FX-2007: Feb 5th > Feb 9th

[Phil Mibbutz]

Don't know about EUR, but surely cable can get back above 500 today?

 

[29Investments]

if we can get back to 95 could easily see am inverted head & shoulders start to form for a mmove back to 96 ------ very wishful thinking at this stage i know )

 

[Offshore Trader]

I think it will be interesting to see if the dollar can stay below 1.30 vs EUR

So that will be a no then..........

 

[a_gnome]

Hi all,
Just an update on Vebo Variant. It is still holding short from yesterday at 19670. Unfortunately I managed to miss the trade myself. The things about V.V. is that a few choice trades (such as this) make up for loads of losers. If you happen to miss the trade it can make a huge difference (20% of the account in this case) to the P&L.

Still I am only trading this in tiny size to test it at present so financially it's no big deal; it means that yes the system does work and that in practice it would be a good idea to automate it so as not to miss these killer trades.

It also brought up another issue of what to do once you discover the missed trade. To put the trade on with full size at what would have been 30 pips below the entry point would have meant risking too much on the trade. I could have traded much smaller size so that the risk was still the same or I could have moved the stop point to keep the risk constant. In the end I chose to do nothing which in hindsight was not the best choice!

C'est la vie

 

[trendie]

USDCAD seems to have gone into freefall.
not that I trade it - the spread relative to daily-range is a bit high.

 

[hornblower]

big drop on the usd/ cad 80 pts stright down

 

[City Bound]

That'll be CAD employment change rising by 3.56 times the expected figure then.

 

[29Investments]

From 4CAST;

14:05 - GBP's paused through the midsession at 1.9450 after pulling back about half-way to the 1.9400 target. There's hardly been a bounce yet, so a 1.9400 trade is feasible this p or off a flat Mon start at or around 1.95. IF the market's lifted back to closeabove 1.9540, esp 1.9580 this pm, look higher S/T instead.

 

[City Bound]

One of the problems I find with 4CAST's forecasts (lol) is that they often don't go beyond "what's been happening will continue". Their S/R prices are usually good; though whoever rights most of the updates has an obsession with round numbers.

 

[29Investments]

and from FXCM..

Since
failing to overcome the 1.9750 resistance point earlier this week, GBP/USD has
shed over 61.8% of its rise from 1.9260. Trendline support at 1.9545 was snapped
in the process and the pound looks set for lower levels once it consolidates
some of today"s big losses. No February rate hike from the MPC has been a big
catalyst for weakness this weeks as has M&A flows out of the UK as British
corporates take advantage of the lofty pound to launch cash bids for overseas
assets. The latest was today"s nearly GBP takeover of US bus operator Laidlaw by
a UK firm.
Offers are seen between 1.9500 and 1.9520 near-term on rebounds with more toward
1.9445/50. Support comes in at 1.9455/60 and 1.9425.

 

[myz555]

Hi there,
Since no one else has answered your question I thought that I would make a few comments. It is possible to trade successfully in all sorts of ways and traders end up finding something that suits them. However I would personally say that it is much easier to trade with the trend then against it. Therefore I would leave divergent oscillator trades alone for the time being - the market has a nasty habit of continuing in a trend despite the fact that all the oscillators are at extremes and signaling a reversal.


Hope this helps.

Thanks

My latest preference in to trade in the direction of the trend. But when I enter a position, I use divergent indicators. Basically, it is a pull back entry.

best,
myz

 

[shadowninja]

Interesting idea. And obvious when you think about it.