Currency Trading (Nov 20th - Nov 24th)

[Priceman]

Well I have just taken a risky short now from 55, will keep the stop within 10 pips or so into the news or maybe even come out before the news...

 

[hornblower]

That was a good call. Seriously, I am going to take this week off next year and go somewhere warm and sunny

But your somewhere warm and sunny !
its got to be better the on the north east coast

 

[Baruch]

...nice morning for you so far, Baruch Do you use 7am as the end of the Asian session?

Yes.

 

[hornblower]

just waiting to short the dax
when it crosses the 45 degree Gann line
I will have a look at it

 

[Baruch]

just waiting to short the dax
when it crosses the 45 degree Gann line
I will have a look at it

How many markets do you trade?

 

[ChowClown]

Long 9063 and just 20 pips headroom against average range. Will tighten to breakeven slightly earlier given chance.

Max risk loser, ouch.

 

[jacinto]

Max risk loser, ouch.

sorry to hear that. what made u go in?

 

[candles]

bad luck. You've got a good disciplined style of trading though, and you'll hit a home-run soon!

 

[ChowClown]

sorry to hear that. what made u go in?

My breakout plan. Head was screaming NO, but I usually get creamed using my head!

 

[jacinto]

My breakout plan. Head was screaming NO, but I usually get creamed using my head!

hmmm, hate it when that happens. know what you mean. next time. you make good calls. you'll get back on your feet on the next one, no doubt.. good luck mate

 

[ChowClown]

Thanks candles/Jacinto. Onto the next one.

 

[Priceman]

Well as you can see I think you had the right call anyway, you just got spiked out which is what always happens to me ! I'm still holding onto my short at 55 with the days high as my stop. Don't like this action upwards though. Still a bit more upside before tanking I reckon ! 90 max IMO then down.

 

[jacinto]

In case somebody is interested.

BULLET: MNI CABLE TECH: Hourly Studies Overbought -- Risks...
MNI CABLE TECH: Hourly Studies Overbought -- Risks Reversal Lower
RES 4: $1.9240 Daily Bollinger band top
RES 3: $1.9217 Daily high 20 Apr 2005
RES 2: $1.9175/79 Daily high 22 Apr 2005, Daily high 10 Nov
RES 1: $1.9100/05 76.4% of $1.8840-$1.9179 & Hourly highs/lows
CURRENT LEVEL: $1.9055
SUP 1: $1.8965/70 Daily low 21 Nov & 5-day moving average
SUP 2: $1.8840 Daily low 15, 17 Nov
SUP 3: $1.8795/8800 100-day moving average & Daily high 25 Oct
SUP 4: $1.8770/85 100-day moving average & 61.8% of $1.9190 to $1.8520
COMMENTARY: The hourly studies are looking overbought and failure ahead
of $1.9100 -- the 76.4% of $1.8840-$1.9179 move seen resuming downside
move. The daily studies are mixed, with daily slow-stochastic in sell
mode but 10-day momentum showing "bottom-failure swing", but still below
the key zero line. Risk is on a move back to $1.8965/70 area initially.

Provided by: Market News International

 

[ChowClown]

Well as you can see I think you had the right call anyway, you just got spiked out which is what always happens to me ! I'm still holding onto my short at 55 with the days high as my stop. Don't like this action upwards though. Still a bit more upside before tanking I reckon ! 90 max IMO then down.

Yes, can see this happening. Haven't re-armed the long order though, so flat and have a short pending 9020. Good luck mate.

 

[Baruch]

Hi Baruch,

Firstly, just to introduce myself, I'm a long time lurker and occasional contributor to this forum.

I've been looking at news trading recently with mixed results. Given your comments on trading the USDCAD news release earlier, I was wondering how you personally go about trading news releases.

Here's a video of the news trade in USD/CAD:

http://www.forexdiamonds.com/felixv...lSalesXAutos/112106_CADRetailSalesXAutos.html

 

[Priceman]

Yes, can see this happening. Haven't re-armed the long order though, so flat and have a short pending 9020. Good luck mate.

Well I hung onto my short after watching it go from +35 to -10 ! I'm not convinced cable's ready to go down yet though! Will watch the price action around the 65 mark and if it smashes through upwards I'll be out for a small loss, if it's ready to tank then KERRRCHING for me. It does appear very overbought though on my indicators, as jacinto quotes... get down shep down !

 

[edu]

Jacinto, I used MNI on a demo for a few weeks. Very good service, the news releases get out with no delay. A lot better than others(dow jones, ifr, afx) imho.

Chow... from what I can see here you´re very disciplined and mechanical trader. That´s a huge plus.
I could use some of it myself! lol

 

[jacinto]

Jacinto, I used MNI on a demo for a few weeks. Very good service, the news releases get out with no delay. A lot better than others(dow jones, ifr, afx) imho.

its pretty decent. looking for cable shorts if eurgbp holds 6750. that should give it a run back to 6780 and help cable go where it should go

 

[Baruch]

Jacinto, I used MNI on a demo for a few weeks. Very good service, the news releases get out with no delay. A lot better than others(dow jones, ifr, afx) imho.

Chow... from what I can see here you´re very disciplined and mechanical trader. That´s a huge plus.
I could use some of it myself! lol

I watch both MNI and Dow Jones, and to me it seems MNI is slower than Dow Jones. Comparing with Bloomberg and Reuters they are both really slow, so it's almost impossible to get in before the spike, when trading news.

 

[Baruch]

Well I hung onto my short after watching it go from +35 to -10 ! I'm not convinced cable's ready to go down yet though! Will watch the price action around the 65 mark and if it smashes through upwards I'll be out for a small loss, if it's ready to tank then KERRRCHING for me. It does appear very overbought though on my indicators, as jacinto quotes... get down shep down !

The trend is still up, isn't it? Why fight the trend?