Richard Hill Forex Net Trap

[Tanguero]

Hi Tang,

not to pour water on your fire .. let s hope it works.. but consider..

"I would expect a strong move tomorrow up further to the release of the news."

a) what if the news is bad.... - market will likely go down
b) what if the news isnt as good as expected, market may go down, may do nothing
c) what if it is as predicted, market will likely do nothing

cheers

Now cancelled the orders and instead long @ 15289.9 SL 10 x 3 size. So this is (c) - change of plans: quick scalp with expectation that a move up can be followed by a deeper retracement before the release.

I did not put it quite exactly, my expectation was that it is not just likely to go up but also that there is a chance of a strong reaction before the release, which is the main reason to consider early placement of orders - quite often the market already moves overnight making favourable entries in the morning very difficult.

For a), I reckon the numbers follow trends as well, so we have some better chances to go up there as well.

b) is a future event at the moment, so we have time to adapt accordingly.

 

[Dubai]

The GDP could easily flop GU or it could enable it to pass 1.5337. Remember; trade what you see, not what you think.

Tang I think a long at 89 is very risky with a 10 SL.

 

[stevepatt]

I'm not looking at going long until 1.5300 is broken and price holds.At the moment market stalling at yesterdays high.

 

[everydaytrader]

I'm not looking at going long until 1.5300 is broken and price holds.At the moment market stalling at yesterdays high.

Yes that 15300 level looks key. A clear buy signal on NT though @15298

 

[gbdru2]

is that dutchman at it again?

 

[Tanguero]

Ok it got me with my pants down.

 

[Dubai]

I did warn you tang. Dangerous trade with 1.5300 looming, now looking to bounce off 85 EMA.

 

[Tanguero]

I did warn you tang. Dangerous trade with 1.5300 looming, now looking to bounce off 85 EMA.

It's my quality cup of coffee!

 

[Tanguero]

Sold @ 15276.6 SL 15 Reason: Bounce off R formed by 20:33 pm pivot.

 

[Dubai]

Personally think this will go back to 1.5290-1.5300 whilst 85 EMA is in place.

 

[missionary]

Personally think this will go back to 1.5290-1.5300 whilst 85 EMA is in place.

So where have you gents placed your trade or are you like me - sitting on the fence at present?

mish

 

[stevepatt]

I've gone short at 15272 targeting 30 pips with a 30 pip SL, that target takes me back to just below my Pivot Point at 15238.

It all depends how the price reacts when (if) it hits 15250 I'm always cautious of the bounce from the big numbers 00 50.

 

[Dubai]

I'm waiting for 1.5300 to be broken or the 85 EMA to the downside to be cleared cleanly.

 

[Tanguero]

Personally think this will go back to 1.5290-1.5300 whilst 85 EMA is in place.

Stopped out. I should start learning your patience, D.

 

[missionary]

I'm waiting for 1.5300 to be broken or the 85 EMA to the downside to be cleared cleanly.

OK so you are looking at the support level we have had since the middle of the 19th. Though it seems just as unstable up there as it has been the past 2 days. I don't know how I will ever earn a living from this business !

Watching and waiting.

mish

 

[Dubai]

Stopped out. I should start learning your patience, D.

Comes from being burnt 1 too many times!

 

[stevepatt]

I'm waiting for 1.5300 to be broken or the 85 EMA to the downside to be cleared cleanly.

So you use the 85 EMA for identifying the trend and wait for it to be broken cleanly before going against that trend?

 

[Dubai]

I've found the 85 EMA to be a very good support/res level and whilst GU is trending like this, it works very well. I also rely heavily on cam levels.

1.5300 is a key level, it needs to close above to continue this climb.

 

[Tanguero]

I've found the 85 EMA to be a very good support/res level and whilst GU is trending like this, it works very well. I also rely heavily on cam levels.

1.5300 is a key level, it needs to close above to continue this climb.

Sounds like R3 to R4 b/out trade.

 

[missionary]

So which market opening caused the 6.30 drop then?

mish