Monday, August 31 Update
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Hello everyone,
I hope you had a good rest over the weekend!
We have installed a new, more powerful server and everything should run more smoothly on the site now. We have also installed a new (bigger) chat feature that can be accessed from the top menu – so everyone can enjoy a better, more seamless chatting experience. We’ll give it a test run for a week or two, and then decide if we should keep, or remove it.
On to today’s market analysis (of the EUR/USD):
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7 Comments
August 31st, 2009 at 4:36 pm
Hi,
It’s quite late that you are telling us that you entered the trade. It’s already gone quite far and it’s now too late to participate.
Greetings from beautiful Switzerland
Haco
August 31st, 2009 at 6:48 pm
Hi Haco,
This is not the usual type of trade that I’ll discuss here at Pip Mavens – I just included it in today’s post to give everyone an idea of the simple trading methodology that I use.
It was not intended to let everyone follow along with that trade, because it trading in too short a time frame to give everyone sufficient notice in advance. That is why we will mostly focus on trading in the 4 hour chart here – there is usually enough time for most of our members to catch on to the trade setup before the market moves.
September 1st, 2009 at 12:20 am
Hi Chris I am interested in your analysis of this trade.
Firstly; you identified a particular candle pattern (signal 1)which you name a”piercing reversal pattern”. To clarify this, does it include the
candle above it as well, or is it just the bullish candle with the top shadow “piercing” the high of the previous short candle? Does it also have to have a required body size in relation to the previous one?
Secondly; signal 2 is as you point out a “bullish engulfing pattern”. Would the lower shadow , being quite long, give extra strength to this confirmation for a trade.
I missed this trade because I don’t have the experience to notice such patterns and connect the dots, and because I was monitoring other trades on the USDJPY and EURJPY.
Thank you for this pattern identification. I will attempt to see if I can pick similar reversals.
Cheers,
Te Roopu
September 1st, 2009 at 1:43 am
Hello,
I noticed that pattern to go long when I woke up, but my sell trade just closed by trailing stop earlier, so I was satisfied. Besides, I didn’t think I had the time to keep an eye on it, for I had other plans for the morning. Another thought was, just how high can the value of the Euro go? Last year the value got up there pretty high, but this is a year after the economic crisis. I sense a break (major down trend) in the near future.
September 1st, 2009 at 2:52 am
Hi,
I have noticed that you do not mention anythink about position sizing in your trades. What would be your position strategy for each trade? Where can I find in you web page your trade statement so I can follow the trades.
Thanks and best regards.
September 1st, 2009 at 3:47 am
Chris, firstly let me say that you are a clear teacher. Your presentation of the content you have sought to teach is generally clear and enlightening. Thanks for that.
But when you start using industry jargon like “long top shadow” (used in a recent post) without explaining it or linking us to a glossary of terms, I am lost.
What is a long top shadow?
Is there a short top shadow?
What is a shadow?
There is a WordPress plugin which automatically hyperlinks any expressions you wish to provide hyperlinks for. Having a glossary with these terms in it (and autolinked by this plugin) would be useful for the likes of me, a newcomer to the forex market.
Thanks again
Gary
September 1st, 2009 at 6:21 am
I’m new and trying to find my way.