shadowninja
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Eur/usd
Nothing much to discuss on EUR/USD. It's less that 80 pips from an all-time high... so it'll either go through it or retrace. Yes, definitely one of those, I am certain. Although, if the world explodes in the next day or two...
ETA: just touched 14900...
Nothing much to discuss on EUR/USD. It's less that 80 pips from an all-time high... so it'll either go through it or retrace. Yes, definitely one of those, I am certain. Although, if the world explodes in the next day or two...
ETA: just touched 14900...
Last edited:
JTrader
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It amazes me that when i modify my approach, what has been working well, IMMEDIATELY starts to not work so well as i start to trade it, as adverse conditions present themselves.
It would be a real confidence boost if the modified approach got off to a flyer. Unfortunately this doesn't tend to happen. Sods law I guess, and the cost of trading a new method, with the key being to persevere with it!
It would be a real confidence boost if the modified approach got off to a flyer. Unfortunately this doesn't tend to happen. Sods law I guess, and the cost of trading a new method, with the key being to persevere with it!
shadowninja
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Can't you use a test account rather than waste real money?
JTrader
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If you are referring to me, what i mean is i am doing something that history shows works well MOST OF THE TIME. The problem is that current conditions have been a bit sticky & directionless, and so it hasn't been a flying start. This is just sods law IMO, and hopefully more favourable conditions should return soon thats all. I haven't lost any moeny, just haven't made much thats all.
I'd probably prefer to get off to a flyer then have a bad spell, rather than start with a bad spell and then get on to a flyer if given the choice, for confidence reasons. However, enduring a ropy start also enables me to iron out 1 or 2 minor issues/discrepancies with the strat, and so overall may be the most favourable course of progression, if a little uncomfortable to start with.
JTrader
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Quiet days
Its strange how on some quiet day, slippage can occur and price will move a mile in 1 direction with the help of gaps, but on other quiet days price doesn't move much or gets stuck in a range as SnR battle it out, & doesn't find direction. I prefer the former type of quiet day, the quiet days that produce big moves.
Its strange how on some quiet day, slippage can occur and price will move a mile in 1 direction with the help of gaps, but on other quiet days price doesn't move much or gets stuck in a range as SnR battle it out, & doesn't find direction. I prefer the former type of quiet day, the quiet days that produce big moves.
Closing half here at 211.06 for 38 pips profit. Other half still running with a stop at BE
JTrader
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Hi Dev
I'm not criticising you for telling us really, and I'm not exactly perfect myself, but why are you telling us this?
I ask, because the way i see it, being informed of this by you provides members with very little, if any benefit.
Perhaps if you attached a chart, showing the trade and reasons for the trade, other members could gain something from knowing what trades you are doing :idea:.
shadowninja
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Ah, I misunderstood!
Closing other half here at 210.80 for 64 pips profit.
JTrader - Ill remember for next time. Basically was a short based on consolidation after the drop from 213 or so aswell as me having a taget lower down...
Sterling Weakness
Hey guys, just wondering if you anyone cares to explain the current sterling decline from 2.11 from a fundamental viewpoint. The US economy is weaker than the UK thats for sure. We have had raft US economic data confming that, trend in higher unemployment and higher inflation leading to stagflation and recession, not to even mention housing and subprime downdraw. But why has Sterling fallen out of favor? We have strong job growth, unemployment is at record low levels, inflation is moderately above 2.0% target (however rising due to food and oil). There is talk of huge cuts by Ben Bernake, very doviesh comments. The MPC failed to cut rates as markets expected, hawkish move. But nevertheless Cable does not seem to want to take a bid. Every rally is seen with a reversal. Euro Sterling makes new highs every day now trading 0.7603!!
Even if the UK economy weakens the interest rate differential with US would not have changed, the FED cutting faster than the MPC.
Perhaps the failure of Mervin King, the FSA and the Chancellor to failure deal with the Northen Rock crisis has killed off investor confidence with Sterling. The lack of confidence in the UK governement to deal with anything in a competant manner(losing data, Northen Rock - first bank run in 140years, Chancellor an absolute embrassement, in City of London, Gordon Brown ditehring about election, donantions scandals list is endless)
Hey guys, just wondering if you anyone cares to explain the current sterling decline from 2.11 from a fundamental viewpoint. The US economy is weaker than the UK thats for sure. We have had raft US economic data confming that, trend in higher unemployment and higher inflation leading to stagflation and recession, not to even mention housing and subprime downdraw. But why has Sterling fallen out of favor? We have strong job growth, unemployment is at record low levels, inflation is moderately above 2.0% target (however rising due to food and oil). There is talk of huge cuts by Ben Bernake, very doviesh comments. The MPC failed to cut rates as markets expected, hawkish move. But nevertheless Cable does not seem to want to take a bid. Every rally is seen with a reversal. Euro Sterling makes new highs every day now trading 0.7603!!
Even if the UK economy weakens the interest rate differential with US would not have changed, the FED cutting faster than the MPC.
