Currency Trading Dec 18th-22nd

[a_gnome]

Half taken off now and stop to b/e on the rest.

Stopped out of the rest (too early) at 9504 for +43 on the second half to be added to the +37 on the first half.

 

[ChowClown]

...this momentum bodes quite well on the hrly. Have a target area of 9440ish for this leg down, to set up longs at a 'sweet spot' level....well that's the theory

....turning point now around 9425-30.

 

[Mr.Black]

+42 pips on this one....... :cheesy:

 

[tradewinds]

Still been short since Thursday night. As you can see on the chart the RSI is meeting resistance on the upside, and the hourly trend and the price action lastweek on the upside for the GBP struggled. This shows lack of willing market participants on the buy side. Check chart.

This may be why we are seeing the shorterm strength.

my position now is 143 pips and hoping for a move dwon to continue this week.

 

[Offshore Trader]

Some nice points on that break lower.......this is two profitable days in a row....it's been quite a while :cheesy:

 

[Offshore Trader]

Morning star bottom support at 1.9435 on 5 min chart, fits in with your wave pattern Chow...

 

[ChowClown]

3hr wave update - anyone brave enough to fade from here....i'm not.

 

[jacinto]

3hr wave update - anyone brave enough to fade from here....i'm not.

mind the pitchfork......although, the only thing that beats a pitchfork is another pitchfork

 

[a_gnome]

It's struggling to break through 1.9450 which happens to be a key Fib retracement level from the move up from the low on the 17th November to the high on the 1st Decemeber.

Still holding VEBO Variant short position.

 

[ChowClown]

1hr WW update...will see how this develops (or not) overnight.

Evening all.

 

[jacinto]

....turning point now around 9425-30.

That is one good call! potential double bottom forming for a continuation.....more likely the left shoulder of the future reversal pattern

nice one Chow. good you managed to have a good day. i unfortunately didnt, and the original stop was never challenged, so missed on a good 50 pips.

until tomorrow.

j

Edit: also attached daily chart. fibs of move 8100 to 9850. 23% fib holding double bottom. again, good call.

 

[xx_joray_xx]

hey all ....i have a quick question...what is is a larger number for the housing market index 32 or 34....and if you coul explain really fast what the index measures that would great....

 

[hobby]

hey all ....i have a quick question...what is is a larger number for the housing market index 32 or 34....and if you coul explain really fast what the index measures that would great....

Housing market index explained....

http://www.nasdaq.com/econoday/repo...housing_market/year/2006/yearly/12/index.html

& what lies ahead for the rest of the week (handy to tuck the URL away just for it's explanations of the importance of figs & what they mean)...

http://www.nasdaq.com/econoday/calendar/US/EN/New_York/year/2006/month/12/day/18/daily/index.html

 

[Offshore Trader]

Nothing like starting the day and realising you've missed the boat already. I've had a long triggered at 68 which I don't like at all, with the size of the upmove in the last 40 minutes and with resistance from Chow's wave pattern not far away. We'll see....

 

[jacinto]

Hi OT....you are not the only one. there was a nice little ascending triangle for the move north.

thought you were in already. I have missed it completely too, and will probably end up calling it a day this early

lets see what happens. I have it at the northern border of a pitchfork, so could turn around.

edit: Chow, that call of a bottom was top notch.

 

[ChowClown]

3hr wave update - anyone brave enough to fade from here....i'm not.

Morning all,

Like OT, missed the vebo long entry earlier. Will attempt to get in later. Wished i'd been brave enough yesterday now of course, but there's always next time. Just a few pips awy from the target line now

Good luck today.

 

[jacinto]

Hi baruch, did you get in?

 

[City Bound]

hi, my 7:00 entry has paid dividends today! long @502. I may well close it and "get out while the getting's good" as they say.

Is it just me or do I smell the beginings of a daily range on cable?

 

[ChowClown]

hi, my 7:00 entry has paid dividends today! long @502. I may well close it and "get out while the getting's good" as they say.

Is it just me or do I smell the beginings of a daily range on cable?

excellent, caught the worm nicely this morning then, CB.

 

[jacinto]

hi, my 7:00 entry has paid dividends today! long @502. I may well close it and "get out while the getting's good" as they say.

Is it just me or do I smell the beginings of a daily range on cable?

looks more like the beginning of the move up to test 9850

forgot to add that that is a great trade, well done. truly jealous.