FX Trading May 14 - 18

[The Pearl Fisher]

There is nothing solid to push cable any lower. Once the knee jerk reaction has settled, it should move higher, at least to the 1.9725 level. US open will take it higher still.

 

[Offshore Trader]

That's around where the next major support is Phil. My stop loss at b/e 739, also short EUR/JPY from 16344

 

[Doctor Leo]

Cable approached the target I spoke about in the beginning of May. Now expect the continuation of its upward movement up to 20500. This scenario breaks when price is under 19600.

 

[Phil Mibbutz]

That's around where the next major support is Phil. My stop loss at b/e 739, also short EUR/JPY from 16344

I'm still hanging onto the delusion that it'll wander up to near $2 again in the medium term, but anything less than 700 and I'm retiring hurt.

 

[rav700]

I hope DC hasn't suffered to much of a loss.....I think he was expecting 946 or something....But I know one thing for sure...He has probably got a 100 pip stop which would enable him walk away from his ....Trading station unlike me....

Waiting for 680 to take my position....

Happy Trading
Rav

 

[rav700]

It seems like all the stochs are showing that we might be getting ready for an upmove....

I guess it needs to convincingly break 715 and 730 and then .........I think it will be a fantastic 200 pips upwards......
Thoughts anyone.....

 

[trendie]

I am on page 114 of Fooled by Randomness, and I am getting increasingly despondent.

Its all random, the percieved patterns are spurious and apt to change, and we tend to seek out high instances of wins against losses, and tend to overlook the magnitude of the wins against losses, as a function of our human behaviour.

if anyone has already read this book, please tell me there is a happy ending.
(I may not be here next week otherwise)

EDIT: "I am now convined that, perhaps, most of econometrics could be useless - much of what financial statisticians know would not be worth knowing." - FbR, N Taleb.

 

[wasp]

You know your problem Trendie, you think/read/ponder too much!

Find something that works (we both know you have) and just trade it with unbridled discipline like cutting your dinner and lifting the fork to your mouth, or lifting a pint glass to drink a cool beer or even breathing....

Its certainly not random, its all quite straight forward really .... :cheesy:

 

[The Pearl Fisher]

You know your problem Trendie, you think/read/ponder too much!

Find something that works (we both know you have) and just trade it with unbridled discipline like cutting your dinner and lifting the fork to your mouth, or lifting a pint glass to drink a cool beer or even breathing....

Its certainly not random, its all quite straight forward really .... :cheesy:

It certainly isn’t random. More of an air of unpredictability.

Trading provides ample time for all the reading you may wish to undertake. Reading wont harm you, providing you don’t take any notice of what you read.

 

[trendie]

You know your problem Trendie, you think/read/ponder too much!

Find something that works (we both know you have) and just trade it with unbridled discipline like cutting your dinner and lifting the fork to your mouth, or lifting a pint glass to drink a cool beer or even breathing....

Its certainly not random, its all quite straight forward really .... :cheesy:

My fave time-frame is 4-hrs, but I am bored rigid in between.
(it was sort of bearable when contracting, as my mind was kept occupied with work between trades.
I keep flipping time-frames and charts to find something to do NOW, rather than wait until LATER on my preferred.
I keep seeing patterns everywhere.
Its the waiting, the waiting, the waiting.... )

I am looking at learning MQL language so I can program my MT-4 to auto-trade!
and take myself out of the loop.

 

[trendie]

It certainly isn’t random. More of an air of unpredictability.

Trading provides ample time for all the reading you may wish to undertake. Reading wont harm you, providing you don’t take any notice of what you read.

that could be so true.
but, like any passion, you want to read and learn everything about your subject.

 

[wasp]

Learn a language, watch some films, get an exercise bike, be like Skim and learn to knit...!

One thing I do appreciate about all this spare time is the amount of other things you can be doing! Even if your are confined to the house.

 

[The Pearl Fisher]

I am more than impressed with your reading habits, Trendie. You must have a considerable library.


Now to the trading:

From a buyers point of view.

Its seems encouraging if not a little sluggish.

The repeated failure of such a key level instils some confidence. We may see a considerable move higher to close the week (1.9780) level. But would not rule out more failed attempts at the 9700 level before any upward drive. If I wasn’t already a buyer at the levels just above the 9700’s I would be tempted to buy all over again…..

 

[JTrader]

My fave time-frame is 4-hrs, but I am bored rigid in between.
(it was sort of bearable when contracting, as my mind was kept occupied with work between trades.
I keep flipping time-frames and charts to find something to do NOW, rather than wait until LATER on my preferred.
I keep seeing patterns everywhere.
Its the waiting, the waiting, the waiting.... )

I am looking at learning MQL language so I can program my MT-4 to auto-trade!
and take myself out of the loop.

Hi Trendie

I spoke to alpari earlier, to query their jumpy demo MT4 datafeed, which tends to move in 2 pip gaps regularly, with even up to 5 pips not that uncommon at times, even at none news release times. These gaps don't appear on my other chart, or with my broker i said. They said they were sure there was no problem with their datafeed, which comes from various unspecified banks.
He later disclosed that demo clients and live clients do no necessaily get the same datafeeds, or data from the same sources, and that live clients are the priority. So perhaps the price only refreshes every so many seconds .
Overall I'm finding this datafeed consistently more jumpy than TS8.2 & my new other MT4 demo account, and my broker.

I do like MT4 due to its lightness, widespread acceptance, and decent quality & agility. Would like to gain a bit more confidence in the datafeeds though....but part of the current problem may be the demo account aspect.

Alpair enable full automation, wihout charging a premium for it, & they do offer mini lot sizes. but they do requote at times, and auto clients would need to build into their code, conditions for whether or not to accept a requote price.

it would be good to have a few more SB's making MT4 auto available.

Not sure how stable auto trading is with MT4 as have seen mixed reports over at FFactory. +
http://www.forex-tsd.com/metatrader-brokers/10-mt4-brokers-metatrader-brokers-2.html

I'm now just running my 2 seperate MT4 demo chart platforms next to each other so i can get a better indication of the market price. MT4 is light enough to run two seperate applications of it, without any problems, its much less bulky than tradestation, but not as refined in many ways.

 

[The Pearl Fisher]

Bought GBP/USD at 1.9707

SL 1.9675

Exit:

GBP/USD at 1.9760 +53

+103 for the day

 

[JTrader]

I Was complaining earlier today, that the number of times i can say to myself "damn, i really got a looky break in that trade", V's "damn, i must be cursed!", virtually outnumber the latter by around 10:1.
Well, I just came within one pip of a BE SL +1p from being up 22p, b4 a continuation.
Exit @ +49p. +3p for today.
Not a famous victory, but just goes to show that the sun can shine on even a dogs ass some days , and maybe the curse is not as bad as i had feared :idea: .
A good way to finish the week .

 

[Crap Buddist]

Hmm my long 1.9747 got flattened on the news at 26, but went long 1.9715, still holding that at the mo, looking for a prod higher.

 

[The Pearl Fisher]

Sold GBP/USD at 1.9774

SL 1.9794

 

[Crap Buddist]

I think we will see a sideways pattern now until the US open. Where we should see an initial fall 20 - 30 points and then a rebound to the 1.9770 - 1.9780 levels.

Again My own personal thoughts…..

+50 on todays trading.

hmm nice one, very good anticipation, more or less spot on .....

 

[The Pearl Fisher]

Sold GBP/USD at 1.9774

SL 1.9794

Exit:

GBP/USD at 1.9762 +12

+115 For the Day