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EURUSD 6E Euro
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EURUSD 6E Euro

  #1121 (permalink)
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Trafford's Avatar
 
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I would like to see it trade above the 60M and 240M 20 EMA before committing to any long positions. The overlapping bars on the 60M chart indicate a pause and lack of conviction so I am looking for a wider range to establish but then again I am a bit conservative. We have a 75 point range against a 10 Day ATR of 117 and trading above WK7 Hi

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  #1122 (permalink)
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EU Update

Euro has traded pretty much the entire range week and still below 4Hour 20 EMA so reversal insight as yet.

I was wondering is their an indicator that will plot the current weekly range on a 60M chart

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EURUSD 6E Euro-eu_2mar.png  
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  #1123 (permalink)
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monpere View Post
There are several schools of thoughts on this. Those who continually analyze the market to find opportunities and determine a reason to enter or stay out of the market, and those who look for methodical pre-defined patterns to enter the market. You should tread carefully, as I believe needing to always have a reason for why the market moved from A to B, or needing a reason for why a trade worked of failed, may lead to some psychological traps. This may be a sign that you need to be right about the market. You need to be careful not to get in that frame of mind. What is important is that when you are right, you make more money then you lose, when you are wrong overall. Plenty of traders are successful, even though they are wrong more times then they are right.

Personally, beyond basic market fundamentals, I think the reasons why a market does what it does is immaterial to me. What is important, is that it does what it does cyclically, continually, and repeatedly, with a signature that can recognize, measure and act upon. I let the pundits on CNBC pontificate as to the reasons why.

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Mike

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  #1124 (permalink)
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My opinion is that we'll get a swing low above 1.3000 at some place and a several-day-long bull rally. This is based purely on the swing formations so far on the daily chart.

Anyone got any volume-related suggestions for strong support around 1.3000?

You can discover what your enemy fears most by observing the means he uses to frighten you.
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  #1125 (permalink)
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"Later has arrived."

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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  #1126 (permalink)
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Hysterical and tragic..

at the same time. Tears either way.

A new rich uncle and his name is Sam!

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  #1127 (permalink)
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Wonderful series of videos. But calling the leaders responsible for it "idiots and fools" is idiotic and foolish.

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  #1128 (permalink)
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I know most here are using Ninja but just thought I would post a link to a great forex testing program here.

Forex Tester - professional forex training software, simulator and backtester

Its very similar to MT4 and gos back with 10 years of 1 min data. It allows you to test in realtime or fastforwarded and provides a great way to bridge the gap between backtesting static charts and demo trading. Hope this helps new traders and veterans alike

NB I have no affiliation to this and nothing to gain, just found it very helpfull.

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  #1129 (permalink)
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Surly View Post
Thanks. My approach is to try to understand the underlying dynamics of the price movement. I want to understand how the market gets moved and what the real life events are that move price. It may be a fool's errand - it may, in fact, be better to not try to understand anything and just keep buying pullbacks until it stops working - but my opinion is that to gain a durable edge one must strive to have some insight into the actuality of "why" a trade worked or "why" it didn't. Thus my question about opinions of what happened ...

I started this quest about 7 weeks ago - looking for reasons to explain short term price movements, bar-by-bar and short trends - so far so good - but it has been extremely difficult. I am looking for well defined precursors by analyzing the dual symbiotic relationship between Price & Volume - with a measure of trader psyche to boot.

I can tell you the following; Markets are not (usually) efficient, they are not (usually) chaotic and they are seldom random - every tick happens for one or more reasons.

I may be on a fools quest - but what the Hell - I already know a lot more then I did 7 weeks ago.

Good Luck!

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  #1130 (permalink)
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Starting to build a long position now. I have some skin in the game and I'll add some more at 1.329x

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