Chinook's EUR/USD (E/$)Mumblings

I hear ya Krup. I certainly will sell on a decisive break of the trendline. Frankly, in the grand scheme of things, it's not going to make much difference if I sell at 1.2075 or 1.1775. I trade the big trends and try to capture 10 figures plus when possible. This is one of those cases. If I am right and this is just a defense of the trend that has been in place, we are looking 1.35-1.40 EUR according to what the chart would project (upper end of the channel). Nothing that lucrative comes easy. Please do not get me wrong in that I am not totally inflexible. You may see me a month from now pounding the table toward a stronger dollar. However, that will not happen until the market has actually and decisively shown me the whites of it's eyes. On another note, us longer-term guys are a greedy bunch. We need more than 20 figures to survive and thrive. We won't get shaken out just because we've got good profits in the trade. My kid needs to eat steak! We want more!! :)
 
I closed the last shorts with couple of pips profits. I might even switch to long side from here. Let's see. I might buy a pullback around 1.2080. I'll reduce my size by half.

Chinook

Edit: Long @ 1.2080
 
I'm back to flat, no positions...Long closed. Euro is forming a wedge...

Chinook

Edit...Well it looks more like a triangle than a wedge.

Edit. The triangle is broken upside but it was a weak breakout. Short at 1.2089.

Upside momentum is not here anymore. Was this last move the "last assult" on the long side?
 

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Have you ever imagined seeing a real purple polar bear? Expect everything from the markets...Don't let your account turn into a purple polar bear.

Chinook
 

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It looks like Crude has completed its retracement and there's a multi-day bottom in EUR that projects a move to 1.2200. But that would merely be a test of resistance. If it gets through, then I'll consider EUR bullish. 1.2350 remains as a wall for now.

Technically, EUR aiming for 1.1600 on this bear trend, but a short-term bounce is in order in tandem with Crude.

I certainly would like to see the EUR bulls win this struggle as I'm merely making some "rookie" comments.

PH
 
It was a very busy day for me. Overnight short was closed during the late Japanese session with nice profits. Early morning 530 am EST spike was shorted and profits were collected. Initially, it looked like a downside trend is developing. Buyers came in and my newer short trades got busted. I switched to the long side for a while but it looked like the upside potential was weakening. I went back to the short trades again. Couple of my short trades got busted again. I'm still holding a short trade from the 1.21 level. Today I made some minimal profits. I again managed giving back earlier gains. As long as a big dent in the account is not created, it's OK. I'm hoping to see a nice trend day so I can stay only on one side of the market.

Happy Trading,

Chinook
 
Quote from Pejman Hamidi:

It looks like Crude has completed its retracement and there's a multi-day bottom in EUR that projects a move to 1.2200. But that would merely be a test of resistance. If it gets through, then I'll consider EUR bullish. 1.2350 remains as a wall for now.

Technically, EUR aiming for 1.1600 on this bear trend, but a short-term bounce is in order in tandem with Crude.

I certainly would like to see the EUR bulls win this struggle as I'm merely making some "rookie" comments.

PH
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Pejman,

Your comment makes sense. It is possible. Most of the comments we usually read are made after the fact and tailored to the day's events. As long as we use reasonable stops and not become obsessed with our positions and beliefs, we can make money.

Crude has to test $50 one more time before (if) it goes down.

Are you trading Eur?

Chinook
 
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