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- Esssex replied May 31, 2012
Heh, I don't use technical analysis at all so I don't understand the 32.8% fibs and stuff. I just use price levels(S/R) and fundamentals(Understanding the flow of money) to make my trades.
EURUSD
- Esssex replied May 31, 2012
I'm short from 2416 and 2397. TP 89, 58 respectively and I shall be out today.
EURUSD
- Esssex replied May 31, 2012
That is very optimistic. If the money flows from other asset classes joined in it may happen though but they got lots of basis points to reverse.
EURUSD
- Esssex replied May 31, 2012
I gave 00 because even numbers especially 00s are psychological barriers. Some may get 06/07 but I prefer seeing a breach of 00 due to human psychology and their tendencies to place buy orders there. I got 58 from the charts a few years ago together ...
EURUSD
- Esssex replied May 31, 2012
You can live with delayed quotes as long as it's more than 5bp in either direction. Live quotes require subscription fees to Reuters/BGN and the likes. Hella expensive.
EURUSD
- Esssex replied May 31, 2012
Seems like more ranging now. The levels I gave yesterday are still in play today. 00-89-58
EURUSD
- Esssex replied May 31, 2012
True. Sentiment prevails almost all the time and it's irrational. It is funny though that as long as majority believe in something, it becomes fact. Hell, you could make the drachma or Greek bonds a safe haven as long as you have enough followers.
EURUSD
- Esssex replied May 31, 2012
But still...If you trade intraday you shouldn't be bothered with the long term sentiment but the sentiment for the day. I've just booked my 100 pips from Gold, AUD and CAD. Gonna wait for shorting opportunities when fundamentals reverse.
EURUSD
- Esssex replied May 31, 2012
People are putting their money into more riskier assets/currencies such as equities/commodities or any other currency except for USD/CHF/JPY. And correction to forextraderx, any currency that is not USD/CHF/JPY are all risk currencies. Risk off = ...
EURUSD
- Esssex replied May 31, 2012
If you had played the EUR/USD the same way you would be at least +30pips in the green. I doubt it will last to NY open but who cares? Trade the NOW.
EURUSD
- Esssex replied May 31, 2012
God..I've been saying it since Franky. Fundamentals are pushing this up today. It is risk on. Wait til fundamentals start to reverse or par gains before you start shorting.
EURUSD
- Esssex replied May 31, 2012
What are you looking at? Every fundamental indicators are saying that today is going to be a risk on day.
EURUSD
- Esssex replied May 31, 2012
Draghi is single handedly moving the markets at the moment. Techies not letting up too.
EURUSD
- Esssex replied May 31, 2012
We probably gonna have a risk on day for London session but I'm taking my risk on sentiment to the USD/CAD and AUD/USD instead.
EURUSD