EURUSD

[yeahbah]

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EURUSD have continuously breaking support levels then found support at MA(800). I am extremely bearish on this pair as my downside target is between 1.3040 and 1.35. I'll be waiting for a sell short setup to surface itself and when it does, I'll go all in ... just kidding

How about you? Considering the move from Oct 2008 to present, are you bullish or bearish?

eurusd.gif (84.83 KiB) Viewed 661 times

[yeahbah]

Bullish Channel on H1 chart

eurusd.gif (84.03 KiB) Viewed 647 times

[beast_master]

I think the eurusd is setting up for a break of 1.43 to the downside. Currently, it is sitting at 1.4308. I just shorted at 1.4310. I am holding on this position as long as I long as the stop are not taken out.

[yeahbah]

I'll join you when it breaks down from the channel

[beast_master]

^ yup that's reasonable. But I think that if ever this one bounces at 1.4300 it's not that high. My stops can take it I believe. I've placed them at 1.4460. I'm pretty sure this will keep coming back at 1.43 to test and subsequenly break it. That's why I am taking the risk now at the expense of a less preferable entry. I'm looking at 1.37 as the target as long as my 100pip trailing stop is not taken out.

[yeahbah]

My MA(800) seems to agree with the sell short on channel breakdown at isama na rin natin ang flag pattern. Malapit sa 61.8% naman yung target mo na 1.37. Kung mag short ako sa 1.3750 tp ko.

eurusd.gif (77.56 KiB) Viewed 614 times

[yeahbah]

Break it down yo! bangis talaga ng beast

[yeahbah]

pards mukhang nayari tayo ng non-farm employment change he he

channel is still valid.

[beast_master]

^ nope its doing fine.

it's time to share some tricks. I call this the Lock-on-reverse technique.

This strategy only requires 2 things.

1. That you have a broker that allows hedging.
2. You must be in a positive profit to do this. What it does is to lock a positive profit so that a sudden reverse of a high-risk event like the NFP won't turn into a loser.

See the illustration pls.


By beast_master at 2010-01-08


LEGEND:
Yellow line- the original short entry at 1.4310
red line- buy entry prior to NFP
violet line-limit for the buy psotition
blue line-stop for the sell position
green line- stop for the buy position

[yeahbah]

Nice! dapat i-apply na natin ng patent yang technique na yan he he

Anywho, since it went back in the channel, according to my rule book, the channel is still valid.

But looking at the price action from 1/5 to present, consecutive lower highs and lower lows tells me that there's a possibility that it might break down from the channel.

My action plan? Do nothing for now. naka all-in kasi ako sa USDCAD he he