Currency Trading May 7 - 11

[oiltanker]

buy euro at 1.3560 target 1.3600

 

[JillyB]

Hi everyone,

Managed to take 22 overnight on the Cable on a Buy trade. Got in last night at 1.9925 and out this morning at 1.9950 (less 3 pip spread). That's me done for the day. Back in again on it tonight.

 

[geldmeister]

Looking to buy Euro on a retest of the botom 3545 area

 

[geldmeister]

Bought 49

 

[The Pearl Fisher]

Bought both EUR and GBP (1.3572 , 1.9922) No target.


SL’s at 40


TPF

Exited EUR and GBP Flat. Waste of time..

 

[The Pearl Fisher]

Bought USD/JPY at 119.60

Sold GBP/USD at 1.9925

 

[Doctor Leo]

Yen target at least 11920, more probable 11900...

 

[The Pearl Fisher]

Yen target at least 11920, more probable 11900...

I think it’s out of step. May run back up….above 120.20

 

[geldmeister]

cover half @ 55 stops on remainder at 46

 

[a_gnome]

Hi everyone,

Managed to take 22 overnight on the Cable on a Buy trade. Got in last night at 1.9925 and out this morning at 1.9950 (less 3 pip spread). That's me done for the day. Back in again on it tonight.

Hi Jilly,
Good to have you back posting on the FX thread. Might I ask how you are trading FX these days? IIRC previously you were using Darvas boxes before giving up on them to concentrate on your Dow Jones trading.

 

[geldmeister]

stops on remainder to Break even target 84 - 50%

 

[The Pearl Fisher]

Bought USD/JPY at 119.60

Sold GBP/USD at 1.9925

Exited at 119.75 and 1.9895

 

[a_gnome]

USDCHF seems to be having a good go at breaking through all this overhead resistance. Stop now moved to +20 on the remaining half.

Nice decisive break-through action. Currently +37 stop on remaining half. I'll be looking to tighten my trailing stop more agressively from here on.

 

[a_gnome]

Nice decisive break-through action. Currently +37 stop on remaining half. I'll be looking to tighten my trailing stop more agressively from here on.

Stopped out for +52 on the remaining half. That's me done for the day.

 

[JillyB]

Hi Jilly,
Good to have you back posting on the FX thread. Might I ask how you are trading FX these days? IIRC previously you were using Darvas boxes before giving up on them to concentrate on your Dow Jones trading.

Hi there,

Yes, it's nice to be back. Got a couple days holiday so I've been looking round the site and came back to this thread.

I've been trading the Cable since December due to the contract I'm working on at the moment which doesn't allow me to be at my computer when the Dow opens. (I'm still keeping a record of the Dow trades, but just can't trade them.) So I wanted to trade when I'm at home which is from 6pm to 8.30am and the Cable seemed to be an obvious choice. I also wanted something that I wasn't going to be sat in front of as - some of you may recall - I have a nasty habit of taking my profits too early and not letting them run, so leaving it overnight seemed a good option.

I picked up a trading strategy on ForexFactory by tkimble, where you basically trade the cable at midnight (Uk time) based on the previous days direction. If it starts to trend then you stay in the trade for a maximum of 3 days and then reverse the trend. It works - to a point - but seemed very arbitary to me, so I started drawing out the days movement as a set of line on a piece of paper and noticed where the high and low of the day were and where the price was at 10pm in relation to the high/low. Put a Fib on between the high and low and you start to see patterns emerging - a gartley formation is a great one that occurs regularly. Based on the fib retracement and any gartleys etc I decided whether I will be going long or short that night.

So I place my trade now between 10pm and midnight - looking for an entry on a 2 min chart with a stochastic on. If I'm going short, then I wait for the stochastic to be high and then place my sell trade (the opposite for a buy trade). I have a stop of 45 pips and a target of 60 pips (just in case it starts to move a lot - some times it's hit which is fantastic when you get up and switch on the computer in the morning!) I exit my trades before the London open, around 7.40am is best I've found. I do this as I've noticed it can reverse sometimes at 8.00am and any profit can be wiped out.

If the trade isn't in profit by 8.00am I reset my target to 20 pips (leave the stop loss as it is) and let it run. 20 pips is a good target I've found.

Account is up 53% since the beginning of the year. Need I say more! :cheesy:

 

[jacinto]

Stopped out for +52 on the remaining half. That's me done for the day.

well done AG. excellent trade.

I am a bit annoyed by setting a stop 5 pips too low. well, what can one say. price sailing to the original target. lets see.

seems that swissy trade can still give a bit more as a swinger, then again, FED day tomorrow.

j

 

[oiltanker]

phew got out of the euro buy at zero. the drop to 1.3520 activated another buy which allowed me to get out at 1.3542 b/e.

so euro had 100pt day.

 

[a_gnome]

Account is up 53% since the beginning of the year. Need I say more! :cheesy:

No that says it all really! Great trading!

And thanks, as always, for such a full and candid disclosure of how you trade.

 

[Gurah]

Hi JillyB,

Congratulations on your success, great reading - very interesting as I have played around with tkimble method - like yourself mainly because of limited time/hours.
In his original system tkimble simply went with the trend ie previous day up, then buy (& vice-versa).
When you apply your fib's to the days high & low, is it simply the level of retracement that is the deciding factor on whether you buy or short?
Greatly appreciate any information as this sort of trading style really appeals to me.
Thanks,
Gurah

 

[JillyB]

Hi JillyB,

Congratulations on your success, great reading - very interesting as I have played around with tkimble method - like yourself mainly because of limited time/hours.
In his original system tkimble simply went with the trend ie previous day up, then buy (& vice-versa).
When you apply your fib's to the days high & low, is it simply the level of retracement that is the deciding factor on whether you buy or short?
Greatly appreciate any information as this sort of trading style really appeals to me.
Thanks,
Gurah

Tonight I'm in on a Sell trade at 1.9897. Today's low was formed last and the bounce from it has been less than 38% of the days range, so I'm looking for it to continue the down trend overnight.