FX Trading October 1 - 5

JillyB · Sep 30, 2007

Evening Everyone,

Since I couldn't see a new thread started for the week, I thought I would do it.

I'm currently taking a long position overnight on the Cable in at 2.0459. After a dismal week last week, I'm hoping that the coming week will prove a little more profitable.

I'm doing my overnight trades from around 22.00pm until 8.00am (or just before) after that I will be trading breaks in support resistance on GBPUSD, USDJPY & EURJPY. I will also be looking at inside candles, piercing and engulfing candles on these three currency pairs.

I hope to post potential trades as they happend during the week.

Good trading to everyone.

Mr.Black · Oct 1, 2007

I am short on EUR/USD.......:cheesy:

JillyB · Oct 1, 2007

My overnight trade took +24 pips on the cable - which is a fairly good start to the week. I just hope that it's not all downhill from now on, like it was last week.

I'm now looking for any entry setups on the Cable, EurJpy and UsdJpy on the 1 hour charts. So far today there are no trades, but potential for setups at 10am on the EurJpy and UsdJpy. I'll post more later.

jacinto · Oct 1, 2007

hi jill

nice one. well done.

i just went long eurjap @ 14. not extra convinced, dont have a particular setup, just support-resistance, still no target, and just moved to breakeven. when that type of trade happens,

just waiting to see if i get this 60 min as a hammer and wait for the breakout to get a measured move target.....hopefully will yield some nice pips

have a good day

edit: have a target now (actually 2, but pretty much at the same level 72 and 77, so will just go for round numbers). 164.70 for +56 pips. lets see if we get there. will post chart later

JillyB · Oct 1, 2007

Potential setup on the UsdJpy, where an inside candle has formed on the 1 hour chart. I have to wait for this to break the low of the previous candle as confirmation of the reversal pattern. I will then be looking for a trade to take 15-20 pips from this.

JillyB · Oct 1, 2007

jacinto said:
hi jill

nice one. well done.

i just went long eurjap @ 14. not extra convinced, dont have a particular setup, just support-resistance, still no target, and just moved to breakeven. when that type of trade happens,

just waiting to see if i get this 60 min as a hammer and wait for the breakout to get a measured move target.....hopefully will yield some nice pips

have a good day

edit: have a target now (actually 2, but pretty much at the same level 72 and 77, so will just go for round numbers). 164.70 for +56 pips. lets see if we get there. will post chart later

Do I take it with this trade that you waited for the price to close above the resistance level set around 4am this morning. When it did this you looked for it to come back to the old resistance/now support and entered the trade at this point?

Just one question how did you come to your target figure of 164.70?

shadowninja · Oct 1, 2007

Long on Eur/Yen using the 3 Ducks technique (well, I call it the four spring ducks technique, given the entry method as described in that thread, due to my inherent laziness). So simple even my idiotic self can profit.

jacinto · Oct 1, 2007

just bailed out at 64 for +50 :cheesy:

regarding your questions jilly, give me 5 mins and i will post my charts. kind of explain the trade in a simple way.

think this still has room to go to 65.20 but wont wait for it. if i see a new entry i will just jump in

Mr.Black · Oct 1, 2007

Jack's method is so cool..... I closed my short 40 pips profit......:cheesy:

shadowninja · Oct 1, 2007

40 pts here. Nice to see everyone profiting. Well done, guys.

JillyB · Oct 1, 2007

JillyB said:
Potential setup on the UsdJpy, where an inside candle has formed on the 1 hour chart. I have to wait for this to break the low of the previous candle as confirmation of the reversal pattern. I will then be looking for a trade to take 15-20 pips from this.

UsdJpy has broken out to the long side - so no confirmation of the reversal. Instead a long trade taken at 115.57 on pullback to new support of previous high.

jacinto · Oct 1, 2007

JillyB said:
Do I take it with this trade that you waited for the price to close above the resistance level set around 4am this morning. When it did this you looked for it to come back to the old resistance/now support and entered the trade at this point?

Just one question how did you come to your target figure of 164.70?

ok, here you go,

2 charts, one with candles and another with lines that are not indicators!!

lines are closing prices, but you can always use candles and closing prices at te same time if you use a 1period SMA on closes only

i bailed out at 64, as price was taking a rest, and i didnt want to wait for a pullback. also, had 164.70 marked as weekly resistance level. i still think this can go further, but might as well wait for a pullback for the sake of 6 pips. so wont complain there.

JillyB · Oct 1, 2007

Thanks for the charts J - I think I was on the right lines with what I thought

jacinto · Oct 1, 2007

no worries jilly, glad to be of help.

JillyB · Oct 1, 2007

JillyB said:
UsdJpy has broken out to the long side - so no confirmation of the reversal. Instead a long trade taken at 115.57 on pullback to new support of previous high.

Out of trade at 115.75 for +15 pips after spread (3 pips)

Atilla · Oct 1, 2007

jacinto said:
no worries jilly, glad to be of help.

Anybody know what's happening to NZD? It's tanked againts the £ whilst the £ risen against USD?

Any comment gratefuly received.

Many thanks.

jacinto · Oct 1, 2007

Atilla said:
Anybody know what's happening to NZD? It's tanked againts the £ whilst the £ risen against USD?

Any comment gratefuly received.

Many thanks.

no clue atilla, sorry. why, are you trading kiwi these days?

Atilla · Oct 1, 2007

jacinto said:
no clue atilla, sorry. why, are you trading kiwi these days?

I'm not at the moment, the question was more acedemic to me. I hear from my Kiwi friend the NZD is pegged to the USD.

£ rising v USD but
£ falling v NZD

Just curious why the moves so great againts each other.

jacinto · Oct 1, 2007

Atilla said:
I'm not at the moment, the question was more acedemic to me. I hear from my Kiwi friend the NZD is pegged to the USD.

£ rising v USD but
£ falling v NZD

Just curious why the moves so great againts each other.

a peg

Atilla · Oct 1, 2007

jacinto said:
a peg

Obviously not.

I'll try and read up on it see what's causing the gulf.

Many thanks.

FX Trading October 1 - 5

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