Currency Trading (Oct 9th > 13th)

[ChowClown]

I am bit conused you say it might go to 8400 yet you are planning to re-arm your long order , is that just a short term trade ???

sorry for the confusion...yes the long order would just be for today.

 

[rav700]

sorry for the confusion...yes the long order would just be for today.

Thanks mate

 

[trendie]

is it possible to make judgements about sentiment of direction by the number of up-bars to down-bars?

in that, today, cable took around 20 15-min abrs to rise to peak at 8590 or so, but then gave up most of those gains in about 10 bars.

can it be deduced the fact it fell more easily than it rose indicates sentiment to the short-side?
or is there no correlation?

 

[JER08]

Sometimes it seems correlated, other times it don't , it's called "random noise".

 

[coolTrader]

Any of you peep's like to give me a view on USDCAD? I accidentally doubled my position yesterday when I clicked the wrong button, adding to my short position instead of coming out. Didn't want to lose the spread so stayed in. Now it's even harder against me and I still can't see a reason to stay short. Any views anyone??

probably not what you want to hear. It is seems it has turned on the 3hr chart ie uptrend start but.... 15mins is showing 3 peak -ve div on the macd..

Looks like you did not use a stop

Plus we have the FOMC mins at 7pm today.

Which is why the market is stuck in a range.

You will have to make the call .

Good luck.!

 

[coolTrader]

is it possible to make judgements about sentiment of direction by the number of up-bars to down-bars?

in that, today, cable took around 20 15-min abrs to rise to peak at 8590 or so, but then gave up most of those gains in about 10 bars.

can it be deduced the fact it fell more easily than it rose indicates sentiment to the short-side?
or is there no correlation?

The way I use that information varies. I will say the sellers are still in the market or the market is just having a think awaiting the FOMC.

The problem with Cable is that the thinking phase can be quite deep making one think it is a reversal. The decision is not made until whatever the market is waiting for is out.

 

[rav700]

About 40 would put me back at my inadvertent double. About 90 would put me back to original entry point. I wouldn't mind but even the first position was only supposed to be a scalp of 20 points which worked until I hit the buy button when my system just hung. By the time I re-booted it was back to my entry point.

We have go the mins out today @ 2:00 us time so if they mention rates and if that is the case then it may go another 50 points in the wrong direction so I would be careful as far as 40 point.....
I can see that it might come down about 20 odd dont know about more than that.....
.....
I am not a cad trader just going on the current range .............sorry

 

[Uphios]

Thanks for the replies Rav700 and CoolTrader. No problem, you are confirming what I am seeing which is that there is no good reason to stay short on this one just on hope. It has a little down move going at the moment so I will try and make the most of it and run a tight stop behind it. Must try and hit the correct button this time.

 

[dc2000]

Hi Chaps
going to take a week or so off and see if I can put together some sort of excel program to alert me to trade setups across all pairs Im finding Im missing out big time whilst watching cable do its merry dance

will catch ya all soon

 

[City Bound]

Watch. Cable will literally flat line for a week without DC telling it where to go.

Mark my words....or maybe not....

 

[trendie]

Hi Chaps
going to take a week or so off and see if I can put together some sort of excel program to alert me to trade setups across all pairs Im finding Im missing out big time whilst watching cable do its merry dance

will catch ya all soon

if you need any help, DC, just tell me all the rules, and I will write an excel file for you. :cheesy:
I will even personally phone you with the alerts, just as soon as I have finished calling my broker.

I am out for -41 today (messy entry). the pull-back didnt quite work. maybe the downswing is done, and its gearing for an up-move.

 

[zuke]

Thanks for the replies Rav700 and CoolTrader. No problem, you are confirming what I am seeing which is that there is no good reason to stay short on this one just on hope. It has a little down move going at the moment so I will try and make the most of it and run a tight stop behind it. Must try and hit the correct button this time.

It's not looking too good for your trade, HOWEVER, consensus is that there will be a drawdown tomorrow in the EIA crude numbers which would very much help the loonie. If you can hang on til then you MAY be ok.

Just my 2 cents of course and not advice etc...

 

[zuke]

Hi Chaps
going to take a week or so off and see if I can put together some sort of excel program to alert me to trade setups across all pairs Im finding Im missing out big time whilst watching cable do its merry dance

will catch ya all soon

DC.. I may have located a decent set ups scanner for around 20 pairs..Im still working on it. Ill keep you posted.

 

[Uphios]

Thanks Zuke. Already took the hit on half of it and set a new stop at 1.1380. It appears very tight range bound at the moment but if it cares to drop 140 or so before taking out my stop then I will be back near square. Feel a lot better having closed half.

 

[trendie]

I have an up-trend condition, which triggered at midnight.
Looking for pull-backs for longs.
(ideal long entry 1.8560)

 

[Offshore Trader]

I know this is a currency forum but there are a few others short Dow. It concerns me the longer the Dow goes sideways because IMHO it makes the next leg more likely to be up. Still short myself but with a tight stop and diminishing confidence

 

[ChowClown]

Morning all, wasn't around at 8am to get the usual orders on, so not long yet. Will be in if it pulls back to 594.

 

[zuke]

I know this is a currency forum but there are a few others short Dow. It concerns me the longer the Dow goes sideways because IMHO it makes the next leg more likely to be up. Still short myself but with a tight stop and diminishing confidence

I am short from 870 but I am also concerned about the lack of concerted sell off. Managed to bag 30 pips yesterday with the run down to 790, but not happy that it closed at 852.

 

[zuke]

Currently long on Cable from 547

 

[Uphios]

Thanks for the help yesterday people, cost me a small fortune My stop got hit pretty well exactly but still no sell signal on USDCAD so no worries.

Currently long cable with a target .8665 and looking to short DOW 894 or 880 if it looks to weak to get there.