FX trading Aug 20 to 24

[trendie]

new week.
hope you all had good trading last week, and equally this week.

(no poll, cant think of anything. last couple of weeks of school hols, so perhaps activity here will pick up over next week or so.)

 

[Offshore Trader]

Cheesed off because I was long cable and EUR/JPY last night but got stopped out on both and look where they are now!

Anyway having another go. Long of both around 80. It'll be sad if this forum dies, I liked the company.....

 

[Atilla]

Cheesed off because I was long cable and EUR/JPY last night but got stopped out on both and look where they are now!

Anyway having another go. Long of both around 80. It'll be sad if this forum dies, I liked the company.....

I think cable will be heading North again very soon.

I also think Euro will touch the stratosphere.

Give it till next spring...

I'm glad 1.98 the centre of gravity held.

Given the volatility in the markets however, it might be best to sit out for a while until some direction or stability emerges.

I don't think this thread will die it's just taking a break.

 

[jacinto]

I think cable will be heading North again very soon.

I also think Euro will touch the stratosphere.

Give it till next spring...

I'm glad 1.98 the centre of gravity held.

Given the volatility in the markets however, it might be best to sit out for a while until some direction or stability emerges.

I don't think this thread will die it's just taking a break.

hi all,

thanks trendie for starting the thread. i was on holiday last week. as expected, ended up missing all the fun. been on audjpy today. nice little pair !!

im still childminding so my trades are completely sporadic. get in as i see setups if and when i get the chance to monitor stuff.

j

 

[oiltanker]

as the 4 hr mas are down i'm still looking for sells and so went short . Entry was at 9848 and a limit about 9812 but it got close quickly so what do you do? stick or twist? I moved the stop up to 9828 and thought i'll try for 9780. it got down to 9800 and hovered. 48pts potential now what do you? hold out for more? I looked across and saw a lot of previous action around the 9800 level and its also the opening price for the week and decided to stick. The actual was a long way from the mas. It might retrace back up and i can go short again once it touches the 5 ema again.

also bagged 5pts on eur/gb which is such an eel that its nice to get something.

now i can go and fix the hot water feeder tank

update
i see cable went down further so could have got the 9780. oh well...

 

[jacinto]

just went short AUDJPY 91.69 will post setup and targets when i edit. will also put in journal.

target is at least 200 pips

OK, will post chart later. no time. my stop is at BE.....this can go either way.

first target 89.90

second 89.10

last, but dont think it will happen today if it happens 87.80

 

[jacinto]

welll, bailed out for +50 still childminding, got nervous, just wanted to take the pips and go. my trading opps are scarce due to child time.

i still dont have the patience to be a swinger and my psyche is of a scalper

edit: besides (absolute excuse) just got my BT engineer to sort out my second line, and about to go offline due to the instalation....bu99er.

setup is there and appears to remain valid, so can jump in and out

 

[oiltanker]

j

with you on that. swinging is tough because after the intial move one gets the retrace so one seems to be playing a game of double or nothing.

and with 50pts in the bag during a time when the trend is in doubt one has to be in a position to allow giving back to the market big time.

i have put stops but usually the retrace goes back to entry so one gets stopped out for a handful of pips. i want to swing trade but i am not in the position to have 100pt stops.

i love the 4hr chart but i still have to cut and run

taking 50pts ain't a failure in my book.

 

[jacinto]

j

with you on that. swinging is tough because after the intial move one gets the retrace so one seems to be playing a game of double or nothing.

and with 50pts in the bag during a time when the trend is in doubt one has to be in a position to allow giving back to the market big time.

i have put stops but usually the retrace goes back to entry so one gets stopped out for a handful of pips. i want to swing trade but i am not in the position to have 100pt stops.

i love the 4hr chart but i still have to cut and run

taking 50pts ain't a failure in my book.

thanks mate, it aint failure in my book either ......50 pips a day is a good income


just me and my targets........although they are hit more times than not, i kind of think that they will happen by lunchtime.......

my newsfeed has a rumour about the fed lowering rates this afternoon ....in these markets, one never knows.

j

 

[oiltanker]

more subprime trouble with rumours of uk hedge funds being hit.
http://www.actionforex.com/forex_an...alancing_on_a_knife's_edge_2007082226956/From

from what i understand this sub prime is where you lend money to people with low credit ratings then sell the debts on to someone else for a quick profit. So did the people buying these debts not know the risks? Not sure they are the people i would want doing my trading.

anyway

been long since 1.9838 looking for 9870 area. actual seems stuck around the 9850.

edit
closed out for +6. i wanted a bit more momentum. as my natural trade is still a sell.

