ownshook
08-22-2008, 10:49 PM
Neal -
Quick note on recent Euro trade.
You stated that we may get a resistance level at 1.4930. Market came close to that area and turned over. On the four hour chart, shorting was in effect from 09:25 EST on Friday. I traded a 15 minute timeframe due to the time of day on a Friday...not a usual habit of mine...plus I had a busy week and not too much time to trade.
Everything to the right of the vertical line is short area. Shorted at 1.4802 (missed an earlier chance to short) and using a fib extension.....set a take profit at 1.4760 which was a 100% level. Market nailed that level and turned on its heels to head north. A quick 42 pips in a handful of hours. Have to love fibs and your updates are alright as well. :)
Question.....did you put much weight into round numbers such as 1.4800, 1.4850?
http://img355.imageshack.us/img355/66/eruofd0.jpg (http://imageshack.us)
Quick note on recent Euro trade.
You stated that we may get a resistance level at 1.4930. Market came close to that area and turned over. On the four hour chart, shorting was in effect from 09:25 EST on Friday. I traded a 15 minute timeframe due to the time of day on a Friday...not a usual habit of mine...plus I had a busy week and not too much time to trade.
Everything to the right of the vertical line is short area. Shorted at 1.4802 (missed an earlier chance to short) and using a fib extension.....set a take profit at 1.4760 which was a 100% level. Market nailed that level and turned on its heels to head north. A quick 42 pips in a handful of hours. Have to love fibs and your updates are alright as well. :)
Question.....did you put much weight into round numbers such as 1.4800, 1.4850?
http://img355.imageshack.us/img355/66/eruofd0.jpg (http://imageshack.us)