FX Trading June 4 - June 8

The GBPUSD closed last week at 1.9823. Will it close this week at:


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Offloaded all shorts, looking to start buying £ now.
Very risky/brave/stupid decision but going with gut here.

I originaly had 1.9875 as a target from couple of days ago.

However, with all the news and market adjustments I'd sit out at the mo and look for clearer direction.

According to my Standard Error trend on the 4 hour charts this pull back can go all the way to 1.9790 which is a 61% retrace.

or

Pick up support from 1.9850 and carry on up on it's longer time trend.

What do I think... ? I think it will go down to 1.98. Will I trade. Nope - got used to watching paint dry... :cheesy:
 

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I originaly had 1.9875 as a target from couple of days ago.

However, with all the news and market adjustments I'd sit out at the mo and look for clearer direction.

According to my Standard Error trend on the 4 hour charts this pull back can go all the way to 1.9790 which is a 61% retrace.

or

Pick up support from 1.9850 and carry on up on it's longer time trend.

What do I think... ? I think it will go down to 1.98. Will I trade. Nope - got used to watching paint dry... :cheesy:

I am expecting a retest of the recent highs at Fib 9965 again, if the rejection is confirmed I will look to take major shorts off that level but for the time being I am sticking to my risky longs.
 
Okay I know I'm cheating a bit here what with it being after the event but I didn't trade based off it anyway but this is something I noticed when we paused over the last 48hrs...
 

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Sneaked +3 pips this morning - It was after 8.00am so strickly speaking the system should record break-even, but as I was still at the computer, I managed to bag a few. :D

P.S. For today only - you get the real me on the avatar - tomorrow it changes back to my alter ego Jessica. Just thought it would be nice to have a face to the name - as Jacinto has done.

Hi Jill & Jacinto,
you're right it is nice to be able to identify that there is a real person behind the username/posts, and its nice to be able to place a face to a name, as it gives this fairly alien type of daily activity more of a human touch.
Thats why from time to time i have placed my own profile picture for a few days or so...
Daren't do the same now though since posting all the conspiracy theory stuff in case the feds come after me :cool: :) .
 
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I originaly had 1.9875 as a target from couple of days ago.



this pull back can go all the way to 1.9790 which is a 61% retrace.

or

Pick up support from 1.9850 and carry on up on it's longer time trend.

What do I think... ? I think it will go down to 1.98. Will I trade. Nope - got used to watching paint dry... :cheesy:

Fully concurred, problem for me is good analysis isn't the same as good trading.
 
As it turns out, today I would have been quids in if I'd stuck with my sell trade while I was at work, but you just can't tell.....hindsight is a wonderful thing:cool:

Still I traded the system (just about) and as long as I stick with the trading plan, the system should prove profitable and that's all I want. Sure, I might miss some big moves, but there will also be times when I secure a small profit, before the price turns and heads in the opposite direction. That's life!
 
that could be a very interesting swing short ;)

edit: with a first target 9686 and a second target 9510

chart updated. needs a clean break of 9820 and it should be a sail to the first target.
 

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Nice day today, closed my short at 1.9805 and also got a bonus 18 points on EUR/JPY. The volatility on cable the last few days is a little more encouraging excepting that yesterday was dire but to be expected ahead of the BOE meeting.

Hopefully more big moves to coome in the next few days
 
What do I think... ? I think it will go down to 1.98. Will I trade. Nope - got used to watching paint dry... :cheesy:

Good call Atilla, I came out of a perfectly positioned short trade and went with instinct for the contra got hit -30 -30 -30. Go figure!:rolleyes:
 
Good call Atilla, I came out of a perfectly positioned short trade and went with instinct for the contra got hit -30 -30 -30. Go figure!:rolleyes:

Thanks smbtnt, managed to bag +11 pips too being very cautious. Dow is top notch though. In fact most indeces having nice turn which suits my FA and TA finally.

Thinking where from here now and whislt I'd expect the dollar to drop further cable may well fall too.

As mentioned before I feel 1.98 is the new centre of gravity for cable between 1.97 - 1.99 and so I suppose upon continued weakness may well trend towards 1.97 but should get support there. Technical charts show strong long term SAR support line at that price too.

I think oil at $67 and gold at $666 is showing dollar strengthening. Market may expect rate increase but if markets go pants this will not be the case in which scenario cable will finally push through $2.
 
Good call Atilla, I came out of a perfectly positioned short trade and went with instinct for the contra got hit -30 -30 -30. Go figure!:rolleyes:

Same here. Dont mind taking losses (even against the trend) but price suggested where it was going and I chose to ignore it:( . Oh well, tomorrow is another day.
 
in case anyone is interested:
got this email from MAN Direct today; they seem to be offering 1-pip spreads on just about everything. havent investigated further.


******
ARE YOUR FX SPREADS THIS GOOD?

OUR FOREX SPREADS ARE THIS GOOD!

These were our spread rates at 12:02 on June 5th

In case you can’t read the image:

* EUR/USD 1.3516 - 1.3517
* AUD/USD .8383 - .8384
* EUR/JPY 16449 - 1.6450
* GPB/USD 1.9933 - 1.9934
* USD/CAD 1.0598 - 1.0599
* USD/CHF 1.2210 - 1.2211

http://www.tradingfxonline.com/onlinetradingfx.aspx
*******

PS: if this is advertising, I will remove link. and no, I dont have shares in MAN Direct!!
 
chart updated. needs a clean break of 9820 and it should be a sail to the first target.

sail sail sail your boat merrily down the stream, merrily merrily merrily, life is but a short :cheesy:
 

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sail sail sail your boat merrily down the stream, merrily merrily merrily, life is but a short :cheesy:

I missed the boat.
I bailed for a POXY 29 pips today, and I left behind over 100 pips.
If I keep doing this, I may have to seriously reconsider my aptitude for this, and my suitability for trading full-time.

'KIN 'ELL
 
I had a big clue. But ive dumbed it all down.

:p
 

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After yesterdays debacle (ignored short signal and went with my "instinct"; closed breakout short for measly +9 pips) I have gone back to taking signals from my strat and ignoring "instinct". Hence I am LONG 9740, Stop 9700, TP1 9820

Have a good day all!

EDIT: CLOSED LONG AT 9720 for -20. My early morning bleary eyeness made me read the wrong signal!
 
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