Forex Trading - November 2003

[neil]

Newtron
The more I get used to trading forex the more I am attracted to the 1 hour and 5 minute time frames for ease of spotting trends.

Anyone else thinks things look clearer if you stand back from the coalface?

 

[options]

You may even find the 5 min as being too close.

 

[Goober]

neil

I concur wholeheartedly. The 60min chart is invaluable to me and suits my style of trading. I spent years trading FTSE and SAFEX futures on 1, 2 and 5min charts and have a hiatus hernia to show for it.

Step back from the noise and watch your stress levels drop!

Happy trading

Goober.

 

[Newtron Bomb]

Top down every time
monthly>weekly>daily>60min>15min> sometimes down to 10 & 5 mins but rarely for trading just to get a feel for what is going on at the coalface

NB

 

[darrenf]

Re Neils post yesterday on usd/jpy, I noticed this spike yesterday and wondered if anyone is aware of BOJ intervention?

There seem to have been a number of bounces off the 108 level.

Could be a good short if we get a solid break below this.

 

[options]

Goober.
Spot on Guv.

 

[jamus]

The usd/jpy interventions just make shorting it a serious hazard. My approach is to buy the lows and steer clear of the drops. It does seem that the boj is determined to at least smooth out the declines if at all. Just my thoughts on the usd/jpy

 

[turtle trader]

I was thinking a bit like that jamus, but the trend does seem to be going down (lower highs etc.). Perhaps we should view this as an interesting battle between the technical (trend/broken previous support) & fundamental (BoJ Intervention). Whichever way you look at it you shouldn't try to fight what the market is actually doing - which in my mind is going down.

Turtle

 

[darrenf]

Re: usd/jpy

I would agree the trend is definately down at the moment. (on daily timescales)

The last MAJOR support, and the level which the BOJ tried to protect through intervention was at 115 to 115.50.

Once 115 was broken, there was a quick movement down to 108.

I suspect that the bounces off 108 are at least partly down to further intervention as they are very rapid moves of around 100+ pips. I will not be shorting at any level above 108, but if we get a solid break below 108, I imagine a move of similar magnitude could be seen down as low as 101 to 102 which is the next major support level on the monthly chart.

(I should really learn how to post a chart as it's much simpler to illustrate than explaion in words)!

 

[options]

All eyes on the eur/usd at the mo. It's looking like a roll over and die type of moment.

Key level as far as I'm concerned is .1869. Needs to close under that for the fall to be in place.

 

[Zenda]

12:34 EUR/USD: Fed Speakers and the Dow the Main New York Interest] London,
November 21: A Chinese name has a buying interest around 1.1850, while a German
bank was a keen buyer around the 1.1857 lows.
EUR/USD currently trades around 1.1880/85 in early New York morning. With little
on the US data front speeches from Fed members Ferguson, Guynn and Poole could
provide some interest. The performance of US equities (the Dow lost 71- points
Thursday), however, could be the main driver as fallout continues from events in
Istanbul and from charges of financial irregularities in a number of US
institutions. -- [email protected]

 

[Newtron Bomb]

Long gbp 1.7055
Long eur 1.1910
short chf 1.2990

 

[darktone]

trading ideas for next week

Sorry to blast the thread with charts. anyone else have any swing ideas?

(it goes without saying that these charts are my opinion and im not suggesting you act on any information i offer)

isnt it sad that weve got to type in stuff like that

 

[darktone]

.

 

[darktone]

definitely my favorite pair :cheesy:

 

[darktone]

not sure if there is such a thing as a low risk entry on cable!

have a good weekend all.

 

[JonnyT]

Hi darktone,

I wouldn't short the eur/usd and the usd/chf together.

They actually always but always trend in opposite directions...

One is more or less the mirror of the other.

JonnyT

 

[neil]

Just put one chart above the other. You will see what JT means.

 

[darktone]

hello fellas.

i was looking at going long usd/chf, it looks like its breaking its downtrend. Sorry , should have made it clearer

thanks for pointer though, didn't notice it before. Ive kind of had my head burried in E/$

 

[options]

Re; my last post. Keep an eye on where eur/usd closes today.
Don't normally talk about my trades but 100 pips adrift over the weekend. In a couple of hours this morning +871 pips. scaling some out and running the rest, adding on pull backs if it continues.