April '04 Forex

[FetteredChinos]

just had a butchers at the hourly chart. humungous bear flag possibly forming. could break sometime on monday/tuesday perhaps.

if so, target down circa 1.7300

 

[neil]

Stoppit

FC
It's Friday. Go out and get the drinks in.

Mine's an 'arf

 

[FetteredChinos]

i know mate. im out tmr night on a large one, so im just killing time until 8pm when im out for a cheeky couple.

'arf a crate of white wine was it neil?

 

[FetteredChinos]

ok, looks like the bear flag has failed with this mornings action.


currently long on cable from 1.8130 , buy order on Eurodollar at 1.2082.


not sure if the daily H&S is still valid. will have another look at the end of today to assess it.

could do with a decent week this week.

anyone else with a "piece of the action" today?

FC

 

[Redben]

Hello all - new to the site and new to Forex, but gone long on the Euro at 1.2075.

Ben

 

[Newtron Bomb]

Hi redben & welcome

I'm asuming that you were using 5 minute chart for your decision.

A quick look tells me that there is an uptrend in force for the day with the trend steepening (and has just broken)

Sell factors show me that there has been a triple top (albeit not very neat.) and a consolidation, waiting for the breakout of above 1.2080 would have been my preferred choice for a long and a short at 1.2075 with a target down to main trend of day @ 1.2040/45 and then if this is breached a pattern target of 1.2020

This opinion is constantly reassessed with new information on the chart.


Hope this helps shine a different view on the same information.

Take from it what you will

Happy Trading
Newtron Bomb

 

[Redben]

Hello Newtron,

Thanks for the welcome and reply. Certainly looking for 40/45 to hold strong, as 2040 is my stop. The breaching of 2080 now looks to be the right trigger for the long movement with that triple resistance around 2075. Typical for me to buy around the high!

Thanks for the info, much appreciated.

Ben

 

[Newtron Bomb]

Hindsight is a wonderfull thing lol

40 holding fine for now friday shigh provifing good support

Happy Trading
NB

 

[Redben]

Well, that's me done... two wins and two losses since beginning, down overall. Roll on tomorrow!

Ben

 

[FetteredChinos]

unlucky Ben, at least the important thing is that you live to fight another day. thats half the battle.

still, im still -46 for the day and stopped out. no positions on Euro or Yen yet.

lets see what happens..


FC

 

[Redben]

Thanks for the words FC and NB. For me, losses are always pretty hard to accept for a good half hour or so, then I tend to dust myself off and pick up again. Keep telling myself: as long as you trade a system with a fairly good success rate, and keep money management tight, then losses like today can be accepted without much fuss.

Just that the fingers are already itching for tomorrow now!

Good luck with the £/$ trade FC, hope it picks up for you - I see it's on the rise as I type...

Ben

 

[FetteredChinos]

lol its ok mate, typically i was stopped out before it went bouncing back

its a bit galling to see at first, but you get used to it. It is the greed that makes you want to move stop losses, thinking that "its bound to go in my favour soon. lets just give it a bit more leeway". never a good idea, if anything, its better to tighten stops.

its all about loss management. i have enough of those now to be a bit of an expert. time to get some winners now lol

FC

 

[FetteredChinos]

ok USD/YEN has now broken out to the upside. long position triggered at 108.15


you know the rules now guys, the rest of you can go short now for a banker trade lol..

FC

 

[Buk]

stick in there FC.....we'll all hold off the shorts till you bank a few bob mate! :cheesy:

 

[FetteredChinos]

cheers mate, i let you know when you have the all-clear!

 

[FetteredChinos]

Beegy Beegy Beegy, Ok Buk,

stop is moved to breakeven so you can sell the pants off the YEN now lol

FC

 

[FetteredChinos]

ok, shorts ahoy landlubbers on eurodollar from 1.2015. stop cunningly placed at 1.2051. (that'll trick 'em lol)

FC

 

[FetteredChinos]

stopped out of Yen @ +20 . Naturally having hit my stop, it then continued merrily on its way. oh well.

cant knock having points in the bag

been a slow day today. really quite tedious, bit unusual for a monday.

 

[Redben]

Well done FC, least you've done some good today, unlike some of us... i.e. me.

All part of the fun though, and I'm really getting quite obsessively keen with all the various strats available. Now, if only I can find a benefactor with more money than sense...

Ben

 

[Buk]

nice one FC!...+ 20's not to be scoffed at today, very much a case of "watchin paint dry" this afternoon on cable!