Euro/$---GBP/$ Where now?

[hammer]

good comments guys, im still holding gbp currently down 28, user its a cash bet so wanna close it today or tmro. Found resistance at 1.9000 as expected from triangle breakout.


By the way i will start putting up charts to back up my comments but just trying to figure out the best way to do it using D4F software. Anyone got any ideas let me know

 

[money123]

thanks for all the rplies ppl

jpone ... i dont think the dollar would become that weak ........but you never know........

ive never traded options........ could someone kindly tell me how i would use options to speculate the dollar strenghthning against the pound within a couple of years

 

[darrenf]

Buk

Re posting charts. Try the following instructions which were kindly pm'd to me by another member:-

darren to post a chart you need to take a screen shot..

press ctrl / up arrow (in between the ctrl and under the capslock button ) and print screen (next to F 12) all together


open it in word or a photo editing program ( crtl V) or paste) ..draw your lines on it and save it to desktop.


then click on the browse section and choose the file you want to post..

If you don't have any photo editing software, you can use ms paint.

Best of luck. It took me a few tries.

Darren

 

[Buk]

cheers Darren....I'll give it a whirl..... ....next doors 6 yr old will no doubt have it up & cracked by the time I rustle up a mug of tea!!!

 

[darrenf]

hammer

did you have a stop loss level originally for your gbp position?

 

[hammer]

yes at 1.8995 so im out for a 55 point loss

 

[Buk]

I'm sure you've noticed, but we're toying with a 50% Fib (9003) on the run up from yesterday's 8865 number, and smack on the 8985 decision point!

 

[hammer]

Has hit bottom channel chance to go long till at least 1.9005 for 20 pips profit. Just my opinion though.

 

[darrenf]

Don't wish to rub salt in the wounds but to save buk the trouble, here's the chart.

The MA's are 20 and 100 which I use to give a visual indication of short and longer term trend.

 

[Buk]

nice one Darren....thanks!!...."catching falling knives" springs to mind today.....beeeee careful out there you daily bulls!

 

[hammer]

Just sold long for another 20 point loss, gbp just will not go up today will it! But i know if i short it, it will rise. Think i will just stay out and lick my wounds

Does anyone have any idea of what this downside move target is?

 

[darrenf]

Personally,

I wouldn't go long on this timescale until there is a real sign of a turnaround and a sign of an uptrend starting.

My own definition of this is:-

price broken through above 20 ema
20 ema pointing up
price pulls back towards 20 ema

At this point I would consider going long on a price breakout of the pullback.

I don't currently trade this timescale but I use the ma's on this way on a longer timesacle to act as a filter and take trades only in the direction of the 20 ema.

 

[Buk]

look to your short term support/resistance levels as a guide Hammer....these will be the reaction points for this pullback.....8915, 8870/60....predicting intraday plays on profit taking/pullbacks can be profitable, but you need to 'play em' with the trend & use the natural supp levels for possible entries......wait out the move until it settles & offers a concrete direction either way.....these things whip within good, tradeable levels, there's always opportunities to ride the swings, I tend to use the confirming supp/resistance points/fib levels & channel b/o to enter/exit.

 

[hammer]

Looking at the 30 min chart, using a trend line of previous support levels, the euro has hit its support 1.2770 and gbp at 1.8945. But im not gonna long it considering my track record today!!!

 

[Buk]

ok....lets see how this comes out (if at all)....sorry for the quality etc....I'll have a play around & try improve things....as a complimentary addition to Darrens earlier post, this is what I was referring to re: the trendlines (have added Darrens averages also as confirmation).........

 

[User]

Was out shopping just got back, looks like I missed some moves.

HI guys, whats all the panick about? Why are you taking small losses and small gains?

190 for £ and 130 for euro are resistance levels

As stated above 190 is a major level, stick to your guns and hold tight. The big guns always win!

Why you trying to ride the ripples when the 'surfer' always catches the big waves!

Fair enough its having a small pullback but some of you guys are getting caught out with 50point losses here and there.

Hammer hows your moves going mate?

 

[hammer]

BAD, i taken a few longs throughout the day and have all proven to be losses. Think im just gonna stay out of it for a while, just watching it fall further at the moment and am thinking im quite glad i got out when i did!

 

[darrenf]

User

what timefame are you trading?

I agree longer term you can catch bigger waves but in order to do that you need to wait longer and use wider stops.

I trade on an 8 hour timeframe and I look to catch waves that may last a 1 to 5 days, within the longer term trend.

For those trading 5min charts or whatever, 50 points can represent a big loss.

 

[jpwone]

Evening all

What a day - I put in 3 shorts late last night on Euro and GBP all with 70 pip stops. Got to the desk this morning and all stops had been triggered (ok Iwas late). That scared me off and even though I put the shorts back in I scalped them on the first move down. Giving myself a good kicking now.

Even though I felt the top was in (I know - only monkeys try to pick tops and bottoms) I should have waited for confirmation. There were a few opportunities to get in with significantly lower risk once the move started and I should have waited for these opportunities rather than trying for the 'I sold at the top, aren't I a clever boy' award.

Anyhow, made a complete hash of it and am finishing for the day down 200+ pips. I'm off to write my 200 lines now (one for each pip).

Be a trader not a tw*t
Be a trader not a tw*t
Be a trader not a tw*t
Be a trader not a tw*t
Be a trader not a tw*t
Be a trader ..........

 

[Buk]

......I wouldn't imagine you were the only one John!!....get that alarm primed for early doors!!

aaaaah, the fresh morning dew, the distant call of the ****eral etc...etc.....