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Quick Review of my Latest EURO Trades

If you're asking me,the past 48h where very intense, as the market had no clear direction and we kept bouncing back and forth, in essence we where in a ranging environment and I failed to grasp it because of my bearish bias I couldn't see the potential upside movement.
But you have to learn avoiding letting a winning trade turn into a losing if you want to make it as a professional trader. Professional traders never let a winner turned into a loser and I'm always on guard to protect my positions…
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I hope i understand your question, if you're asking me when I start trading live than I had my first live account in middle of 2009

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cocciolla 13 Feb.

I happen but how are things in live trading?

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cocciolla 13 Feb.

you can bring some profit?

Daytrader21 avatar

After loosing few accounts I've started to make some small profits and since late last year I've begin to make quite good profits

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cocciolla 13 Feb.

ok, thank you for your availability has been a pleasure talking with you, you do not want to steal any more time, I wish you good trading.

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CHFJPY Clash of The Titans: BOJ and SNB

Since beginning of the year after we had BOJ step into the market and announced his stimulus program CHFJPY has been going nowhere. In fact the only notable thing is that we have made a new high above the high we made in the 2011 summer. That high was put in place right after we had the SNB intervention.
This pair is stuck between the battle of the biggest central bank in the world SNB and BOJ, which has kept the pair in a tight ranging zone in the last months. The fact that we couldn't stay …
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Update 2: The sell of continued in the last few days confirming that a top is forming right here we still have to go more to the downside before wave 1 of the current down wave to complete. Next support is at 107.80 where I'm expecting to make a minor swing low and complete the wave 1 and start another attempt towards the highs and form wave number 2 before collapsing.

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Update 3: We finally manage to get a decent sell of from the highs and as I stated in my previous update the market indeed fin support at around 107.80 and the fact that we manage to close the daily candle above the round number 108.00 suggest that it will take more time before to continue to the downside. This is just the first leg based on Elliott wave analysis so in this stage price developing should be more quiet .

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Update4: The momentum in the past days continued to the downside gaining more ground and near our 106.6 target. The first wave is not yet completed this suggest further consolidation ahead.Expecting 107.00 support line to hold for some days now before any move to the downside. We may even deep below our target to close the gap at 105.60 from where I'm expecting a strong reaction.

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update 5: After hitting our target last week is seems the market has took another run up to retest the highs. The current rally has took shape of a five wave rally sequence. which suggest the 109.80 top should hold and we should see a strong correction from beginning if next week that should take us back to our 106.60 target

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Update 6:It seems CHFJPy has broken higher as USDJPY was moving higher and this dragged everything to move to the upside

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Forex EURGBP Elliot Wave count

EURGBP is in position to resume the uptrend that started from around 0.7700 swing low. Form an Elliot wave perspective we have only completed IV waves of the current up trend and we're in the final stage of this bull run before any significant retracement.(see fig.1)Currently we are in the inception of wave V and termination of wave IV which has yet to be finished and which suggest that the price will still stay within the current market range, as Elliot wave suggest that wave nr IV are usually …
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Today we had the first attempt to move higher above the intermediate resistance at around 0.8600 level but it failed to close above. But this test above the current price has cleared all the supply from above and I'm expecting at the next attempt price to push higher as the supply there has got thinner. We have to clear the highs before to continue down so I'm staying bullish for the short-medium term trend.

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My bias was confirmed after we failed first time to have a daily close above 0.8600 when we turned back we close above the 0.8600 level telling us there is not much supply there and price now has free way to move to the upside

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This week we almost hit the 0.8700 target, but I'm still expecting price to push up as we are making HH and HL and the momentum is still to the upside so the up trend is still intact. Expecting price to range int he coming days between 0.8600-0.8700

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In the last week after we manage to break through 0.8700 market was selling off very strong but it found support again around 0.8600 level. The expectation for the coming days is a range bound market action between 0.8700 resistance zone and 0.8600 support zone. So far EURGBP is experiencing a lot of range action so most likely it will follow the same behavior.

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Last update: We have only one more day to go and the market has already hit my forecast target at 0.8700. If we can manage to close slightly below the round number 0.8700 there is a change that the market would hovering more time around 0.8700. But tomorrow is month end flow so anything can happen. Didn't expected hit my target so precisely.

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