What a day today!

GeckoTime

Member
70 0
Who would have thought today would have turned out as it has. Whoever called it correctly or jumped on the bandwagon, congratulations. I can imagine that alot of people who were short on some of the currency pairs got stopped out today.

Personally I made some money this morning but lost it all when I went short EUR/USD at 1.1735. I closed out 20 points above that, didn't want the risk. Where do people think the $ is going to go now over the next week or so? Use this as a base for further weakening or stage a rebound? Personally I just don't know
 

turtle trader

Active member
172 6
What a day indeed (at last) I've been waiting for this breakout for days & think this is finally a chance to make some ££. I suspect the $ will see further weakening over the next few days/week so long as todays moves don't reverse back into their previous ranges later on or tomorrow.

Hopefully the last few days has taught me a bit about range trading - i'm relatively new to FX & have been looking to jump on board trends upto now, which gave me a very poor start/middle of last week. Managed to turn it round a bit at the end of the wk but nowhere near enuff to make up for the start. :rolleyes: I just hope I can recognise the 'ranging' a little earlier next time.

Am keeping tight stops for now, but hopefully we're in for a few good days

Turtle
 

options

Senior member
2,374 218
And personally you shouldn't care where the $ is going! Just follow what it's telling you. Don't have an opinion when trading,
it will screw your brain up and you will not know which way to trade. Don't listen to other people.

Have a view based on historic charts by all means, but when trading, do what the chart tells you.
 

Newtron Bomb

Experienced member
1,602 87
Today has been pretty decent all around :cheesy:

gbp/$ has done a nice move and after a false start this morning am long from 1.6770 - if gbp can hold above 1.69 i am expecting initially 2.5/3cents and i will reassess later for a longer view target or if we see a reversal.

eur/$ although am bullish and have been long for a while i added at 1.1720 - I'd like to see it back at 1.19 and am expecting 1.1950 if it can breach its recent high at 1.1862 . Again i will reassess with new information
 

Newtron Bomb

Experienced member
1,602 87
I concur with options, its important to have a view but not to let yourself be biased from it and trade what see unfold in front of you and not what you think will happen

Happy trading

NB
 

GeckoTime

Member
70 0
My view is dollar weakening in the next few weeks, but I'm unsure. Went short at 1.1735 as I thought the rise was too much too soon for the day. How wrong I was!
 

boy

Established member
552 3
Hope the dollar drops a plenty, makes the hols to Florida cheaper.
the best rate I ever got was $1.98 to a £1. happy days
 

turtle trader

Active member
172 6
I agree that there's little point having a view on where something might end up, but if you don't have a view on which direction it might be headed then you'd never be able to place a trade. I may well be wrong but the the charts are telling me that the $ has been stuck in a range for some time - the fact that it has IMO broken out of that range tells me that it is likely to continue in that same direction, so I will trade in that direction until proven otherwise.

NB - Do you have any intention of returning to your EMA xover system in order to benefit if this does turn out to be the start of a new trend? I followed it with great interest for a while & was about to try something v similar myself until the trend gave up.
 

Tullibody

Member
67 0
I was fine this morning and took a nice profit but went haywire PM and gave it all back after disregarding all known trading rules. No idea what happens next 'cept that I'll stick to my plan tomorrow.
 

Newtron Bomb

Experienced member
1,602 87
turtle trader
I will be going back to a trend following strategy if it can hold above 1.69 i will be looking to add to my long if all is looking well, i am still cautious for now.

you can use a trend following system in any time frame... the longer term time frames (for me 15 min up to daily) were of no use following a ema. I ve actually enjoyed this range as ive been trading off 5 min charts and using price action only. and for this reason i stopped posting as the markets were ranging and i posted a trend following system, it was really just to illustrate the mechanics of it in real time and you get to see it in trending conditions and what happens to it in ranging conditions

You might like to look at a smaller time frame and you will see trends through the day.

HTH

Regards
NB
 
 
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