Euro market top, island reversal formation?
- Thread starter Doji7
- Start date
No problem Dr.Evil, I am not that sensitive. 4885 was based on a pivot resistant point on an hourly candle on the eur/usd. I knew there was a possibility that the pair could go higher than that and if so, i could cut the loss short and reverse positions if it was a strong move higher. I am still looking to short this pair but it looks like an entry somewhere around 4850 that would probably make sense. That would allow some room for a pullback if the pair still wants to move higher. I am keeping an eye on oil (which i didn't do before placing that trade) to help as a guide. This pair is oil sensitive right now and I have no problem admitting that i should of went through all my progressions before hand. That was my thought process Dr. Evil. I should of exuded more patience, which i think i noted i may of jumped in a slight bit to early.
In the future, if you see something i posted that doesn't make sense, feel free to call me on it. In the end, it only makes us better traders.
(If oil continue to rise, i will go long until oil drops)
That's a great attitude. Imagine an ET where traders help each other to be better traders
I think a short is perfectly reasonable. Now where I would differ is where to put my stop so that it is reasonably protected by a good area of resistance. 1.4980 looks ok, 1.5020 looks even better. As for entry, well that depends on your risk appetite and position sizing. Good trading.
Looks like I was just a tad early...grrrrrr.....must learn patience i must learn patience..i must learn patience...
Good luck all
Happy Pip Hunting!!!
WOW
What a great short for anyone that took it. I was mostly in the AUD/USD and what a great trade that turned out to be... straight down!!
Also notable is euro breaking above this 15 min T/L on the close... Could there be momentum at the open???
<Img src="http://elitetrader.com/vb/attachment.php?s=&postid=2039192">
What a great short for anyone that took it. I was mostly in the AUD/USD and what a great trade that turned out to be... straight down!!
Also notable is euro breaking above this 15 min T/L on the close... Could there be momentum at the open???
<Img src="http://elitetrader.com/vb/attachment.php?s=&postid=2039192">
All my 1.4300's are covered and out.....last portion of my position is for 1.3700's and below!Quote from AMT4SWA:
It was "There Will Be Blood" last week for the EUR/USD.....what fun!!!
The remaining 50% of my short position has a target for 1/5'th remianing quantity of contracts at 1.4920 ..... the rest will be held for any run to the 1.4300's, and then the last portion of my position will be held for a gut shot draw to the zone of 1.3700 to 1.3500 ....... BOMBS AWAY!