Currency Trading; September 03

[Newtron Bomb]

eu 1 minute chart
The same view on 1 minute chart clearly shows defined support and resistance levels

 

[Newtron Bomb]

gbp/usd

Really nice move down with a flag giving a further potential move of about approx 140pips...

I was going to write about the posability of an up move as a smaller flag with approx 40 pip has been forming and in light of the spike reversal pattern it was a short term posability, but it doesnt quite look right at to me at the moment, i'll just see wht it looks like in a while with new information

In light of the same pattern i have reduced my risk on the second entry from a standard 30 pips to 15 pips

 

[Newtron Bomb]

Forex article

Having just read the forex article in th elatest issue of Traders i would just like to quote tho opening paragraph

I am always astounded by how many day traders play the stock index market. The FTSE 100, the DAX and the Dow Jones are the most popular, especially the latter. Amateurs like to trade this as they feel it is something they understand. However, the amount of people that do not realise that the Dow Jones is a dollar average, a product that the hedge funds generally would not touch with a barge pole, beggars belief.

While i think that calling index traders amateurs is too harsh, i do think that people blinker themselves to the money making opportunities that are available from a multitude of markets around the word.

When you go and buy a car you have a look around to find one that suits you, your personality and you financial circumstances. You take it for a test drive... etc. etc.
But when it come to trading people just pick the market that they had heard the name of and see if this will work for them.
If it was the same with the car analogy then most people in the uk may well have a Ford :!:

 

[Newtron Bomb]

gbp
out @ 1.6505
worried it was going to whip me out... lookes like the pos bull flag from earlier turned into a DB... as i said at the time it just didnt act right

 

[bertie]

GBP/USD

hi nb......when you say a further potential move of 140 pips, do you mean up or down?......

 

[money123]

going bak up me thinks

 

[Newtron Bomb]

At the time i thought that it could have been a bear flag with a 140ish point target further down...

I also wrote that i felt we could have a short term 40ish (more acurately 46 pips) point up from a smaller bull flag which i also said didnt look right... as it turned out it became a double bottom and is testing the ema as i write @ 1.6540ish (ive got some missing data so its not that acurate) (minus the 46 = 1.6494 and we have the peak in the middle of the DB)

 

[Newtron Bomb]

gbp
reversed at 1.6550

 

[Newtron Bomb]

gbp
added @1.6625
Sometimes with a jump like that it takes a while for them to pull there finger out and confirm the order...

Tip, i usually send a polite message to the dealer via there software asking why my order hasnt been executed yet and get on the phone at the same time to ask another dealer the same question, first to sort it out wins a prize lol
however, on a spike it will be a saving grace and save you an entry

 

[options]

Yes, I just had to chat with the support guys, Had scrubbed orders still totting up, near gave me a heart attack!

Love that spike on eur/usd.

Oh, the heart attack came because I had the spike, jumped off near the top, and I could see the profit eroding before my very eyes.
Have to lie down in a dark room now...

 

[Newtron Bomb]

Loved that spike hit targets and out... this has been a loverly start to the week :cheesy:

Hopped off at 1.1587

 

[Newtron Bomb]

gbp
A ruddy good day...

Ive've seen this happen a few times during the big rally we had two weeks ago... could this be a clue to more advances???
It happens quite a few times and usually it is quite a good indication, lets see if it works again

 

[dolton]

NB...................

Forex trading looks interesting......presumably charts presented are Mytrack/Sierra...but which Real-Time Market in the mytrack Preferences need to be selected?

 

[options]

Hi Doulton.
You can also get charts from fxcm or refco. Doesn't matter which as they both use the same ones. 4 types. All free.

 

[options]

Anyone on the usd/jpy and holding overnight, please be aware that there is talk of the BOJ coming in to hold the usd from falling anymore. Given its fall today and given that the big boys see it as very heavy with very little bounce to it, I've just gone long.
They also see big stops around the 110.50 mark

 

[al-motor]

Options,

I had a look at the fxcm chart ( not too sure which one it was !!) but was trying to plot an EMA and it was telling me about a smoothing factor ?!?! all i was after was a 20 EMA ..........

 

[al-motor]

NB-

I take it that u trade using the SB platform of D4f ( using the cash ??)- what do u normally allow as stop and how many pips do u aim for ??

cheers

 

[options]

Hi Al.
I think that's on the net dania. Last one out of the 4. I have no idea why it does that. sma and wma plot as normal. Why do you want to know where a price has been though?

I prefer the net dania to the others, but I haven't seen a decent fx chart yet. I don't rate the 'professional' ones from there either.

Bloody hell, usd/jpy has just spiked from 110.800 to 111.330 and going like a rocket.


I am more than happy.

 

[Newtron Bomb]

Morning folks...I just wake up to find gbp flying
Added overnight @ 1.6700
NICE

Al
your abosolutely correct, i use a standard 30 pip on each entry with spread and then adjust with new information accordingly

Dolton
The realtime is mytrack and sierra, currencies come automatically real time with mytrack on the silver plan

 

[Newtron Bomb]

Morning options
were you in on the move on the yen? or did it just give you a heart attack?