Currency Trading May 7 - 11

[Chocolate]

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.

Congratulations on your system and thanks for sharing it. I'm not trading myself at the moment, but keeping my eye on EUR/JPY. I think it's a holiday in Japan this week, so overnight ranges are likely to be smaller and thus less profitable.

 

[thecurrencydealer]

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.

JillyB, culd you please explan why the order of low or high is formed for the day matters ? many many thanks.

 

[oiltanker]

like boats with limp sails on flat water in the windless doldrums everything i watch is sitting on support lines going no where. might do a bit of ftse.

 

[trendie]

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.

good call, JillyB.
will have to check out this tkimble bloke on FF.
(after I have finished reading boxingislifes "sexy stochs" thread. )

 

[hornblower]

like boats with limp sails on flat water in the windless doldrums everything i watch is sitting on support lines going no where. might do a bit of ftse.

hi oiltanker
your post just about sumes things up ,
may go and sit in the garden for a while , and read the paper

 

[JillyB]

JillyB, culd you please explan why the order of low or high is formed for the day matters ? many many thanks.

I don't actually know why it is important - but it is. I seem to remember reading about it being important somewhere else too - I think it was in the Taylor Trading Technique book. But by drawing out the pattern for the day using horizontal lines for the high and low and then marking the bounces etc as fib ratios of the high and low you will get an idea of which direction the market will go overnight.

For instance say the high is formed second (last) but then the price retraces down past the 78% fib by 10pm. I would be looking for a sell trade here for the price to continue down overnight.

However say the high is formed second but then the price only retraces to the 61.8% fib by 10pm. I would be looking for a buy trade here for the price to bounce upward overnight.

Does this make sense?

By the way - did my old thing of chickening out this morning and took 7 pips - still it's all profit.

 

[a_gnome]

Morning all,
Taken a short on cable at 1.9888 which is a little underwater at present and not looking good. The trouble with cable is that it's in this downward-sloping channel at the moment and in my experience when a market is within a congestion channel it's rather difficult to trade.

Can't see anything to do on either EURJPY or USDCHF which are the other two markets that I am following at present.

 

[a_gnome]

Morning all,
Taken a short on cable at 1.9888 which is a little underwater at present and not looking good. The trouble with cable is that it's in this downward-sloping channel at the moment and in my experience when a market is within a congestion channel it's rather difficult to trade.

Got stopped out. Perhaps I should heed my reservations about trading within a congestion channel!

 

[Phil Mibbutz]

Obviously, we should all adopt Lightning McQueen's method used in the T2W competition. 5000+ points for zero trades isn't bad going. Always knew the holy grail was out there if only we knew where to look.

 

[Phil Mibbutz]

... And two minutes later the leaderboard's been fixed, so we'll never know how he did it.

 

[trendie]

cable: worth a short?

risen to low of yesterdays evening low = resistance?
also, risen to upper range of recent down-move. (seen from daily perspective)

waiting for some sign of peaking, such as a pin-bar.
or maybe I am thinking too much, and have pre-judged the situation, and will see what I want to see.
oh dear.....

 

[Doctor Leo]

Remember, the target for cable remains 19700... and after yesterday's move it's becoming more and more probable. Personall I'm still staying short on cable.

 

[oiltanker]

szarkozy wants to politicise the euro and use it as an instrument of [french] govt. why do govts think they can take on the forex market and win? its like an ambitious cat thinking a whale is 'just another fish'.

 

[thecurrencydealer]

cable look like wana break 9920 for test of 9950/60. If so, will add to my open short (9958). Wht u think ??

 

[jacinto]

afternoon all,

been having PC issues. took me 45 mins or more for a browser to open, let alone the trading platform

at least it seems i havent missed any fun apart from taking an overnight hit of 2500 pips well, on a farce of a competition :cheesy:

will have to stand aside until tomorrow. I would expect no moves until the evening.

good day

j

 

[jacinto]

i stand corrected, if not a huge move, did go through 40 , now 50. lets see if it takes 70, otherwise, back to 9900

 

[thecurrencydealer]

cable look like wana break 9920 for test of 9950/60. If so, will add to my open short (9958). Wht u think ??

Short cable 9960 just got executed!
Open trades:
short cable: 9960, 9958
short fibre: 3590
long chf: 2133

to hold thru the wk

Ouch thats some strong spike, wht mess got mysef intpo

 

[trendie]

cable: worth a short?

risen to low of yesterdays evening low = resistance?
also, risen to upper range of recent down-move. (seen from daily perspective)

waiting for some sign of peaking, such as a pin-bar.
or maybe I am thinking too much, and have pre-judged the situation, and will see what I want to see.
oh dear.....

not convinced about short now, as high of the pin-bar 2 days ago taken out.

 

[jacinto]

not convinced about short now, as high of the pin-bar 2 days ago taken out.

me thinks both of us will be surprised. look at the "real" pinbar on the daily for the 1st of may, then look at the open of that bar, and compare to the high of this move.

Imo this was a pullback, and now we are going south with strenght.

j

 

[trendie]

me thinks both of us will be surprised. look at the "real" pinbar on the daily for the 1st of may, then look at the open of that bar, and compare to the high of this move.

Imo this was a pullback, and now we are going south with strenght.

j

have seen first pin-bar on the 30-mins.
minimal trade, as not too sure, due to big move up.

EDIT: thanks jacinto; just looked at May-01. must learn to be less short-sighted!