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EURUSD 6E Euro
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EURUSD 6E Euro

  #1941 (permalink)
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Lawrencejude View Post
ok i have done my analysis and for me it is still a bull market, my i have posted the charts please comment and discuess.

I have a daily view and ! HR view.

On one Hour Chart wave 2 was a steep one so 80 % chance for a triangle (3+3+3+3+3) and up up we go

trend is also confirmed on Daily chart.

In till wave 5 stars.

Regards and merry Christams to u all have good holidays.

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Big picture I still think we are in a bull market, however I think we need a correction of some sort given the long wicks and channel on the daily chart:
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Right now we are at a LVN S/R level @3220, but I think we will break to the downside. I don't think the older TL will hold on the 3hr chart, so I am looking to drop to the next acceptance HVN area @3180. From there I think we could go either way, but I think we will go down near the bottom of the daily channel:
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I am averaged in @3277, so here comes the difficult part for me: MANAGING A TRADE PROPERLY We just broke the 3020 level, so I am hoping it holds. Got some alert lines to wake me up if they are crossed:
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London Calling
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  #1942 (permalink)
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Currently in Balance

We are in balance right now, and I got yanked around a bit, but still in the green. Don't plan on trading till after the new years, but here is what I see. We have been ranging since 12/18, and I have tried to jump on the swings, only to give most of it back on the reversals. Bad trade management on my end. We have a balanced profile since then, so I would only be looking to trade the extremes. Everything seems to be news fueled lately, so I am expecting a move down if we go over the cliff, with a strong move up if it gets fixed.
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London Calling
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  #1943 (permalink)
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Euro Levels


Potential Long

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EURUSD 6E Euro-2012-12-31_0030.png  
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  #1944 (permalink)
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Jedi View Post
Potential Long

I agree...not trading today but long 2@3185, S 3160, T1 3235, T2 3260 looks promising

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  #1945 (permalink)
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Should have taken the trade

T1 would have just hit...should have taken it
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  #1946 (permalink)
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Euro Levels

If we go under 1.3130, there might be a trade towards 1.3070

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EURUSD 6E Euro-2013-01-02_1909.png   EURUSD 6E Euro-2013-01-02_1909_001.png  
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  #1947 (permalink)
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Euro

Euro set up from 1.3050 to 1.2950.. 2/3 scale out@1.3040 and 1.3030

The approach is to take 3 cars with 20 tick stop, scale 2 out@10/20 ticks and aim for target on last.

Currently sim trading euro.. If I can build 4-6 months of consistent results with a decent profit margin, will consider taking live trades in currencies and holding as long as necessary towards assumed targets..

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EURUSD 6E Euro-2013-01-03_1716.png   EURUSD 6E Euro-2013-01-03_1717.png   EURUSD 6E Euro-2013-01-03_1718.png  
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  #1948 (permalink)
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I'm somewhat new to trading futures currencies but I've been managing myself decently scalping on the 3 min chart while keeping an eye on the DX. I'm wondering, what's the best way to investigate what caused this big spike in demand? I checked forexfactory but there weren't any news events around this time.

What are some things that would typically cause this to happen?

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  #1949 (permalink)
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lllusion View Post
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I'm somewhat new to trading futures currencies but I've been managing myself decently scalping on the 3 min chart while keeping an eye on the DX. I'm wondering, what's the best way to investigate what caused this big spike in demand? I checked forexfactory but there weren't any news events around this time.

What are some things that would typically cause this to happen?

On a 3min chart you do not analyse demand and supply. 3min chart can only help you on directional scalping.

The ATR for euro is 80+ ticks so a 20 pick move is not a spick.

Form a chart above it is clear that it broke the chanel resistance and hight volume is needed to do that. so the move looks legitimate

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  #1950 (permalink)
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lllusion View Post
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I'm somewhat new to trading futures currencies but I've been managing myself decently scalping on the 3 min chart while keeping an eye on the DX. I'm wondering, what's the best way to investigate what caused this big spike in demand? I checked forexfactory but there weren't any news events around this time.

What are some things that would typically cause this to happen?


"What are some things that would typically cause this to happen?" Fear and Greed

This topic of "cause" could generate a lot of interest, you could probably make a list in alphabetical order a couple times over. FWIW, I'll throw my two cents in and remind (myself) anything can happen,,, at any time.

Basically, price rises when demand is more desperate than supply. And it rises to a point at which there are no more buyers willing to buy at a higher price.

And price falls when supply is more desperate than demand. And it falls to a point at which there are no more sellers willing to sell at a lower price.

Itís not because there are more buyers than sellers. Itís because one side is more desperate than the other.

You picked a nice chart to post, that spike in volume was exceptional. Your chart is a good example for anyone new to currency trading as well as more experienced traders why (I believe) it's important to manage risk with working stops when I have an open position in the market. In this example a 4 or 5 tick mental stop could have turned into a 10 or 15 point loss in a few seconds. Today's markets move fast, and often in one direction. These moves can move faster than you can see the price change on a chart, and as your chart shows, with huge amounts of volume. Often when that heavy volume pushes price into new levels, it (price) never comes back.

I marked up a 5 second chart to offer an idea of what happened within the three minute bars on your chart.

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This chart shows all the three minute bars for the day, obviously that three minute bar was the highest volume bar of the day. The yellow line in the sub window shows the average volume of a three minute bar, the bar you questioned was more than ten times the average, along with the previous chart it's clear more than half of that volume traded in a ten second period in a 13 tick range. Control your risk, use stops.

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