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

[Buk]

the levels are obtained by observing the short & med term reaction points on the various time scale charts, price action around these levels (according to weight of closing/opening punts) normally dictate direction, I guess the sheer volume of participants influence the overall to & fro away from the technical area's, and Forex reacts well to these numbers.

stops are dependant on your anticipated timescale & position risk....I tend to keep them tight on entry (20pt) because I can manage the trade as it occurs....cutting it quickly should the timing be off....trailing it & scaling on the move....if you're punting 'position' and not able to 'watch' it progress, then your stop/risk ratio will be wider....don't trade yen, so someone else will have to come back to you on that one, but personally, I look for opportunities in either direction....agree though, both pairs are becoming 'toppy'....currencies react quickly, i play em as I see em & simply adapt accordingly, the profit potential is there both north & south.

 

[User]

Analyse everything on a chart consider everything fundamentally. As I've said before I use T.A and F.A although I tend to use T.A more.

Use smaller stakes if you can't keep an eye on your trades, use wider stops and ride the overall trend. Compound your gains.
You don't have to superglue yourself to the screens to make money. I tend not to dissect charts by looking deeply into intra day moves. Its the OHLC that matter to me. Don't be fooled into thinking intra day makes more money then long term or vice versa.

Each individual should adapt to what they enjoy or the way in which they want to trade. Stick to your rules, keep confident, don't give up, you'll definitely make money long term or short term 'Lordnacho' Oh and be a man when taking your losses, spot your mistakes and adapt accordingly, don't whinge about them, move on.

Good luck.

 

[hammer]

Great advice guys, where were you when i was starting out?! Still alot of interesting stuff, loads for me to keep in mind and in fact something for everyone to keep in mind no matter what level they trade at.

Im long at 1.8900 looking for 1.9000 prob close after Greenspan talks tmro, wait for the dip then go long again but as always will be trading what i see so this plan could change.

Later guys :cheesy:

 

[nickerson334]

Also dont, forget that when trading TA you are assuming that the market has already discounted the fundemantals. that is your price.

TA is just the assumtion (can only be proved by your own real time and historical analysis) that markets trend.

Im' finished for the week. Sold USDcad down 80 ticks on my (+80 / -35) second attemt and bout Eur/usd at break in short term dowm trendat 575. +100

p.s. hammer did you see the flag on GBP at around midday?

It was a buy in the flag at 740 - 765. Tight stop available at 725. Target price was the length of the flag pole i.e. 100 ticks.

Good 2/3:1 profit loss ratio.

Absolute classic.

Same with the one you're in now hammer. Good on ya!

Be wrong half the time on those, manage your money properly (it's very possible to profit on 5 trades in ticks but lose money) and you're flying.

My advice , to anyone, is not to trade until you have a researched concrete , proven strategy.

How else would you know that you're doing the right thing?

 

[User]

Hi all, I'm thinking of placing two orders (Buy and Sell) before Greenspan speech as this could trigger direction for the £ and euro which could give the move of the day (and hopefully fill one of my orders).

All will be dependant on the range the euro trades pre to Greenspan comments. The tighter the range movement pre to Greenspan the higher the chances of a breakout. I'll let you all know if I do.

Oh also bought back into June contracts: Euro/$:12645 £/$:18734. Would add to these via spot values dependant on the above scenario.

Good luck all.

 

[Buk]

opened a 'long' (8902) this morning on the (albit premature) rise of the bottom line 8885 overnight channel. Should have taken half stake at pre - determined profit target (on this instance, 8935 - the top of yesterday's action) & rode the remainder with a trail. Ignored my own strict discipline & got slapped!!

Stop was in at 8887, a little too close to the noise I admit, but on hindsight, a sensible ploy!.....the lesson being - stick to your initial rules of engagement & remain consistant. I still feel cable is a tad 'toppy' so ought have known better given the state of play......a reminder, not to be swayed by "looking for the greed run"...also given the price action on the 1 min frame, the sensible option would have been to cut & run on the failure to push thru the early rise.....the stops are there to protect & tell you your timings WRONG!....I prefer to crank my stops to b/e as soon as the run progresses (free ride/capital preservation).....a double whammy lesson learned!

 

[User]

Seems like the tight trading range is occuring, looks good to place the trades as mentioned last night. We see!

 

[Buk]

looks to be the case yeah!.....the ensuing 'news' + Greenies tit bits to the Senate will no doubt cause some jumpy action today. Thought we might see some pre - action early doors, but that looks like being negated with yesterday's high's possibly capping the moves until things become more apparant re: each way direction!

 

[cashmir]

What time is Greenspan mystifying everyone today?

thanks
Cashmir

 

[Buk]

3.00pm gmt cashmir!.........

 

[cashmir]

Thanks Buk, what's with devilish "smiley"

 

[JonnyT]

Greenspan always moves the markets, usually very rapidly!!!

Hold on to your saddle...

JonnyT

 

[Buk]

hitchin up the saddle & tightening the straps!!!.....managed to dig meself outta that earlier mishap....lets see if we can't add some meat to the plate c/o old father time........ :cheesy:

 

[Zenda]

Who said Fibonacci is no good

Fib numbers

 

[Buk]

 

[hammer]

Looks a good time to jump on the long again. Any views?

 

[User]

Go in long if your prepared to put a widder stop as the chances of a little correction down looks likely. So get in and hold because theres no point in throwing away money for free

If the correction doesn't go lower then your laughing because even these values are cheap.

 

[hammer]

What could the possible correction down lead us too?
If the total upside this week it has retraced 50% already. I have no doubt that it will go back up but not sure if i have enough equity to hold on. If the next fib lvl is at 68% then 1.8610 another 90 point drop could be in order. However looking at the current drop, momentum seems to be slowing and turning around with what looks like a double bottom but would have to break 1.8740 to confirm a turnaround.

 

[Lordnacho]

Howdy

Hi,

Did okay today, hope you guys did too. I'd like to ask about the futures bets... why do some of you prefer these to the rolling cash bets? What is the advantage?

Also, it looks like GBPUSD and EURUSD are both at critical points, sitting on round numbers. Is it gonna be up or down? Also, they have both gone up a lot, then down a lot the past two days. What does a railroad candlestick usually mean?

Thanks

 

[User]

Hammer,

For the Sterling 18578-18488 looks good 50% fib(18488).
For the Euro 12400-12329 looks possible aswell.

Euro sitting at 125, so to be honest you could buy and sit tight theres not much consolidating left.

Those are the figures I established, to put it simply its all tough calls. Buy the trend because the trend is still in tact and the values are cheap, or buy the Volatility breaks.