(Wow, Christmas morning and you're on-line! Did you get a lot of nice toys?)
I know what you're saying. Just trying to understand charts better. There are many higher probability
set-ups. I really should pick a few. I don't see (at the moment) why I would ignore some and just trade
"2 very specific setups". Though my thinking can change real quick.
The only thing I'm thinking of with any seriousness for real trading is here:
What you've done in these two paragraphs, is golden ... that's what I do on € (I currently trade only the €) ... that's simply how to be a successful and profitable trader without reading $$$$$$ worth of books.
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I really don't know anything about Mon's mindset ... he never mentioned in those two paragraphs what his mindset is; he's just rendering an advice .... and the advice works profitably well ... and for whosever want to trade with a very simple mindset ... and we're talking about the crazy €/$ or the € (let's be ON-topic).
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There is a forecast for the week. I don't agree or
disagree with it. Excerpts below.
EUR/USD Technical Analysis for the Week of December 26, 2011
It is becoming obvious that the situation in Europe isn’t going to get any better soon, and the bonds markets are starting to heat up again with higher than sustainable rates in places like Italy and Spain. The recent action has been tainted by the end of year light volume, and only so much can be read into it. However, the fact that there hasn’t even been a massive short covering rally really speaks volumes about the distrust of the Euro presently, and this should continue to be the way forward as the market simply cannot believe the “solutions” that the leaders in Europe keep suggesting. The European Central Bank is more than likely going to have to print money soon, and the value of the Euro should fall as a result. Further weighing on the viability of the currency is the fact that the area is going to head into recession in 2012, and this will certainly keep growth at low levels for some time as the area is in serious austerity mode in several of the countries. As a general thought, the currency has held up fairly well against the Dollar all things considered.
However, the 1.30 level it sits at presently is massive support, and the fact that it can’t break through could be a sign of the problems facing the Dollar in the long run as much as any real support of the common currency. The solutions all look to be Euro negative, and with this in mind the rallies keep getting faded. The level just below is going to be key to things going forward as it will show a total breakdown of support and a complete failure of the Euro. A breaking below the support level would be at 1.29 as the area looks to be about 100 pips thick as that handle was the low point previously. If the pair can break below the level on a daily close – we would be massive sellers. We aren’t buying until we get well over the 1.35 level as it would show a change in attitude.
EUR/USD Fundamental Analysis for the Week of December 26, 2011
The major event will be the Italian debt sale and the US manufacturing and confidence data. In general we expect choppy, tight range and volatile trading in the last week of the year and investors might attempt to be hopeful and continue the upside correction yet likely will be limited as what awaits ahead remains gloomy and uncertain for the debt crisis and the global economy. Other news from the euro area and the U.S. economy to affect the pair this week: Monday December 26: Markets closed for Christmas holiday. Tuesday December 27: The United States will release the Consumer Confidence for December at 15:00 GMT which is expected to rise to rise to 58.5 from 56.0. Wednesday December 28: No major news scheduled and the market movement will be thin on low volume and focused on the sentiment. The eyes will be on Italy that will be preparing to auction new bonds. Thursday December 29: Germany is set to release the preliminary CPI estimate for December where the index is expected with 0.8% rise on the month from a flat previous and 2.2% on the year from 2.4%.
First post for some time. I finally had a chance to check out this thread and have enjoyed what I have read. I wanted you to see my chart on the 4 hr or 240 min and see if it might help someone trying to trade for a living or at least be profitable.
Hope this helps and is what you are looking for in this thread. Thanks for all you are doing Big Mike and keep up the good work. You will see that my system continues to work on any time frame.
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Where are you e/u guys...I only hear cickets here....
Just go long at 1.3012 (not 6E) go for a hundred (120 really)and reassess....
That's my guess....check your charts see if it makes any sense to you.