Quote of the day: A deception that elevates us is dearer than a host of low truths. — Marina Tsvetaeva
EURUSD
Trading strategy: small long at 1.2740, stop at 1.2680 (0.5% risk), objective at 1.2900
The euro recovered some losses, breaking above the 1.2750 resistance region, following the risk pairs which rallied yesterday. Euro’s recovery was also favored by EURCHF which switched direction, recovering from the record low at 1.2850 – as a result of gold’s pullback from recent high at 1254.50. Current break above 1.2750/70 provides a buying opportunity – allowing an intra-day correction to as low as 1.2700. Below that – downside pressure should resume. Short-term sentiment remains bearish for now but above 1.2900 things will look better for those patient bulls waiting a decent confirmation. Today’s key events in the economic calendar are the ECB Interest Rate Decision and the Press Conference, followed by the US Initial Jobless Claims and Nonfarm Productivity. Current exchange rate is 1.2794 @05:36 GMT
Support: 1.2750/70, 1.2650, 1.2600, 1.2500 and 1.2430/50
Resistance: 1.2850, 1.2900/20 and 1.3000
Market sentiment: long term – bearish, medium term – slightly bullish, short term – bearish, intra-day – bullish
- EURUSD 4hrs chart 9-2-2010
More trading setups
EURCHF
- EURCHF 4hrs chart 9-2-2010
AUDJPY
- AUDJPY daily chart 9-2-2010
USDJPY
- USDJPY 4hrs chart 9-2-2010
Gold
- Gold 4hrs chart 9-2-2010
Have a nice day!
thanks for your reply yesterday.. yes all saying stocks are risky..but isnt it the best opportunity to counter these "fake" analytics… anyway they advise to buy gold in case if stocks fall.. what i dislike its just these sudden reactions like now in CHF.. when u hold a position and some strange GDP data comes out.. very very strange..
gold is a bubble too since it is only paper gold and computer numbers, not physical metal. So there's no difference in buying paper gold or illusions, candies or apples. In fact candies and apples are better since they really exist. To be honest I am amused how a shiny metal can be so overvalued since it is quite useless… except selling it to indian women wearing tons of jewels. $1250/oz a thing to wear around the neck? it is THAT useful in 2010. :)
Oil, on the other hand, is useful.. but it doesn't make a woman feel more important, though, unless she drives a non fuel efficient car like a lambo :)
However, if it goes up during crisis times, I wouldn't argue and buy it when I feel it is about to rally again. The <del datetime="2010-09-02T16:00:12+00:00">ponzi scheme</del> market doesn't ask questions… just follow it.
.then u addup GBP … and u obtain stupid losses (because of your tight stop loss) which could have turned positive…and u start to kill slowly ur account… leading me to a solution: t take small profits every day (tp and sl : fibs of average daily range)… nearly 50p/pair/day more than enough to become millionaire..
btw USDCHF huge pinbar on Daily tf. what do u think?
if you take small profits you will end up letting losses run. Proven fact. You win one-two-three trades and make X%, then lose a single trade and you-re down 2X%
Trade smaller positions and use larger stops. 30-50-60 stops are useless during these market conditions when even a live fart on CNBC will move the market. USDSEK reacted to Tiger Woods' divorce so…
market noise is a killer
and another question to end this: what fo u think about different feeds .. for example if u compare bars from Alpari UK with Oanda… sometimes u get a bit different picture on Daily tf.. Oanda have different closing time (4:00 am GMT time for daily candle)…i think Oanda is more trustable since it corresponds to a new day in US…
lately I only watch oanda's, mostly on mobile. But I have the bigger picture in "the head" from MT4 of FXDD. To be honest I didn't notice much difference between them…
afaik Oanda is same time zone as your PC. Not server. At least this is how I see it. And FXDD is server side but it is GMT+3 which is my time zone so they are the same here :)
Good Work Keep it up !
the daily candle close on Oanda is 4 am GMT (or 6 am GMT+2 now)
and the daily candle close on Alpari UK is 00:00 (GMT+2) or 22:00 (GMT)
6 hours difference change shapes of pin bars…
i think i will move progressively all funds to Oanda… the only problem in Oanda.. is that we have to use 2 accounts to hedge
http://www.marketoracle.co.uk/Article22364.html
hmmm seasonality chart shows really good things to breakout soon…
why would you hedge?
the SINGLE reason I see for hedging is to ride a minor pullback while main trade is longer term, in main direction. But hedging to hold positions in both direction for same time frame is wrong.
What's great at oanda is that you can setup a subaccount in a different currency. That's non-leveraged hedging which is cool. Say you have 50% in USD and 50% in EUR sub-account. Basically you are protected from volatility risk, if any of those 2 currencies go crazy…
I hold in 4 currencies and move funds from/to each of them (currently EUR, USD, CHF and AUD) based on pair's longer term performance.
Mmm… your analysis look very pro.
I think I will give it a go in the comeing week to test if it work