 

[Offshore Trader]

Cable has been a little tricky for me this week but after two really good weeks a mediocre one is not disatrous. Overnight, it just doesn't seem to follow the trends this week and has lacked a bit of direction intraday as well. Long this morning but not expecting any great moves today. A bit of consolidation after all the recent action.

 

[jacinto]

hi oiltanker,

i already took my trade. +30 on a quick euryen scalp. could have been much more, but when i was eyeing my ideal entry, child had a physiological need and the market had flown away. managed to get a pullback entry and bank the profit.

taking kid to legoland in 1 hour, so may just have ended the day. with this volatility i decided last night to be extra aggressive on tightening my stops and taking the trades more like scalps. the pullbacks will be there for entries.

ridiculous, using a 4 hour chart but trading off the 1 minute

j

wont complain, my week is already +140 pips

 

[millsy500]

Had a great week last week with the yen. Shorted a few times gbp/yen res 229.30 ish for a few pips so far this week.

Same problem at the moment as well child minding

 

[jacinto]

one wolfe wave short euryen 156.10 tight stop and a larger target

and the chart coming up.

edit. i closed for -12. i must aknowledge when i am wrong. im calling a top and the top i am calling is actually a break from a range.....could be a false break, but the issue remains. ....given back some of the days profit and that upsets me

edit 2: chart deleted......no point in waisting server space

 

[croker]

Interesting discussion, i'm thinking of getting into currency trading.
What do you guys use for buy and sell signals? It sounds like you just eyeball support/resistance lines. Do you ever use moving average cross overs or anything like that?
Curious as well if it is only worth day trading currencies or could they be swing and position traded too?

 

[jacinto]

Interesting discussion, i'm thinking of getting into currency trading.
What do you guys use for buy and sell signals? It sounds like you just eyeball support/resistance lines. Do you ever use moving average cross overs or anything like that?
Curious as well if it is only worth day trading currencies or could they be swing and position traded too?

hi,

i dont use indicators myself, so probably you defined what i do....eyeballing SR.

there are other BBs out there with zillion free trading systems.

want an interesting method with MAs, look for the journal of a member (Wasp). it is a simple easy method for day trading

j

 

[Phil Mibbutz]

Been concentrating on losing money on shares recently, so haven't looked in here much. Just wondering what happened to everyone else? All on sun-kissed beaches spending their profits?

 

[oiltanker]

sun kissed beaches? Ive been kissing the loo all night with food poisoning. so no trading for me today as i have had a blinding headache.

having said that i'm beginning to feel a little better except for seeing another day of great moves. i love this volatility after all that 40-60 pip ranges we had for ages.

as for signals? s/r lines in the direction of trend. kinda like playing grid iron american football.

 

[Phil Mibbutz]

sun kissed beaches? Ive been kissing the loo all night with food poisoning. so no trading for me today as i have had a blinding headache.

having said that i'm beginning to feel a little better except for seeing another day of great moves. i love this volatility after all that 40-60 pip ranges we had for ages.

as for signals? s/r lines in the direction of trend. kinda like playing grid iron american football.

Sorry to hear that, oiltanker. Drink plenty of water!

Although I haven't been trading FX for real, I've been consistently making plenty of pips on paper using exactly the same tactics. Why does it always happen like that?

 

[jacinto]

sorry too about that oiltanker, hope you get better.

impressive moves. yen pairs are the bizzo ATM if you ask me. havent paid much attention to cable myself, although today it gave its good set of profits.