Currency Trading; September 03

[turtle trader]

Am currently long Euro$ @ 11306 - it's difficult to call where it's going next, but agree that when it does go it will probably be a decent move. If it breaks thru 11550 then I intend to add to my postn (hoping for a re-test of 11900 ultimately), otherwise I have a stop just below 11400, and may then reverse

cheers
turtle

 

[newboy]

Newtron Bomb
Keep posting your reasoning as well as your trades,only started demo trading today.Do you always use the same/similar rule of thumb re your entries ie +/- the EMA.I find your & other contributers opinions invaluable thank you one and all.
Regards newboy

 

[Newtron Bomb]

gbp
Reversal short 1.6565 + 15

...nice pull back to ema... lets see if it continues down now the channel support has gone :cheesy:

 

[Newtron Bomb]

reversal long 1.6595

 

[Newtron Bomb]

added to long @ 1.6625

 

[newboy]

Newtron Bomb
Sorry to bother you with what must seem stupid questions but -- is D4Free/cmc spread bettors ? just received their forms.If they are not what would the spreads be between say D4Free/IG Index or any other co.
Regards newboy

 

[Newtron Bomb]

newboy

D4Free/cmc spread bettors ?

yes theyare a spread betting company, but cmc do also have a cfd and forex service

If they are not what would the spreads be between say D4Free/IG Index or any other co.

The spreads on forex instruments will differ slightly from market to market and from broker to spreadbetter but they are all around 5 pips

 

[newboy]

Thank you Newtron Bomb
newboy

 

[Newtron Bomb]

looking a lot like yesterday so far

 

[Newtron Bomb]

Could this be a top? and maybe a trend change?
You can see the DT above but below it looks like its running out of steam, for now anyway

But what do i know all am doing is buying above and selling below the ema... what fo i care where it goes lol

 

[turtle trader]

£$ trend change

Have just been considering that myself, but what do we call confirmation?-

16550 (BO of current channel)
16450 (bottom of the 'flag' that it's currently in on daily chart)
16380 (to fill the gap)?

I suppose it's all 3 for a definite change, do you think? :?:

turtle

 

[turtle trader]

Speaking of trend changes, i'm also looking at NZ$/$ - seems to be breaking ST uptrend to form double top with June hi

turtle

 

[Newtron Bomb]

All three to be sure it depends on weather you want to trade it or not and your time frames etc

On the daily chart we are clearly seeing a resistance level here

A BO above the peak above 1.68 should show us further advances... and a return back in to the channel would show me that it is not ready to push up, but it is still flirting with more gains.... a break of the lower channel for a downtrend

On 15 mins 1.6560 would trigger a sell for me agian

Once again i feel foolish for stating the obvious

 

[turtle trader]

Don't feel foolish, it's enormously helpful to be able to discuss ideas like this, even if they just confirm your own thoughts. As someone who has studied TA alone it's a breath of fresh air just to be able to discuss the subject

turtle

 

[newboy]

I agree find it most helpful & informative keep up the good work NB most appreciated.
newboy

 

[Newtron Bomb]

gbp
left overnight reversal at 1.6565
also a bit anoyed to find not data a lot of missing data

 

[Bigbusiness]

The Euro/USD was choppy on Friday but there was another nice head and shoulders this morning. I lost a bit on Friday but made it back in about 10 minutes this morning.

 

[Newtron Bomb]

Ive just got the drop on my charts this morning, nice pullbacks on the way down too

Nice Trade BB

 

[Newtron Bomb]

gbp
added to short @1.6490

 

[Newtron Bomb]

Euro/$
I know the chart looks a bit of a mess
Support and resistance level @ 1.1430 a pause before it broke though and a retest after it did break through... straight from the text book!