May '04 Forex

[ivorm]

Hey a320 !!

Good to see you - I didn't know you were into forex.

I've recently started Robert Lawlor's book - I just need to find time to do some of the workbook exercises. Fascinating stuff. Do you still visit the t2w chatrooms ? I can't get into them since they put in a firewall at work. (gits !!!)

Take care.

Regards,

 

[FetteredChinos]

have put a sell order in at 1.1945 to try to catch a further move south too.

any recovery north is struggling.

anyone had a look at the TA yet? any ideas chaps?

FC

 

[a320]

Hey ivorm..

I always keep any eye on what you FX people are up to... )
The T2W chat rooms have been very quiet so I've not been in much lately. Lawlor 's work is great for getting a grasp of the basics... I remember having hours of fun with my graph paper & compass :cheesy:

Take it easy CJ

 

[robber]

FC. What out, Looks like good support at 1920 to me.

Neil

 

[neil]

Thank goodness for guaranteed stops eh what

 

[FetteredChinos]

i know robs, i was targetting that region. if 1.1900 goes. who knows?

looking good so far. may take some money off the table at that point. but not going long there though. flying in the face of an avalanche without crampons!

MACD on 1 min and 5 min confirming downmove at moment.

FC

 

[Volatile]

Yeah, I'm already short on EUR for currently +30,
should make up for my -10 on the stops going with the news.

I'm not really following the BO strategy, but if I was using it, would I now be short, the price having broken out down as well as up earlier?

 

[tomwilliamson]

Hi Guys,

Currently +104 on EUR. Was just wondering if people can recommend a good site or sites for announcements such as today's at 1.30? Somewhere to look first thing in the morning to see what the day holds in store. Any suggestions kindly appreciated.

Cheers,

Tom

 

[FetteredChinos]

tom, try this link..


http://biz.yahoo.com/c/e.html

has all the biggies on it for the week



looks like my short is recovering lost ground from this morning nicely

FC

 

[tomwilliamson]

Brilliant FC, just what I had in mind, thanks!

 

[Goober]

I must learn to trade news!

Unfortunately, I don't have the time to sit and watch the action. Maybe, I should make the time.

 

[FetteredChinos]

well im really loving this short..

if only i had the courage of convictions with my thoughts from this morning. didnt i say the news would be better than expected?? balls

would have been take out by the spike up though lol

1.1920 gone now.. now lets see if 1.1900 is as brittle

FC

 

[robber]

FC, now that its broken below 1.920 Iv'e Joined you with a small trade on the way down.

Tight stop in place just above the short term downtrend

N

 

[Volatile]

I've been with the short since 1.983 Is nice innit fc

 

[Welshmal]

okay guys I need help please! Disaster of a day with the euro and the swissf but still long on cable since breakout at 17915. Do I call it a day or rollover - suggestions appreciated.

 

[FetteredChinos]

okay guys I need help please! Disaster of a day with the euro and the swissf but still long on cable since breakout at 17915. Do I call it a day or rollover - suggestions appreciated.

ok mal, if it is any consolation, im not sure how much more downside there could be tonight.


we SEEM (i stress seem) to be in a bit of a descending channel (excluding the big spike) so we could be looking at some upside in the mid term.

also the long diagonal bottom line seems to have been broken, but we may bounce up to restest it.

if you want to hold over the weekend (very very brave IMHO) then you may be ok with 200 pt stops and enough margin.

in the short term, ie until close of play i would remain short and see where the trend takes us

anyone else offer any ideas

FC

 

[Welshmal]

Thanks FC - you area true gent!

 

[Zenda]

Another news link for Tom www.gcitrading.com/fx_news_headlines.htm

 

[Welshmal]

The spike before the economic news

My first weekend for trading Forex and close at a loss. No regrets, learnt tons and today caught me out! Which brings me to the question about the events today. Good US economic news announced at 12.30, and good for the dollar. However, prior to the announcement (almost on top of it) the price shot against the dollar in a dramatic spike only to establish better ground minutes later.

The strength in the dollar makes sense but why the turn against it, and at such a dramatic speed. It is a market dealers tool to clear limit orders or was this a one off? I'm sure many of us would like to know the circumstances of this and as important what strategy could we adopt in the future.

Attempted to add the chart but unable to work that one out! Big learning curve!

 

[The Wanderer]

Results for 1st week of May-GBP/USD
******************************************
1 am-8am system
********************
5 Trades
4 Losers
1 Winner
*******************************************************************************************************************
Total for losing trades: -182.Average loss -45.5.

1 winning trade: +149

Overall Position: - 33

*******************************************************************************************************************

All losing trades had opening gap greater than 60.

The opening gap for the winning trade was 52.

If trades with gap greater than 60 filtered out would have made profit of 149 pips as opposed to loss of 33 pips.

*******************************************************************************************************************

8 am - 10am system.
***********************

5 Trades.

All lost.

Total lost : 200. Average loss -40.

*******************************************************************************************************************

3 Trades with gap greater than 60.

2 Trades with gap below 60.

Filtering out trades with gap above 60 would have produced loss of 80 pips as opposed to loss of 200 pips.

*******************************************************************************************************************

Results for other currencies to follow