How to trade the EUR now

I really don't understand those of you who are shorting the EUR/USD pair. Every dip, I buy, then I sell after collecting 40 or 50 pips, and then I do it all over again. In the past couple of months I have been raking it in with this very simple strategy.

1. The EUR will not die.
2. The powers that be are propping it up.
3. Buy the dips. Buy the dips. Buy the dips.
4. Collect a little; don't be greedy; sell.
5. Go back to 1.

Achieved a great milestone on Friday. I have recovered all losses since my trading adventure began, and I have withdrawn all of my original deposits. Since my adventure began in February 2011, I am now trading exclusively with profits generated.

<BRAGGING ENDS> :D
 
Quote from oldtime:

I'm long from 2892

have a limit in to buy some more at 2815

had to go all the way out to the daily chart for this one to make sense

That eur is hard to read in here

the way it held up after cypress gives me a bullish bias

but eventually, just like everything else it must go down

but in forex, down is just a relative term

I think the other guy had it right, they need crisis after crisis to keep it below 1.4

I'm betting on a range of 1.24 to 1.31

if you like action, you haven't been disappointed

in real life I trade 80 to 120 pip increments, but over in my paper account I run the same strategy with 10 pip intervals. Monday thru Wed it didn't matter if you were long or short, there was money to be made.

but like the man said, "You gotta be in to win."
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Quote from oldtime:

well, if that's what you want to do, all you have to do is put in a limit buy down there somewhere.

Since you definitely want to buy on a pullback, where is your limit buy order?
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As SimpleTrade said,buy every 40-50 pis down dips for the 40-50 pips gain.And i agree with his current assessment.From the current level it could probably be 1,2990-1,3000
 
Quote from TheMagican:

As SimpleTrade said,buy every 40-50 pis down dips for the 40-50 pips gain.And i agree with his current assessment.From the current level it could probably be 1,2990-1,3000
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ok, let us know when you get filled
 
I'm short from 2880, and if it ever gets back there I'll unload all I shorted tonight

I already have my limit in

then I'll put in a limit to short some more somewhere up there

if it never gets back there, then it will be what they call a "losing trade." I hear it is not uncommon among professional traders.
 
Quote from TheMagican:

LOL..i just told you that!dont you wake up yet?
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no, you just said that is where you think it could go, but you never said where your limit to buy is. So I assume you are flat and just talking and have no intention of really trading.

let us know when you get filled
 
and this is the silly thing. Nobody has a problem with buying on a pullback. They all just assume it will turn back up. But if you are already are long, and you buy more on a pullback they call you a gambler and a loser averaging losers.

so I guess buying on a pullback is a sound idea, as long as you are not long.

If you are flat, the pullback is a buying opportunity

If you are long, there are no pullbacks, it will just keep going down to infinity, that's why you should never average down

This kind of logic doesn't come naturally, you have to read trading books to learn it
 
I don't know how you guys thought about all of this on Friday, but my thought process went like this.

Either they will find a resolution this weekend or it will be delayed, but a resolution will be found soon no matter what.

If delayed, EUR/USD will fall a little, so after the fall double up my position. If resolution found EUR/USD will open much higher. Either way, resolution will be found and EUR//USD will rise.

So, I went long at the end of the day on Friday. Initially, today I was losing money, but a resolution was established (in theory), and the EUR/USD jumped higher. I promptly sold ( 48 pips); I bought back in again as it fell a little; I sold again ( 17 pips); Again, 15 pips. Total earned in two hours: 80 pips.

I find the EUR/USD very easy to trade right now. I'll grab the cash as I can. I'm sure the ease will eventually end.

EDIT: Wishing I had not done that last sell. Looks like I've missed a few pips.
 
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