April '04 Forex

[darrenf]

1.79 proving a real barrier on gbp also. Currently under pressure again.

 

[FetteredChinos]

close out of 2/3 of cable position at 1.7917 +21 @£9 pp 🙂 🙂

remainder is running still..


FC

 

[FetteredChinos]

balls, looks like i closed out 20 secs too early lol.

 

[FetteredChinos]

guys it looks like my long term call on the dailys/hourlys is looking right for once. i think we are now in a case of selling the rallies rather than buying the dips until we hit 1.75 or lower..


just my thoughts, remember im cr*p at trading 🙂

FC

 

[FetteredChinos]

well this trade is in honour of Norris McWhirter. Lets hope its a good 'un.

short again from 1.7915 . i think 1.79 is gonna crack soon.

MACD crossing down. price making a semblance of a decending triangle. Weak bounces up. Short seems to be the only way at the moment.


FC

 

[FetteredChinos]

there she goes. goodnight vienna. time to trail that stop!

🙂

FC

 

[Redben]

Out for 22 pips, 1900 just too much like a magnet at the moment.

So much for moving my stop to b/e!

Ben

 

[FetteredChinos]

nice trade ben. i think its building up steam for another move down soon.

famous last words, but even if it bounces, i dont think its going to bounce far..

 

[Welshmal]

Bit off subject, but when I read cable I assume it's GBP/USD?

 

[Buk]

you assume correctly Welshmal 😀

 

[FetteredChinos]

god this trade is tedious now.. am still short from 1.7915 , but i averaged in (ave price 1.7926)

think its waiting to make its move soon. either way, i hope it goes down lol

 

[FetteredChinos]

yike, well im still in this short. i cant help but feel i may have been better off with a tighter stop and ridden GBP/USD on the way up AND down.

makings of a triple bottom at 1.7900 coming up..

could be some serious support, if it goes with any conviction, we're on our way down...

FC

 

[FetteredChinos]

well Norris didnt let me down. closed at 1.7873 for a +53

not a bad way to end the day...

about time i had a big day.. hope u all joined in on the sell off.

FC

 

[Redben]

Missed it myself FC, but pleased to see you got it. Paper trade holding short on a more medium-term scale, presently up 170 pips. Back-tested it a month and looks promising, but plenty more research to come!

Ben

 

[FetteredChinos]

care to share it ben?

is it trend-following, or counter trend?? breakout?

of course,. u can keep it secret if u want..🙂


just curious., thats all

FC

 

[Redben]

It's just the basic EMA crossover pattern mentioned in forex-trading-systems - very simple stuff. But then, as a newcomer to Forex I want to start with basic strats before finding my feet and perhaps looking at more complex ones. Hopefully though I'll find that the easiest ones work best!

Ben

 

[FetteredChinos]

looks like we are going down down deeper and down on £/$ at the moment. any bets on support at 1.7500 (round number support??) ??

currently got sell orders in @1.1811 on EUR/$ and 1.7678 on £/$ (opening range breakout hopefully)
FC 🙂

 

[mpjordan]

Hi Guys
Ive been following this thread with interest. Ive been trading cable on futures and options for about 4 months with mixed success. When I started it seemed a done deal that the dollar was going down ,maybe to 2 to the pound.all about the massive deficits the us is running. What happened?
I now tend just trade to the news like yesterday with orders either side of the price before an announcement.( not very technical I know) It seems to work well so far. Today i'm short june at 178 (from yesterday) with trailing stop now at 17640.
I'm trying to call somewhere near the bottom to buy an at the money june call. Any ideas where there is support? 175 seems a nice round number without any logic what so ever!
Martin

 

[FetteredChinos]

Martin,

i think we have a head and shoulders pattern completing on the £/$ , this should be targetting at the least 1.70 possibly a lot lower. It is so dangerous trying to catch bottoms, and we aren't talking clapham common here.

with regards to your news trading strategy. seems to work better on forex than on the indices. on the DJIA for example at news time, the index tends to dummy a move to take out stops before going on its intended path.

ive noticed on forex that it doesnt seem to do this dummy to the same extent, so your strat may work a lot better.

but watch out for exceptional news eg the payroll figures from a couple of weeks back. you will be lucky to get a fill within 10points of your order. might even get 20pts slippage.

good luck with it though.

🙂

 

[FetteredChinos]

Lick my Love Pump ( Spinal Tap) , opening range breakout has occurred on £/$


short at 1.7678 , stop @ 1.7738 lets see what happens today 🙂

at least we're going with the intermediate trend again.

FC