Perhaps the failure of Mervin King, the FSA and the Chancellor to failure deal with the Northen Rock crisis has killed off investor confidence with Sterling. The lack of confidence in the UK governement to deal with anything in a competant manner(losing data, Northen Rock - first bank run in 140years, Chancellor an absolute embrassement, in City of London, Gordon Brown ditehring about election, donantions scandals list is endless)
bbmac
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gbpusd
Hi Gsandhu, nice to see you on the thread, the answer to your question is all of the above (probably!?) Lol.
The screenshot is the potential near term resistance re; former Hourly swings. You will see this 9645-65 area being tetsed from a high around 9647 this morning causing a rejection down to 9600 and subsequent recovery as I write this. The area coincides with the 50% fib of the 9829-9482 move and the 50% of the slightly longer 9849-9482 move is just above at 9666. 9658 is also the breeched 76.4% of the 9183-1162 move 2007 lo-hi.
Hi Gsandhu, nice to see you on the thread, the answer to your question is all of the above (probably!?) Lol.
The screenshot is the potential near term resistance re; former Hourly swings. You will see this 9645-65 area being tetsed from a high around 9647 this morning causing a rejection down to 9600 and subsequent recovery as I write this. The area coincides with the 50% fib of the 9829-9482 move and the 50% of the slightly longer 9849-9482 move is just above at 9666. 9658 is also the breeched 76.4% of the 9183-1162 move 2007 lo-hi.
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bbmac
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gbpusd
The screenshot shows the 5min (my intermediate chart) Reversal set-up at that resistance zone mentioned above.
(To be clear: mention so called Reversal set-ups these indicate potential pullbacks/retraces in trend or sometimes out and out reversals in current trend possible, depending on how many time frames they extend
Note the beaish regular immediate divergence in the oscillators.
The screenshot shows the 5min (my intermediate chart) Reversal set-up at that resistance zone mentioned above.
(To be clear: mention so called Reversal set-ups these indicate potential pullbacks/retraces in trend or sometimes out and out reversals in current trend possible, depending on how many time frames they extend
Note the beaish regular immediate divergence in the oscillators.
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bbmac
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gbpusd
Look what we ran into. A congestion zone on the Hourly between 9705-55 area, that includes:
9710 ..61.8% 9849-9482
9718..38.2% 0101-9482
9740..23.6% 0577-9482
9745..Dly R3 area
9747..76.4% of 9829-9482
9755...Prev mth lo.
Price up 172pips off intraday lows so far. MNi saying main offers now at 9740/50 area with this 9720-30 area also holding offers
Look what we ran into. A congestion zone on the Hourly between 9705-55 area, that includes:
9710 ..61.8% 9849-9482
9718..38.2% 0101-9482
9740..23.6% 0577-9482
9745..Dly R3 area
9747..76.4% of 9829-9482
9755...Prev mth lo.
Price up 172pips off intraday lows so far. MNi saying main offers now at 9740/50 area with this 9720-30 area also holding offers
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Cable
Hi bbmac, finally a half decent rally in Cable!! However do not trust it of late so will wait on close above 1.9700 for confirmation of trend change. Have wedge formation on daily chart with 1.9700 for breakout. Interesting to see if the rally holds or if it sells off as per the last few days....
Hi bbmac, finally a half decent rally in Cable!! However do not trust it of late so will wait on close above 1.9700 for confirmation of trend change. Have wedge formation on daily chart with 1.9700 for breakout. Interesting to see if the rally holds or if it sells off as per the last few days....
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bbmac
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gbpusd cont...
So, price finds resistance toward the top of that zone selling down through it's lower extreme before another failed attempt at breaking through it to the upside resulting in a lower high and a run down to the 9655 area (correct as I write this.) A reverse congestion 2nd breakout if ever I saw one.
2 nice Hourly Reversal candles (if that's your trigger) one closing outside the 20bol (white) and you will see that the cci (bottom oscillator) had already hooked down from an extreme reading outside it's own 20bol, when that price action occurred.
1hr Reversal Extreme.
So, price finds resistance toward the top of that zone selling down through it's lower extreme before another failed attempt at breaking through it to the upside resulting in a lower high and a run down to the 9655 area (correct as I write this.) A reverse congestion 2nd breakout if ever I saw one.
2 nice Hourly Reversal candles (if that's your trigger) one closing outside the 20bol (white) and you will see that the cci (bottom oscillator) had already hooked down from an extreme reading outside it's own 20bol, when that price action occurred.
1hr Reversal Extreme.
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bbmac
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gbpusd wednesday
Quite a big asian/overnight range 9566-9651.
The chart is the near term potential supp/res as far as 1hr previous swng hi and lo's is concerned, with all but 20pips of yesterdays up move 9547-9741 given back down to the aforementioned asian low, off that previously mentioned 1hr congestion zone resistance.
Uk data due at 0930am gmt and a raft of U.s data later, could be an interesting day.
Quite a big asian/overnight range 9566-9651.
The chart is the near term potential supp/res as far as 1hr previous swng hi and lo's is concerned, with all but 20pips of yesterdays up move 9547-9741 given back down to the aforementioned asian low, off that previously mentioned 1hr congestion zone resistance.
Uk data due at 0930am gmt and a raft of U.s data later, could be an interesting day.
