Currency Trading; September 03

[Newtron Bomb]

Currency Trading; September

Long on the BO of the dec. tri. depending on how you view it you could also call it a dec. wedge either way there is a good s/r point at 1.6520. Tried going long above the first spike down but the second spike down took me out. RSI showed signs of strenth for the second entry.

So far today one open trade and one loss for -22

 

[Newtron Bomb]

Ive seen gbp form ranges pretty well defined in the past and its funny that they seem to reoccur as a 60 point range... the last one of any note had a 66 point range.

Notice how the low of today is approx 1.6460 next s/r @ 1.6520 and its near enough to 1.6580 as damn is to swearing :cheesy:

So it the high is broken then am expecting 1.6640... failing this it will trade with in these ranges and a break of the low i would expect it to reach 1.6400.

you may have noticed that ive rounded the figures as it just makes it easier for me and am lazy no other reason and it gives me a couple of watch areas... my next entry area will be 1.6625 for a long, and for a short 1.6520 but i would expect the ema to have caught up by then so a strong break past that will do just as well

 

[Newtron Bomb]

Interesting where it turned from!!!

 

[Newtron Bomb]

out for -30 and a -22 from earlier is all i could muster for the day.... plenty of ops. for smaller time frames to take some decent dosh but i prefer to keep my feet up lol

Will be doing it all over again tomorrow

 

[Bigbusiness]

I spotted this head ans shoulders on the Euro/USD this morning. It's a bit of a small target but I made a few points out of it.

 

[bonsai]

BB
do you have a link for sardines plaice ?

 

[Bigbusiness]

Yes, I will have a look.

 

[Newtron Bomb]

... long gbp 1.6550

Excellent trade BB

I noticed how the shoulder line broke the ema.. you would be in on the break of the shoulder and if you missed that then you have got pullback a little higher at 1.1455

 

[Newtron Bomb]

On the 15 min eu chart we can easlily see a double bottom with a reversal pattern on the second spike down, including this there are a few other posable long entries... the move past the ema and a pullback, which then breaks out from the overnight range (had a lie in so 9am range for me today :cheesy: )
What more information do we need to go long if we arent already :?:

 

[Newtron Bomb]

It would be easy for me to comment like many others and make no follow up if it is wrong... however...

euro/$
I said there were a variety of reasons to go long but as the chart shows it did not make such a great move before turning and testing the lows making a higher low, and am guessing that someone like BB may have taken some points with a short from around 1.1465 :cheesy:

It would really depend on your money mangement as to if you are still in given the turn or will have been stopped out, personally i am still long on the euro/$ as i am taking a more long term view as previously mentioned.

£/$
Still long from 1.6550, turned just above my stop level (phew )

 

[Bigbusiness]

Thanks for the charts Newtron. I haven't been trading the Euro/$ long and have started with small stakes but so far it has been much more fun than trading the Dow so I might decide to switch. I think currency trading has a lot of advantages over index trading. I find the small spread, less bias, the nice moves and the lack of opening gaps a nice change. Hope a few others join us soon.

 

[Newtron Bomb]

So do i i feel a bit lonely here sometimes.. but you are quite correct forex is a highly underestimated market and i'm thinking that it is really is quite good for beginners as it conforms very well to basic TA... spreads are the same as forex brokers still no commissions with either, little or no bias...blah blah etc. :cheesy: :cheesy:

Not a great deal of action today as far as the way am trading gbp/usd goes. some nice pullbacks higher lows and higher highs the stuff we all like :cheesy:
Came close to being stopped out at 1.6525, bounced off the ema and formed the base of a upward channel... with the ema running nicely along its base.. nice and convenient eh?
No surprise to see the top of the channel at 1.6600 and the last dip finding support off the first peak should see some more steady gains... i'll keep my fingers crossed
I'm putting my neck on the block and say that I'd expect the overnight range to form between 1.6570 and 1.66 all things being equal...
Ive got a buy stop waiting at 1.6625 in case of a BO overnight

 

[Newtron Bomb]

...well that drop ws a shocker to wake up to!!!

 

[Newtron Bomb]

Its seems that teh ema caught the drop... thankfully

Am long already, but if not.. from the pullback made with a higher low and an enrty for about 1.6555/60, failing that a BO of the high

My reversal short is 1.6530

 

[Goober]

forex is a highly underestimated market and i'm thinking that it is really is quite good for beginners as it conforms very well to basic TA...

NB

In your experience, do chart formations work well on forex charts?

Thanks

Goober

 

[Newtron Bomb]

Yes, all youwill hear me say is that basic TA works extremely well

This moring we see an expanding triangle... euro/$ look similar but its a bit jumbled up.

 

[Newtron Bomb]

The same view but just using horizontl s/r

 

[Newtron Bomb]

The same view with fibs... nice 50% retracement.... interestingly if you take the fib line from the spike low on the first bar of the day it is precisely 50%

 

[Newtron Bomb]

and ive just noticed this...

Maybe some gann angels at play :?: support at 1.6562ish :?:

 

[Bigbusiness]

Works quite well on a 1min chart as well. This is the Euro/$ this morning. The red arrows are good entry points using the sort of TA that Chartman does on the Dow.