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Well guys, I don't think anyone expected EUR
to retrace 61.8 - the rules of the game are -
"there are no rules".
Now, the 30 min chart is possibly constructing a Pennant,
so always another chance of an entry when the pivot
breaks.
Well done Xerof - burning the midnight oil obviously
paid off this time. But while oil burned, I was in
the land of nod. [:I]
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I'm starting to think that I will only use stops as self preservation , eg small lots (which I use anyway ) with stops more than 100 points away from the money just to preserve the account should the market go ballistic while I'm out havin a pee. It seems to me that if you have them loaded (as a way of setting r/r parameters around the trade) they just get hit. Dont tell the system more than u have to I reckon.
Re last night I was short at about 1.2850 with stop at 1.2880 , then extended that stop to 2nd resistance level at 1.2914 and it still got hit. Stupid chinese journalist - i hate you ***** hahah
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Peat, rule number 2, don't shift your stops further away.
Accepting it's in hindsight, but if you'd stopped out at original level, you at least had an opportunity to resell in the target zone, which was 1.2880 area, with a stop at 12930
quote:9/5 - sell a recovery back to 1.2880 area now
Comments made with genuine intent to assist
Xerof
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quote: Originally posted by Xerof
Comments made with genuine intent to assist
Xerof
and appreciated...
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Xerof, arco
All comments taken graciously and with gratitude
Cheers
Slam
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looks like it might be rather a volatile evening.... a few fireworks already
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kind of as i hoped - 40 pips bagged and as i write 35 still in the hand. So time for sleep.
From what I'm reading it seems like some important levels have been breached , so I'm leaving one of the shorts running.
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closed out at 1.2676
due to my account still struggling to break even its nice to actually bag the profits.
100 pips overnite. :+)
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EURO/USD - Next Trend Move is Imminent
by Max McKegg
5/12/2005, Forexnews.com
May 12th - My Bearish EURO/USD Outlook has worked out well and the best is still to come! In fact, I now expect an imminent sell-off below Key 1.2770/1.2730 support to herald the next strong decline toward 1.2400, enroute to the 1.2000 level over coming weeks.
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fwiw sold again at 1.2680 after work on Fri and held. Still holding.
i would like to be there if it keeps going even at the risk of living with some retracement. fact is, daily looks pretty stretched i.e oversold. those are 3 fat red candles.
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