Euro Forex Pro weekly 24-28, May, 2010

[eatrader]

Stop Loss?

Hello Sive,

1) How big is your stop loss, how many pips from your entry?
2) Where do you place them?

Thank you for your excellent posting.

G'd Morning ladies and Gentlemen

As I've said yesterday daily chart has a very bearish bias that has not changed since. I'll be searching for buy signal only if market will return upper than Weekly Pivot at 1.2467. Until that moment I think that we can reach new lows. And there is some on 4-hour chart that makes me think that this can happen even today.

Look at 2 last bars on 4-hour chart. This is a trend changing failure pattern. It means that stops that I've market should be hit. These stops are very close to minimum, so I expect that market will renew it. I'll try to enter short on retracement higher.
So, I will be looking for Buy signal only above weekly pivot. Daily bias is bearish, 4-hour bias is bearish. I want be a seller. target - new lows. I expect something around 1.2100 level. Probably weekly XOP at 1.1968.

 

[auna]

I hope some of you made some good doe yesterday on my short call. Anyway
The Euro is going down for sure and there is only two things in the whole wide world that can stop it...a major catastrophe and the chinese. China is waiting to spend but they are not fools as for a major catastrophe...that is god's hands. Like i see is 1.21 40 is the pivotal (42 if you get technical) I guess if there is a retrace , i twll be safe to pick up any short in the 1.22s (upper preferable) with a SL of 1.24.
Otherwise, you can wait for the 1.2140 to be crossed and then put a short with a 1.2160 SL. Your Tp is the monthly XOP of course (1.20 to be safe)

resistance will be harsh at 1.2142 so if you place anything until it goes into the upper 1.20 you know there is a chance it will return but in forex there is no sure bets right.What is good in this trade is that the SL is pretty small
Recap- Sell anywhere in the 1.22 if it gets that high .Sl 1.24 Tp 1.20
or Sell 1.2130 with Sl 1.2160 and Tp 1.20 or montly Xop. Anyway that is my two cents.

 

[jim deblasio]

Taking Profits

Hi Sive,

When there's a nice drop like today (1) do you take your profits then wait
to get in on retracement or (2) stay in for the next mark?

I've been using the hour fade to the 38.2, .618 level to addon to my trades.
Works beautiful.

Thank you,
Jim

 

[Mandrake]

Oh man what lousy movements. 3 currency pairs I shorted all came back up to close to the same level as the breakout couple of hours ago; including Eur. I always wake up to retracement in the morning. Asian sessions kinda sucks all the time.

Anyway Eur should hit the trendline from the breakout 12hours ago. It should hit around 1.2220 and will have strong downwards move again. It is about to touch as I am typing this so you guys can watch for it

 

[jim deblasio]

Hi Mandrake,

Nice call on the turnaround, 1.2220.

Where's your TP?

Jim

 

[Mandrake]

The nearest TP is as Sive has indicated at 1.1968 but like auna I rather play it safe and I will get out half my trade at 1.2005 first and see it progresses. But Euro seems a bit weird lately I hope it don't come back to break this trendline. There is another trendline just above, right now it is at around 1.2274 so you might wanna consider putting a SL some pips above that.

I do hope this time it can breach the strong support at 1.2240 - 1.2250.

 

[auna]

if you want a strong indicator that Euro will dive into the 1.20 then wait for 1.21 30 and then short..if you don't want to risk it.

 

[Mandrake]

OMG It breached both down trendlines. sustained heavy loses. It looks set to rise even more for this hour. Waiting for European session to open and see how.

 

[Sive Morten]

Hello Sive,

1) How big is your stop loss, how many pips from your entry?
2) Where do you place them?

Thank you for your excellent posting.

Hi, eatrader,
I can tell this only when I have already opened position, or, if I see particular signal, on daily chart, for example. Until, I have no position, I do not know, because S/l will depend from entry point. But in general I never take risk more than 1.5-2% from the assets on one trade.

Hi Sive,

When there's a nice drop like today (1) do you take your profits then wait
to get in on retracement or (2) stay in for the next mark?

I've been using the hour fade to the 38.2, .618 level to addon to my trades.
Works beautiful.

Thank you,
Jim

Hi Jim. It depends on time frame, and from trader's personality. I can apply it,say, on daily time frame. But rarely do this on hourly trade. On short-term intervals. Mostly because you need to glue to monitor in short time frame to catch retracements and I have no possibility to do this.

 

[bombermanpc]

G'd Morning ladies and Gentlemen

As I've said yesterday daily chart has a very bearish bias that has not changed since. I'll be searching for buy signal only if market will return upper than Weekly Pivot at 1.2467. Until that moment I think that we can reach new lows. And there is some on 4-hour chart that makes me think that this can happen even today.

Look at 2 last bars on 4-hour chart. This is a trend changing failure pattern. It means that stops that I've market should be hit. These stops are very close to minimum, so I expect that market will renew it. I'll try to enter short on retracement higher.
So, I will be looking for Buy signal only above weekly pivot. Daily bias is bearish, 4-hour bias is bearish. I want be a seller. target - new lows. I expect something around 1.2100 level. Probably weekly XOP at 1.1968.

Hi sive,

Is it still bearish at the moment ?