EUR/USD: Down Leg (May 3, 2009) 9:13PM

Quote from RiceRocket:

You could fade 1.3336 area heavy for maybe a retrace to 1.33/1.32.50 in the thin overnight trading. But I wouldn't stick to this one too long. If you get pressed to 1.3350, stop out.
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Thanks for the info. As always, you have great insight!
 
Quote from riskfreetrading:

How sure are you that it will test 1.34?
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No, not sure at all, but not willing to trade against HigherHighs and Higher Lows. I would like to see 1 LowerHigh followed by a LowerLow, on a 15 minute chart at least, before shorting....

I wish you a winning trade nevertheless!!!

riskfreetrading, what was your reason to sell at this level?
 
Thanks guys for all the info. Here is the update:

EUR/USD is now at 1.3322. Since I added on second visit of the top, I will take that off, and bring back the position to where I first added on first visit to today's top.

I have therefore takeN 20ish pips profitS (on half), and my cost basis for remaining position is around 1.3338. So I can afford a stop above today's high without losing.

From this point, I now have a FREE trade. I am not disclosing my stop as I do not want to be taken out.

Cheers!
 
Quote from slacker:

No, not sure at all, but not willing to trade against HigherHighs and Higher Lows. I would like to see 1 LowerHigh followed by a LowerLow, on a 15 minute chart at least, before shorting....

I wish you a winning trade nevertheless!!!

riskfreetrading, what was your reason to sell at this level?
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Thanks. Reason is that I have a propriety model telling me that a top is imminent on that pair. I could have waited for the last entry, but it needed presence in order not to miss.

I was lucky to be watching on second visit to top, because I have refined models that tell me when a top is a top for near future (if certain conditions were met). So I doubled up.

With my stops now in place, and away from top but yet profitable over all, I cannot be wrong.
 
Quote from slacker:

No, not sure at all, but not willing to trade against HigherHighs and Higher Lows. I would like to see 1 LowerHigh followed by a LowerLow, on a 15 minute chart at least, before shorting....

I wish you a winning trade nevertheless!!!

riskfreetrading, what was your reason to sell at this level?
More...

Slacker:

If you use 15-minutes lower highs, how do you deal with buyers who may push price to retest todays' high? they may get you out of your position if youystop is below the high of today? My models tell me to expect them at around 1.3312.

R U in now?

12:10AM: it is now at 1.3313. Buyers around the corner. We will see if they will put price up or get defeated.
 
Quote from riskfreetrading:

Slacker:

If you use 15-minutes lower highs, how do you deal with buyers who may push price to retest todays' high? they may get you out of your position if youystop is below the high of today? My models tell me to expect them at around 1.3312.

R U in now?
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I placed an order below today's open. My plan was to see if buyers would take out Friday's high, and then test Sunday's open. If it broke Sunday's open I think it may run to 1.3200 where I would take a profit. Very conservative.... It may not get filled until the London market or tomorrow morning, or never.

I hope you win this trade and then hope I win!!! I think you are doing very well. Good luck!
 
Quote from slacker:

I placed an order below today's open. My plan was to see if buyers would take out Friday's high, and then test Sunday's open. If it broke Sunday's open I think it may run to 1.3200 where I would take a profit. Very conservative.... It may not get filled until the London market or tomorrow morning.

I hope you win this trade and then hope I win!!! I think you are doing very well. Good luck!
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Thanks. I think you are an expert. You got the right prices to watch for. Not everyone knows what you know. I think you will win. I am taking the risk so that people like you make the easier money
:p

Cheers!
 
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