EURGBP: (1H) Present for Mick and SoulTrader2004

[Trader02]

Originally Posted by 4xis2ez

I also am short eurbgp at .9691, stop at .9715, limit at .9661. In my opinion, this trade will take 48 hours or so to work out. So I have no intention of changing my stop anytime soon.

Say what? Please correct these figures, maestro.

[Trader02]

Doji etc.:

Which are the most important, significant candlstick patterns to be aware of?

I'm OK with the dojis, esp. longlegged, gravestone etc.

But morningstars, eveningstars, dark cloud cover etc. -- I sort of abandoned this topic due to the complexity and too many bad calls I saw by the practitioners in the stock market.

Steve Nisson is the recognized guru but I've not read the book. Is it really worth reading?

Just one simple, practical book on the subject might be fine, but it would be nice to just know which few are the most significant patterns.

Soul or anybody, kindly oblige.

Thanks

[4xis2ez]

Originally Posted by Trader02

Say what? Please correct these figures, maestro.

Thanks, I didn't even see that. They were .6691, .6715, .6661.
I think Soul doesn't trade eurgbp because of the lack of volitility.

[Trader02]

Originally Posted by 4xis2ez

Thanks, I didn't even see that. They were .6691, .6715, .6661.
I think Soul doesn't trade eurgbp because of the lack of volitility.

Thanks for the clarification.

Do you see the short on the daily or smaller timeframe?

If "daily", what do you see as the target?

[Soul-Trader2004]

yup, cant stand a pair that moves about 1 pip a day lol (or at least it feels like that.

Forget candlestick patterns - just look at the current candlestick and how price is moving it - i dont like patterns but i do like doji's - especially long legged ones - - anything long shadowed shows a rejection. - its not the rejection candle to trade tho, it's the one that closes above / below it.

EURGBP - why don't i trade it - why would i allocate money to trade a slow moving pair when there is more action elsewhere - why pay £5 to go and watch a boring movie when you can go watch some alien busting sci-fi flick for the same price - which one gives you more faster?

basically if I were trading 4 hour charts i would look for volatility of 400-800+ pips per swing with a swing lasting no more than 7 - 10 days on average. swings in eurgbp are a hundred pips tops and last weeks - a waste of my resources.

[Soul-Trader2004]

euraud has been very interesting lately for swings for example and there are others. but for trading the 4hour chart you need big stops, in fact i used to trade without them because my stops were generally much bigger than the daily range.

i'm ranting now - have a good weekend, i'm off out on the piss for some soul music

[4xis2ez]

Originally Posted by Soul-Trader2004

yup, cant stand a pair that moves about 1 pip a day lol (or at least it feels like that.

Forget candlestick patterns - just look at the current candlestick and how price is moving it - i dont like patterns but i do like doji's - especially long legged ones - - anything long shadowed shows a rejection. - its not the rejection candle to trade tho, it's the one that closes above / below it.

EURGBP - why don't i trade it - why would i allocate money to trade a slow moving pair when there is more action elsewhere - why pay £5 to go and watch a boring movie when you can go watch some alien busting sci-fi flick for the same price - which one gives you more faster?

basically if I were trading 4 hour charts i would look for volatility of 400-800+ pips per swing with a swing lasting no more than 7 - 10 days on average. swings in eurgbp are a hundred pips tops and last weeks - a waste of my resources.

The dollar value per pip of eurgbp is greater than all other liquid pairs.

[Soul-Trader2004]

and your point is?