Forex Trading - December 2003

[Newtron Bomb]

added @ 1.2105
stop @ 1.2060

 

[Newtron Bomb]

Hi Neil

I think GBP highlights this as i missed entry yesterday the first blue trendline has been tested and broken.

I would expect price to drift towards its trend line and i will wait until it does before i seek an entry,
unless a pattern i like the look of develops before then

 

[Newtron Bomb]

The daily highlights resistance pretty well

 

[Newtron Bomb]

euro$ was closed overnight @ 1.2060 as posted above
No positions atm

Regards
Newtron Bomb

 

[Newtron Bomb]

Am a bit late to be posting this but i have been busy this morning getting a new project off the ground and completing the DJI summary as i had no time to do it over teh weekend

Anyway...
gbpusd
long @ 1.7325
Added @ 1.7358

Decision to trade was continuation of trend 60 min min charts
Entry trigger on BO of todays range entry on a pullback
Added - pullback
Initial stop 40 pips now at 1.7310

 

[Newtron Bomb]

eurusd
Long @ 1.2190
Added @ 1.2216
Reason - Continuation of trend on 60 min chart (and longer term)
Entry trigger BO new high Entry on pullback
Added - pullback
Initial stop 40 pips now at 1.2175

 

[Newtron Bomb]

usdchf
Short @ 1.2710
Added @ 1.2676
Reason - Continuation of trend BO new low entry on pullback
Initial stop 40 pips now @ 1.2725

 

[Newtron Bomb]

Stops adjusted
eur @ 1.2190
gbp @ 1.7320
chf @ 1.2690

 

[neil]

Is there a FED INTEREST RATE meeting today?

If so it might pay close attention to our forex positions.

 

[Newtron Bomb]

Hi neil yes there is

While am here update on positions
eur
stop adjusted last night to 1.2205 to cover average entry now closed looking to re-enter
gbp
stopped out
chf
open stop moved to 1.2680

Have a good days trading
Newtron Bomb

 

[Newtron Bomb]

Hi folks

A divergence in volume, can this be explained by the FED announcement.

It is most probable. The outcome ?? i personally dont concern myself with what may or may not happen
What it does tell me is that something is will happen.

It would be interesting to see if the pattern fails or completes from a TA view point bearing in mind the FA as a trigger

Newtron Bomb

 

[anmolway]

hi newtonbomb, sorry to be ignorant but what is FA - I have seen it mentioned a few times.


cheers
anmolway

 

[Newtron Bomb]

closed chf @ 1.2629
No technical reason other than to bank some money and go and have a long lunch

Hi anmolway

TA = Technical Analysis
FA = Fundamental Analysis

Newtron Bomb

 

[darktone]

The E/$ hourly channel has been unreal. .but it seems almost inconceivable that a retracement wont come some time soon..

NB starting to know what you mean about not trying to guess the outcome, especially using lower indicators

anmolway: or can be used if you closed flat...ie

"I made absolutely sweet FA on last donkey of a trade" :

 

[anmolway]

duh, obvious when you think about it

thanks again newtonbomb,

anmolway

 

[neil]

5 Min Euro/Dollar - Mornings

Hi
Here is another chart of an early (for me) morning type trade from 7am or thereabouts. Doesn't always happen of course.

I would like to have enough confidence to try setting a long or short order above or below a chart price so that if activated it would initiate a trade.

Not sure if fxcm has a stop system that trails the price. I do know that Capital Spreads for example, does have a trailing stop but will have to find out if you can set resting long or short orders with this firm.

 

[Newtron Bomb]

Hi neil

If you dont mind me adding to your BO analysis (great trading btw)

You can also reverse at your exit
Reason Double top formation - impending reversal
Entry short at pullback - your long exit as it breached previous swing low

There is also a congestion area with a slight decent to it giving two possible places to add. the congestion was only evident after the formation and at the time would have looked like a pullback if the prices were to continue south.

As it stands now the low of the day has broken support at 1.22 level
A further place to add to short below this

Hope this helps add tothe days trading analysis

 

[darrenf]

Hi Neil

Where was your stop on the above eur/usd trade?

Darren

 

[neil]

Hi Neil

Where was your stop on the above eur/usd trade?

Darren

I will usually trail 20 points behind but note the double top after which I see price dropping and lower high/lower low plus my 34ema being approached or crossed, so I get out.

As newtron said - this point would be a good short ( from double top)

Sorry if this is a bit vague but I use a fixed stop which is then influenced by price formations, my moving average, trend lines etc.

Plus I suppose support and resistance are more important to me since I then have an idea of how much I can lose before I enter the trade

 

[Newtron Bomb]

Following on with the eur example i think i would be out at 1.2220 looking for pullback to the s/r at 1.2220
Personally i am looking for a long atm with larger time frames as the trend is still up.