EUR/USD Trade Op 07.13.10

Posted by Fetor 13 Comments

I shot a quick video just using the H4 EUR/USD chart to point out a entry into the market if you have not already entered short with us on the EUR from this past week. This video shows simple analysis of price action and how to read the market. Remember that traders need reference points to trade from. If you are patient and use these reference points as well it will be of great advantage and give you a much needed edge.

If you have questions or comments leave them in the space below.

pipranger

Once again Thank You.

http://www.forex4noobs.com/blogfet/ Fetor

Pipranger,

Sure thing bro.

How are things going for you trading wise? Are you finding better understanding of the market and better trade opportunities, etc. Just curious to know. Thanks for watching the videos.

-Fetor

Miguel

Hey Fetor,

Great analysis as always!

The momentum is definitely down for the EUR, it took a pivot low with yesterday’s rally to the downside.
It looks like a retrace has taken place. Hopefully another rally to the downside is on its way making another pivot low (lower low).

Cheers,
Miguel
http://www.fxretracer.blogspot.com fxretracer

Always great videos posted here, thanks so much folks:-)
Patrick

Hey Fetor,
Thanks for all this great content over the past several months. I’m definitely learning here.
Russ

Thanks Fetor. Worked out very nicely. Can you send one of the kids around with a big sign that says “SELL EU NOW” or something so I get the message?
Thanks for taking the time. Very encouraging

http://www.forex4noobs.com/blogfet/ Fetor

Great to hear guys. Keep at it, keep practicing, and keep on trading. If you follow the price action you can follow the market.

4xeagle

Hi Fetor,

“Thanks” again tried to get into you videos and kept getting an ERROR message. Is there something I am doing wrong. This is on the new forum under videos.
Cheers.

http://www.forex4noobs.com/blogfet/ Fetor

4xeagle,
Is this the video course we offer or is this on the blog?
-Fetor

kibed83

Markets have been smoking for the last 2-3 days throwing technicals out of the window!..These are the times i choose to stand aside and watch bull & bears go head to head blindfolded .

fetor whats your take on market looking on the past few days?. Whats your trading approach, am just eager to learn..

Cheers.

http://www.forex4noobs.com/blogfet/ Fetor

kibed83,
When the market is moving in this fashion and major technical points are being broken like this I tend to stay away and let things settle; and they will settle. But if you are in a trade behind a move like this then you surely want to hang on as long as you are able. I will add though, that if certain technical barriers are clearly broken and on your lower frames price is closing and setting up, then if you trade you should only trade with the price move….UNDER NO CIRCUMSTANCES SHOULD YOU LOOK FOR A REVERSAL. When you see price momentum of this nature then the buyers/sellers are going to continue to keep buying and selling into exhaustion and if you start to look for reversals you will be burned more times than you will be right. So if you missed the over all move and you want to get in after the fact only trade with the price movement after critical levels have been broken are are being held. Price tends to move in “legs” of buying or selling, so you will see intense buying and then pauses. These pauses can be deceiving and can trap you if you try to trade against the market. Probability wise you have a far better chance taking a with-move position. Eventually the market will come back under some control as traders seek to find stability and reference points for new entries or to take profit. So all in all once the move starts you are better to be cautious and wait it out. New trades are always on the horizon.

Part of the reason we are seeing this happen is because of fundamental news. US news has been surprisingly bad compared to the projections. Since last week numbers have been red across the board, so the poor US news is driving this Euro recovery. US numbers though will fall back into line as will Euro numbers and I’m sure we’ll see the Euro sell off again before the year is out, but until then we need to be on our toes. So do pay some attention to the overall status of news reports as they do provide a BIG picture view of things.

kibed83

Much appreciated fetor,

i did take two trades with the trend and amazingly worked out about 72 pips,and grew my micro account by 4.75$

Cheers.

http://www.forex4noobs.com/blogfet/ Fetor

kibed83,

Nice job man. Those are good trades.

-Fetor