Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Typically a breach .786% and base over 1.26.... upside T1 100% and T2 127%
But sometimes it needs to washout weak longs lower before it can load shorts and longs to squeeze higher.
The Beige Book report comes out today at 2pm, with the disastrous Consumer Confidence number yesterday I think the B Book report could be a market mover.
My question is this, Where +/- 10 pips will the price of the Euro be at 1:45 pm est. or 17:45 GMT (is that right?).
I always look for the heavy hitters to position themselves deep in the market at both extremes of the day's range prior to a major release, an example might be, to load the boat short at 1.2600 early in the day (given the opportunity) with the anticipation of a sell off at 2pm. Price might be at 1.2600 at 7:20 am and then 1.2520 at 1:45pm.
So, if anyone cares to play along type in the level(s) you expect to see on your chart at 1:45 pm est. Let's set a dead line for "your best guess" by 12:00 (noon) est. Nothing scientific here, just pure, meaningless fun.
I came out swinging for the fence (the pivot), a little early this morning. The bottom of yesterday's Value Area was like a brick wall, and that Pivot at 1.2537 played a little to hard to get for me. I didn't know if you Brits were setting me up or playing along, I thought I was beginning to smell a rat in the wood pile, so I took my bat and ball and went home.
I traded those moves between the Support (1.2485), Pivot (1.2512) and Resistance (1.2532) early yesterday morning and thought I was done for the day but my wife told me school was closed and I had babysitting duty. So I didn't go to bed and went back to my trading station for a few hours and started watching the market again. When the up move continued I added a 2nd resistance level at 1.2552 (+ 20 ticks). Since this level was near '50, I look for rotation of 14/16 points above and below. Then I noticed this level (on the chart below) in the green circle. Price had already moved up from 1.2532 thru '50 and rotated 15 ticks above and below '50 so I used the 1.2532 area for my stop.
I had sell orders at 70, 72 and 2 @ 74. Price hit 70 twice and didn't fill me, I got some positive slippage up there and sold two at 72 but the high was only 73. The next time I saw 72 fail to trade, I threw in a market order when the bid/ask was above 70 . Of course it traded thru 74 after that. The reason I'm posting is that I didn't expect a run to 1.2600, I considered the move I was after the third attempt at 80, in hindsight maybe it was the second and the move to '80 was the third (that's why I don't like "the wave thing" I can't count). Of course we all have our own ways of viewing the market but I usually don't get my hopes up on a forth attempt, during the same trading session. That said, I could probably show you 19 4th attempts that carried 50 points. BTW, I usually don't trade the day session, I don't know it that well.
I too belong to old school trading ....use simple price bar chart to trade from .
Whenever you get time I would like to know your long term analysis (daily weekly charts).
