thanks jilly,
got to make it up for the small mistake of yesterday, still got about 100 pips to go to feel OK.
nah, as any wolfe wave, its a counter trend trade, using a tight stop. price has tested and tested the highs, and nothing. guess its ready for a good pullback. I really doubt its the reversal.
good day and well done to you too
j
got to make it up for the small mistake of yesterday, still got about 100 pips to go to feel OK.
nah, as any wolfe wave, its a counter trend trade, using a tight stop. price has tested and tested the highs, and nothing. guess its ready for a good pullback. I really doubt its the reversal.
good day and well done to you too
j
trendie
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eco-news heads-up for today.
12:30 USD Core Durable Goods Orders m/m
14:00 USD New Home Sales
(times in GMT; please add 1 hr for BST)
interesting that FF eco-cal has core durable goods, but T2W doesnt show it.
and T2W considers home-sales to be medium, when FF shows it as high importance.
(am only showing FF "red" news)
12:30 USD Core Durable Goods Orders m/m
14:00 USD New Home Sales
(times in GMT; please add 1 hr for BST)
interesting that FF eco-cal has core durable goods, but T2W doesnt show it.
and T2W considers home-sales to be medium, when FF shows it as high importance.
(am only showing FF "red" news)
Atilla
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Morning everyone,
I think we are heading down to 1.9820 regions this morning.
Big question I suppose is will 1.98 hold?
I think this new range 1.97 - 1.99 will be with us for some time to come. 1.98 sounds like a nice new centre of gravity for cable for me.
Today's move is bound to be news led. Once again it's based on US indeces for me. Watch the DOW & SPX.
If indeces rise - Pound will fall - Oil will rise - Gold will fall
If indeces fall - Pound will rise - Oil will fall - Gold will rise
We are at a critical period imo. BoE minutes quite rare. They must have had a few thunderbolts at the inflation stats. Did you all read, that not only was the vote unanimous 9-0 but some voted for 0.5% rate increase. Ouch.
Wonder what will the Fed do about inflationary pressures in the US and the dollar... Lets think about it...
Yep absolutely nothing. Good luck everyone
Question for you guys
Just interested in how you guys exit trades. I am currently +70 on a Dow Short that I took yesterday. Price is currently sitting bang on the 100 SMA. Would you:
1. Take no action and exit according to MA cross or oversold indicator etc
2. Take some profit now and add to short if the (say) hourly closes below the 100 SMA
3. Close out ALL of the trade for +70 and take another short if price closes under 100 SMA
I wont tell you which one I did, just interested to hear different peoples exit styles!
Just interested in how you guys exit trades. I am currently +70 on a Dow Short that I took yesterday. Price is currently sitting bang on the 100 SMA. Would you:
1. Take no action and exit according to MA cross or oversold indicator etc
2. Take some profit now and add to short if the (say) hourly closes below the 100 SMA
3. Close out ALL of the trade for +70 and take another short if price closes under 100 SMA
I wont tell you which one I did, just interested to hear different peoples exit styles!
Great effort Jacinto considering how tough this pair is to trade against the carry trend.
Well done on the 164.00 call!
hi zuke. good trade there.
my first answer would be to follow your own exit rules. those are the best you have and those are the ones to use.
for me it would have to be #3. I dont use MAs so no clue and no clue of the price action there. If that MA is support, then, close and reshort on break and pullback.
j
by the way, potential bull flag cable 240 min charts. target to the sky.
thanks mate. yep, hate to short that pair. but was on offer for a couple of minutes playing with 164, and why not short it if it didnt trigger all the supposed stops. the target of the pattern is a way down, further 100 pips to go, but to be honest, think that would not only be greedy, but stupid. if 163 didnt give in, time to exit.
J
I normally exit on an MA cross, but the lag can give back too much somethimes. Hence, I also use the 100 SMA as it often offers support/resistance. FYI, I did number 3, took the 70 pips and am now looking for a rally to sell into. Of course there are no right or wrong answers, but Im always interested in differing styles of trading.
Currently short dow at 13580, swing trade, looking for 13470.
I would favour option 2, money in the bank and opportunity to capitalise on potential change of trend, 13540-13570 crucial zones.
Crap Buddist
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very good question. If im unsure or detect or whiff that the trend is tiring, or I just want to book profits. I'll close it all. I feel personally for me, if im closing, then why should i leave anything on and hope for continuation and more profits. Therefore I take it all. yesterday, I talked myself out of holding, mainly to do with london lunchtime on the FX. But i was also aware that the profit was a good one based on the markets typical range %. So I didnt beat myself up over it.
Now if the trend, does continue and we are sidelined, then I wont chase it. I dont like doing that mid trend, possible new trend yes, market order go. Because i perceive it as a greater risk to be entering,that place, ie it wasnt at the start of the trend.
on your option 3, if the market offers another value entry, then I would be happy to get in, but the price would have to be value or likely higher than the price that I exited the original, based on your example, if i read the trend was still for weaker prices.
Hi
It depends what you are looking for and why you took the trades in the first place.
I'm short dow on a June futures contract and also short @ 13,699 on a September conract. Asian markets came off last night helped by Greenspan and so I would expect the US equities to do the same today on some risk aversion coming back into the market.
Futures are already down this morning so it depends what happens when the US opens. Often they close the gap so it could well go up again in the first hour or so of the US session.
It depends on your trading style, are you intraday or strategic ?
eg. My september contracts I fully intend to hold, at least until the US coming recession hits probably sometime in Q3 and will just keep adding more if it keeps stretching higher. I don't want to miss out on the coming 15-20% correction when it does happen .
So what did you end up doing ?
Crap Buddist
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Short cable 1.9861
For Wasp
OK, I wont be trading this, but it is a little experiment between price patterns, and Wasp's method.
1) bull flag that if and when triggered will offer some 130 pips.
2) when bullflag triggered, Wasps method will be long.
Interesting to see if 2 different methods give the same results.
j
thanks for your comments Wasp
OK, I wont be trading this, but it is a little experiment between price patterns, and Wasp's method.
1) bull flag that if and when triggered will offer some 130 pips.
2) when bullflag triggered, Wasps method will be long.
Interesting to see if 2 different methods give the same results.
j
thanks for your comments Wasp
Attachments
Nice entry! Where's your stop/target?
Great points JohnG! I ended up doing 3. On FX Im generally a swing trader, so will hold for a couple of days, On commodities, I have both an intraday and position system. I used to be hopeless at trading the Dow, but have been doing very well on it in recent months, trading an "intraday" strategy (although, I will hold sometimes overnight).
FWIW, Im think price will shoot up to the 540´s in the opening session on the Dow, before taking a plunge. Im simply not convinced that the sub prime mortgages issue is over or that the Fed can sit by and watch inflationary pressure build much longer. Just my 2 cents of course
