Comments on: Interbank research favours EUR/USD range trading

By: Papillon

Papillon — Tue, 09 Oct 2012 10:18:53 +0000

Thanks Sean for your reply. I have to wait as well 😉

By: Sean Lee

Sean Lee — Tue, 09 Oct 2012 10:01:22 +0000

See you tomorrow folks, I’m all out of good (and bad) ideas

By: Sean Lee

Sean Lee — Tue, 09 Oct 2012 09:48:41 +0000

Hi Papillon, I think you’ll find that the big Sovereigns in particular tend to trade around 50 or 00 rather than any particular technical level. I have no idea whether this is a good entry lvl or not, unfortunately there is no substitute for sitting long hours in front of the screen waiting for opportunities to appear. Only then do we know whether the lvls are right or not. (Plus cable doesn’t trade well technically, or so I maintain 🙂 )

By: Papillon

Papillon — Tue, 09 Oct 2012 09:21:56 +0000

Sean,

What are the levels that you look for on dips buyers mode ? On previous comments, you mentionned a strong bids at 1.5950. From my technical analysis, i have nothing on this level, apart from the lowest on 09 sept at 1.5957. On the other side, we have convergences of points at 1.5920 (200 weekly MA) + 1.5910 : Fibio 38.20% (1.5267-1.6310) + old’s resistance on 23th august at 1.5910 + 1.5900 (55 daily MA)

http://imageshack.us/a/img840/5526/cablek.jpg

By: Sean Lee

Sean Lee — Tue, 09 Oct 2012 08:18:06 +0000

Hi Milan, I must admit I find the EUR/USD probably the hardest currency to trade, with volumes at some levels astronomically big and then vacuums appear with little or no liquidity. Overall I think that the EUR rise on the crosses like eur/gbp, eur/aud has been almost vertical so perhaps we get a few sessions of weakness on the crosses?

By: Milan

Milan — Tue, 09 Oct 2012 08:14:26 +0000

Sean, what do you think about EUR/USD now after the sharp decline? I bought at 2940 as I saw this as a stop hunt after bids 2950-60 got filled. Got stopped out quickly after entering, at 2920. Fortunately, I used a small position size.

By: Iridium

Iridium — Tue, 09 Oct 2012 08:07:36 +0000

You should always have a 70 inch LCD panel in front of your table with all the quotes flashing in front of your eyes while you eat…:-)
That’s the “master of the world” type of trading approach.

By: Sean Lee

Sean Lee — Tue, 09 Oct 2012 08:03:25 +0000

Morning Iridium, took a few mins to eat something and EUR/USD promptly drops 70 pips. I also got stopped in audjpy and have only a few tiny positions in play at the moment, its very difficult to find any clear cut trades in these choppy mkts. I was looking at selling eurgbp 8110/15 or buying big cable dips but didn’t get the chance to do either

By: Iridium

Iridium — Tue, 09 Oct 2012 07:59:48 +0000

Good morning/day Sean,

How are things going for u? Are still on your AUDJPY trade? Mine was closed twice due to SL. Now, I am lost in translation to enter or not enter again?

Regarding EURUSD, the correction within the correction is now finished since we broke the trendline resistance of wave B. Now we should go lower than 1.2815. Note how the support from the trend line coming from the lows at 1.226 is helping the euro now.

http://imageshack.us/a/img163/8080/eurusd0910122.gif

So for me, it is sell the rallies exclusively until we hit the main trendline support that comes from the bottom ar 1.20 or we hit some fibo level in the 1.27x.
BTW, The drop has been too sudden in EURUSD, Il expect we stay in between 1.292-1.295 for the next hours.

Good luck