Yesterday Recap: Pretty good day of trading yesterday as 3 trades were triggered as I capitalized on the tightening consolidation pattern of the pair. First was the aggressive sell triggered by the bearish break of 1.3580, which dropped for a quick 30 pips to rising support. That activated the primary long at 1.3550 which rose for 100 pips.
Daily Outlook: Despite the large up and down swing the daily outlook didn’t change a bit – the pair continues to consolidate in a tight triangle pattern with the overall downtrend still intact. I will look for a false breakout to occur to the topside, possibly even challenge the stronger falling trend resistance on the daily charts (you can just see the top of it – its the top blue line) currently around 1.3700.
Trading Idea: Not as aggressive today as we are running out of room to maneuver in this pattern. Primary trade is a short on a signal under 1.3700 resistance, with targets at 1.3670, 1.3640, 1.3605 and eventually 1.3560. Secondary trade is a bearish break of 1.3620 support could trigger a run to the trend support again (currently at 1.3570).
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March 11, 2010 at 17:28
Hmm, getting nervous about it when nothing happens. Ill get a beer, maybe it helps to keep me cool.
March 11, 2010 at 17:39
Hey Markus grab one for me to..
March 11, 2010 at 17:42
sure no problem, the more the merrier, hehee
March 11, 2010 at 17:48
tommorow will be a better day :)
March 11, 2010 at 17:49
Tomorrow is friday.
March 11, 2010 at 17:54
Yes you are correct. You get a gold star John..lol;)
March 11, 2010 at 17:56
Thank you very much! hehe
But it’s still good…Friday is time to head for the weekend of fun and activities.
March 11, 2010 at 17:59
I’m with you on that.. Fridays have been mixed for me lately..
March 11, 2010 at 17:56
What are peoples general feelings on the candles at the mo?
March 11, 2010 at 18:00
The last several days have been unreliable for me on candles. I guess that shows a weakness of candles in a consolidation/ranging market? – Any experience to disprove that theory?
March 11, 2010 at 18:03
Im a new and finding my feet – being cautious too : )
March 11, 2010 at 18:21
In these markets, more patience ,tighter targets works for me .. waiting for nice short candle n 13700 area, if its breaks the 13700 look for a bull candle if nothing comes up stay out.wait for another day
just my toughts.
………………
Mark why did you enterd that short ? i don’t get it ,
what i was seeing was that it just broke that falling trend line the high off 3, 8 and 10 march.
that indicated for me to stay out ?
but im still learning so please explain what you saw
im sure you must be right ,no doubt but i dont see it.
Tuctuc
March 11, 2010 at 18:48
hi tuctuc hope your day is going well,
I have heard talk of a 1 – 2 – 3 set up before a drop or rise is this the kind of thing we are seeing now on the chart?
March 11, 2010 at 19:11
Hello Graham B,
Its ok for me today. took some pips today nothing major. i saw you where taking some pips two, good for u.
no i have no experience on the 123 setup maybe its the elliot wave what ur talking about.
so i can’t say if its on the charts.
March 11, 2010 at 18:06
ah–hah! I entered a very small short at 1.3671 to try out the hanging men signal, and guess what…my spook worked! It’s heading upwards now.
You can thank me later for sending it to your 1.3690 or 1.3700 short entries.
March 11, 2010 at 18:11
Go Bears!
March 11, 2010 at 18:12
yeah..go Bears! and prove my ‘jinx’ theory wrong!
March 11, 2010 at 18:16
mark
you are a great person. are you on skype or any other online call services. i need to hear your voice. what you are doing only God can reward you. please don.t stop the good work. you are exceptional.
March 11, 2010 at 21:30
Hi Ovyeh, its been long, are you still trading?
March 11, 2010 at 18:19
How dull is this!! i got out of my short. gunna just wait for it to move now and try and get it short on a pull back on the 15 min chart. May put in a order at 1.700 though.
March 11, 2010 at 18:20
You want me to slap them again. I’ll do a small long, which will slap the bears this time.
hehe
Disclaimer: This is highly experimental.
March 11, 2010 at 18:22
lol, yep do it
March 11, 2010 at 18:33
OK..just for kicks…I just entered a very small long (penny trading) at 1.3672. This should awaken the bears this time.
March 11, 2010 at 18:37
Thanks John, just what it needed!! lol
March 11, 2010 at 18:38
well..whaddayouknow…. it touched 1.3663 just barely.
I’ve got the power! Move over Soros!
March 11, 2010 at 18:39
FYI…closed out my slapper! Lost 8 cents to successfully prove this method.
