EURO/AUSSIE ,, 3710/3720 in sight ?????????

[George A]

Hello all ,
Just food for thought !!!!!!
I have been following this trade and made the call since the 14th October (last week ). I might be wrong , BUT it seems to be behaving beautifully for a nice run to the target . 1.3710 /3720 . so i suggest keeping an eye on that level , although we will possibly have some headaches on the way at 4010 and 3860 .
There are few factors that are pointing at that level so far IF it pushes down , and they are NOT weak , without me going into details . so i prefer to leave it at that for now .
I have further targets in mind , which i will try to update on as we progress to the first major station .
Cheers ,
George

 

[George A]

Hello all ,
Just food for thought !!!!!!
I have been following this trade and made the call since the 14th October (last week ). I might be wrong , BUT it seems to be behaving beautifully for a nice run to the target . 1.3710 /3720 . so i suggest keeping an eye on that level , although we will possibly have some headaches on the way at 4010 and 3860 .
There are few factors that are pointing at that level so far IF it pushes down , and they are NOT weak , without me going into details . so i prefer to leave it at that for now .
I have further targets in mind , which i will try to update on as we progress to the first major station .
Cheers ,
George

The market has been hovering at this level 4139 for the last 4 days , because it is 76.4 retracement of the last major leg up from the July low to August top , and for the S&R traders , it is contenting with the structures on the left both on this daily and the weekly chart.
Also few strong Fib based factors , giving us strong targets at 4149 , and 4142 ( 4 hour chart ) which can NOT be ignored , hence this extended side way move .
It will be interesting to see which way THEY will push it from here,, a re test of the top maybe ??????
My original call for a further drop to the 3720's is till valid , and with a high possibility .
Don NOT forget , the market IS always right in the end , we can ONLY analyse it and make predictions
Cheers,
George

 

[Shakone]

Where does price have to get to for you to decide the trade is wrong and close it?

 

[George A]

Where does price have to get to for you to decide the trade is wrong and close it?

Hello Shakone,
I dont know if you are testing me or not here , BUT i will give u the benefit of the doubt , BUT if i want to be like everyone else i would be saying this ,
It all depends on one's strategy , and also money management .
But i will answer what i am doing ,
As i am also an intra day trade ( NOT a scalper ) , i trade the swings on the 15 mnt charts , i still trade the market where i see a trade regardless, hence it was a buy this morning according to the following
At 4153 and above after the first low of the day was a confirmed higher bottom on todays action and my target top was 4176/78 . which was a nice short entry as it is at a Strong extension Fib level . and from here i just have to see what the market will dish out next .
I just follow the market Shakone , BUT more importantly on the short picture i have full trust in my fibs, as this market is built on Fib levels ( my opinion ONLY)
So while we have the short still in play on the big picture , whether one caught it at the August top OR at the top of the 38% rally to this months high area, one can still suck the market with all opportunities presented .
Hope this satisfy s the good old curiosity .
Cheers ,
George

 

[Shakone]

Hello Shakone,
I dont know if you are testing me or not here , BUT i will give u the benefit of the doubt , BUT if i want to be like everyone else i would be saying this ,
It all depends on one's strategy , and also money management .
But i will answer what i am doing ,
As i am also an intra day trade ( NOT a scalper ) , i trade the swings on the 15 mnt charts , i still trade the market where i see a trade regardless, hence it was a buy this morning according to the following
At 4153 and above after the first low of the day was a confirmed higher bottom on todays action and my target top was 4176/78 . which was a nice short entry as it is at a Strong extension Fib level . and from here i just have to see what the market will dish out next .
I just follow the market Shakone , BUT more importantly on the short picture i have full trust in my fibs, as this market is built on Fib levels ( my opinion ONLY)
So while we have the short still in play on the big picture , whether one caught it at the August top OR at the top of the 38% rally to this months high area, one can still suck the market with all opportunities presented .
Hope this satisfy s the good old curiosity .
Cheers ,
George

No George, I just think it is a fair and relevant question (do you disagree?). One can give a direction and a target, but without an entry or a stop, or even a level that you plan to get out at if breached, it becomes a bit meaningless. I'm sure you understand.

 

[George A]

No George, I just think it is a fair and relevant question (do you disagree?). One can give a direction and a target, but without an entry or a stop, or even a level that you plan to get out at if breached, it becomes a bit meaningless. I'm sure you understand.

Hi again Shakone,
Of course i do understand ,, BUT it did sound like what i said ,Point accepted , and please accept my apologies IF i id come across in a bad way with my reply .
Any trader with the proper knowledge , MUST have these points in place , and each trader has different theories , methodologies , and trading plans .
My advantage is the fact that i am an active trader as my life style allows me to be that . and i can spend as much as 10 or 12 hours a day ( which served me greatly with my market action knowledge ), cause i am extremely passionate about trading , and i enjoy it .
Cheers ,
George

 

[Shakone]

No stops or entries then?

 

[George A]

No stops or entries then?

As i am a full Fib trader , and also as low as 15 mnt charts , and when correlating the high TF and low TF , i do get in at very tight and precise entries ( often within 2 pips of the level ir even .2 or .5 ) , hence allowing me to have very tight stops , NOT more than 10 pips .
To give u entries is always hard BECAUSE , although we have targets on the higher TF , more often than not we get price over runs on the higher TF ,, we find that the low TF almost always command the fine tuned entry level , which again more reason as to where i would enter , as a 15 mnt chart is a faster moving chart .
I find it a great system , and when the market runs my way 10 to 20 pips ,OR the feel of the momentum at the time , i lock my trades at break even as soon as i can , i do NOT need to leave them open. cause IF it pushes higher to the next level , i will only get in at a better price .
BUT in my original post i have targets , as well as entry levels at the highs , and at these targets is when i use the 15 mnt charts , very powerful stuff IF one has deep knowledge of Fibs and their application , because Fibs are NOT just about retracements ,, that is the basic part of them , BUT it is in the extensions of fibs where the power lays , and that is a deep subject , and can ONLY be explained on charts , not verbally .
With Fibs , one can almost pic EVERY top and bottom of everyday , BECAUSE they almost always fall on Fib EXTENSION levels .
Hope this will clarify why i did NOT answer that exact point in the last post .
Cheers,
George