here it is at the moment.
If we look at it, we see that at least the minor top was really formed near the entry point. Now there is the 6920/30 area that should be cleared which should trigger 6870/80 - our initial target. This action may occur probably only next week (if it will).
So, lets be patient.
No matter what, move stop to entry level once bid price hits 6930. If I change anything about this trade, I will post.
And couple words on majors which as we see are back to yesterdays highs (although the correction was weak anyway), but the thing is that we need to break those highs in order not to get back to corrective move (Euro 1.2780, cable 1.8260). Otherwise, we may see some more serious correction.
That is it for now,
Good Luck!
If we look at it, we see that at least the minor top was really formed near the entry point. Now there is the 6920/30 area that should be cleared which should trigger 6870/80 - our initial target. This action may occur probably only next week (if it will).
So, lets be patient.
No matter what, move stop to entry level once bid price hits 6930. If I change anything about this trade, I will post.
And couple words on majors which as we see are back to yesterdays highs (although the correction was weak anyway), but the thing is that we need to break those highs in order not to get back to corrective move (Euro 1.2780, cable 1.8260). Otherwise, we may see some more serious correction.
That is it for now,
Good Luck!
Attachments
Any thoughts on next weeks £/$, €/$ ? I'm looking for a pullback on Monday.
I shorted £/$ near the close on Friday.
On every time frame from 30 mins put the slow stochs are also topping or turning. Long term it is still up but I can see why Saxo are saying keep an eye on a fall. Their thinking is that the rise was too big too soon and they were looking for a bigger retrace earlier in the week before we saw the big rise on Thursday and Friday. Looking at the chart I have to agree. So for early next I am looking for 50-100 points down.
Saxo 5.30PM Friday
~~~~~~~~~~~~~~~~~~~
GBP/USD met support at 1.8284 and shrugged off the recent 1.8356 top and has been to 1.8434, meeting minor resistance in the process. the uptrend should resume soon -- the next upwave should focus at 1.8500; we now start factoring in 1.8700 in our projections. Note the wild card discussed at the EUR/USD analysis -- make mental allowance for another sell-off to 1.8250
I'm not sure what the 1.8250 implies as the support is around 1.8275, maybe some EW count ? Possibly a resistance level from the 6/7th which is now support ? There is support around 1.8350 as well.
Gaps on 10 min chart
---------------------------
1.8124 - 1.8133 9 points
1.8188 - 1.8197 11 points
1.8258 - 1.8263 5 points
1.8307 - 1.8311 4 points
1.8336 - 1.8377 41 points
Kevin.
I shorted £/$ near the close on Friday.
On every time frame from 30 mins put the slow stochs are also topping or turning. Long term it is still up but I can see why Saxo are saying keep an eye on a fall. Their thinking is that the rise was too big too soon and they were looking for a bigger retrace earlier in the week before we saw the big rise on Thursday and Friday. Looking at the chart I have to agree. So for early next I am looking for 50-100 points down.
Saxo 5.30PM Friday
~~~~~~~~~~~~~~~~~~~
GBP/USD met support at 1.8284 and shrugged off the recent 1.8356 top and has been to 1.8434, meeting minor resistance in the process. the uptrend should resume soon -- the next upwave should focus at 1.8500; we now start factoring in 1.8700 in our projections. Note the wild card discussed at the EUR/USD analysis -- make mental allowance for another sell-off to 1.8250
I'm not sure what the 1.8250 implies as the support is around 1.8275, maybe some EW count ? Possibly a resistance level from the 6/7th which is now support ? There is support around 1.8350 as well.
Gaps on 10 min chart
---------------------------
1.8124 - 1.8133 9 points
1.8188 - 1.8197 11 points
1.8258 - 1.8263 5 points
1.8307 - 1.8311 4 points
1.8336 - 1.8377 41 points
Kevin.
Hello everyone,
I have tried looking on the forums without success for the mechanics of trading currency.Excuse the ignorance, but how do most here trade currency?Is it actually currency accounts with trading companies,or is it utilising IG Index or the like that is most popular.As you can tell I am a complete novice, but was trying to think of a way of taking advantage of a weak USD.
Ta for any advice rendered
I have tried looking on the forums without success for the mechanics of trading currency.Excuse the ignorance, but how do most here trade currency?Is it actually currency accounts with trading companies,or is it utilising IG Index or the like that is most popular.As you can tell I am a complete novice, but was trying to think of a way of taking advantage of a weak USD.
Ta for any advice rendered
Personally, I use spreadbets (with cmc) This seems a popular choice among others although obviously I can only speak for myself. I use cmc as their spreads are low and their prices match the spot market rate very closely.
