Currency trading (Sept. 18th > 22nd)

[zuke]

Hi Zuke, we don't care though mate do we. Setup says go and we jump.

Exactly. Although I am a little peeved because I vowed never to take a trade in the Asian session again . Ho hum..onwards and upwards!

 

[nefariousbaffler]

Not as of yet. I'm thinking it will be a lot of sideways action leading up to FOMC tomorrow....not many good break outs.

However, I would like to discuss the long term possibilities of cable taking a big drop. Looking at the daily GBP/USD with a RSI (10) and MACD (12,26,9), a huge inverse relationship has formed. Price has continued to move up while the indicators are sloping downward. What do you guys think of that....or do you think nothing of it at all and disregard lagging indicators?

 

[ChowClown]

Morning chaps, currently short 8811, sl 8844. Stop to BE @778.

...trade now at breakeven.

Have to say, i looked at a 3hr chart this morning and saw the most recent supply line had been breached, so when the breakout went short i wasn't expecting it to reach breakeven so quickly.

 

[hopefull]

Good start to the day for you then Chow - cool runnin'

 

[ChowClown]

whey hey! look whose in da house - hi mate - limbering up for Oct?

 

[hopefull]

whey hey! look whose in da house - hi mate - limbering up for Oct?

Yeah very much so.Although had the school run to contend with this morning so missed the first punch..

Believe me mate you'll end up trading the Yen pairs too once your kids are in bed if you go full time.

 

[zuke]

...trade now at breakeven.

Have to say, i looked at a 3hr chart this morning and saw the most recent supply line had been breached, so when the breakout went short i wasn't expecting it to reach breakeven so quickly.

Good stuff Chow.

 

[zuke]

Not as of yet. I'm thinking it will be a lot of sideways action leading up to FOMC tomorrow....not many good break outs.

However, I would like to discuss the long term possibilities of cable taking a big drop. Looking at the daily GBP/USD with a RSI (10) and MACD (12,26,9), a huge inverse relationship has formed. Price has continued to move up while the indicators are sloping downward. What do you guys think of that....or do you think nothing of it at all and disregard lagging indicators?

I used to be a huge indicator junkie, but now on my main strat (trading off the 4H) I only look at good old price and S/R. However, if there is clear divergence on the daily, it would defo make me sit up and look for a rather large drop.

 

[hopefull]

Hi Zuke

I haven't really posted in this thread but often pop in during quieter moments.Just want to say that I've enjoyed reading your posts over recent months

 

[zuke]

Hi Zuke

I haven't really posted in this thread but often pop in during quieter moments.Just want to say that I've enjoyed reading your posts over recent months

Cheers mate! I've called some absolute howlers, but I still post em..warts n all!

 

[ChowClown]

...trade now at breakeven.

Have to say, i looked at a 3hr chart this morning and saw the most recent supply line had been breached, so when the breakout went short i wasn't expecting it to reach breakeven so quickly.

..now flat. Tempted with another long, zuke?

 

[zuke]

..now flat. Tempted with another long, zuke?

Still in the 803 long, although came with 8 of my stop. Currently +7

 

[hopefull]

Is your long strat or 'gut' based, Si ?

If 'strat' - pull trigger / if 'gut', go and make a brew mate - stay cool and grounded - Your VEBO strat is delivering the goods...Check your emotions at the door - retain your self control and achieve your objective.

Only trying to help..

 

[ChowClown]

...so it did. Good luck. I might be tempted to 're-arm' the short if it turns near the recent hrly res at 828.

 

[ChowClown]

Is your long strat or 'gut' based, Si ?

If 'strat' - pull trigger / if 'gut', go and make a brew mate - stay cool and grounded - Your VEBO strat is delivering the goods...Check your emotions at the door - retain your self control and achieve your objective.

Only trying to help..

...much appreciated Darren - rhetorical question for zuke really. The strat long is set in stone @849. I'm trying to pull together some rules for longer term PA off S/R and i can kinda see the reasoning for zuke's 4hr long entry.

Do you still use 1/5min TF for your intraday 'bookie battering' mate?

 

[hopefull]

Just an observation through own experience.Your day job is in a high energy / high activity sector.Trading is really the antithesis of this.Most of the time we are passively inactive.

Very rarely nowadays do it hit the 1min.Also ended up having problems getting filled.Trading has been mechanised for sometime with two set-ups based on price action only.

Cable is traded across multiple timeframes then the yen pairs,swiss,euro are ran through 15min-4hours.

Basically I look for the strat signals on about 6 cross currency pairs and run with the best RR to T1.

After spending 2 years trading sub5min TF's I needed a break - also I don't believe the daily ranges justify trading those timeframes in the way they once did ie. 2004 (others will obviously disagree, fair enough.different strokes etc)

 

[hornblower]

nice little run down on the Dax, euro/usd, euro/ gbp ,
made a few point on the way down,
just waiting for it to turn

 

[Priceman]

Going up long on cable at the news ? People getting into positions ?

Good luck/trading all, I have a meeting at 1400 just typical isn't it !!

 

[trendie]

are we allowed to mention "pin-bars" ? ( and DBLHC and DBHLC )
was the last hourly-bar on cable a pin-bar for a short ?
( YYYEEEAAAAHHHH - price action )

watch it rocket up!

 

[ChowClown]

..yes, and that coupled with the DBHLC from 7-8 this morning suggests further downward pressure. Let's get the news out the way and see how the land lies. Big fan of James16 too.