Jump to content

EUR/USD idea


Recommended Posts

Guest oilfxpro

There  price rejected with double top  on eur usd  target 1.1965. Re-entered short

 

I don't trade fx  like this on technical basis, technical analysis is unreliable.

Link to comment

 , no you are not missing anything, it was just another silly 'punt' against the trend with ridiculous risk. What happens is you spot a non existent pattern amongst the noise on a short-term time frame that completely ignores the long-term thrust, you draw a line that will trigger the trade and enter. Then you think about stop loss and see the prior high/low is 60 tick away so you say 'well that's trading accept it'. Ha.

 

This is not how counter trend traders work, they have a level where they expect price to reverse and as soon as price reverses at that level they enter, the stop is small, it's right there, they can practically reach down and touch it, it's usually just a few pip. If they are wrong they lose a few pip but if they are right the reward potential is huge, so they can be wrong 70% of the time and still be profitable.

 

That was not this trade, having got in at a level that seeming needed a 60 pip stop price immediately reversed against you, the bowels start to go loose, so then having put in a 60 pip stop you think err and bail out at minus 14.

 

This was actually the right thing to do after making a stupid entry, if a line was crossed to trigger a trade then if that line is crossed back over the validity of the trade is gone so just get out. So the 60 pip stop was fantasy, the proper stop was just behind the 'important' level that triggered the trade which wasn't actually important at all, not to any other trader on any time frame.

 

 

 

Link to comment
Guest oilfxpro

Situation

 

I sold it because the price action twice showed a rejection and the immediate trend line  was broken.Once again it proves technical analysis  and price action does produce profit.

 

The other reason was unfulfilled emotions, the pretenders who don't trade always claim there is no psychology involved in trading, I had unfulfilled emotions to short sell eur/usd.

 

https://community.ig.com/t5/General-Trading-Strategy/Psychology-Winning-Mindset/td-p/18650

 

On casey's advice I started using lagging indicators 

 

https://community.ig.com/t5/New-to-IG-Community/Introduce-yourself-here-and-make-your-first-Community-post/m-p/15770#M327

 

Then I should have ignored all t/a , because it works in hindsight after the event.Now you guys can all be clever about it  after the event.I know all about hindsight analysis  and hindsight education.The trading forums are full of hindsight analysts.

 

Why hindsight trading is so easy compared to real-time trading

 

http://optimusfutures.com/tradeblog/archives/problem-of-hindsight-trading/

 

http://www.trade2win.com/boards/t2w-feedback-announcements/223740-ban-all-hindsight-traders.html

 

 

 

 

Link to comment
Guest oilfxpro

Casey

 

Hindsight analysis is very easy, real traders when they see an opportunity, they just place the trade.

 

Forum ***** on trade2win forum shows hindsight results, he is very profitable with hindsight results after the trades.

 

http://www.trade2win.com/boards/trading-journals/223330-hindsight-dax-lulz.html

 

On forums you get pretenders, I am a trader on a live account.Real trading involves making decisions, I made and I lost.

 

BTW my account is up 200% this week so far  , trading the indices.

 

 

trader scammer.gif

 

Link to comment
Guest oilfxpro

The euro usd is bullish based on latest price action

 

I have shorted the dax in place of trading eur us

 

It has made 2 very bullish up bars , so it is a buy until it breaks 11900

 

euro pa.jpgeuro pa2.jpg

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • General Statistics

    • Total Topics
      20,131
    • Total Posts
      88,227
    • Total Members
      69,117
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    vinprabhu
    Joined 06/10/22 04:45
  • Posts

