Greek Opposition leader to provide letter of acceptance tomorrow

1. Graham on February 15th, 2012 5:27 am
   

   I have a small EURUSD long from 13165 based on:

   1 this fundamental and;
   2 – the technicals of the price rising on the 100 ma on m5.

   Just clueless as to reasonable target. 13250 is what I was thinking, maybe too much?? How much impact could a simple letter like this have??
2. Greg Michalowski on February 15th, 2012 8:33 am
   

   Graham,

   I know this comes after the fact, but your entry was fine. It was off the 100 bar MA. That was your entry criteria. It also should have worked in as your risk defining level as well. That is if the price moved below the MA, the market is not doing what you think it should have done (at least from a technical perspective). SO get out.

   My key targets for your position would have probably been off the hourly chart. Look at that chart with the 100 and 200 hour MA. As you can see the price high for the day and the 200 hour MA were the same. This is significant. That level comes in at the 1.3191 level. That level needed to be breached in order for the market bullishness to continue. Another level would have been the 50% of the move down from the Feb 13th high to the low on Feb 14th. That level comes in at 1.3181. Both those would have been targets for me to get through from a long against the 100 bar MA on the 5 minute chart. This highlights the importance of looking at other time frames (like the hourly chart). That chart showed the targets clearly.

   I know the price subsequently tumbled on Greece news. I would have hoped that you employed your stop from a technical level (somewhere below the 100 bar MA). The fall was off a fundamental headline out of Greece. The fall highlights the importance of listening to the price, as fundamentals can change rapidly.

   I hope this helped.

   Greg
3. Graham on February 15th, 2012 9:46 am
   

   Thanks Greg, that does.
   Stops were in place and damage was minimal and offset by the subsequent short on the bearish side of the 100 ma that is still running and looking like my “healthy trade” trade of the day. Targeting the 23 on the fib from late Oct to mid Jan. That is the beauty of your A.C.T strategy played out in the/your book, if I trade diligently and setup my PA alerts correctly I rarely miss the right side of a runner for the day.(and perhaps be in a good attacking position to build on it if it sustains, I feel excited about this one)
4. Greg Michalowski on February 15th, 2012 9:52 am
   

   ; ) I was a bit worried but glad you kept that discipline. In a lot of ways I am more concerned about the losses than the gains. The gains happen and if you catch a runner, you will be fine. It is the losses that you don’t want to catch that runner against you. Good job….Greg

Add a comment