FOREX PRO Weekly May 30- June 03, 2011

[jimmy.wibisono]

I am short

hi Mr faxfax..
when the right time to take a short position today?

 

[faxxaff]

hi Mr faxfax..
when the right time to take a short position today?

I am a horrible trader: but I see a stop grabber top before high impact news like tomorrow's NFP. It looks like a bull trap created by market makers. Just a funny feeling that we might see a dramatic reversal with US market open today if equity sell-off continues.

 

[Jyotiprakash Pal]

hi Jyotiprakash Pal;
I don't know if this is a forum to do this. But if yes, I would like to hear a bit more about the strategy that you're describing. An almost no loss strategy is pretty cool.
sincererly
mjunkyard

:err: its not no loss strategy .... I enter into Agreement area's .using Fibonacchi and support/resitance levels . .. so i get logical bounce .. i set a stoploss of 20-30 close 1 lot on samestoploss and next lot i dun change take profit and stoploss .. its turn into free trade .. :err: so in that case that trade if hit stoploss .. its still no loss no gain trade .. just like i eat some pips on GBP/USD using Fibo tools and Andrew's Pitchfork .. There is nothing like that i dun loose .. if i trade 10 then i loss 3-4 .. for sure .. but due too money managment .. all of my trade got saved ! sometime some news Strike my trade :O as well .. :unhappy:

Attach a Recent Trade taken by me .. on GBP/USD and EuroGBP(Closed it hit Trail stop)using Andrews Pitchfork.. greens are well saved now..also attaching the book .. if you find this interesting..

 

[Jyotiprakash Pal]

Hi Jyotiprakash
Nice, quest pal.
What can I say...
1. you may go farther and fare worse
2. the best is oftentimes the enemy of the good
Etc...
The major task for us is to find trading approach that is most suitable to us from all point of view - timing, personality, psyche etc. Of cause it has to be profitable.
May de you've found it already?
If not - investigate other tools, who knows, may be you will get even better results.

Thank you so much sir ..feeling positive now

 

[mjunkyard]

Thanks!

Thank you Jyotiprakash Pal!

 

[Sive Morten]

EUR/USD Daily Update, Fri 03, June 2011

Good morning,
Today is Friday, today is NFP, so be careful.
Our weekly momentum trade comes to an end. Yesterday market has exceeded 1.45 area and didn't reach 1.4560 for some pips. As you understand 30-40 pips in terms of weekly time frame is nothing.
So, if you trade with our trading plan - think about tightening stops or even take profit. Do not risk profit that you already have lightly. Because trading during NFP release is slice and dice game. Be wise...

Still, if you want to trade - today we could do it I suppose. Our target will be 1.4560 area - daily Overbought, 5/8 weekly Fib resistance, 4-hour Crab target and hourly AB=CD target.
Since market not at overbought yet - it should not show deep retracement before achievement significant target. That's why I like to look at 1.4440 area for potential itraday scalp buy. This is hourly Confluence support.
Stop could be placed below 1.4390 - mothly pivot, previous consolidation and 0.618 support at hourly chart.
Market should not break all these stuff before hitting 1.4560 area. Still - today NFP, be aware of fake outs and splashes that could lead to stop grabbing. You know all this stuff, it's even needless to say here...

 

[Sive Morten]

It looks like I have missed the trade
It reached 1,4485. What now? Wait for kiss goodbye to 1,4450 for entering long, or it's too late?

Hi Hollywood1111
You've skept all 4 possibilities . Todays is a last one - just read daily update.
But probably it's better to skip it again, just to maintain overall tendency.
Seriously speaking - today will be very hard day due NFP, that's why may be it's not bad thought to stay aside, although I've post possibility for scalp Buy trade that could work....

Hi Sive;
You mentioned the NFP in your video today.
I would like to ask you something about it. I can't seem to understand the behavior of the market in reaction to the news.
On the one hand; Low numbers is bad to the dollar and therefore the eur is meant to shoot up.
On the other hand; Low numbers is bad for the US economy so the market crashes and it causes major risk aversion and the dollar moves up due to it's correlation to the markets.
Would you please share you're rich experience with us?
sincerely
Mjunkyard

Hi Mjunkyard,
I'm not very experienced in trading data releases. Even more - if I do not have long term position, I tend to stand flat during this Doom and Gloom.
All that you've said is true. But The difference in time. Risk aversion is a a bit longer process that reaction on data release - you can see it, for instance in 2008-2009.
Opposite reaction that you treat as risk aversion, more probable some technical issue - profit taking carry positions closing or something. For instance, take a look at price action at Japan collapse - yen has become stronger in that moment, but just for short period of time. This was closing of carry positions.

Instincts can fool even Master Sive sometimes. It went up really slow but then spiked hard. Good advice though: SL to break-even. Foolish me I closed very good position too early instead of just moving stops.

Hi Pragmatic,
well, that's was my mistake and initial thought about strength of 1.4330 was correct. Well, everybody goes wrong from time to time. I hope that it was not too painful to our forumers...

 

[akalou]

greetings Sive, On Point again, how do you do these things? would want to learn from you directly if possible. you are Good.

 

[sanders]

Hi Sive,
big thanks for your helpful analyses every day. Your question about the 5-0 pattern, i cant explain that, but i attached a pdf in the last thread: https://www.forexpeacearmy.com/fore...-pro-weekly-may-23-27-2011-a-7.html#post64607

 

[jimmy.wibisono]

short selling

Hi sive

im open short selling, any suggest for this position ?
1.4568