It happened 2 times in a row now – both on a short and a long ‘slaps’.
March 11, 2010 at 18:22
It looks like its trapeed within the long term falling trend resistance and 1.368 for the last few hours? Does this have any significance??
March 11, 2010 at 18:30
Look at price action on 5min chart. Wonderful pennant formation and potential for a breakout.
March 11, 2010 at 18:49
I have heard talk of a 1 – 2 – 3 set up before a drop or rise is this the kind of thing we are seeing now on the chart? Anyone got any experience of this?
Thanks Graham
March 11, 2010 at 19:05
I guess if we had a break to the upside you could say it was a 1-2-3 from the 3pm candle on the 1hr chart but i would say that this is just consolidation. a lack of decision and volitilty. Good thing is it will break eventually.
March 11, 2010 at 19:20
Do you mean the fibonacci trade set up
like 0% is the 1
100% is 2
and the 61.8 is 3
if the 0% is on the bottem
3 is your entry short
if the 0% is on top
3 is your entry long
3 could also be at the level 50 ,38.2 ,23.6 %and so on
cheers
March 11, 2010 at 20:38
Hi yeah managed to get 13 pips so not bad : ) not sure about the 1 2 3 just seen it mentioned so was checking – not been much happening im gona give it till 10pm candle (UK) then call it a day!!!
March 11, 2010 at 19:52
u re doing a good job on this site….i have really learnt alot by this form of trade..ie strategy of setting primary and secondary targeta, it makes the fx business really professional….very much thanks
March 11, 2010 at 20:00
doji on 4h…
March 11, 2010 at 20:19
I don’t see it, are you talking about the current candle?
March 11, 2010 at 23:24
noo, 4h chart, 1600 gmt.
March 11, 2010 at 20:34
just shorted 1.3678 from seeing that doji off the 4hr…
lets see what happens put my stop at 1.3703, the high from mar 7.
itd be nice to grab 30 or so pips someoneelses spotted doji :>
March 11, 2010 at 20:42
i must need glasses :)
March 11, 2010 at 20:44
maybe it depends on whos charts your using
March 11, 2010 at 21:40
it depends on the time zone of your broker
March 11, 2010 at 20:46
I haven’t seen any doji in 4hr.
March 11, 2010 at 20:48
whats the open and close you see for that second last 4h candle?
March 11, 2010 at 20:58
my last 3 4H candles have been large no where near a doji. I may be 1 hour off GMT time wise so maybe the shift changes it, but look at the last 4 or so 1H candles they wouldn’t create a doji added up to the 4H chart. Maybe they were talking about the current candle at the time.
March 11, 2010 at 21:08
well on my 4h chart. im in est time so itd be the 11am candle or the second last current candle. its open is 1.3672 and its close is 1.3671
March 11, 2010 at 21:11
Yeah thats it, that was what mark saying few days ago.
some off us get gmt+1 charts and they are differnt from the gmt charts.
i have the gmt charts and i see doij but not a good one, to big body
but then again i could be wrong…
March 11, 2010 at 22:28
I don’t thing that time zones have anything to do with that. We all receive same pair data, but there could be some difference beetwean servers.
March 11, 2010 at 20:55
I have a hunch we may see some activity come 4:30 est
March 11, 2010 at 21:00
I cant remember seeing a day as dull as today, if i had known, i would have just gone for fishing. anyway not too bad at least i used the opportunity to save a friend from HIGH BP. he entered Eurusd and on trying to set his sl and tp his network went off, by the time it was back, he was almost a HB patient
March 11, 2010 at 21:42
Way to save a life Tony!!!
March 11, 2010 at 21:46
at least i ve become a hero,
March 11, 2010 at 21:56
If your network is not reliable, why not set Sl and tp before clicking sell or buy button.
March 11, 2010 at 21:01
Ding Ding!
We have a new leader Matthew is on top of the board…
March 11, 2010 at 22:41
Yeh. That guy talks to much.. lol:)
March 11, 2010 at 22:52
I did hear that he was very good looking though…hehehe..
March 11, 2010 at 23:18
If you don’t say so yourself. And with that comment you hit 100 for the month. I remember last month Tommy was on 300 by now. lol
March 11, 2010 at 22:22
Does anbody know some good site with gold analisys and signals. Thanks
March 11, 2010 at 23:17
Don’t have gold through my broker so I have not looked into it. Sorry.
March 12, 2010 at 15:27
Sell USDCHF @1.0647
SL@1.0679
TP@1.0612
Enjoy da weekend