GBP vs USD what next?

[hammer]

Missed the exit point at 1.8720. Closed at 1.8710 for 4 pip profit.

 

[hammer]

Now flat on forex short on dow (14 points against me so far) But up 39 on GBP so far. :cheesy:

 

[nickerson334]

Dow short looks ok with a stop at 636. Can't see your reason for entry though. What's the rational?

 

[hammer]

Hasn't really seen any upside climb this week. Past 4 or 5 wednesdays have seen large falls. Prob got in too early. Suffering the consequences now.

 

[nickerson334]

I'm out of GBP with 18 tick loss. Bought long on USDCAD targetting 100 points. Still think it's a mover to 1.3410. Balance as follows.

GBP +94
EUR -65
CAD -30

Euro probably headed for longer term uptreand line at 620

 

[hammer]

Next bounce of GBP think will be at support of 1.8675, if it hits it im going long with target 1.8695.

 

[nickerson334]

I like the way I've graduated form Newbie, to Junior Member to 'Memeber'. Big deal!

Will I belong to any club that will have me as a member?! :|

Hey, who are you calling a member!?!

If I keep writing more nonsense like this I'll be a senior member in no time!





I think the next gbp entry is 715, but yeah, in at 675 with tight stop at 660 looks good too.

 

[nickerson334]

In fact a short from 660 - 615 (H&S breakdown, stop at 705) is looking like it might be on the cards.

 

[hammer]

LOL Nick your a joker, i've seen the same change over the past couple of days too. Seems like just yesterday i was a junior! Oh wait i was!

 

[nickerson334]

Yeah, helps in this business to have a laugh from time to time!

Either this is the shoulder for a break down to 615 or it's going to push to 710.

I've taken a short at 702 target 615 , out and long at 715 target 810

 

[nickerson334]

+gone long on the Dow with tight stop at 615. Like the look of that.

High tight flag, target 10700

.......Hmm second thoughts moved stop to 10595. Resistance on 27th of Jan which I hadn't seen. Having a second push at it though.

Rushed and a bit silly I think!



duh!



long on CAD pushing breakout and GBP goping as planned so not too fussed.

 

[hammer]

Good call on moving the stop, sell opportunity at 10622 for 20 points at least. Im short on GBP at 1.7000.

 

[nickerson334]

Hi Hammer

Have you visited www.trade10.com

Very good for explination of technical indicators.

I find flags, Head & Shoulders and Double tops most reliable

 

[hammer]

Out at 1.8692, hung around there too long, found resistance. If it breaks above 1.8715 then long opportunity and if it hits 1.8680 then shorting opportnity. Just been playing the range till now, bit dangerous so getting out while im up. :cheesy:

 

[hammer]

thanks for the link, might read up on some. I got given a whole load of links in another thread. I can't remember the name of the site, but it was similar to trade10. Had all the indicators on it. I'm finding with the forex that i use a lot of support resistance lines which seem to have been working with a quick glance at momentum.

 

[nickerson334]

Stopped out at 715 on gbp and went long (- 12). It's got to break up this time! target 810. Bounce at 695?

I don't think my Dow trade is too great. I'm out at 640 or 595

Re: sup:res Yeah it works but I think it's hard going. Good for exit points or confirming a breakout but lots and lots of losses and easy to get suckered both ways on false breakouts.

H&s and Dt on neckline breaks are extremely accurate and Flags, although less reliable, offer large profit loss ratios as it's easy to set a tight logical stop.
Even if you only get 1 out of 4 you can be in profit.

I've taken 11 losses this week and 2 profits (which is bad for me)and I'm only 24 ticks down. a couple of runs and I'm finished for the week.

Makes life a lot easier going for larger Profit / Loss ratios on indicators that allow for it.

 

[nickerson334]

Saying that I'm now

GBP +62
EUR -65
CAD +3
Dow - 25

so hardly time to crakc open the champagne!


usdcad on break up now.

+ congrats on Dow trade hope you're out with a profit or still in doing well

EDIT

Shorted gbp at 690, target 625 currently at 660 inverse flag.

If this fails I'm stopping trading on it. I've been getting into pre-break trades anticipating the movement fo rthe last 24 hrs and I'll be chasing my tail for sure if I take any more after this!

 

[hammer]

wots happenin with euro and gbp they are going crazy! Don't know if anyone caught the jump up. I sure didn't. Was there some breaking news or something?

 

[denham]

greenspan testimony

 

[nickerson334]

Blimey did you see that!

Out of gbp short +2, cad -20, us 30 +8

long on gbp at 740
Short on cad at 1.2375

Could be the end of week here!