EURUSD
Trading strategy: standing aside
Yesterday’s trading sessions have been rather quiet after the slide to as low as 1.2550 against the dollar. First intra-day resistance is currently limiting gains around 1.2615 but the short-term studies remain bullish as long as the euro doesn’t return below the 1.2300 handle. However, the 4 hrs charts are showing signs of trend exhaustion and a break above 1.2650 is needed to regain strength and confirm that the drop to 1.2550 was corrective. Today’s economic calendar contains some important data releases such as the German Zew at 10:00 GMT and the US Trade Balance at 13:30 GMT. Keep an eye on the 1.2650 region in case euro rebounds – breakout should provide an earlier buying opportunity – 1.2715 being a more important barrier. On the lower side – 1.2550 is where to look for shorting opportunities. Current exchange rate is 1.2589 @06:00 GMT
Support: 1.2550, 1.2500/20, 1.2465, 1.2400 and 1.2300
Resistance: 1.2615, 1.2650, 1.2700/10, 1.2750 and 1.2800
Market sentiment: long term – bearish, medium term – bearish, short term – bullish, intra-day – bearish
- EURUSD 4hrs chart 7-13-2010
GBPUSD
Trading strategy: small short at 1.5100, stop at 1.5170 (0.5% risk), 1st objective at 1.5050, 2nd objective at 1.4900
Resistance was found around 1.5080 – into former support zone provided by the rising trend line connecting previous weekly lows. The bounce came after the sell-off to 1.4950. Whole downside action is not convincing and the decline to 1.4950 was short-lived, thus we shouldn’t hurry to consider the trend line break a sign of trend reversal. Short-term sentiment remains bullish but the intra-day studies are favoring selling while the pound doesn’t reconquer 1.5100. Current exchange rate is 1.5011 @06:00 GMT
Support: 1.5000, 1.4950 and 1.4850/80
Resistance: 1.5100, 1.5200/25, 1.5250/70 and 1.5300
Market sentiment: long term – bearish, medium term – bearish, short term – bullish, intra-day – bearish
- GBPUSD 4hrs chart 7-13-2010
More setups
EURAUD
- EURAUD 4hrs chart 7-13-2010
Gold
- Gold daily chart 7-13-2010
- Gold 4hrs chart 7-13-2010
Have a great day!
u r great sir wonderfull support and resistance given by u but i have one question sir like u told that support is 1.2550 means if this break then we get sell call ok and if i sell and after that script go to ur 2nd support 1.2520 then what to do ? i have to sqoff sell postion and made buy position with sl of 1.2500 ?? is this true sir ?? plz reply me sir thanks vicky
Hi vicky
There's no way to predict if a support/resistance will hold or not. It is up to each trader to assume whether a support/resistance level will provide a reversal point or not. The S/R levels I provide in the daily reports are technical levels which I expect to be important – either providing reversal points or breakout opportunities.
then sir how to trade to get profit ??? sir there is any indicator to use to take a profitable trade ?? sir
thanks vicky
sir actuly right now i m in big truble i m facing 700$ lost in EURUSD
actuly i have tryed hedging style but some time m miss sell oportunity and
my sell 0.35 lot size from 1.2525
and 0.25 +0.10 buy at 1.2710 both trade currently running and
in sell position am facing lost of 717
and in buy position m getting 47 profit
now
sir i want ur help to reduce my lost sir what to do sir ???? reply me thanks bye
Indicators do not generate profit. All indicators are lagging behind market action so what you should do is to understand market dynamics.
If you're in trouble by taking losses, the best thing to do is stop trading and look for something that will work for you, test it, get back into the business.
Hedging (same pair, two trades / both sides) is, in my opinion, a bad thing which will get you into losses larger than profitable trades.
Also… 3.5 mini lots on a $2000 account size is a BAD thing. That's overleveraging. I assume it is a 2k account size, as you told me yesterday, right?
yes sir but which treding style can give me good profie because u r a great men u know market very well so plz give me any idea how i can reduce this lost because right now i m on middle i dont know when to currency wil go ?
it will go up or down ??? sir what u think if u give me any one side idea then i can sqoff buy position if currency will go down so that my lost reduce
Did you had a stop loss set on that short position or you just allowed the trade to go against you while hoping it will turn on your favor at some point… ?
yes sir i have not set any stop loss on buy position also and sell position also sir there is any E-book which can help me to understand hedging style ????
hedging and trading with no stop loss are two things I will never recommend. Both are stupid mistakes… and so far I assume neither of them proved to be good for you, right?
you might want to start with the basics things which should help you to avoid wiping an account within days/weeks:
1. lower risk per trade (not 3 minilots on a 2k account)
2. always set a stop loss… no matter it is tight or large, important is to stick to the plan and do not allow a trade to go against you more than you afford to lose
3. do not hedge.
4. do not test things on a live account. Get a demo and use it until you are confident in what you're doing.
good luck
thank u so much for ur kind support sir but i think i will go with ur support and resistance level if support brek then i will go for sell and and with support level stop loss i will go for buy i try this sir ok na
thanks vicky
do whatever you want, but I highly doubt you will do a good thing by trading using support/resistance levels since you are hedging your trades, overleverage and test things on your live account. Do yourself a favor and practice some more on a demo, once you'll be confident in what you're doing, get back to your live account.
You'll thank me later for not losing your money.
today i have put buy stop at 1.2785 and other buy stop at 1.2710 with sl of 1.2700 AT ur support today i have earn 200$ thanks sir for ur support and resistance level thanks
which means you are up 10% account size after a single trade. I'm not going to repeat every day that over leveraging is one fast and imminent way to wipe your entire account in just few days.
It could have been -10% (MINUS TEN, that is) in a single trade, as well. So do you see what's the problem? I hope you do…
good luck
but sir as per u what s lot size i can do with 2000$ margin?? its 0.10 ???
depends on your stop loss size, but most likely yes, 0.10 (1k lot size) should be the right size on a 2k account.
sir u are giving support and ressistance level for AUD/USD ??? also
Yes, from time to time. Not on a regular basis
ok thanks today also ur level wonderfull work sir thanks vicky
today ur SL hit sir but below 1.3000 wonderful level thanks vicky
no SL was hit since trade wouldn't have been entered. There was no hourly bar close above 1.3000 so entry condition was not met