    • Early Morning Call: Shell warns on earnings as refining margins drop The oil price is up after OPEC+ delivered a 2-million barrel per day cut, while Shell warns on earnings as it sees a drop in refining margins.    Jeremy Naylor | Writer, London | Publication date: Thursday 06 October 2022  Macro overview US equity markets consolidated yesterday after two days of strong gains. The Dow Jones fell by 0.14%, and the Nasdaq ended the session 0.25% lower. Overnight the session was mixed in the APAC region. In Australia, trade surplus narrowed to a six-month low - A$8.32 billion - in August, below market forecasts of a A$10.1 billion surplus. Exports grew by 3%, while imports increased 4% compared to last month. For San Francisco Fed President Mary Daly, the path has been very clear: "we are going to raise the rate until we get into restrictive territory, and then we are going to hold it there" until inflation comes down closer to 2%. In an Interview with Bloomberg yesterday Daly reiterated the Fed's commitment to restore price stability, and it particularly waiting for two important sets of data. She hopes tomorrow’s non-farm payrolls (NFP) will confirm the start of a hiring slowdown. Earlier this week, JOLTs openings fell to their lowest level since June 2021. Current expectations for non-farm payrolls are 250,000 job creations in September. If actual figures were to match that forecast, it should be the lowest number of job creations since December 2020. The San Francisco Fed president would also like to see next week's CPI showing underlying price pressures either stabilising or falling. She could be disappointed there. If the headline figure is expected to fall to 8.1%, economists see core CPI rise accelerating to 6.5%. The Fed is expected to deliver a fourth straight 75-basis-point rate hike when it meets early next month. Equity overview Elsewhere on the equity market, Shell warns this morning that its third quarter (Q3) profits will be weakened by a sharp drop in refining margins and expects "significantly" weaker earnings from natural gas trading. N Brown posted an 82.4% drop in adjusted profit before tax and revised its profit guidance down. Imperial Brands announced £1 billion share buyback programme, and says that total capital returns in full-year 23 (FY23), including ordinary dividends and share buybacks, are expected to exceed £2bn. Levi Strauss & Company is set to post its third quarter earnings after market close tonight. Analysts anticipate earnings of 37 cents per share, gathering pace after the 29 cents reported three months ago, but some 23% lower than the same quarter a year ago. Revenue is forecast to increase by 6.7% to $1.6bn. Levi Strauss can count on the strength of its brand, but like many other retailers, it has to face supply chain issues, in an adverse economic environment. Investors will be particularly attentive to the group guidance, which at the moment stands at $1.50-$1.56 for the full year. Constellation Brands Inc is poised to release its second quarter (Q2) earnings before the US opening bell. The maker of Corona beer is expected to report an 18% increase in earnings per share to $2.78. Revenue should reach $2.50bn. Commodities Oil prices are holding at the new three-week high set yesterday. OPEC+ agreed on a two million barrels per day (bpd) cut yesterday, saying it was an adequate response in a context of rising interest rates and weakening global economy. US president Joe Biden called the decision "short-sighted" and said he would continue to assess whether to release further strategic oil stocks to lower prices. The next OPEC+ meeting will take place on 4 December. OPEC+ will move to meet every six months instead of monthly meetings. The EIA confirmed the decline across the board announced by the API on Tuesday. Crude inventories fell by 1.4 million barrels last week. U.S. gasoline stocks shrank by 4.7mn barrels, and distillate stockpiles fell by 3.4Mln barrels has context menu     This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.
    • Stock markets remain in a more bullish pattern after the losses of recent weeks, and Asian indices made some more progress, albeit in a more tentative fashion. Oil prices remain on an upward path following OPEC's move to cut output by two million barrels per day, pushing prices to their highest level since mid-September. Stronger data in the form of the ADP report and the ISM non-manufacturing PMI caused a wobble in stocks, which have rallied on fresh hopes that the Fed will pivot away from its hawkish policy in the near future. Today is a quieter day, with just the UK construction PMI and weekly jobless claims, and the focus is now shifting to tomorrow's non-farm payroll report.   
    • Scallops Chart Pattern are J-shaped, inverted J-shaped, or mirror J-shaped continuation patterns that appear often during trending markets. This pattern has a steep momentum and a rounded bottom or top. The structure is pretty smooth at first, then the market begins to rush up with significant momentum, or vice versa. Scallop patterns appear less frequently than other continuation patterns such as flags or pennants, yet they are among the most stable forms.   Types of Scallops Chart Patterns There are four types of Scallops, two of which suggest bullish movement, while the other two imply bearish movement.   Ascending Scallop Pattern Inverted Ascending Scallop Pattern Descending Scallop Pattern Inverted Descending Scallop Pattern Read More -   Scallops Chart Pattern    
×
×
  • Create New...