EURUSD: buying interest at 1.3080

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Hearing some good size buy orders between 1.3070-80 and then smaller interest at 1.3050 and 1.3020.

Sell orders at 1.3130,1.3160 then larger at 1.3200

Author: Mike Paterson

Mike Paterson has more than 30 years of experience trading FX including key market-making roles as a senior spot trader with UBS and Credit Suisse. He was also head of FX at the State Bank of Victoria in London. With sizeable daily trading volumes Mike carved out a career combining professional integrity with a cynical grasp of seizing market opportunity. Since leaving the City, Mike has been working as an independent consultant and trading for himself, along with presenting seminars and writing for a number of publications. Mike now lives in Kent but remains a passionate sponsor of Southend United FC.


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Mike Paterson


  1. looks like that was chewed through there.. any idea what caused the drop in the last 30 mins or so?

  2. just eurjpy selling with a few longs booking profit given its friday and usdjpy failing to make any further gains

  3. is mike paterson a shill for the big banks? i was short from 1.3120 and i figured eu wouldn’t just fall 40 pips if it was going to fall. mike can we get a real full disclosure here? i consistently benchmark what you say with reality and it keeps falling short. i remember you recommended people to get rid of their cable longs back around 1.51 and i had said it would hit 1.53.

    still holding eu short and got my stop trailed to 1.3090 right now. going to bed.
    ea looks like it’s got some downside as well…

  4. what is a shill and why do retail traders seem to think that interbank traders have an agenda against them? its crazy… i have been bearish on cable for a long time and see no reason to change my view that it will go lower still. I sell rallies and buy back on dips.. its simple.. anyone should feel free to buy dips and go long if they wish. I never recommend anyone to do any thing.. I am merely here to post news and views.. the orders are real but as with all things in these markets are not guaranteed to hold or reverse the price action.

  5. I think everyone should stick to their own method, most people have hidden agendas even if they dont know it themself.
    Sometime sites like Forexlive help and sometimes they hinder. No one has a crystal ball.
    forex is about most likely nothing else.

    Not slagging you Mike just telling it like it is.
    For a free service you do a great job.

  6. just to repeat. i have no agenda. hidden or otherwise

  7. a shill in this case would be someone who shares bad information with people who take the information as worthwhile when it’s actually the “bad” side of the “good” trades the banks are making. i realize retail doesn’t have much money, but on a large scale, it’s still worthwhile to chase after it and take it away in a legal way…

    because the narrative of ‘professional with experience in a field specializing in skimming money out of the financial markets suddenly decides to help the ‘muppets” whom he helped sapped money out of’ is highly suspect. not that crazy when you consider that perspective.

    and you didn’t aim a gun at anyone’s head, but some here take what you say seriously (not sure why…) but those heard you say that 1.51 is a good place to get off not too long ago. i didn’t have anything to do with cable, but i just seem to remember that from recent memory. if you press me on it enough, i’ll go find the post.

    the orders are “real” in that none of us can really verify what you say. no idea what the sources are exactly as they aren’t cited. nothing is a guarantee, sure, but what has been pretty accurate for me so far is when you say something is likely in the short term i do the opposite. so far it works all right, but now that i’ve said that, maybe not so much…

  8. Retail traders are like flies on an elephant’s back to Interbank traders. Only an annoyance to get rubbed off in a sand roll – stop hunt. Same for equity futures – the CME pro traders, banks, and hedge funds must have fools so they can take their money. That’s the reason for 401Ks, IRAs, and Wall Street’s desire to end SS and replace it with money flows they can use.

  9. wow. some very serious accusations there about my integrity and professional ability. but hey ,if you don’t like what we do here then please leave and go and find someone else to insult.. thank-you

  10. Will said Mike – I appreciate your FREE service, and like any advice it’s up to the individual to way it up and make their own mind.

  11. Wouldn’t bother even justifying yrself Mike….water off a ducks back

  12. thanks andrew

  13. indeed but some insults have to be addressed Ed

  14. Id address them in two very simple words

  15. lol Ed

  16. Hi Mike

    I hope you are well, wouldn’t react mate. Why get distracted?

    It’s Friday and life is too short.

    Anyway I am still demo bloody trading because I haven’t got the guts to dive in yet- any help from you (or a kick up the arse) would be well received.

  17. dont worry pip . im not distracted. which parts of trading are you unsure about?

  18. Bloody all of it mate.

    Just not sure if it’s for anymore. The lows are pretty bad and the highs aint making me much.

  19. what’s your main source of signal?.. ie what do you base your trading decisions on?

  20. Mike, we have a proverb in our culture that say silence is the best reply to foolish.

  21. perhaps so Koorosh but i always encourage open debate.and that type of conspiracy theory and insult has to be addressed imho

  22. Hey “*****” which I assume is shorthand for “LOSER” as the letters [and obviously the cap] fit, you should put your money where your mouth is and bet against every piece of advice / information Mike and others at forexlive post. Based on your bigoted assessment, you will be seriously minted in no time. Even better, use 800 times leverage and commit at very least 20% of your bank to each trade [no need to be a greedy mofo, just 4 of your ‘dead cert’ contrarian trades at any one time should be enough to quadruple your account within hours and on a daily basis…… [so convinced are you of your own self righteousness, stops would be completely unnecessary] Please, please get back to us in a few days time and humble us with an update, so that we can all ‘marvel’ at your undoubtedly guaranteed success you *****!

  23. Anybody encourage open debate but nobody accept accusation.

  24. In my words, ForexLive is doing a great job. I had tremendous opportunity to learn while trading…Great Work Mike… Really appreciate it….

  25. Thanks Mike.

    It’s based around 55/100/200 MAs.

    past 100 then I see that as a trend.

    Then check RSI to confirm if over 50.

  26. thanks Sanjay

  27. Mike you do a fantastic job as do the rest of the FXLive team. People get pissed here when they lose money and point fingers anywhere they can. I see this attitude all the time on this site. It is very apparent who the losers are here.


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