It will retrace slightly and then continue it up movement. Just be patient. Good luck.

I thought it is already passes 61.8% retracement. The resistance is really at the daily R1 now. With oil and gold up, it will go higher. Maybe at the 1.48 level that Adam was alluded to. Close my long for 30 pips.

Well you are right. It couldn't pass the daily R1 and now come back down. Oil and gold also retrace so it is time to short for scalping.

Changed course and shorted GU instead and end with 14 pips gain.

Tough job. phew.

Bad news for GU and bring down EU. Shorted for another 40 pips.

Reminder for myself: take profit while you are at it. It is difficult to gain 10 pips and easy to lose 10 pips.

This post has been edited by AskDS: Aug 28 2008, 11:02 PM

Just checking. What Stocs value are yours? The stock 5,3,3 has turn down now.

I only focus on EU because it is easier to trade. Just follow the oil and gold chart. EU has very strong correlation with oil. So far has been very positive on this pair.

Seeking advice from the experience trader here.

When a price has a false breakout of the resistance level, pull back and then try again, how many false breakout do you wait before you decide to take an opposite direction? I watch EU tried to break daily R1 4 times and failed, then went south. If I can recognise this earlier, I could have taken at least 15 pips more.

If you see an immenient breakout, how many pips do you set your TP? Today I saw UJ will breakout downward and crosses daily pivot. I know it wouldn't reach daily S1 and set a TP of 75% of the upmove. However, it didn't reach that level. I didn't have time to watch it due to work and by the time I came back, it already retrace back to the entry level so I ended up with only 1 pip gain. Could have gotten 55 pips instead. So it would be nice to be able to set a realistic TP level and let it do the job.

Thanks for any pointers.

Very interesting observation. I can see that pattern and will watch out for it.

Thanx.

UJ may close the gap down by end of today. Maybe push up by the price of oil going down.

Closed UJ with +23 pips again as UJ can't break 108.36.

Now that oil price is sliding even lower price, I think can go after USD/CHF today. Now in green pips already.

This post has been edited by AskDS: Sep 1 2008, 10:24 PM

Which is interesting when Fukuda resigned abruptly which normally will drag the economy down.

Let see how it pan out. At least the monthly trend is still down.

Careful, oil price retraced below 109. The GU trend might stay.

GJ is very active pair and it has very high average per day price movement. For those of us who is on low margin using high leverage, this pair can send you to the path of Mr. Margin very easily. I used to think that this pair is easy to make money and later found out it is also lot easier to lose money. I stay clear of this pair at all time unless I get a very good signal.

I will still think that EU is the best pair to trade with our kind of margin. The next easier pair is UJ. GU is also good but the fluctuation of price in a day can be quite high compared to EU and UJ.

I finally learned what it meant to be able to stay in this game, the priority is the perservation of capital. Once you can do that consistently, you can start to make some money. Gaining 20-30 pips a day is way better than to lose 50 - 60 pips a day.

Just my two cents after 6 months in this forex business.

Caught the tail end of the UJ fall and pocketed 48 pips when it failed to reach daily S2.

UJ movement follow the Dow Jone indices so it is easier to make this trade.

Cheers

I don't think so. I did make a few order and they all went through.

Learn to be a trader yourself. There is plenty of information the web for one to learn it. It is a matter of time and patient.

Shorted EU and now 50pips up. Good way to end the week.

Edit: Closed out at 60pips gain. EU has strong support at 1.4220 level. Oil also hit a strong support level for now so I guess time to close shop and wait after NFP storm is over.

This post has been edited by AskDS: Sep 5 2008, 06:33 PM

Some seminar did teach you some methodology. At least one I know teaches you the use of Elliott Wave and Chaos of Trading!

I think you are on track. It has failed to get pass the resistance level @ 1.4420. If it fail one more time, I'll short this pair.

EU hit the fib zone nicely and now retrace. No idea how high it will go. If it hit the 38.2 fib retracement level again, good chance that it will move down further. Looking to see when it will move to the next fib zone.

60 pips in the pocket today. Nice.

I hope so but seeing that EU has already reached it 61.8 expansion level, it should retrace a bit before further move down to the 100 level. I am out for now.