FX-2007: Jan 22nd > Jan 26th

[neil]

Cable 5 minute charts

been reading boxingislifes thread over on Forex Factory using multiple-Stochs to buy/sell retraces.
(a variation of the Jimmer "slingshot" method)

the market moves arent big enough for SB - need about 30-pips, and I missed the AM move up.

a null-day for me.

Apart from a quick spurt out of the gate re the Asian overnight range (12night to 7am) Cable has wobbled about a bit - any reason for the lack of direction anyone?

 

[Phil Mibbutz]

Pleased to hear that trading life goes on... After yesterday's -40pt stupidity, I'm taking a measured approach, ie. mostly doing nothing, but did manage to grab 12pt earlier.

 

[hornblower]

Pleased to hear that trading life goes on... After yesterday's -40pt stupidity, I'm taking a measured approach, ie. mostly doing nothing, but did manage to grab 12pt earlier.

phil a win is a win
30 points every day x 5 = 150 points for the week
depending how you trade, works out to good money

 

[jacinto]

hi trendie,
that could be the case,

it seems like you have 2 long setups.

1) double bottom triggered at 9700 for the long, target 9750,
2) 123 triggers 35, target 9820

if and only if 9650 holds.

j
ps: my opinions are not worth much this week so take with a pinch of salt

pattern void

 

[candles]

Same as yesterday for me, really. Done OK, but could have made LOADS if i had more confidence in my own calls. I fancied the Dow for a big drop and liked cable for a short aswell. Didn't touch the dow and took 27 pips out of cable.

At the moment im looking for some buying on cable for tomorrow, although am weary of DC's target which is lower by another 80 odd points. Maybe he'll get his drop tonight ready for a bounce tomorrow? we'll see.

In fact, since i started writing this post this appears to be happeneing. he's a bit good that DC is!!

 

[neil]

Same as yesterday for me, really. Done OK, but could have made LOADS if i had more confidence in my own calls. I fancied the Dow for a big drop and liked cable for a short aswell. Didn't touch the dow and took 27 pips out of cable.

At the moment im looking for some buying on cable for tomorrow, although am weary of DC's target which is lower by another 80 odd points. Maybe he'll get his drop tonight ready for a bounce tomorrow? we'll see.

In fact, since i started writing this post this appears to be happeneing. he's a bit good that DC is!!

I don't know what that DC chap drinks but get me a pint then maybe I can work his magic on forex :cheesy:

 

[dc2000]

bit boring today time to exit short as will probably have tomorrow off

 

[hornblower]

Morning all
small long just to see where it takes us
looking for 715


with the dax ,dow and ft ,
down last night
looking for shorts this morning

edit closed long -5

 

[City Bound]

BO long this morning at 666. Someone fetch the holy water...

 

[jacinto]

Morning all
small long just to see where it takes us
looking for 715

morning all

hi HB,

can you classify this wedge as an ABC correction, for a new start? I havent numbered anything. it is just a quick and dirty chart-view

j

 

[hornblower]

morning all

hi HB,

can you classify this wedge as an ABC correction, for a new start? I havent numbered anything. it is just a quick and dirty chart-view

j[/QUOT

I think you may be correct
will wait and see

 

[JohnG FX]

Morning everyone,

Haven't posted much the last couple of days.

There are two .50 fibs we are just approaching at 9617 & 9587

Looking for the second to hold as am expecting swissy to pullback ahead of 1.2545.

Gone long @ 9637 (a bit early perhaps) and will add more to 9600 stops currently @ 9577

Sitting on a naked GBP/JPY 239.87 short put with an expiry 21st Feb which I sold on the volatility after the G7/Yen comment for 370 pips, I was getting a bit concerned about it yesterday but it's not looking too bad today. Also have a short straddle which expires today, a price around 239.50 @ 15.00 gmt today would be nice.

Edit : coming over on the wires that the spike up in USD in the last half hour was partly due to a large dollar buy going through on behalf of Nordic Telecoms aquiring the remaining shares in Turkcell from Cukurova, if anybody was interested :|

 

[jacinto]

thanks HB

 

[trendie]

is the reason why traders use so many indicators because of the fear of losses?
must be!

each time I add a new indicator, its to cater for an event (in the past) that resulted in a loss, and the expectation that it wont happen again in the future.

BUT, if you apply the (Immutable ) Law of Diminishing Returns, each additional indicator adds less and less value.

I have spent this week mostly in front of the screen, and these extra indicators actually create conflicting signals.

I have this week, removed my;
1: 5-EMA-High and 5-EMA-Low channels;
2: 21-Hull-MA
3: ADX ( am going to use Stochs OB/OS to mark the highs and lows, and eyeball the range-iness )

current indicators:
1: 55-Hull-MA (=trend)
2: Stochastics (7,3,3) / Stocfhastics (21,4,10) = LBR/Jimmer (=oscillator, identify pullbacks)
3: Bollinger Band (21,2) (=volatility)

Now, all I need is to find out how to use them!

 

[City Bound]

Stopped and reversed on the other side of the range. Short at 624.

 

[JohnG FX]

is the reason why traders use so many indicators because of the fear of losses?
must be!

each time I add a new indicator, its to cater for an event (in the past) that resulted in a loss, and the expectation that it wont happen again in the future.

BUT, if you apply the (Immutable ) Law of Diminishing Returns, each additional indicator adds less and less value.

I have spent this week mostly in front of the screen, and these extra indicators actually create conflicting signals.

I have this week, removed my;
1: 5-EMA-High and 5-EMA-Low channels;
2: 21-Hull-MA
3: ADX ( am going to use Stochs OB/OS to mark the highs and lows, and eyeball the range-iness )

current indicators:
1: 55-Hull-MA (=trend)
2: Stochastics (7,3,3) / Stocfhastics (21,4,10) = LBR/Jimmer (=oscillator, identify pullbacks)
3: Bollinger Band (21,2) (=volatility)

Now, all I need is to find out how to use them!

Hi Trendie.

Agree with you there.

I think like most I've gone through countless indicators etc. Now I just use plain and simple trendlines, Fibs, Stoch & MACD for OB/OS, a couple of MA variations and that's it. Oh and Ichimoku on GBP/JPY

As you say for the most part it's just eyeballing the charts, watching the other pairs that influence and where they are.

If you gave me a room of top notch programmers and I told them what I look at I doubt they could come up with a hard system that would match my entries and exits more than 40% of the time.

It's the "human factor" that makes the difference.

 

[Phil Mibbutz]

A magnificent 5pt banked this morning. Off to buy a Caribbean island now.

 

[candles]

7pts here, Phil....grab me one too.

 

[Offshore Trader]

A win's a win guys.+7 sounds pretty good from where I am sitting.

Still persisting in trying to trade breakouts. This morning's long breakout of the Asian range stopped and now short, which hardly looks any more convincing. BUT if Euro breaks the 1.2890/00 support we could see some serious downside

 

[hornblower]

trading the dax and ft this morning