Recruit Reign Reporting For Duty

[Ricex]

Hi Reign,
just wondering why you want to go long? Daily, 4hr and 1hr charts all indicate a bearish trend.

What you want to be doing is making money, follow the price and the crowd otherwise you could be waiting a long time.

Just my thoughts.

 

[Reign]

Hi Reign,
just wondering why you want to go long? Daily, 4hr and 1hr charts all indicate a bearish trend.

What you want to be doing is making money, follow the price and the crowd otherwise you could be waiting a long time.

Just my thoughts.

Hey Ricex,

I was just about to write and say the same thing. I was noticing that.

 

[Ricex]

Cool,
I would be a bit wary of going short now at this moment though as 10 day and 20 day ranges are all about the 140 pip mark and that's pretty much what it's done today.

Not to say that it couldn't move further today, but the probability is less so your risking more.

Interesting reading your progress.

 

[Reign]

Cool,
I would be a bit wary of going short now at this moment though as 10 day and 20 day ranges are all about the 140 pip mark and that's pretty much what it's done today.

Not to say that it couldn't move further today, but the probability is less so your risking more.

Interesting reading your progress.

Thanks for that Ricex, I try to keep things interesting, lol. The hardest part to this is reading the Trend. I'm sure I speak for all newbies when I say that these past few hours have been confusing.

On Thursday, I was finally gaining confidence in trading, but today I feel like I'm just starting, lol. No worries, as I'm noticing quickly in this market, that the key to successful trading is to stick to your guns and not be swayed by emotions, but rather use rational decisions, and as always, that's hard when it comes to money.

 

[Ricex]

Serious downward momentum on that EUR/JPY Reign, euro not having a good day.

Important level now on EUR/USD is the 3450, coming up for it's 3rd test as support.

 

[Reign]

Ricex, serious Newb here, when you say 3rd test, you're referring to?

 

[Ricex]

We have a support line on the EUR/USD daily chart @ 1.3450, which is turning out to have quite significant structural importance to this pair.

Support and resistance lines on daily charts carry more weight and are considered more important than say a support or resistance that we might find on a 5min chart.

In trading terms a break of a support such as this could present us with a selling opportunity.

Hope that helps.

 

[Forexwatchman]

What a perilous position the EUR/USD is in. In three more days the biggest economic release of the month arrives (NFP) and could wind up sending this currency pair off the cliff regardless of the numbers. I would be shocked to see a break in support happen prior to the NFP release with all the sovereign buying on the dips we've seen towards the 1.3450's, but it remains a possibility.

One thing I do know for sure, a retest and failure to break the line for a 3rd time is a golden measure of where the true boundaries lie for this currency pair. I use the hourly and the 4 hour chart and draw my lines at the base of the candlebody, not the tail, so my line is at 1.3463 instead of 1.3450. But either way you want to look at it, a break and close below 1.3460/50 is going to signal a definite break from the normal ranging action we've been stuck with for the last 3 weeks.

 

[Reign]

Wow, I can't wait to be able to read these responses and not have to cross reference what you two mean, lol. Thanks for the advice though, I'm really appreciating this.

 

[Reign]

I am following though, I understand that there are those that cross reference all charts to get a better understanding of where the 1hr, 4hr, and even daily chart is going. I myself use the 5M chart for my scalpers strategy. Low investment capital, so I'm going for short winning trades right now due to my lack of experience and trust in my decisions.

For instance:

I only shoot for 10 pips, and once I reach that mark, I set my stop loss at the ten pip mark, now, if the market takes me out, so be it, because I can't afford to lose any capital, but if it keeps me in, the pay off is much greater. Every once in a while it goes in my favor, and I seriously can reap the fruits.