You can sb currencies with other sb co's but when I last compared, none matched the cmc features above.
The other alternative is to open an account with an fx broker. ie a real fx account. CMC also do this but FXCM seem very popular. (they seem to be advertising all over t2w at th emoment so just click the link). FXCM's main advantage imo is that their dealing platform is very flexible.
The advantage of sb's is that any profits are not subject to tax (debatable).
If you just want to make an odd longer term trade and you already have an account with IG, that may do the job for you. If you want to trade fx more regularly, check out the above options.
You can sb currencies with other sb co's but when I last compared, none matched the cmc features above.
The other alternative is to open an account with an fx broker. ie a real fx account. CMC also do this but FXCM seem very popular. (they seem to be advertising all over t2w at th emoment so just click the link). FXCM's main advantage imo is that their dealing platform is very flexible.
The advantage of sb's is that any profits are not subject to tax (debatable).
If you just want to make an odd longer term trade and you already have an account with IG, that may do the job for you. If you want to trade fx more regularly, check out the above options.
hope you don't mind me answering on your behalf rezo.
Yes it does mean short euro. ie selling euro against pound. rezo's entry was on 9/1/04, detailed earlier in this thread.
I went short eur/gbp earlier today at 0.6932. Looking promising so far at 0.6913
Yes it does mean short euro. ie selling euro against pound. rezo's entry was on 9/1/04, detailed earlier in this thread.
I went short eur/gbp earlier today at 0.6932. Looking promising so far at 0.6913
Hi Darren,
thanks again, you are most helpful.The reason I'm asking is I have A LOT of Euros to change( and I don't mean holiday money).Looks like the sooner I convert ie this week the better.
Darren, can you say whatyou think about shorting the dollar, even at this stage.
Have I missed the boat?-I don't know whether you can comment . , but I'll ask anyway!
thanks again, you are most helpful.The reason I'm asking is I have A LOT of Euros to change( and I don't mean holiday money).Looks like the sooner I convert ie this week the better.
Darren, can you say whatyou think about shorting the dollar, even at this stage.
Have I missed the boat?-I don't know whether you can comment . , but I'll ask anyway!
Hello Everybody; darktone, fokjock, darrenf,
darrenf, no, of course I dont mind - its even a thank you from me.
Ok, here is the chart 240 min on eurusd. As far as I see it, latest 2 levels where we can pass through the line are the monday after Saddam capture and last week 2550s low. So, as we see, the support (if at all), may come near that line around 1.2650 and 1.2690 areas, depending when we get there.
No matter what, buying for short term target of 50 pips may be considered from current levels and may be a good trade with stop below 1.27, but I will not trade it, and if you can hold the horses, its better if yu ask me. There are always oppoptunuties, and if we will think "oh, I missed this move, I missed that move" - it is no good. So, in this case I recommend to stand aside - maybe even till the end of the week in case we see a break of the line. I already said it last week when euro was approaching to the line and breaking it that trend is strong, and if at all, only buying is considered, although I said that I prefered Cable over euro. Ok, that is the past.
So, for now - it is better to stand aside, but if buying, I think that buying cable is still better than euro. Now it is too late here in Israel - it is 3 am, and I was waiting for entry on cable, but I see it is a waste of time, so I am taking off now.
I am still holding the short EURGBP from 6960 from last week, and moved the stop to 6930 to lock 30 pips, so for all those who are with me, this is the current situation.
Ok, see you all soon,
Rezo
darrenf, no, of course I dont mind - its even a thank you from me.
Ok, here is the chart 240 min on eurusd. As far as I see it, latest 2 levels where we can pass through the line are the monday after Saddam capture and last week 2550s low. So, as we see, the support (if at all), may come near that line around 1.2650 and 1.2690 areas, depending when we get there.
No matter what, buying for short term target of 50 pips may be considered from current levels and may be a good trade with stop below 1.27, but I will not trade it, and if you can hold the horses, its better if yu ask me. There are always oppoptunuties, and if we will think "oh, I missed this move, I missed that move" - it is no good. So, in this case I recommend to stand aside - maybe even till the end of the week in case we see a break of the line. I already said it last week when euro was approaching to the line and breaking it that trend is strong, and if at all, only buying is considered, although I said that I prefered Cable over euro. Ok, that is the past.
So, for now - it is better to stand aside, but if buying, I think that buying cable is still better than euro. Now it is too late here in Israel - it is 3 am, and I was waiting for entry on cable, but I see it is a waste of time, so I am taking off now.
I am still holding the short EURGBP from 6960 from last week, and moved the stop to 6930 to lock 30 pips, so for all those who are with me, this is the current situation.
Ok, see you all soon,
Rezo
