Euro/$---GBP/$ Where now?

[eminem]

Was out this morning so missed the action.... tried trading the news yesterday and got stuffed!! Been watching market moving announcments the past week and saw two of them produce a quick spike and continuation of the move giving 100 pips each time, nice smoooth one way traffic, eeeaazzzeee money!! So yesterday I thought right jump on as it takes off whichever way it goes. And what happened, it whipsawed through 140 pips in minutes and shook me out.... and after about two hours or so was back to where it started pre-news Guess I am gonna have to be a bit more circumspect next time but theres definitely opportunities to be had trading the news.

 

[User]

Buk the only figures that move things for me generally are the U.S ones. Out of the 3 U.S figures which would you say could trigger the direction today! Looking back at previous Firdays: we've had horrific moves. Bearing in mind that its the last trading day of the leap year month could trigger position settling in itself not to mention automatic stop-loss triggers!

So which will be most significant:

13:30 US Q4 GDP
14:50 US February final Michigan Confidence Survey
15:00 US February Chicago Purchasing Managers’ Survey

:?:

 

[Buk]

the position squaring/stop triggers look to have rocked this move for sure.....the gdp numbers are normally crucial to reactive moves, but imo they ALL have a bearing on events....trouble is, sometimes they can conflict & confuse the opposing market watchers....any inflationary/consumer data is spooky for our environment....the 1.30 numbers will offer us a hazy view of things until they're compounded at 3.00 by the consumer confidence/pmi figures..........sorry to sound "on the fenceish" but I'm no economist, just exp tells me to tread very, very carefully on news (specially Stateside), and definitely the above data output!!.....I'm not too bothered how they window dress eco news, as long as it pushes the market one way or the other.......just don't get caught in the crossfire......bullets come at yer from all angles.......

 

[User]

I put that idea forward at the start of this thread. Great 'eminem' you made some points at the start of the week. A little advice be a little selective on your choosing of open orders. Don't open orders on S**T news! I wouldn't have put orders in yesterday. Having said that, Your gonna get caught out sometimes, as long as its only 20% of the time you should be rolling in it.

Another thing we are at critical stages in these trends: Uncertainty brings volatility hence markets are thriving for data and news so they know where to move. We like volatility when it comes to Open orders. Generally I hate volatility!

Let me know how you get on. Oh you didnt miss much this morning, no clear indications!

 

[hammer]

Wish i had sold on the bearish triangle with target 1.85 as expected. Oh well lets see what i can do with the news now.

 

[eminem]

User, I guess it was sods law that I was gonna shafted... watched 200 easy pips slip past me jumped on the next opportunity and.... well a lesson (or should that be (Nick) Leeson!?) learnt. At least I am not sitting here facing a 200 point drawdown wondering whether to cut and run now. Used to play the Dow but the ranges have dried up so much on that lately been turning my attention to currencies so still learning really, but at least there appears to be something to get my teeth into. See what this aft brings.

 

[Zenda]

Just back from my shift - This is what happend

Chart 2 (earlier post showed set up)

 

[Zenda]

Post 3

No 3 is it going the wrong way ???

 

[Zenda]

100 pips Up - Limits hit

And Finally

 

[Buk]

.......nice one Zenda!!.....could be more in the offing this p.m!!

Interesting to note the $index nudging the 88 mark…..the greenback resurgence will certainly gain ground should the index settle & tick up above this area….I guess a close near or below 8500 will undoubtedly test support camps & trendlines on cable, giving substance to more bearish action?!……at least the further away from 2900 the euro gets, the less expectancy on possible intervention from the eurocrats!!….so, good opportunities exist for some snatches on rebounds there!…….get today over with and a weekend eyeball at the charts should offer some good opportunities early next week, that’s for sure

 

[User]

Lets hope it don't happen again eminem! :-0

Can someone kindly tell me how to upload a chart in this thread?

Thanks in advance.

 

[Buk]

just nip back a couple pages User.....there's an explanation to Hammer on the said same request!!

 

[Zenda]

Nah - Target achieved today - Think I'll sod off for the rest of the day the outside world looks appealing - Next time I will look will be Sunday night - Great Trading Week........

 

[hammer]

Is the data out? Its racing up. Wanted to jump on double bottom with target 1.8525 but didn't, again wish i had!!!

 

[Buk]

1.30 Hammer..........be careful of the "fake"

 

[hammer]

Anyone guess as to which direction it may be going? Im baffed by it all.

 

[Buk]

we have more news later......don't get lulled just yet!!!

 

[User]

That didnt make to much sense buk, I know how to do that but that only puts a chart as a attachment. I want my chart to directly appear on the screen....Anyone else know?

 

[hammer]

when you post and it says attach a file, if you attach a chart in *gif format which has a resolution less than 1024 x 1024 then it will appear in the post. Test it out on a chart thread i think rossered started for ppl who wanna practise attaching charts.

 

[darrenf]

Best file type to save as is .png as this gives the clearest images. (and will show as a chart on screen)