Currency trading (Oct 30th > Nov 3rd)

[trendie]

http://www.bktraderfx.com/

"For those who are reading our new e-book, we have a strategy called the Extension Fade which is based upon statistical significance. The Australian dollar is setting up perfectly for our Extension Fade strategy. This is a pure technical, low risk play.

The clearest Extension Fade is in AUD/CAD. The currency pair has printed a positive candle for 8 trading days now - over the past 10 years, we have only seen 5 periods where the AUD/CAD has strengthened for 8 trading days with only 1 out of those 5 extending beyond 8 days."

The e-book refers to a Trend Fade strategy, whereby statistically, a 7-day move in one direction is more likely to reverse. (after waiting for requisite signal, of course )
Although the articlce mentioend AUDCAD, it is valid for GBPUSD.
Cable has been rising for a number of days straight, culminating yesterday in a doji/pin-bar.
Also, it is returned to the top of an extensive range.

PLEASE let cable drop.

 

[turtle trader]

My feed is only showing 6 consecutive updays prior to today - 2 more days of pain for shorts then?

http://www.bktraderfx.com/

"For those who are reading our new e-book, we have a strategy called the Extension Fade which is based upon statistical significance. The Australian dollar is setting up perfectly for our Extension Fade strategy. This is a pure technical, low risk play.

The clearest Extension Fade is in AUD/CAD. The currency pair has printed a positive candle for 8 trading days now - over the past 10 years, we have only seen 5 periods where the AUD/CAD has strengthened for 8 trading days with only 1 out of those 5 extending beyond 8 days."

The e-book refers to a Trend Fade strategy, whereby statistically, a 7-day move in one direction is more likely to reverse. (after waiting for requisite signal, of course )
Although the articlce mentioend AUDCAD, it is valid for GBPUSD.
Cable has been rising for a number of days straight, culminating yesterday in a doji/pin-bar.
Also, it is returned to the top of an extensive range.

PLEASE let cable drop.

 

[trendie]

My feed is only showing 6 consecutive updays prior to today - 2 more days of pain for shorts then?

agreed.
but as with most ideas, I am applying some leeway.
the doji/pin, etc.

 

[rav700]

I am short @ 92 with a stop @ 140 target = 52 ........Let see what happens
Happy Trading
Rav

 

[rav700]

I am short @ 92 with a stop @ 140 target = 52 ........Let see what happens
Happy Trading
Rav

I am out for +18 that will do me...... still need another 6 pips to recover from my midnight trade
:cheesy: :cheesy:
What a beauty

 

[faro0485]

New to the Currency Trading Thread!

I used to mostly chat about forex over in the forex chat room. It's been sometime since I have attended a chat session.
Call me a trainee trader, been into the forex scene for 1 year. I prefer to trade the cable only intra-day, I have specific principles in avoiding rollover charges. Using two charts to determin direction.
Trendlines for well trend, murrey math as a pivot lines alternative and a secret mystical intuistic technique.

Trendlines
http://www.trade2win.com/boards/attachment.php?attachmentid=23405


Murrey math
http://www.trade2win.com/boards/attachment.php?attachmentid=23406

Secret Mystical...

 

[trendie]

what an entrance, faro0485! (welcome by the way) nice charts.

you need to keep this up, esp with screenshots.

do you trade always off 5-mins?
If so, how many trades/pips do you average per week?

 

[faro0485]

Unfortunately I only have a small cash sum to trade with

If I had someone elses cash balance I might be more willing to make a trade!

I could be making atleast a small fortune , but for some reason every time I make a trade it goes heads up on me .

I must be still going through the psychological stages of trading, or probably pissed off someone .

Lately I do feel some emptyness. I feel like a can of soda just after it ate a mint

Give me 3 more years, I'm sure I'll mature by then.

 

[ChowClown]

Morning all, long 91. Should be fun and games today with both NFP and ISM this afternoon. UK PMI at 9:30.

 

[Offshore Trader]

Long at 91 s/l 61. Hope we get a decent move before the NFP later

 

[ChowClown]

Morning all, long 91. Should be fun and games today with both NFP and ISM this afternoon. UK PMI at 9:30.

...trailing stoploss now, soon be at b/e.

 

[ChowClown]

...given the tempered nature of the PMI report, stop moved to b/e slightly earlier than usual.

 

[Offshore Trader]

Having come back to its pre-figures level, I would hope that EUR/GBP will make a proper move lower to allow Cable to make some headway above 1.91. My Cable stop now at -10

 

[faro0485]

I got a short at 1.91 hoping for a little pipple

 

[Offshore Trader]

Move my stop and got taken out at b/e on that little dip. If that proves to be the bottom, I'll be cross

 

[ChowClown]

...given the tempered nature of the PMI report, stop moved to b/e slightly earlier than usual.

...now flat.

 

[JER08]

Morning all, still long from 9055. Turbulance ahead, fasten the seatbelt.

 

[City Bound]

short at the moment. The only thing that worries me is that it appears EVERYONE is short. Looking at OANDA's stats it seems the vast majority of positions are short at a lower price and the majority of the orders are to go long at a lower price. There doesn't seem to be much room for downside pressure.

 

[Offshore Trader]

short at the moment. The only thing that worries me is that it appears EVERYONE is short. Looking at OANDA's stats it seems the vast majority of positions are short at a lower price and the majority of the orders are to go long at a lower price. There doesn't seem to be much room for downside pressure.

I have no position at the moment but the constant failure above 1.91 and the amount of buying over the last 7 days would make me want to be short if I had to have a position. Remember though this is NFP day and so support or resistance are likely to be blown away quite easily. I would be very surprised if we don't see either below 1.90 or above 1.92 today.

 

[faro0485]

a nice +19 from a short gbpusd 1.91 :cheesy: