Quote of the day: Fall seven times, stand up eight. — Japanese Proverb
EURUSD
Trading strategy: long at 1.3370, stop at 1.3310 (0.5% risk), 1st objective at 1.3420, 2nd objective at 1.3500
The euro is giving back some gains and reached a session low at 1.3285 in Asian session – downside being limited by former resistance around 1.33 formed in the 1st half of August. Intra-day charts are currently bearish as all attempts to regain strength faced upside barriers into the 1.3350-1.3380 zone, forming lower highs on the hourly charts. However, current downside move is rather modest, still, but some profit taking ahead of week-end is likely. In case of more downside action – next support levels to watch come around 1.3230 and 1.3185. Short-term sentiment remains highly bullish – extended dips or upside breakouts being good opportunities to buy the euro against the dollar. Today’s most prominent economic events are the German Ifo BCI and Bernanke’s speech – see the economic calendar for more details. Current exchange rate is 1.3335 @05:33 GMT
Support: 1.3285/00, 1.3230 and 1.3185/00
Resistance: 1.3380, 1.3440/50, 1.3500/10 and 1.3600
Market sentiment: long term – bearish, medium term – slightly bullish, short term – bullish, intra-day – bearish
- EURUSD 4hrs chart 9-24-2010
More trading setups
GBPUSD
- GBPUSD 4hrs chart 9-24-2010
AUDJPY
- AUDJPY 4hrs chart 9-24-2010
EURCAD
- EURCAD daily chart 9-24-2010
Gold
- Gold 4hrs chart 9-24-2010
Have a great weekend!
i noticed u dont put USDJPY … hopefully….its really annoying with these spikes…
Gold: when reached big round number (1200) it moved down .. i expect same for 1300
i want your point of view on the following..
it s a simple stupid strategy but working….
every day we have a new open line…
let's take london time zone…
our buy stop or sell stop will be at a distance d..
d is calculated by the difference between (high- low) – (open-close) of previous day…
SL = d
target : average daily range of 20 days..
PS generally when daily open of day 1 > day 2 => we go long … so this strategy allows us also to profit when it's going in wrong direction…
what do you think?
I tried once to implement a similar "dumb" strategy to buy on higher close and sell on lower close and I made an EA while playing with some EA building framework. I gave up. Results were,of course, horrible.
Why do you say "going in wrong direction" if you buy when previous day close is higher than 2 days ago close? perhaps I misunderstood but that's buying on trading higher which is a good thing when market is not choppy.
Hi
I don't follow USDJPY too much, I look more at those risk sensitive pairs such as AUDJPY and EURJPY.
Regarding Gold: a correction will definitely occur, but – again: I never look to sell at tops or buy at bottoms. For that reason, I don't really care if it breaks above 1300 or goes down… I'm still in "buy mode". No reason to sell yet (fundamentally).
I'll let you know tomorrow what are my thoughts regarding that strategy
Cheers
Hi Mr.Flesar,
I would like to inquire what indicator you are using in your eur/usd and what time frame?
thanks,
john
Hi
Which one are you referring to? because there are 3. I assume you're referring to the momentum one? It's a slightly modified momentum indicator, nothing special, just a bit smoother. If you want it, I can send it to you, just confirm
no i meant.. generally if close is higher then "normally" it should move up…but sometimes it goes down (correction)..since we are not Nostradamus we dont know when is the correction… ie: Sept 23 EurUsd, the daily open line was higher than previous day => normally it should have gone up..but it moved much lower..
same for Sept 24 .. the daily open line was lower than previous… but it moved higher… with this strategy we could have put buystop and sellstop at distance d
now, for monday…
open line is higher than prevous (normally up)
high-low =209 pips
open-close=176 pips
d=33 pips sl=33pips
so i put buy stop and sell stop at distance d with sl =33pips and target = 130 pips (of course if no major gaps) …
lets see tomorrow
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sellstop was triggered but target not reached… breakeven ..
you should tune that strategy because selling EURUSD at this levels is not really 'following the market' :)