Currency Trading; October

Newtron Bomb

Guest Author
Simple entry this morning reversal long on teh BO of overnight range @ 1.6650 and a scratch trade


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gbp/usd Daily

Daily chart showing a slowing of pace, perhaps sideways :?: or perhaps a reversal spike with a lower top being formed:?: Will a continuation patten form :?:
What ever happens the spike up and down over the last two days would give me a good indication of the area a potential range or patten could form - lets see when we get new information :cheesy:


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Settleed into a nice 50 point range

I think if i get stopped out of this entry i will wait for a break in either direction.


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As I typed it broke some if the spike lows that have showed me where the support levels are, the range looks more defined between 1.6660-1.6580.

The 5 min chart also looks more tradeable for day trading just using basic TA, combined with RSI you can see the turns clearly RSI lows and a turn of support @ 1.6600 06:40
RSI high and a turn off resistance @ 1.6657 09:00
The gamble is when it breaks out like at 11:30, clue was again in RSI not being on the low of day, which it is now and finding price support at the next level (spike low from 17:15 yesterday) @ 1.6582 as i type.
It can still go lower both in price and RSI and a potential up move would hit resistance at 1.66 as this was the most recent support level that was broken


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Hello everyone.

here's what I think on cable (If I may):

We were having a forming h&s on weekly charts, but it looks like the market ignored it. Now it looks like possibility for double top. Maybe. But the way things were going lately indicates on very strong flow into cable. Sentiment is still bullish and no serious warnings about possible reversal are out there. Maybe a little correction, thats all. How little? well, taking in account the hot temper of cable, it varies - maybe 1.6440, maybe more, and maybe we will get correction only after we break 1,69 high and advance further. For now, I call it corrective move - it may become reversal afterwards, but no signs of reversal yet, so I am going to take a long position. Probably today. My target is 1.6850 for the start.
Just my 2 pennies

Good Trading Everyone,

Re: gbp/usd Daily

Newtron Bomb said:
Daily chart showing a slowing of pace, perhaps sideways :?: or perhaps a reversal spike with a lower top being formed:?: Will a continuation patten form :?:
What ever happens the spike up and down over the last two days would give me a good indication of the area a potential range or patten could form - lets see when we get new information :cheesy:

I think we agree ;)
The spike high and low over the past two days has shown the short term potential or lack of it.

Do you manage accounts? or is it just what you called your thread at moneytech? just curious :)
I didn't say I disagree with you or that I am right more than you are - I just posted my view on currency, didn't know you are against people posting in your thread...
I like people like you thinking sarcasm make them look smart or funny. Especially I like those who manage to BE really funny and smart. But if you would bother reading the post, you would understand. But I see this kind of talking is preferred for you to reading and understanding before asking. If you were interested to know, you would read the post, but...everyone is unique in some way...
crossed wires here, i was just saying that we are in agreement

I didnt see any note of sarcasm and if you interpreted it this way then please accept my apology.

I inquired about your managed accounts out of curiosity, as i only had a brief look at your other thread and will read it fully later.

Finally this is not my thread it is a public thread and it has appeared that you have taken offense at me trying to start a dialog with you.

I will try to make it simpler so as not to cause offense...
take 2,
Welcome rezo_s it is nice to have another experienced voice on the thread... i was interested in your managed accounts i have not read the thread fully yet but i am genuinely interest in what you are doing. From your take on where cable is going is appears that we have similar views although we may well trade them differently :cheesy:

I hope this makes my intention a bit clearer.. and no am am not trying to be clever or sarcastic, i am trying to redirect a genuinely friendly comment to be more friendly
added to short 1.6545

goober & anyone else interested

Just knocked this matrix up so it may be missing a few points but you will get the idea anyway

Hope this helps someone


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This looks better :D,

No, you too accept my apology as I responded agresively.

If you're interested in my profile, please do read the post, visit the website - its all there. Yes, I do manage accounts even though I started offerig it lately. I am starting this business just now. It will take time - as any serious business. I am not here (here=in this business) for quick money, and I am ready to take my time. Time is the only thing to reveal the truth. I understand many think suspiciously on investing in currency market, because there are sooo many frauds out there offering guaranteed returns and big profits... Each investor should know that even though trader may have made good positive % last month, the following month may be in red...
Normal people and investors understand it, as for others, I am not interested in managing money for such people. I acually turned down last week investor with 25k investment - and taken I am a beginner, each client is important to me, but having relations with sane people and those looking at things right is more important to me.

I just thought you were looking at me as at one of those "invest in my and get rich quickly" kinda guys.

Sorry again, and good trading,

I like your attitude toward your approach to this "business" because that is what it is and a lot of people need to realise this before they can be serious about trading :cheesy:

I just thought you were looking at me as at one of those "invest in my and get rich quickly" kinda guys.

no problem for you to think this i think if i thought that of someone i may have thought the same... i trade full time myself so you wont get this from me lol ;)

I sometimes read posts several time to get the writers true meaning as sometimes what you write and what you mean to say sometimes get blurred, i try to remember that most members on trade2win dont mean offense although sometimes at a first reading it may appear differently
Thanks for the matrix, NB.

Rezo, welcome to this discussion - I look forward to your posts.

Hi rezo_s welcome to the board.Thank you for the matrix above NB i see the MA on the 15min chart are coming together on $/£ ,how are you going to play this.Will you enter either side of the MA waiting for a break or use TA and take a position.
Regards newboy
am already short, so with this in mind if no TA patterns form then is is a +20 entry... it looks like cable is having a pull back prior to the ema so a more suitable entry would be above this to reverse and lock a only a couple of points this time, for now am leaving my reversal @ 1.6640 and looking at RSI it is near its current HOD it would be fair game to wait and see what happens before reducing my entry lower.
Also the 1.6620 level showed significant support overnight so a break of this level would be more significant, so a pause here is to be expected and ideally a continuation pattern would be ideal to confirm a long entry and if it fails will confirm my already short position
Its looking a lot like the 26th sept so far today so you could expect it to go sideways and finish around its open again,
With some larger swings tomorrow or later this evening

Interesting to see if it happens
Here is the 26th Sept (top chart) and todays (bottom chart) What ive noticed is the similarities between the chart formation through the main part of the day. As I stated earlier i expected gbp to continue sideways, what differences that have occurred from this pattern to the 26th's are the vague descending triangle that moved into the usual overnight trading range (unfortunately there is some data missing for the 26th's overnight period) what we then see is the prices making a sharp move down.

What i see this time is an ascending triangle with the prices most likely closing and then consolidating around todays high and close which would suggest further advances and the possibility of a sharp move in price.

I am basing this on past observations and looking for history to repeat itself.

My hat is ready just in case lol ;)


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Have you had any problems with D4F over the last few days. I have just been reading other threads regarding account errors etc.

I have not had any problems myself but all sounds pretty worrying?
I tried IG Index today. They have a 5pt spread on the Euro/$ but the orders seem to go through quicker. Early in the morning I have lost out with deal4free not accepting my order and having to take a worse quote. So I hope to say good bye to deal4free soon. After taking money out of my account twice with no explanation and no apology I don't trust them any more.
yes there have been numerous problems with the time on fills and various other delays, i have been fortunate enough to not had problems with my account or money disappearing. It has happened before but the money is still in the account if you check the daily statement and not the blotters

not been updating trades as have been in and out all morning
1 reversal +5
1 stop -30
waited for re-entry and long @1.6690

D4F are a bit ridiculous as regards problems and fixing them and for that matter an an email with an explanation as well as an apology would be nice !!