ForexMorningTrade System

[Fabius]

from foreign exchange live charts the S1 is 15662 and the R1 is 15670

Strange thing that R1 and S1 are so close in the chart you are talking about... :-0

 

[bluedancer]

in 2hrs+20 is the MPC for the BOE minutes with votes on rate decision.... considered a High Importance event

 

[bluedancer]

my hopeful prediction is a fib expansion to 1.5718

 

[Fabius]

in 2hrs+20 is the MPC for the BOE minutes with votes on rate decision.... considered a High Importance event

Yes, I have just noticed it:
10:30 GBP MPC Meeting Minutes (red)

I rely on being out with my profit well before that news.

 

[Tenapenny]

in 2hrs+20 is the MPC for the BOE minutes with votes on rate decision.... considered a High Importance event

Should be 1-0-8 or maybe 1-0-7, anyway the rate decision was 2 weeks ago.

 

[Fabius]

my hopeful prediction is a fib expansion to 1.5718

FE 100.0? I have pretty the same value 👍

 

[suresh3101]

Yes, I have just noticed it:
10:30 GBP MPC Meeting Minutes (red)

I rely on being out with my profit well before that news.

Fabius.. i have noted that u give great importance to round numbers.. Since GBPUSD is nearing 1.5700, the profits should be taken out?
please give ur suggestions..

 

[bluedancer]

FE 100.0? I have pretty the same value 👍

I am doing an expansion from the impluse wave from 1.5652 to 1.5677

 

[Fabius]

Fabius.. i have noted that u give great importance to round numbers.. Since GBPUSD is nearing 1.5700, the profits should be taken out?
please give ur suggestions..

Well, I am not an expert whatsoever but I read on and on in many different technical books that in forex, more than in other markets, round numbers act both as magnet and strong level to be aware of.
At 1.5700 I'll take a look to the candles formation and if I think that there is not steam enough to break it, I will consider to close half position and lock in part of the profit gained till that moment (my 40 pips TP is at 1.5705, so it won't be a big deal anyway 😉).

 

[bluedancer]

Should be 1-0-8 or maybe 1-0-7, anyway the rate decision was 2 weeks ago.

Yes but there is a vote whether to hike the rate by 25 pts. If there is 2 saying yes it will be a big day for the GBP.

 

[Fabius]

I am doing an expansion from the impluse wave from 1.5652 to 1.5677

I took it from the low at 1.5503 to the Bernanke's high at 1.5639 before the retracement.
I see you are far ahead in your knowledge compared to me, that's the main reason I feel comfortable with my half position on Gbp/Jpy 😉

 

[Tenapenny]

Yes but there is a vote whether to hike the rate by 25 pts. If there is 2 saying yes it will be a big day for the GBP.

Hopefully we'll get there before any news. :clover:

 

[Smiffy42]

I bailed out at 1.5691
Didn't like the look of the BRN. (Big round number 157.)
Have a good day all.

 

[JRJ]

Strange thing that R1 and S1 are so close in the chart you are talking about... :-0

will send link when i have time, getting ready for work now.

 

[Fabius]

Fabius.. i have noted that u give great importance to round numbers.. Since GBPUSD is nearing 1.5700, the profits should be taken out?
please give ur suggestions..

Chapter
Fading the double zeros from Daytrading the Currency Market, by Kathy Lien, pages 103-104.
Rules to go Long (page 104):
1) First, locate a currency pair that is trading well below its intraday 20sma on a 10 or 15 minute chart.
2) Next, enter in a long position several pips below the figure (no more than 10).
3) Place an initial protective stop no more than 20 pips below the entry price.
4) When the position is profitable by double the amount that you risked, close half of the position and move your stop on the remaining portion of the trade to breakeven. Trail your stop as the price moves in your favor.

This is not the case with the actual market condition: it was just to show that I am doing my homework :smart: 😆

 

[Fabius]

I bailed out at 1.5691
Didn't like the look of the BRN. (Big round number 157.)
Have a good day all.

I perferctly understand your point of view (I agree with), but what about closing half position and let the other half ride the wind? :idea:

 

[Fabius]

will send link when i have time, getting ready for work now.

Ok, don't worry mate, if and when you have some time off 🙂
Meanwhile thank you

 

[Smiffy42]

I perferctly understand your point of view (I agree with), but what about closing half position and let the other half ride the wind? :idea:

I think its a good idea Fab, and i will certainly keep this in mind for future trades.
Cheers,
Paul.👍

 

[suresh3101]

I bailed out at 1.5691
Didn't like the look of the BRN. (Big round number 157.)
Have a good day all.

i think ur decision to close at 1.5691 was good..
i closed at 1.5695.. taking out 30pip profits..
more than happy..
even i was worried abt the 1.5700 round no.

 

[Fabius]

I think its a good idea Fab, and i will certainly keep this in mind for future trades.
Cheers,
Paul.👍

I've just closed half position and let the other part free to reach its 80 pips TP :innocent:
Meanwhile I moved my SL at BE :smart: