GBP / NZD looks good for a bounce in the 3-5 hr time frame.
I don't see what you see and can not see any trade?
Your title was for a bounce, to me thats just going against a trend and a strong one at that.
Mr. Crabs
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Serious pips here, something is in the works here and I think it is a mod-term reversal.
And yes I called the bounce because I most enjoy speculating reversals, I would play the trends but it just isn't as much fun, and I'm only on a practice account anyway. I figure 3 years from now I should be more proficient at timing reversals.
Mr. Crabs
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You catch any of those pips yourself?
NVP
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"Fun" is probably not a long term strategy Mr C......it ranks up there with "Hope"
once you are comfortable with what you are doing I suggest you get some money down and start grinding out the pips on the boring stuff
N
Mr. Crabs
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"Fun" is probably not a long term strategy Mr C......it ranks up there with "Hope"
once you are comfortable with what you are doing I suggest you get some money down and start grinding out the pips on the boring stuff
N
I will be keeping it fun until I have mastered this. I've sat down and grinded out conservative pips seriously before but it takes a lot more time and effort than just making a bet and coming back to it in between what else I'm up to on the net. I'm still an amateur as you can tell, it's more fun to bet big and lose big when it's not real money. 3 years of practice will do me good. Can't study up forex books and maintain a position to a T, or wait for a breakout while doing so so I figure I might as well not stress on a practice account when I have 3 years more to go before I open a real account.
Good tip though, consistent gains is the only way for long-term success on the forex I presume.
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Thermal Ebb
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I trade this pair on the 15min chart. Probably the most expensive pair of any of the majors to trade in terms of spread and especially on such a low timeframe, but the strength of the Kiwi against the weakness of Sterling make this the shorting pair of choice at the moment.
I'm not doing anything fancy, just selling off the MA and holding on until it looks boring.
Had two good trades on it today so far.
I'm not doing anything fancy, just selling off the MA and holding on until it looks boring.
Had two good trades on it today so far.
Mr. Crabs
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I've been trading it making some good pips, 20+ on my long that I picked up near the bottom several hours back, loaded some shorts up here because I'm hoping to get more lots down there at a better price before the trend is confirmed and established.
You're in short - how long you think this downtrend could keep up? It looks like a reversal is in the works to me. Looks to be accumulating with more strength then ever, I think we're establishing a bottom. In for a 1-6 week time frame.
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Thermal Ebb
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I'm not in short - I am taking a short perspective and taking short trades.
You might be right. If you're not and the downtrend is still in, I have no way of knowing how long that will persist. I just go with the price and the technicals, mostly Support & Resistance.
On the 15 min it’s flat right now and technically taken a Long bias a couple of bars back. There is still a lot of weight to chew through and although Sterling has been showing more strength it’s only just off the bottom along with the Euro. Kiwi softened only slightly so my longer term perspective, albeit with a very short trading timeframe, is still Short.
Key levels for Resistance are 8260 (where it is right now on the Daily Pivot), 8274, 8300 & 8314. If it breaks through that final level, I’ll wait for a pullback confirmation before changing my view to Long for a trading perspective.
On the other hand if it breaks back down, which the probabilities favour, I’ll look for it to break below the Monthly S2 at 8174 and confirm Resistance on the pullback or trade it straight through if there is obvious momentum.
Thermal Ebb
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Touched the 8174 Monthly S2 level , found support and then took off. Went through the upper level I suggested as key at 8314 and steamed on up to touch 8400 briefly before falling back to close 60 pips off its high.
I still need convincing we’ve switched to Long on the 15 min charts for this pair as there’s been no definitive support at any technical level. Need to see what happens around the 8326 level as that is now prime support if we are indeed Long this pair.
I still need convincing we’ve switched to Long on the 15 min charts for this pair as there’s been no definitive support at any technical level. Need to see what happens around the 8326 level as that is now prime support if we are indeed Long this pair.
Thermal Ebb
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Don't think the 8326 level has been more persistent than I should take credit for. More likely due to general lack of interest. The comdollars (aussie, kiwi & loonie) probably have a little more interest so far this week than any of the others, though Yen showing occasional glimpses of activity. Other asset classes offering more interest at present.
Mr. Crabs
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If this is a reversal it has been a sluggish set-up. I will be checking up on this all month but it looks to me like I jumped the gun way too early. I was sort of anticipating the GBP finding support on top of the topping NZD, I'll be playing this pair through the quarter to see how right or wrong I am.
Thermal Ebb
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We've got fundamentals in the mix. NZ CB is hinting at intervention (aka currency wars). Sell volatility - not direction.
