Observations of an exciting market...

[Buk]

yes they are Waverider.

 

[Buk]

a good example of playing the round number resist (if you weren't already positioned), with the Fibs as 'watch/scale' area's??

 

[Buk]

Hi Buk. Would you please just clarify for me '2bs'?.....are they double top/bottoms?

talking of which - 2 crackers on Cable today huh? off the top/bottom s&r.

 

[GotGold]

(psst...look guys I think we should get as much info from Buk as we can.....)


....Oh hi Buk.... Looking at that round number trade, remarkable. Is it really possible to pivot off these numbers. What is a simple strategy 4 doing so?

Do we have a bearish pattern on the £ here or is it my imagination? Stop order below support. Small punt on this, trade could easily go ary in the range.

 

[Buk]

Looking at that round number trade, remarkable. Is it really possible to pivot off these numbers. What is a simple strategy 4 doing so?

depends on folks definition of 'simple' GG.....the vast majority of my intraday trades occur on or around the 00's & 50's - the natural/psychological s&r levels....that the common, consistant 1-2-3's/2b's continuations & reversals etc merely coincide with these points of entry/exit is hardly rocket science imo..........

time after time, the same old set ups play out within spitting distance - I simply leg in at least area of risk, have me eye on the exit - scale out at next level & trail........1 & 5min set ups/same old stuff........another southerly 1-2-3 played out earlier off the 8600 decade....but then they also played out on Swissy at the open this morning. Dunno mate, like I said.....I watch for them, they set up, I trade them.....

 

[GotGold]

Interesting stuff.you say it's hardly rocket science, but it's still a very porsonalised strategy.
Looks like I've got some charts to look at..

Support has evolved further on the £. (1.8525ish) Watching this level now, but won't try to trade it till the morn.

 

[Buk]

Support has evolved further on the £. (1.8525ish) Watching this level now, but won't try to trade it till the morn.

which throws up a typical trade opportunity, in off the continued momentum at a round (50) number, tight exit below the spinner at the lower Fib.......clear 1st exit level with remaining lots at the b/e to test further run potential.

 

[GotGold]

Just had a perfect bounce off the round number 18600, right BUK?

 

[Buk]

finally!!!! after 2.5hrs of arguing with it mate, yeah

nicer (2b) pop late this morning tho, off the other round number huh?

 

[GotGold]

So, we finally got our big move south....seems like you need a lot of patience in this game. Several 'fake outs' before the move, all the weak hands shaken out, including mine!
Stil time to go short. This is a sizable break.

 

[frugi]

All eyes on the daily triangle. Could this just be a traders' remorse pullback before flying north?

 

[Buk]

who knows Frugi, no doubt the 7.15pm release will throw up a clue or two (as long as there's no surprises to consensus).....as ever, the good old (he yaaaawns) "round number kicks" will keep us in bread & marg tho

 

[GotGold]

I think the last few days action have been a very much a technicians market.

The big bounce of resistance took it's time but sure enough is in full swing now.

We should be entering at max pain. It's so hard to do in reality. What I mean is The trend was up, the fundys were pointing up, but the major resistance said down. I'm gutted about missing this trade because I saw it a mile off and still couldn't take it. Lesson learn ed. Move on....

 

[options]

That'll happen a few more times GG. I don't think you are able to get in on these from time to time. (for you, read everyone).

Don't beat yourself up over it though. You may have got in at the right time and been stopped out for a lovely loss. Happened to me twice last night. Really whippy on the eur/usd. While the gbp/usd took it more sedately.

They may not have turned to the downside properly yet. The longer time frame charts support this. So still plenty of time to climb aboard a train. Best not to have a view and just trade what you see in front of you.

keep trying to time the trades for maximum entrance. But have patience. Often the 2nd chance at entry is the best one.

 

[Buk]

That'll happen a few more times GG. I don't think you are able to get in on these from time to time. (for you, read everyone).

Really whippy on the eur/usd. While the gbp/usd took it more sedately.

So still plenty of time to climb aboard a train. Best not to have a view and just trade what you see in front of you.

keep trying to time the trades for maximum entrance. But have patience. Often the 2nd chance at entry is the best one.

very true!! although they (macd etc ) were turning over on the mid term (240/hourly/15)frames, the lower risk entries came via the faster frames off that top. Given it's struggled up here before, back in early summer & now catching it's breath at a prev area of s&r (8400), I still feel the optimum entry will be via the shorter frames....and today (with the Vets holiday) might not really be the time to start picking at it?!