Forex Trading - November 2003

[bertie]

THE MATRIX

hi nb.....i think mytrack have lost the plot on currencies....i'm getting all sorts of crap coming thru.....any more of this and i may have to bite the esignal bullet!!....

btw.....when i went to see kill bill i saw a trailer for matrix revolutions.....does this series of films have a plot?.....i cant make head nor tail of it and reeves is the worst actor on the planet imho....

bertie....

 

[Newtron Bomb]

...an interesting point eh:?:

This should tell you that you got your timing wrong but not worthy to go long yet. So at that point you would be looking for clues to see if you can short again with considerably reduced risk if the chart sets up as you like it.

HTH
NB

 

[Newtron Bomb]

Hi bertie
Yeh the last one is a bit weak but it is the final part of a three part film the sfx are amazing though and its more for the hard core fan i think.
Kill Bill was good comedy violence from Tarentino (spelling oops) and clearly a money magnet for the second helping from him.

Mytrack is now pants for forex and i jumped ship last month i cant rely on there data at all and as such dont use them. Esignal has been very reliable and i have no complaints thus far.

 

[bertie]

THE MATRIX

hi nb.....have to admit that i'm not a fan of films that rely almost totally on sfx......

i think i'll have to dump mytrack for esignal but the additional cost will hurt.....i'm gonna open a interactive brokers account soon for us equity trading so i might get a discount on esignal....

keep up the forex posts....its good to be able to compare my own view with those of others.....

bertie....

 

[money123]

sterling anyone...........a short maybe???

 

[Newtron Bomb]

Couple of nice spike tops on the 60min
15 min is consolidating and finding support of yesterdays close
5 min looks to me like a dec. tri. 35pip target
The only clue for me..... its just poped never mind

 

[foghorn]

Starting to put together the bones of a strategy in the Oanda demo in advance of going full time at XMas.

In the 5min cable the post rate announcement whippyness went to the top of the dec tri, RSI high, went short 1.6758, couldn't resist covering at bottom of triangle at 05 for a quick 43 pips. The 1.67 psych level spooked me!

Will sit for a while looking to go short again 1.6695 ish if we see breakout of tri. Should've had more balls and just moved my stop in earlier.

Just learning...

 

[Newtron Bomb]

Ah say, ah say nice trade foghorn

The 60 min shows this pretty clearly... i was going to have today and tomorow off from all my trading withexception to managing open positions.

The looks quite a nice set up though

NB

 

[foghorn]

Looking nice!

Short again at 1.6695 now that triangle has broken, stop at 1.6715. Low RSI is spooking me, but it's with the main (down) trends so I shouldn't get too upset.

Looking for up to 120 pips in next 24 hours if triangle completes.

 

[Newtron Bomb]

I'd like to see a pullback before i jump on, it could find some trend support here and although rsi is low on the 60 min chart there is a room for leighway. For the 5 min chart rsi does look low for the day but anything can happen.

 

[Goober]

Interesting bounce off Monday's low of 1.1675. Todays low of 1.1673 forms Double Bottom.

Goober

 

[foghorn]

Stopped out at 1.6715 for -20. Should've waited for confirmation like you said.

Day's tally +23

 

[blash]

Hi,

Been reading this post for the past few days with great interest.

Dont trade currencies (Dax futures man) so maybe someone could explain a few simple points just so I can get gist of whats going on.

A pip is equivelant to 1 point so in the chart above the move from 1.6870 to 1.6705 is 165 pips?

How much is a pip per point and what are the margin requirements and commissions?

Cheers

 

[Newtron Bomb]

Blash

This is where the cross market terminology goes tits up

A pip is the smallest amount that a currency will move, in futures this is refered to as a tick.

A point is a point and is refered to as a big point sometimes.
It is usually a 100 pips or ticks so 1 "point" is 100 pips and 100 ticks in futures

HTH
NB

 

[foghorn]

And I was an offender Corrected points to pips in my posts above.

 

[Newtron Bomb]

I dont think it matters i use them interchangeably as long as we all know what we really mean

 

[Newtron Bomb]

Well thats nice i come back from picking the car up from the garage and short @1.6695 stop Loss 1.6730

Its holding 1.6673, could turn out to be a short term DB and the 10 min charts dont look too promising maybe a rally up to 1.6740 as the channel looks to have more strength than the dec tri. which will fail shortly if it doesn't move.... sideways would be nice from here for an hour or two would be a more pleasing option for a short.

Wasn't convinced yet for a short on eur$ just yet so i think i'll go back to my plan of leaving it until Monday. And if get stopped out think i will do the same with gbp.

 

[darktone]

as long as points/pips make prizes .

NB do you have a view on E/Y? near critical support at 125. up/down?

 

[foghorn]

Finally we're getting some action on the triangle, although not before my stop got taken out on my premature short. I'm well clear from the cable looking to be short when the chart perks up a bit. I think we'll see it coming off the bottom of the channel at 1.6640 ish.

Thankfully it's only monopoly money at this stage - 23 pips taken from the day and a lesson learned in not moving too early on triangle breakouts.

 

[Newtron Bomb]

Darktone
I dont look at it to be fair, i will have a look at it and get back to you though but it will be tomorrow as dinner and a gym date are waiting.

Nice pic btw

Foghorn
you may want to use more than one time frame to build a picture of what is happening, charts are just a snap shot of what is really happening.

I'm not convinced that this was a triangle now i would liked it to have broken earlier and moved more confidently through the channel support, there is still hope for the pattern but it is still not looking clear.

Speak to you all tomorrow have a good evening

NB