Currency trading (Oct 23rd > 27th)

[City Bound]

Long @ 760
S/L @ 720

Still looking short on NOK.

 

[ChowClown]

Morning all,

Short too with current stoploss at 706. From the 60min chart at the moment i'm seeing a failed 3rd leg down from yesterday developing (this assumes 8676 is the low for the day) which is a precursor to the only harmonic pattern i know (5-0 harmonic), which, if it pans out suggests an upside zone of 8782-8823 followed by a retracement zone of 8716-8757, from which to buy again.

Lots of 'ifs' and 'buts' with this sort of thing and as i'm short, could really do with it not happening.

...long from 753 this morning and this harmonic continues to play out.

 

[JER08]

Good morning, just gone long cable 8700, stop 8655, target open.

Closed long at 8770, +70 pips. Shorted 8770, stop and target open.

colsed short at 83, -13 pips.

 

[ChowClown]

nice trade JER08. Looks a good place to short for a while....even tho' i'm long!

 

[JER08]

nice trade JER08. Looks a good place to short for a while....even tho' i'm long!

Hi Chow, cable could go either way today, so I may end up lose all the profit plus a bit more.


Are you eyeing 8860 region for your long?

 

[ChowClown]

Hi Chow, cable could go either way today, so I may end up lose all the profit plus a bit more.


Are you eyeing 8860 region for your long?

...well, i'm banging on about this harmonic wotzit and the upside range extends to around 8820, so i'd be happy to see that hit initially. What with it being an FOMC day today, i'll be trailing the current long a little tighter than normal.

 

[City Bound]

Closed 680 short on EUR/NOK @ 553. Now long @ 453.

 

[ChowClown]

...well, i'm banging on about this harmonic wotzit and the upside range extends to around 8820, so i'd be happy to see that hit initially. What with it being an FOMC day today, i'll be trailing the current long a little tighter than normal.

...5min 123 short developing now, so moved stop to b/e.

 

[Uphios]

I had planned to short cable on a return to 8766 but I can't bring myself to do it now. My charts indicate dollar weakness, my longer term view is for a strengthening dollar and I have absolutely no feel for FOMC today, so looks like oil trading for me until thing become clearer.

Good luck all with your forex today.

 

[Priceman]

A lot of action around this area, which way will it go... Wont move too much I don't think IMO before the news...

For all you James16 fans out there, pin bars and DBLC (am I using the correct terminology?). This chart is 15mins cable.

I'm still long but not convinced on either direction, think it's just going to shake people out that have tight stops both sides of current price.

 

[City Bound]

Closed my cable long for +5, want a clean break of 775 so that I can enter at around 780. Otherwise I'm hands off for the moment.

 

[jacinto]

A lot of action around this area, which way will it go... Wont move too much I don't think IMO before the news...

For all you James16 fans out there, pin bars and DBLC (am I using the correct terminology?). This chart is 15mins cable.

I'm still long but not convinced on either direction, think it's just going to shake people out that have tight stops both sides of current price.

looking more like a triangle to me, which would mean continuation, but spinning top on 60 min prev candle would suggest the same doubts as yours with direction. so wait for break.

 

[ChowClown]

...and for hourly inside bar/candle fans...a break one way or t'other might fuel the next move for a while.

 

[wasp]

Predictions > what fun!

Whilst we battle it out for direction......

 

[jacinto]

potential H&S

agree with you wasp

 

[wasp]

agree with you wasp

Take it one bar at a time but it is looking pretty textbook at the moment...

down to the neckline for 7pm then Ben make it fall through and down....

 

[jacinto]

Take it one bar at a time but it is looking pretty textbook at the moment...

down to the neckline for 7pm then Ben make it fall through and down....

very text book with trend break (trend touching left shoulder), jumping to form head, then breaking trend, and pullback to trend being the right shoulder

 

[jacinto]

Take it one bar at a time but it is looking pretty textbook at the moment...

down to the neckline for 7pm then Ben make it fall through and down....

And, Eurodollar forming also a potential H&S

25 Oct 2006 09:33 GMT


BULLET: MNI EURO-DOLLAR TECHS: Potential Head-&-Shoulders....
MNI EURO-DOLLAR TECHS: Potential Head-&-Shoulders Pattern Noted
RES 4: $1.2660 38.2% of $1.2458 to $1.2979
RES 3: $1.2640 Daily high 19 Oct
RES 2: $1.2610 21-day moving average
RES 1: $1.2585 5-day moving average
CURRENT LEVEL: $1.2570
SUP 1: $1.2525/30 Daily low 24 Oct & Potential neckline of h-&-s
SUP 2: $1.2484/90 Daily low 13 Oct & 200-Day moving average
SUP 3: $1.2460/65 Low 19 July, 38.2% of $1.2979 to $1.1644
SUP 4: $1.2440 Daily high 25 Apr
COMMENTARY: Potential head-&-shoulders formation on hourly charts is
noted, where neckline comes in at $1.2530 -- break targets a measured
move to $1.2400. However, the daily studies aren't convinced of downside
move and show bull-divergence signals, with 10-day momentum now in
positive territory. Initial resistance is at the 5-day ma at $1.2585.

Provided by: Market News International

 

[City Bound]

Whilst we battle it out for direction......

Saying that, this could just be a flextion on our way up to the top of the range on your second chart. Although I do take your point. It could go either way I think.

 

[wasp]

Saying that, this could just be a flextion on our way up to the top of the range on your second chart. Although I do take your point. It could go either way I think.

Trade what you see and not what you think yada yada....

I like the thought of the H n' S but PA in the meantime is what matters... FED/FOMC days can be a right pain and unpredictable so best to not try and think ahead too much IMO.