Currency Trading May 7 - 11

[2be]

Hi Priceman, I agree with you that it is a good idea to support our postings with the rationale behind them. Because I use different comptrs for charting and different one for communication it is difficult for me to post the charts, so boringly I shall describe my little research. On weekly cable has been in an uptrend since Wk 14 Apr 2006, though I am new to EW, I have tried to identify a 5 wave pattern, with a W5 being the H of Wk16 APR 2007 @ 2.0132(please check the wave count foy yourselves,as it might be suspect). If this is correct we might expect a correction. It is also worth to notice that 2.0132 has touched BB deviation 3 and on the three prevoius occasions this has been followed with a move down. There is also an "inside day" or Harami, and the L of last week is resting close to the well established demand line and on the Upper BB deviation 1 (bounced of it, so some downforce has been diminished). Stochastic and CCI is turning down and RSI and MACD is printing divergence. On cable daily chart MACD cross from above 0 line and the direction of histogram together with RSI, CCI and Stochastic have been confirming/signaling a downward move too. When the lower BB deviation 1 is clipped it should be read as one more confirmation of an impending good move south.

 

[thecurrencydealer]

Took a 50-pip loss on cable last week ... bad entry point and timing.
Went short on cable at 9958 ... 1st target 9890
holding on to eurusd short at 3590 ... 1st target 3570 (almost there)
holding on to usdchf 2133 ... open

 

[JohnG FX]

Morning all.

No cahnge for me, trading as per the chart I posted yesterday and not envisioning any move up in cable unless MPC surprise with a .50 but I don't see that.

Will just let the trades run to target so won't be posting much this week.

My open positions attached : the 9685 put is to enable me to take longs within the next week from the 9700's or lower without having to worry about stops. The 1.9000 put is the same as I'm looking for 9100's around 10th July after a 3 wave move up from the lows I anticipate within the next week

 

[The Pearl Fisher]

Selling USD/JPY tonight at 120.10 (looking for 119.30)

SL at 120.45


TPF

But not getting 119.30. So closed at 119.80

 

[The Pearl Fisher]

Bought both EUR and GBP (1.3572 , 1.9922) No target.


SL’s at 40



TPF

 

[jacinto]

morning

im short from 18, and 20 pip stop. not very happy with it, but lets see. target 50 pips

 

[The Pearl Fisher]

morning

im short from 18, and 20 pip stop. not very happy with it, but lets see. target 50 pips

OH Bugger.

That’s a nail in my coffin.

 

[jacinto]

OH Bugger.

That’s a nail in my coffin.

could be my coffin instead. Edit: have written off those 20 pips already, so wont think about it......

j

 

[The Pearl Fisher]

could be my coffin instead. Edit: have written off those 20 pips already, so wont think about it......

j

Have you got a plan going or are you trading off the seat of your pants, as I am this morning?

I’m +30 so a total loss on this will be net -50. That’s acceptable for a Monday morning. I think.
Even if it's Tuesday.

 

[trendie]

Have you got a plan going or are you trading off the seat of your pants, as I am this morning?

I’m +30 so a total loss on this will be net -50. That’s acceptable for a Monday morning. I think.
Even if it's Tuesday.

is that all?!!
there are some guys making 5000 pips a week!!

 

[jacinto]

Have you got a plan going or are you trading off the seat of your pants, as I am this morning?

errr, dont want to answer the question....lol.

break of previous 4hr bar. and 123 or lower high. stop above breakout bar on the 60 min bar. correcting target to 9875.

j

 

[The Pearl Fisher]

is that all?!!
there are some guys making 5000 pips a week!!

I did see that. LOL

I’ve been searching my charts trying to find that volatility.

 

[jacinto]

is that all?!!
there are some guys making 5000 pips a week!!

a week?????

it was in 2 hours. :cheesy:

 

[a_gnome]

Morning all,
I can't find any trades worth taking in cable this morning but have caught a nice little move in USDCHF: went long 1.2127, sold half at around 1.2150 and stop currently at b/e for the rest. There's a lot of resistance up around here so we'll have to see how it goes.

BTW what's all this about 5000 pips in 2 hours? Do tell!

Edit: Oh I see! Something to do with the competition. Have the prices been up the creek then?

 

[jacinto]

errr, dont want to answer the question....lol.

break of previous 4hr bar. and 123 or lower high. stop above breakout bar on the 60 min bar. correcting target to 9875.

j

thats me out for -22. seems like it was the seat of the pants. too bad. next one.

 

[trendie]

I think I am losing my nerve - again.
missed 2 separate shorting opps today on cable, on 60-mins and 15-mins.

 

[thecurrencydealer]

Took a 50-pip loss on cable last week ... bad entry point and timing.
Went short on cable at 9958 ... 1st target 9890
holding on to eurusd short at 3590 ... 1st target 3570 (almost there)
holding on to usdchf 2133 ... open

cable: getting some pips back from -50 last week, though like it to fall further
fibre: 1st target reached, leave it open for now (but aiming for 3500 by month end)
usdchf: +33 so far, leave it open for now (aiming at 1.22)

 

[hornblower]

Morning
short on the dax and euro /usd
and they are still going down
I missed the short on the S & P

 

[a_gnome]

Morning all,
I can't find any trades worth taking in cable this morning but have caught a nice little move in USDCHF: went long 1.2127, sold half at around 1.2150 and stop currently at b/e for the rest. There's a lot of resistance up around here so we'll have to see how it goes.

USDCHF seems to be having a good go at breaking through all this overhead resistance. Stop now moved to +20 on the remaining half.

 

[Doctor Leo]

Sell cable right now at 19926, target 19850 (approx.), reverse at 19970.
Chief and euro has worked already, waiting for the next opportunity to enter.
Yen - boring short with an undefined target...