April '04 Forex

[Newtron Bomb]

Lots of interesting things happening on the daily chart.

I'm being lazy and trying to fit a lot on one chart so there are a few thing not noted.

These are the main points that stand out with out too much straining to see whats there.

Happy trading
Newtron Bomb

 

[Newtron Bomb]

Looks like the early entry is paying off so far lets hope the 2B complets first target is down to the trend line

NB

 

[jaykay3]

Excuse my ignorance Newtron Bomb but I do not know the first thing about waves. Are you expecting the Dollar to go up or down with that 2B line.

 

[Faris]

Hello Jaykay

The 2B is a reversal pattern.
I think NB is expecting his short position to reach his target of the trend line.

Faris...

 

[Newtron Bomb]

There are two pos scenarios on the chart a long and a short.

I am/was prefering a short. The short trigger on smaller time frames and so down it went big move was triggered by Non Farm Payroll.

Its on a minor trend line as i type (intra day) but hopefully will break through this. Tight stops and let it ride over the weekend i think.

Have a good weekend
Newtron Bomb

 

[darktone]

hey NB.. looks like i was correct when i said the early break on friday was a little suss . Only good thing i can see from this is my take on price action might be getting a little better .

http://news.ft.com/servlet/ContentS...y&c=StoryFT&cid=1079420119691&p=1012571727085


heres a couple of exerts in case it disapears.

"An apparently early release of the data which allowed traders to make millions of dollars before the official publication was last night being "looked into" by the Securities and Exchange Commission."

"Traders said the Yahoo Finance website carried a report from a Reuters feed two minutes before the official release time. Reuters and other journalists were shown the data half an hour earlier in a routine "lock-up". Reuters said it did release a report wrongly time-stamped as 8.28 but said it was published at the correct time of 8.30."

ah well..... ........ NEXT!..

 

[Newtron Bomb]

nice one DT, looks like a bit of back peddling by YHOO.

Lets hope we see some follow through on monday

Happy Trading
Newtron Bomb

 

[Newtron Bomb]

update

GBP online for initial target

 

[DaveT]

I still see a potential HEAD AND SHOULDERS TOP FORMATION since January on that chart.

Break of the neck-line would indicate a drop to 1.67 or so.

 

[Newtron Bomb]

Thats great dave but what are you going to trade until the neckline beaks?
This is what is forming and can be traded now. Ive traded this down from 1.8490 compounding in.

Kindest regards
NB

 

[Newtron Bomb]

euro at a turning point

support @ 1.20 could find it continuing to range until we get new information

a break here could see it continue to free fall.

Regards
NB

 

[Newtron Bomb]

GBP finally decided to take a dip below support both trend and pattern support.. still haven't decided if it is a channel or asc. tri. but hey who cares a long s it works.
Hopefully it should see the completion of the right hand shoulder of the H&S complete with an initially target of around 1.75 if the pattern completes and we could see approximately 1.67 if the H&S completes and makes its target.

Anything can happen until then so constant reassessing is necessary.

Happy Trading
Newtron Bomb

 

[Newtron Bomb]

euro - with the break of support at 1.20 we may now see an increase in volitility if this level holds now as resistance.

still waiting for all the factors to trade this again. however i do have a 4cent target for Euro if it does decide to continue south but it still hasnt been trading well imo. will step aside for now.

Happy trading
NB

 

[darrenf]

Agreed re euro Newtron. I've tried to trade it maybe half a dozen times in the last few weeks. Stopped out each time. Still pretty choppy despite a couple of attempts at a break south.

GBP still moving much better IMO and still producing profits for me.

 

[Newtron Bomb]

Euro is definately a choppy beast atm CHF has been better to trade moves are a lot smoother imo.

NB

 

[darktone]

R we near a LT swing bounce?

we do seem to be near the weekly up trend with a lot of shorts in the market

 

[JonnyT]

I've had 6 consequtive big daily wins on the Euro so I'm afraid I have to disagree!!!

JonnyT

 

[darktone]

daily wins! whats that got to do with a weekly chart?

 

[FetteredChinos]

I think Mr Cryptic JT was replying to Newtron's earlier post about the Swiss franc being easier.

tell you what guys, i think i have "seen the light" with regards to forex. +500 pts in 3 weeks now . Cable really does "give it some" doesnt it!!!

FC

 

[darktone]

DOH! i withdraw with head held low :cheesy: .

yep FC cable and E seem to alternate in which is best to play. Im not good enough to know when they switch so i stick with E. A word of warning if your an FX noobie is beware of cable..it can take as fast it gives .