Currency trading (Oct 16th > 20th)

[DAVIDB75]

It could go up a lot more or retrace back to 8600, just wait for the US numbers.

afraid i need education on US numbers, i'll be very interested in enlightening commentary.

(i would do worse on trading forex on fundamentals than i would do on elliott waves i think)

 

[City Bound]

anyone fancy 619 this aft then a drift higher

I do, which is why I went short at 670.

 

[Uphios]

anyone fancy 619 this aft then a drift higher

Frankly DC I may not always agree with you but I have learnt it's not a good move to go against you.

 

[ChowClown]

...bull flag brewing (60min)? Downside risk (USD) on PPI might break us out...probably not without hunting me out first though.

 

[oscar23]

hmmmm, that was a bit of an anti-climax!!

 

[ChowClown]

...flat now with +20. Could be tempted again long later beyond 90.

 

[ChowClown]

...nah. I'll be looking from the wings for the rest of the day.

 

[trendie]

..bit disappointed I couldnt add another position. like Chow, will wait till tomorrow morning.

I thought tomorrow will be the big move of the week, before it peaks on Thursday for a congestion/reversal.
But not so sure now.
Only have 1/3 position active. better than nothing.

 

[JER08]

It could go up a lot more or retrace back to 8600, just wait for the US numbers.

Ok,the market showed its hand, I can keep the 8566 long and forget about 8600 for today now.

 

[ChowClown]

...nah. I'll be looking from the wings for the rest of the day.

hah, wonderful thing, hindsight. Let it go, tomorrow's another day.

 

[trader1970]

This might be a silly question but what systems are being traded here

 

[Uphios]

Mostly gut feel here, although it might just be indegestion.

 

[zuke]

Target 1 hit! for +53.
Stop moved to b/even. I now have 2 lots running from:
LONG 8618
Target 8775
Stop 8618

Will leave to run til stop or target hit.

Moved my stop on this trade to trail by 53 pips (= to my orignal stop)

 

[neil]

5minute chart USD

Not much happened until break out of Asian overnight range. I show a couple of decent Pin Bars that Chow might appreciate. There are other Pin type bars but tails are short or not standing proud of previous prices.
The theory is that Pin Bars are better used on hourly and upwards forex charts.
Anyone trade price only?

 

[zuke]

Not much happened until break out of Asian overnight range. I show a couple of decent Pin Bars that Chow might appreciate. There are other Pin type bars but tails are short or not standing proud of previous prices.
The theory is that Pin Bars are better used on hourly and upwards forex charts.
Anyone trade price only?

My main strat is price only based off the 4H. I look for Fractal reversals and trendline breaks. I'll zoom out to the daily to ensure Im not swimming against the tide and zoom into the 5min for entry. Price is the only way to go imo.

 

[JER08]

Ok,the market showed its hand, I can keep the 8566 long and forget about 8600 for today now.

8566 long out at 8706, total +210 pips (105pips on whole position).

 

[dc2000]

This might be a silly question but what systems are being traded here

the grail

 

[ampro]

I show a couple of decent Pin Bars that Chow might appreciate. There are other Pin type bars but tails are short or not standing proud of previous prices.
The theory is that Pin Bars are better used on hourly and upwards forex charts.
Anyone trade price only?

Not sure whether those prints would be traded in the manner of a "fake blow" or pin-bar as you call them.

For one, that timeframe lends itself to many false readings & unecessary noise. These types of set-up triggers usually play out more successfully via the 240m+ graphs at potential range extremes.

Daily-Weekly readings obviously render this type of execution more favorable to climb onboard, but the signal is pretty scarse. Again, as price cuts out a possible rejection at a key Big Number on the larger technical graph's, they'll become more prominant.

The accompanying graph of Sterlings trip from the lower top 9050 slip, to it's attempt at a kickback from this recent exhaustion base @ 8525/30 has revealed a couple of weak "fake blows" but they're low key at best.

Sure, backed up with other price aids, they'd be a tradeable option, but the nose or wick really needs to print as an extended faker in relation to the body (open-close) of the bar.

It's more a case of where these types of bar prints occur on the technical map, which magnifies their profit potential.

 

[chestney]

the grail

Didn't Monty Python find that in the end?

 

[zuke]

Didn't Monty Python find that in the end?

lost a few limbs on the way though :cheesy: