The View Down River

I went long at 1896 (spot) and at 12:10 p.m I don't like the look of the price action around the 1915 area. In my world I am looking at this level as resistance at least short term.

If 1915 is breached then 1945 and the key resistance at 1967 are the next targets. I am going to hold here to see if the 1915 area is the wall that stops this advance. If so, another test of the lows perhaps.

Great forum DRT
 
I underestimated the buying at the 1.1907 level. I remember saying how I was not going to be stubborn, but enter in this "zone" between 1.1890 and 1.907. Well, I was stubborn and I missed the run.

This is part of my style. I try to find a sweet spot during the NY session and put on size and find a few ticks. Missed this one today. Maybe I will get another chance today, but I doubt it.

Hopefully, some of you made some mula. I still see a re-test of the bottom before a true move up,but who knows.

DRT
 
on the hourly charts there are many EMA around 1.1920 (spot) that are crossing to negative bias. IMO only if the prices breaches 1.1920 level (i.e. an hourly closing above it) we will get today minimum as a bottom.
waiting for the fomc minutes to see another leg ... up or down ...
I've placed a buy order at 1.1880 ...
ciao;)
 
1915 spot is proving to be a tough hill to climb at this stage and I have exited my long.

I think DRT is correct that we may see another run at he bottom of this down sloping channel before we move higher.

My bias however, is still bullish in the intermediate term. Just need to find that spot that I won't have to retreat from.

DRT: I remember reading that one of the Market Wizards was asked the secret of his trading success. He said: maximize size, minimize risk. Sounds as though that is your trading plan each day.

I use very close stops, probably too close. I hate taking a loss. Stops for me represent peace of mind. I would prefer to re-enter a market several times that place a stop dozens of ticks away.

After all, we're not paper traders are we?

Good luck to all
 
Post Fed Minutes...

I now have 1.1942 FX and 1.1925 as key levels. Any break above here and I am not so sure we will come back down. However, if contained I see 1.898 on FX and 1.1881 SPOT.
 
Nature is painting for us, day after day, pictures of infinite beauty if only we have the eyes to see them.
--- John Ruskin


These lines may not continue to contain this fast moving bullet too much longer.
 

Attachments



The Answers to the question below are both fine answers.

What is the Purpsose of the Forex Market?

Drilling down just a little, the purpose of the Forex market as far as the EURUSD is concerned is to set the price of the currency at any given time in an Open Free Market. All sorts of folks depend on this price for many different reasons. One of which is speculation, but there are many very important reasons that this price at any given time effects folks worldwide. Would you agree with such a simple answer?

Would you also agree that the USD and EUR are possibly the two strongest (and most important) currencies in the world right now? Maybe you feel differently, I understand.

As a EURUSD trader you are trading a currency pair. You could be trading Google (GOOG). Do you think GOOG is as important as what we are trading?

Google could run from $300 to $400 and it would really not effect the world too much.

If the EURUSD moves from 1.1900 to 1.2000 do you think this effects people and world economics in many ways?

Some would argue these simple statements, but I say it can be the foundation of a very simple trading methodology.


Quote from downrivertrader:



Methodology Development


What is the purpose of the Forex market?
More...

BLR

The forex market exists to facilitate international trade, to hedge a companies contractual obligations that are subject to the risk of adverse currency fluctuations. It also permits the sale and purchase of currency to settle international trade deals.

It is no coincidence that the growth in the fx market has been in lockstep with the rise in international trade.

MEPHISTO II

To facilitate the exchange of currencies between nations, institutons, corporations, and TRADERS :-)

Correct if I am mistaken, but I'm thinking the Forex evolved from the Bretton Woods Accord, which gave birth to the International Monetary Fund. It was the IMF that mandated the free-floating of currencies, so that a currency can be traded by anybody, and that its value be a function of the current supply and demand forces in the market.
More...
 
Higher highs and higher lows, the definition of a trend. The run up to the high on this chart became a classic blow-off top. If we were to draw a series of trend lines to contain these rising bottoms, we would find the lines demonstrated an increasing slant as the market moved into its final top. The rate of acceleration always becomes greater the nearer the end of a trending move.

You will also see that the corrections became shorter and shorter in time as the market reached its final phase, a clear indication of a top about to formed.

A measure of the move may be indicated by the head and shoulders pattern in the centre area of the chart.
 
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