August '04 Forex Trading

Newtron Bomb

Experienced member
1,602 87
On the daily chart this area is still providing a watch area for me for swin trades. I missed compounding in to the down move as mentioned on the previous thread. I'm still a little bit curious as to if it will reach 1.80 again. I certainly have 1.8050 earmarked.

NB
 

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Newtron Bomb

Experienced member
1,602 87
60 min charts are making higher lows but is really at last chance support before we see a sell off. If/when it goes i'm targeting 1.8150 1.8120 & 1.8100

Upside has good potential to get to 1.8250 1.8300 1.8350

NB
 

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Newtron Bomb

Experienced member
1,602 87
The 4hr chart certainly shows the potential for a downward move, certainly to recent lows.
A move to break out of this range might suggest a 3 cent move as a target back to 1.86 resistance area.
Whatever happens i feel that a reasonable move is on the cards in either direction. We may see a consolidation ahead of economic releases this week, either way I have my plan sorted. :)

Happy Trading
NB
 

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robber

Member
82 0
Any update for july from users of spoton and its variations? It all seems to have gone very quiet.


Neil
 

Newtron Bomb

Experienced member
1,602 87
It usually is with fads.

My own BO strat has been doing well, along with all my trading... still in the game ;)

Regards
NB
 

shogun

Member
53 0
hi phil hows it going , i called round the other day but your dad said you were busy in the bedroom, :)
he did not say who with though.

been doing alot of forex trading of late ,takes a while to get used to but it is easier than the indexes,

hope all is well will catch you later,

jeff.
 

Newtron Bomb

Experienced member
1,602 87
Hi Jeff,

I'm flat busy with trading and a new project I'm getting off the ground. Ongoing health problems also restricts my time at the moment.

Glad your doing well with FX :)

Kind Regards
NB
 

darrenf

Well-known member
481 3
I have been tracking various breakout stategies over the last few months.

Of the ones discussed (7-8, 7-10, 1-8, 1-9) etc, the 1-8 seems to have the most consistent results, mainly I think because a breakout of a longer period is more significant than those of a shorter period? That's my logic anyway.

That said, May had quite good results, June, pretty respectable (400+ points) but July quite poor with a total return of 80 ish points. Still, the average is around 8-9 points per day over the period. (forgive my woolliness, but my records are paper based at the moment and I haven't worked out exact figures yet).

The ranges have really been poor over the last few weeks, particularly the last two, and as these systems rely on catching the main trend of the day they have'nt worked well in recent weeks. (There haven't been many good trending days).

No doubt, daily ranges will pick up again and the returns will start to look respectable again!?

Newtron. What breakout strategy are you using at the moment. Would be interested to hear of one that has worked well in recent weeks, particularly the past two!
 

ChowClown

Senior member
2,732 56
I've been trading the 1-8am (EUR/USD) BO from 22nd April (inc a week's holiday in June)through FXCM, results so far:

Total pips: 471 (assuming a 60 pip loss today, which is likely to be hit v soon)
Max consec DD: 129
Profit factor: 3.65
Average pips/day: 7

"Small consistent wins are the roads to riches" and all that.....;o)
 

Taz

Active member
159 7
Wondered what you were up to NB ! Sorry to hear you are not 100%. Good luck with the new project (very mysterious)................

Taz
 

Newtron Bomb

Experienced member
1,602 87
Darrenf
Ive used a time BO of the overnight trading session usually 8am (uk time) for quite a while. However, I also look at consol. BO's
5 min cable chart just gave a nice quick scalping example consol between 1.8250/1.8240
short 40
limit 30
stop 60
Profit +10 over in a few seconds ;)

Depending on what the market conditions are like i may wait for a pullback to a fib before entering a BO... today for eg yesterdays cable low breached, waiting for pullback, as it turned out it gave me a reversal signal to go long.
The current price action is telling me we may see a similar story, long above my s/r lines @ 60 or a reversal short (already in) @ 40 (additional entry on top of scalp trade).

In the past two weeks a lower top above a round number has worked a treat (Mentioned on the July thread) an easy 80-100 pips.

Happy Trading
NB
 

Newtron Bomb

Experienced member
1,602 87
Taz said:
Wondered what you were up to NB ! Sorry to hear you are not 100%. Good luck with the new project (very mysterious)................

Taz


Thats the price you pay for being a jigalo lol :LOL: seriously though, thanks for the support.

When Ive something to report about the project I will roll it out fully. You can probly get the gist of what am doing from my trial site (link below)

Regards
NB
 

robber

Member
82 0
thanks for that Darren and Chow, Ive not been tracking BOs for a while but gut feeling was that we are not seeing many good trending days over the last few weeks. Heres hoping it picks up again soon.

regards


Neil
 

darrenf

Well-known member
481 3
robber said:
thanks for that Darren and Chow, Ive not been tracking BOs for a while but gut feeling was that we are not seeing many good trending days over the last few weeks. Heres hoping it picks up again soon.

regards


Neil

Hope so too.

We should get some big moves tommorrow, one way or the other (or both!) and hopefully that will be the kick that we need to get some decent moves over coming weeks. Only time will tell though.
 

ChowClown

Senior member
2,732 56
Hi darrenf,

...interesting, apart from the US employment reports, what are you basing your thoughts on for the potential big moves tomorrow?
 
 
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