May '04 Forex
- Thread starter Newtron Bomb
- Start date
- Watchers 22
Hi Goobs,
Hope you're on the mend. Pretty damn quiet without yourself, FC et al on here. Great day so far on the EUR breakout systems.
Picked up a 30 min 5 & 20 weighted MA crossover system from the moneytec board the other day, which looks promising. I haven't backtested but the originator appears to be doing well with it. Here's the link:
http://www.moneytec.com/forums/_showthread/_threadid-7916/_s-3f0a4305af5b8a5705ea48c756bb5a59
Cheers
Hope you're on the mend. Pretty damn quiet without yourself, FC et al on here. Great day so far on the EUR breakout systems.
Picked up a 30 min 5 & 20 weighted MA crossover system from the moneytec board the other day, which looks promising. I haven't backtested but the originator appears to be doing well with it. Here's the link:
http://www.moneytec.com/forums/_showthread/_threadid-7916/_s-3f0a4305af5b8a5705ea48c756bb5a59
Cheers
Goober said:
Welcome back guys - great to see old faces!
Okay I would like to open this one for debate please. On our three main pairs the trend is dictated by action early in the day 7-8 or 7-10. However as we all know US economic news at 1.30 throws the market into a frenzy and has cost me dearly in the past. Even with tight stops this does not appear to be a real solution. From the charts of recent days I note that that there is a 20 minute gap between 1.28 and 1.48 when the market decides their reaction to the news and then (as today) charges off in the direction that this time frame dictates. Today the trend followed the trend set in the morning but had the news been different it will often reverse. So the question I ask to you respect traders; have you used this method of trading i.e. waited for the news to settle within a pre set time frame then traded on the back of the trend line?
Okay I would like to open this one for debate please. On our three main pairs the trend is dictated by action early in the day 7-8 or 7-10. However as we all know US economic news at 1.30 throws the market into a frenzy and has cost me dearly in the past. Even with tight stops this does not appear to be a real solution. From the charts of recent days I note that that there is a 20 minute gap between 1.28 and 1.48 when the market decides their reaction to the news and then (as today) charges off in the direction that this time frame dictates. Today the trend followed the trend set in the morning but had the news been different it will often reverse. So the question I ask to you respect traders; have you used this method of trading i.e. waited for the news to settle within a pre set time frame then traded on the back of the trend line?
Dentalfloss
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chow clown.thanks for the tip on wma.anybody going to the meeting saturday?
TheBramble
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Intereting point Mal.
When trading any of my selected Nasdaq stocks I will purposefully ignore them (regardless of activity) if there's any news out or due about them. It can so scupper the 'normal' activity.
So I think your point is a very valid one. We've discussed in the past temporarily exiting any positions just before the 13:30 spot and then re-entering after it's settled/digested.
Doesn't seem a bad idea to develop that idea further and see if we can't somehow systemise that time period to provide us with a potential system entry setup.
When trading any of my selected Nasdaq stocks I will purposefully ignore them (regardless of activity) if there's any news out or due about them. It can so scupper the 'normal' activity.
So I think your point is a very valid one. We've discussed in the past temporarily exiting any positions just before the 13:30 spot and then re-entering after it's settled/digested.
Doesn't seem a bad idea to develop that idea further and see if we can't somehow systemise that time period to provide us with a potential system entry setup.
I'll run on the scheme outlined, trading on the outcome of major economic news and report on the outcome. I doubt if I will be able to monitor more than one pair so my thoughts are to stick to the Euro/dollar although you may have thoughts on this. My doubts on such a big one is counter news from Europe which then brings to mind cable with a smaller home market with news easier to digest in a tight time frame.
Morning all.
Thanks for your kind sentiments. Glad to see the mass resurrection of all the regulars on this thread.
I like the look of a long on Swissy at 1.2460 with a tight stop (divergence and channel breakout), although yesterday's slide into the depths of Hades makes me a little nervous. We'll see.
Successful trading to all.
Thanks for your kind sentiments. Glad to see the mass resurrection of all the regulars on this thread.
I like the look of a long on Swissy at 1.2460 with a tight stop (divergence and channel breakout), although yesterday's slide into the depths of Hades makes me a little nervous. We'll see.
Successful trading to all.
'morning. I agree that the Swissy is looking interesting but waiting for 12440 to confirm the direction for today. If we do hit 2440 I'm thinking of selling rather than long with a target of 12350. My problem is that I'm long on the Euro at 12285 and historically the one is the reverse action of the other.
...well 1am-8am, 2hr entry EUR BO (must think of an alternative handle for this) didn't generate an entry today, so took a short from 1.2250 - on the 30min I have first possible fib support at 1.2210 ish.
Need to watch closely though with reasonably tight stops - i'm a bad lad going against trend
Need to watch closely though with reasonably tight stops - i'm a bad lad going against trend
