Replies to post #5246 on FOREX TRADERS

[Plugger301]

Never a problem taking profits or as I have been told. TTMAR. Take The Money And Run!

[ultimatepick]

Nope you are not crazy. Look at this. (from forex.com)

Thursday, November 30, 2006 - New York Update - 12:30 PM EST. EURUSD broke higher and exceeded the daily .786 retracement at 1.3240, but don't forget that the day is not over yet. The 60 min chart looks to have completed 5 waves up to the 1.3275 high and has since pulled back to consolidate around 1.3260. What I really like about this wave count is the Fibonacci relationship between waves 1 and 5. Wave 1 topped out at exactly 89 points (the 11th number in the Fib progression) on November 20th, and wave 5, if my analysis is correct, has just completed after moving 144 points (12th number in the Fib progression) to the 1.3273 high. 89 multiplied by 1.618 equals 144. Who was it that said the markets are random? We have likely seen a short-term top that could bring profit taking over the next few sessions.



Zooming into the hourly we get further price relationships that point at a 1.3270 high, including parallel trend channel resistance. I am short small EURUSD at around a 1.3260 average with stops above daily R3 at 1.3289.

[amohedas]

I got out tonight. For 162 PIP swing play. Got taken out by the market with a trailing stop.

I'm going to wait for a pullback.

[Fisher]

That was a pretty timely and good call IMO.

Way to go.