137 Posts
Trade reference EUR/USD buy-stop @ 1.2674
the current bar and the next 2 bars are now a legitimate bars on the 4-hr. chart to enter the trade.
as posted yesterday:
Exit 1: near 1.2720
Exit 2: near 1.2745 v-stop (next reverse-hook's low)
Exit 3: near 1.2840 v-stop (next rev-hook's low)
the current bar and the next 2 bars are now a legitimate bars on the 4-hr. chart to enter the trade.
as posted yesterday:
Exit 1: near 1.2720
Exit 2: near 1.2745 v-stop (next reverse-hook's low)
Exit 3: near 1.2840 v-stop (next rev-hook's low)
"a little bit of knowledge is a dangerous thing"
Mitglied seit Jul 10, 2014
1117 Posts
Oct 08, 2014 at 16:36
Mitglied seit Jul 10, 2014
1117 Posts
EUR/USD is still climbing slowly but currently the market is not at all volatile, because everyone are waiting for USD Fed to release the Minutes from the FOMC meeting – they should do so later today and then it will probably become obvious whether EUR/USD will break above the resistance at 1.2700 or it will start falling again, heading for 1.2500 (or even lower) again.
Mitglied seit Jun 08, 2014
454 Posts
Mitglied seit Oct 08, 2011
137 Posts
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