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I think cable is targeting 1.99.

Anybody doing any selling of this pair yet?

You are over trading.

It is very typical for new traders to worry about transaction costs. Worry about transaction cost when they are a big problem. Don't spend your time worrying about it now. Does that make sense? The time to worry about it is when it is approaching six figures a year in costs to trade. There...

I would think there are a lot of shorts building at the current level. It seems like a logical place the bears to set up for a continued leg down. We may see a short squeeze on up.

Sounds like you are starting to get it a little better. All you can do is react. So now we are trading at 4262, we know the monsters would like to keep price gyrating around the 4250 area. Just for kicks, let's stay long and target 4285, with a stop under 4250 somewhere manageable. Exit...

Well I got that one wrong. Run. Run. Selling into the close. It is a strange time these days, I have never seen the currency market so interdependent on the stock market. It has a panicy, bubble like feel. Tough trading for me.

Its getting a little hairy, but hold your longs and look for 4285 into 11:00 EST.

The monster is breathing fire at 4250. If he fails, then 4285, if this front gives way then 4315. If 4285 holds then we could return to 4250....if 4250 is victorious then back to 4215 and .....so the story goes.

You have to learn to manage and navigate the supply and demand levels. Nobody knows how it is going to play out. Just react to the levels. This is the hard part and what makes a good trader. If the EURUSD finds support at 4150. Then think long up to 4185. Your stop would be somewhere below...

Remain focused in the present. That's all we can do. Base decisions on what is known, not what is unknown.

Here is a golden egg. Yours for the taking? or just a lot of hot air? If you must add other levels, (lets continue to use the EURO as our example), just plot the same lines on a EURO FX (Futures) chart. You will see why spot stops at some other levels. :eek:

Chaos, The one thing I have learned over the years is NOT to complicate your trading with concerns over recognizing everything. Certainly there are other supply and demand levels in the market. Keep your trading simple and execute. Do not, I repeat, do not overcomplicate a very simple and...

So brave warrior....you fought at 4315 and like so many times before, you returned to recently taken front at 4285. You were beaten badly and sent toward the monster, but agiain your friends have helped you. If you hold on here, you will likely return to try again at 4315 for you fight your...

More comfort for Realist and others shortys... Are there enough forces to push up? Hmmm, I am betting on the warrior to visit his many friends at 4200 So the battle goes and goes.

Chaostrader my friend.... Who are these "pros". Are they working for someone else or do they own their own business? Think about this question. What more can they possibly know than the average trader like you and me. What is their edge? Here is all you need to know about support and...

I do not use indicators at all. I did when I was a new trader and I lost a lot of money. I buy based on value or price action also. If I had to do it all over again, I would study price distribution over the Bell Curve or more commonly called "Market Profile". I don't use market profile to...

Realist, What makes you think the Yen unwinding will start again? Just curious since I have no clue about when to expect it.

Overvalued based on what? Markets have a tendency to make comments like the IMF a passing breeze. Doesn't matter what they think. This is the herd view. Position accordingly

Nice Trade and solid reasoning. There is no such thing as right or wrong in this business. Nobody knows what it going to happen. And none of us can advise what is "right or wrong"...cause we don't know. Any of us who take shorts on the EURO are trading counter trend and battling a very tough...