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EURUSD 6E Euro
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EURUSD 6E Euro

  #1951 (permalink)
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Thanks guys. Lawrence, even though the ATR is 80+ ticks, I was just wondering if there was some type of way to investigate what caused such a huge buying spike. I wasn't questioning its legitimacy. It was just surprising to me because I was watching the 6E downtrend all day yesterday and that buying came out of nowhere. I was wondering if there were ways to find clues or news sources that might show what caused such a sudden bullish sentiment in the market around that time.

Cashish -- thank you very much for the in depth analysis with those screenshots of your own. Yeah, stops are definitely important; when I scalp the 3 minute I usually try to keep them as tight as possible but where it makes sense, such as near a current swing high or swing low or above or below some popular support/resistance point. I only go for anywhere between 1-3 ticks and my stops are usually around 8-10. Luckily I was out of the market during that time after getting out of a quick short.

But yes, the market can definitely do anything. I'll try to be careful while I continue picking up nickels in front of this steam roller.


Last edited by lllusion; January 10th, 2013 at 10:34 AM.
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  #1952 (permalink)
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lllusion View Post
I was wondering if there were ways to find clues or news sources that might show what caused such a sudden bullish sentiment in the market around that time.


@lllusion After the fact the talking heads always seem to find ways of justifying market moves by the 6pm news cycle but IMO if (we) don't have an "insider" at Bloomberg, Reuters or AP on our payroll we'll always be 10 seconds behind. To me it's cheaper to use stops. It only takes one panicked stricken trader to inch a market into an area where "all hell breaks loose."

After the fact, I find Big Mike's Trading Forum a pretty good resource.

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  #1953 (permalink)
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That's true. It's a moot point after it's already happened. I guess the real question is trying to figure out if there are any signs that it's about to happen, which is sometimes impossible, so well placed stops are important.


Quoting 
After the fact, I find Big Mike's Trading Forum a pretty good resource.

Which is exactly why I thought I'd ask here in the 6E thread.


Last edited by lllusion; January 10th, 2013 at 12:48 PM.
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  #1954 (permalink)
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lllusion View Post
That's true. It's a moot point after it's already happened. I guess the real question is trying to figure out if there are any signs that it's about to happen, which is sometimes impossible, so well placed stops are important.

If you trade futures, you will sometimes see signs in the tape and dom.
Good T&S indicators: Aggregate TS (free on futures.io (formerly BMT) elite) and Reconstructed Tape (Jigsawtrading.com)
Good DOM's: 1LotDOM (free on futures.io (formerly BMT)) Depth & Sales (Jigsawtrading.com)

Using these tools, specially the tape, takes A LOT of screen time for it to be useful.

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  #1955 (permalink)
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lllusion View Post
Thanks guys. Lawrence, even though the ATR is 80+ ticks, I was just wondering if there was some type of way to investigate what caused such a huge buying spike. I wasn't questioning its legitimacy. It was just surprising to me because I was watching the 6E downtrend all day yesterday and that buying came out of nowhere. I was wondering if there were ways to find clues or news sources that might show what caused such a sudden bullish sentiment in the market around that time.

Cashish -- thank you very much for the in depth analysis with those screenshots of your own. Yeah, stops are definitely important; when I scalp the 3 minute I usually try to keep them as tight as possible but where it makes sense, such as near a current swing high or swing low or above or below some popular support/resistance point. I only go for anywhere between 1-3 ticks and my stops are usually around 8-10. Luckily I was out of the market during that time after getting out of a quick short.

But yes, the market can definitely do anything. I'll try to be careful while I continue picking up nickels in front of this steam roller.






the spike was because it was a trigger point for wave 3 on a daily chart, major wave on weekly chart.
i have attached the screen shot.

chek my few posts on the previous page for better picture. so the was a begining of a new rally.

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  #1956 (permalink)
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Xav1029 View Post
If you trade futures, you will sometimes see signs in the tape and dom.
Good T&S indicators: Aggregate TS (free on futures.io (formerly BMT) elite) and Reconstructed Tape (Jigsawtrading.com)
Good DOM's: 1LotDOM (free on futures.io (formerly BMT)) Depth & Sales (Jigsawtrading.com)

Using these tools, specially the tape, takes A LOT of screen time for it to be useful.

I will definitely be checking those out. Thank you very much.


Lawrencejude View Post
the spike was because it was a trigger point for wave 3 on a daily chart, major wave on weekly chart.
i have attached the screen shot.

chek my few posts on the previous page for better picture. so the was a begining of a new rally.

Great -- I'll check them out and I look forward to seeing more posts from you on wave analysis.

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  #1957 (permalink)
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lllusion View Post
Thanks guys. Lawrence, even though the ATR is 80+ ticks, I was just wondering if there was some type of way to investigate what caused such a huge buying spike. I wasn't questioning its legitimacy. It was just surprising to me because I was watching the 6E downtrend all day yesterday and that buying came out of nowhere. I was wondering if there were ways to find clues or news sources that might show what caused such a sudden bullish sentiment in the market around that time.

Cashish -- thank you very much for the in depth analysis with those screenshots of your own. Yeah, stops are definitely important; when I scalp the 3 minute I usually try to keep them as tight as possible but where it makes sense, such as near a current swing high or swing low or above or below some popular support/resistance point. I only go for anywhere between 1-3 ticks and my stops are usually around 8-10. Luckily I was out of the market during that time after getting out of a quick short.

But yes, the market can definitely do anything. I'll try to be careful while I continue picking up nickels in front of this steam roller.

All kinds of macro events are tied into currencies and its hard to pin point exact catalysts but keep an eye on DX, its the big alpha in the group and everything is tied to it.



short 1.3265, stop@1.3285, targeting 1.3255, 1.3245 and 1.3200

rationale is 1'st LH on 5min&upper TL on 120/480 min and H&S on 15min..

market is also also consolidating/resting from a surge higher.. possibly get a shallow pullback and get scaled..

needs to get past 1.3260 for a better short.. 1'st scale @1.3255 should confirm this trade..


Last edited by Jedi; January 11th, 2013 at 12:26 AM.
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  #1958 (permalink)
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Jedi View Post
All kinds of macro events are tied into currencies and its hard to pin point exact catalysts but keep an eye on DX, its the big alpha in the group and everything is tied to it.



short 1.3265, stop@1.3285, targeting 1.3255, 1.3245 and 1.3200

rationale is 1'st LH on 5min&upper TL on 120/480 min and H&S on 15min..

market is also also consolidating/resting from a surge higher.. possibly get a shallow pullback and get scaled..

needs to get past 1.3260 for a better short.. 1'st scale @1.3255 should confirm this trade..

@Jedi , I thought the DX was just a weighted index of the big 6 currency pairs. The EurUsd is 57.9% of the equation. This was actually brought to my attention by another member, who suggested to look at the Yen, Pound, and CAD. This gives you roughly 90% of the DX. I guess my point is, that the DX is more tied to the Euro than the other way around.

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EURUSD 6E Euro-ice_dollar_index_faq.pdf  
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  #1959 (permalink)
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anyone try to explain why 6E went up over +200, and at one point was up over +113 before the opening yesterday?

what were the news or driving factors?, and how likely are they to repeat (continue the rally, or short into strength expecting a pullback)

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  #1960 (permalink)
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kronie View Post
anyone try to explain why 6E went up over +200, and at one point was up over +113 before the opening yesterday?

what were the news or driving factors?, and how likely are they to repeat (continue the rally, or short into strength expecting a pullback)

Draghi announcing that Europe is recovering

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