Euro Forex Pro Weekly 09-13 August, 2010

[TraderJoe99]

Retrace Thurs London?

Good video Sive, weekly pivots worked well. My freebie EA filled a sell order right at your weekly pivot sell.

I am watching for a retrace, perhaps London buy thurs? If so, Sive or anyone venture an opinion on how high the retrace?

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Here is my take on EA's for those who are curious, as I mention it because it is a part of my trade plan, not yet reliable, but I see possibilities if I can manually set them and take trades only after outside indicators show trend direction.

My EA's were not in agreement on trades this week. Every Pipstack trade was precisely a loser this week, perhaps it is the demo account size set too large and it instead, really trades 7500 as optimal account size. Dunno. Can't trust any of its trades or methodologies, and in no way are the Pipstack trades I get on my platform, at all similar to the profitability and frequency of the demo on forexpeacearmy.com.

I let Pipstack run both longs and shorts automatically this week and it consistently chose the wrong side of all trades, losing $8,000 on demo account, (100% losers) so I am now using manual settings, not both long or short decisions, rather one or the other, based on my trade plan trend triggers. If I had manually invoked EA trades, they would have had perhaps $8,000 in good gains, and be praising the ease and convenience of using the EA in a trade plan. It is just another gadget, but I like gadgets.

 

[auna]

Hummmstill wondering why the ECB did a big boo boo today..buying irish bonds in bulk.Still trying to understand that one. As a result we got a 300 pip drop it seems.I will stay out and see how it turns out. Do people get the Euro weakness sentiment again or do they trust the passing stress test of near week ago...still very volatile though

 

[Sive Morten]

EUR/USD Daily Update, Thu 12, August

Good morning,

Market has shown yesterday a really solid move down, and personally, I like to sell retracements from such kind of bars.
On daily chart 1.30-1.3030 area looks for me attractive to enter of a short side. This is a 50% retracement of previous strong black bar and previous highs. But this is just initial view, we need to see how price action will develop. If we'll see some ABC-bottom pattern and D-point at 1.30-1.3030 - this can be interesting...
On 1 -hour chart market has reached 1.618 expansion and I expect some bouncing. Also I do not see any problem with scalp trade from 1.2860 to 1.30
But this is a trade against daily trend, It can be not suitable for everybody, be carefull.

 

[Mandrake]

Yeah now market is looking for direction. In the 30mins chart I see a morning star forming. May wanna enter if this 30mins candle close with a nice green one. I think EUR can retrace upwards a bit after last night's Humpty Dumpty great fall. Another thing is USD/CAD is floating around daily trendline which should go down which also means well for EUR to go up. And EUR/CHF also floating around trendline which shows it should go up.

Good luck guys. Market is looking for direction if you enter on the wrong side its better close them once movement is clearer.

 

[Mandrake]

Crappy. I'm seeing stars everywhere in the morning and in the evening

 

[Sive Morten]

GBP/USD warning

Guys, those of you, who like cable, be carefull today.

On daily time-frame I expect a bouncing to 1.5850 during the next week,
but today, before market can show some reversal patterns -

I expect that previous lows will be taking out, market can reach 1.5580 area roughly. Be carefull enter long, before this area will be reached, or place stops below this level.

I hope that you will not loose money.

 

[Mandrake]

I am also looking at gbp. both currencies are being stopped by pp, especially eur got both monthly and weekly around the current price. I hope it will punch through downwards later today. Maybe will do a texas hold 'em style showhand if it happens. haha

 

[Sive Morten]

EUR/USD Daily Update, Fri 13, August

Good morning, everybody,

Market has reached strong support area around 1.28 that includes Monthly Pivot point and two Fib. levels. (look at daily picture). I think that we can count on some bouncing to the up side. Personally I would like to enter short on retracement of this strong daily bar down, and I need a retracement to the upside...

On the 4-hour chart Market accomplished 1.618 expansion from ABC- top pattern right at strong daily support and I'll be watching for some buy signals in this area - possibly Double Repo.
Some of you can threat current price action as reverse H&S, but personally, I do not like skewed H&S. I prefer to see more harmony in H&S patterns...

Ok, cunclusion as follows. Market at near strong support and possibly it will start retracement to the up side from current levels. My expectation about target of this retracement - 1.30-1.3030 area.
On the 4-hour chart I'll be watching for clear Buy signal to enter "Long" scalp trade. If I'll see any, of cause.

 

[Mandrake]

The past couple of trading on friday has been great, so is today; though it's friday the 13th.

Very nice movement up from EUR and AUD and NZD and also down move from USD/CAD after daily closing below upper trendlind. However, I am also long on GBP but I have no idea what the heck GBP is doing.

Am looking at around 1.2925 area for short signals. But I hope it continues higher to maybe 1.31.

 

[Mandrake]

OK now it looks like its friday again. Have dumped everything. 30mins chart everything seems to be making a U-Turn. Wanted to short EUR but did not because GDP coming out in a while.

By the way this place seems to be quiet nowadays. I only see Sive and Me making posting here most of the time. Are you guys still around ?