Forex Trading - November 2003

Newtron Bomb

Experienced member
1,602 87
Hiy folks

There seemed to be a sudden increase in interest on Forex so please feel free to post anything and everything thats Forex.

NB
 

Goober

Well-known member
304 3
Hi NB

Could the "sudden increase in interest on Forex" be related to the proliferation of Mini Accounts? It certainly is a good way to "cut your teeth" in the Forex markets and, hopefully, will entice many more to trade Forex.

Thanks for bringing some order to this BB by starting this thread.

Happy trading

Goober
 

Newtron Bomb

Experienced member
1,602 87
eur/$

Short from 1.1590
looking to add to short here
Target 1.1250
stop profit 1.1490
 

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Goober

Well-known member
304 3
NB

I've got a sell stop to short at 1.1426 (1 pip below yesterday's low on daily chart). First target - 1.1310 (38% Fib), second target - 1.1180 (50% Fib).

Goober
 

neil

Legendary member
5,167 748
But,
This is the bit I hate. You switch off yesterday with Euro/$ relatively flat - then switch on today to find you have missed a set up.

However, it doesn't happen too often :)
 

neil

Legendary member
5,167 748
Correction to the above......

IF I had got out of bed earlier I would have not missed the move.
:)
 

stevet

Established member
917 5
i used to have a friend who was a big time currency trader and i could see it was a 24/7 type of trading - put me off for ever
 

Newtron Bomb

Experienced member
1,602 87
Its not so bad. You can see what is affecting the markets at any time if you so wish. But with other instruments you will have to wait until the open to find out what will happen

The overnight trading is considerably quieter than the main sessions for the currencies i look at and also with the time frames i use you can have a life. Trading is what you make it

NB
 

Goober

Well-known member
304 3
neil

NB is a full time trader and trades on 15 min charts (correct me if I'm wrong NB). However, I prefer to trade on daily charts as I am a part time trader. Either way, there's money to be made on any time frame. If, like me, you aren't a "morning person", trade bigger time frames. The great thing about Forex is that TA works well on any time frame.

Goober
 

Newtron Bomb

Experienced member
1,602 87
goober is correct i would only like to add is that ive changed my focus recently to include 60 min charts but focus my entries off the 15 min charts still. I appraise the weekly, daily, 60 min 15 min and 5 min charts in that order for a trade

NB
 

ersatz99

Junior member
25 0
Am I right in thinking that the quick moves in FX make lagging indicators like MACD and Stochs fairly redundant. I've noticed that many extended moves also happen when indicators are already showing an oversold/bought status. I guess sup/res/traingles etc.. are probably the most reliable. Is this about right?

A few FX websites also indicate that intraday trading the 15min (or higher) chart is best to avoid noise. Would anybody agree? . Anyway I'm using the saxobank demo platform atm which is fine but will move to another once my 20 days is up.
 

darktone

Veteren member
4,016 1,084
hi NB not wishing to bring doom to your E?$ short but..

yehaaaa.. my first posted chart :LOL:
 

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Newtron Bomb

Experienced member
1,602 87
I wrote this over the weekend primarily for myself and a colegue. Ive taken out a section about the longer term view with the weekly and monthly charts, basically am bearish untill i get some new information.

The only thing to add for eur$ would be that with new information, the past three days, we are seeing a pullback at my first target area which is also a fib retracement area taken from the sept low to the oct high.


EUR/USD

The daily chart shows a failure to make new highs and shows several signs of a reversal and a confirmation of the move below 1.15 would see targets of 1.14, 1.12, 1.10 and 1.0750 we could expect pullbacks at these levels or a turn and will have to be reassessed with new information.

The hourly chart shows a very distinct down trend with a failed upswing adding to the bearishness of the chart. Apart from the trend there is no indication of further declines and I would suggest a temporary consolidation, which may well happen in the Asian trading hours from Monday morning. For now it is on the low of it trading channel range and an advance or a consolidation will give it room for a further slide.

Over all the indication is down. There has been no new high made and if it had been I would have thought that it could have taken it to new ground and last weeks targets suggested a move above 1.19 through to 1.29/1.30.

As events unfold these formations will be reassessed.
 
 
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