Monthly Thread: December, 03
- Thread starter rezo_s
- Start date
Quote from 4xis2ez:
Good trading in Nov. Rezo
I likewise had an 11% gain for the month on 2 trades. I think your adding shorter term trades to your mix will do well for you. You had too many trades move to profit, only to come back for breakeven. I hope things go well for you. Regards, Russell.
Hi there Russ,
Good to see you are doing god with your trading. Keep it the same say. Very impressive.
All the best,
Rezo
For those who wasn't quick enough and didn't move the stop to breakeven yet (like me), I suggest doing it now. (its now @1.2873, been as low as /62 after the entry).
Euro is struggling to break one if the minor lines (inside channel line). If we break it, test of 1.22 will probably follow; if not, we may retrace as low as 1.2000/40 support area - see the chart couple posts above for bigger picture. And here is a zoom on the line on 60 min charts:
Euro is struggling to break one if the minor lines (inside channel line). If we break it, test of 1.22 will probably follow; if not, we may retrace as low as 1.2000/40 support area - see the chart couple posts above for bigger picture. And here is a zoom on the line on 60 min charts:
Hi Everyone little pre-opening comment:
EURUSD:
Another weekly close near week highs. Bullish momentum is still really strong. I don't think we are going to see anything but weak and temporary correction in the near term. Any good retracement should be used to enter long positions. Firm and confident trend line is supporting this move for now, and the first line to be broken is that very same line. If we break is, we may retrace for initial test of 1.20 which for now should be the strongest physiological barrier.
EURUSD:
Another weekly close near week highs. Bullish momentum is still really strong. I don't think we are going to see anything but weak and temporary correction in the near term. Any good retracement should be used to enter long positions. Firm and confident trend line is supporting this move for now, and the first line to be broken is that very same line. If we break is, we may retrace for initial test of 1.20 which for now should be the strongest physiological barrier.
If we take a look at 240 min chart, we can see a very nice channel that was lately tested to prove its strength once again. This is a very good sign for bulls, and now the channel is targeting somewhere around 1.2300/50 area for the first half of the coming week. However, if we break the channel downside, I think we may get a test of 1.20 and maybe even 1.1900/50.
1.1950 should provide a very good resistance without threatening the trend north. If 1.20, followed by 1.1950 and 1.19 will not hold, we may be talking about serious retracement which may occur in the end to be a more serious correction and maybe even reversal in the end.
No matter what, we are still in the bullish market and therefore I am considering only buy opportunities.
1.1950 should provide a very good resistance without threatening the trend north. If 1.20, followed by 1.1950 and 1.19 will not hold, we may be talking about serious retracement which may occur in the end to be a more serious correction and maybe even reversal in the end.
No matter what, we are still in the bullish market and therefore I am considering only buy opportunities.
USDCHF:
Very long term line was broken on Friday which may accelerate the move towards 1.25 and maybe even lower this week. This line may be tracked all the way from July 2003. This is not a little thing. 1.25 may be just an initial target. On the longer term this may mean move to as low as 1.20.
But lets not jump into conclusions so fast. This was Friday action, which is always to be treated little differently. If the move resumes the coming week and break will be proven, I will be seeking to reenter my bearish USD positions.
To summarize, my strategy is to look at how bearish USD really is after the Friday seloff, and if Friday move is proven, take short USDCHF. This is the pair I prefer buying - Swiss frank. Looking at that chart, I will put a sell order at 1.2830 (the broken trend line) with 60 pips stop and target around 1.25 for the start. This is a truly good risk reward trade to take, because swissy may play the same "come back to broken line and bounce back" game as back then around 1.3160 in the end of November (see the November posting with charts).
That is it for now,
Have a profitable week,
Rezo Shmertz
Very long term line was broken on Friday which may accelerate the move towards 1.25 and maybe even lower this week. This line may be tracked all the way from July 2003. This is not a little thing. 1.25 may be just an initial target. On the longer term this may mean move to as low as 1.20.
But lets not jump into conclusions so fast. This was Friday action, which is always to be treated little differently. If the move resumes the coming week and break will be proven, I will be seeking to reenter my bearish USD positions.
To summarize, my strategy is to look at how bearish USD really is after the Friday seloff, and if Friday move is proven, take short USDCHF. This is the pair I prefer buying - Swiss frank. Looking at that chart, I will put a sell order at 1.2830 (the broken trend line) with 60 pips stop and target around 1.25 for the start. This is a truly good risk reward trade to take, because swissy may play the same "come back to broken line and bounce back" game as back then around 1.3160 in the end of November (see the November posting with charts).
That is it for now,
Have a profitable week,
Rezo Shmertz
Good Morning Everyone,
I rarely use orders for entry, and this is one of those rare situations where I think its fair to put an order:
1)
limit sell USD/CHF@1.2830
stop 60 pips
initial target is around low 1.25s
move to breakeven after 40 pips
2)
buy stop EUR/USD on break @1.2205
stop 50 pips,
initial target 1.2350
move to b/e after 30 pips
Have a nice day,
Rezo
I rarely use orders for entry, and this is one of those rare situations where I think its fair to put an order:
1)
limit sell USD/CHF@1.2830
stop 60 pips
initial target is around low 1.25s
move to breakeven after 40 pips
2)
buy stop EUR/USD on break @1.2205
stop 50 pips,
initial target 1.2350
move to b/e after 30 pips
Have a nice day,
Rezo