6-22-09
6:06a GMT – EUR/USD continues to hover in no man’s land, consolidating around 1.3900 (a level is has hit several times the past month). Overall the pair continues to look bearish as it hits lower lows and lower highs over the past 3 weeks, but most experts expect the pair to hit 1.4020-1.4050 before heading to the deep south. With the purple trend line below providing some downward pressure I’d be content to sell with a tight stop around 1.3090 at this point, and if that stop gets tripped look to resell a little higher up and save myself the pips in the middle.
Trading Idea: Looking for a test of 1.4015. Would sell 1.3090 on the way down or on bearish reversal candlestick. Short stops at 1.3960, 1.3910, 1.3855 and 1.3805.
(click to enlarge)
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June 22, 2009 at 07:36
Hello there. Do you think it will go down to 1.3090??
June 22, 2009 at 13:22
ash 1.3090 was a slip up.. he meant 1.3990…
June 22, 2009 at 14:00
Yeah I sure did. Thanks for catching that rt, though it looks like it will hit 1.3090 before 1.3990 :/
June 22, 2009 at 14:36
I just sold the rally back up to 1.3900. Stop of 25 pips, first target at 1.3850
June 22, 2009 at 15:19
No wonder.I lost all the money I made today and then a little more on top of that…. I was doing quite well until that reversal happened. I’m afraid I don’t understand all the technical words. I only found out what bullish and bearish meant today. It was bearish ALL day long and thats where I made my money and then it turned around….
I feel so stupid! I’m not blaming you, I’m just new to forex and had to crawl through glass to get where I got to today. Ahhhh…
Whats the outlook for tomorrow on this pair? And is there any way we can work out what way it will go for ourselves? I am trading from Japan with a UK broker Alpari UK, because the brokers over here have a stop loss of 100%
June 22, 2009 at 15:28
Ash, if you are that new (just learning what bearish/bullish mean) there is no way you should be live trading. I traded demo for months before live trading. At this point you are either going to get lucky or, more likely, very very unlucky and lose all your money. Better to demo trade until you are consistently profitable than to lose your hard earned cash. At what point did you sell? I recommended a sell at 1.3990 and never came close to that today.
June 22, 2009 at 15:44
I have traded on demo accounts before. I actually got started onto forex by buying a robot to trade for me. Have you heard of FAP turbo? I’m not promoting it, in fact quite the opposite! It lost 360,000 yen and I didn’t know how make ANY commands on the metatrader and it lost most of my money.
So, I tried to get it back after we put some money into my account and I made 450,000 yen, but lost most of it because I did not have forecasts to read. Today I sold at 1.39017 and took it at 1.38885 because I did not get your forecast until later on.
I then sold at 1.38889 and took at 1.38592 I then sold at 1.38515 and took at 1.38394 and another order at 1.38536 and took at 1.38415 I’m sorry if this is a bit long…I then sold at 1.38535 and ended it at 1.38866
I made two more buy orders thinking that it was going up, sooo I took those losses… I started off with 25,000 yen and worked my up to 43,000 yen and now I’m left with 17,553 yen….
I’m gonna have to crawl through glass again, tomorrow.