FX trading Nov05 - Nov09

[bbmac]

Thought I'd missed some data release or something on that sudden break up from 1015/20 area gbpusd. 2nd and higher break to the upside out of the asian range 1032-0971. 1061 the days high so far, with price just off.

Just added: movement put down to 'last minute hedging' against surprise rate cut by BOE/MPc in 25mins, chances are 35% implied, with most going for a FEbruary 08 cut.

 

[bbmac]

The attached screenshot shows the 1min Reversal set-up at the highs. there was some varying weakish patterns of divergence to 15min to support. Notice how the osma didnt make it back above the zero axis so divergence was measured accordingly, and of course the 3 tests of the highs.

(1min Reversal B)

 

[bbmac]

Above trade set-up helped to a nice score no doubt by pre -rate announcement release positioning.


The set-up at that 1070/80 resistance...strengthening into 1100, didnt get any better than this....giving a 1082bid optimum entry. The fib tunnles and channels and donchian channels were breeched too to 15min with 1 and 5min stochs recording extreme o/b 90+ readings at entry. Notice per the discussion in last week's thread how cci had alraedy ' hooked ' down, on the 1min ...at entry.

1min Reversal Extreme with 5min Reversal A confirm

 

[Crap Buddist]

Maybe take a look around at the alternatives CB, if/when one or two of the more popular pairs aren't playing ball or muddying the waters?

Aussie is another big muscle out there v/s Yen. It kicks off it's relative s&r zones pretty neatly when price hots up.

I realize you prefer to execute off the fast frames, but striking off the signals from the leader frames will still get you placed with good risk & value if you want to bounce them back & forth, rather than wait until they move in tandem with the larger flows.

Peak-trough behaviour on this kiddie is a real beaut to chase on the lower timeframes

It's just sometimes nice to turn your back on all the ballyhoo & breath the fresh air

looks obliging, and it does look as if it kicks on the points. Now the only thing I am not naturally to drawn to is "putting it about" . I dont know how people can focus on several pairs at once.

just had a quick scalp 37.81- 38.57 and I was late , loyalty... :cheesy:

 

[bbmac]

'........Bank of England Leaves Rates Steady at 5.75%, As Expected
As was widely expected, the Bank of England left rates steady at 5.75 percent. With no policy statement released with the decision, traders will have to await the bank's Quarterly Inflation Report on November 14th and the minutes of the meeting on November 21st for a better gauge of the MPC's sentiment. GBP/USD has gained to break through 2.1050 in the minutes following the release as there was slight speculation that the BOE would consider cutting as the financial markets remain unsteady.'

DailyFX.


ECB next with press conf at 1330pm gmt

 

[Mr.Black]

I am closing My morning trade for -21 pips loss....

 

[ampro]

Now the only thing I am not naturally to drawn to is "putting it about" . I dont know how people can focus on several pairs at once.

And I don’t get why folks can’t focus on several pairs at once

Seriously….sure, if you got a very intense strategy geared to a particular instrument, & your work has managed to blend alongside it’s rhythm/vibration etc, then that’s cool.

If however, your work is based around common themes, such as s&r grids & zones, and multi timeframe observation - then as long as you can marry the zones with repetitive triggers, all you’re seeking are your set up signals & decent value to risk ratio’s.

It doesn’t really matter what the instrument is. Once you got your zones plotted, it's a case of drilling into a level as & when it blinks on your radar.

If an inside zone or near term level on one of the pairs registers a second glance, just shoot a (minor) horizontal line across the chart & watch it (on various timeframes) next time it comes into view.

Each to their own!

 

[bbmac]

The attached screenshot was the 5min situation re that short described in post 83 immediately post boe rate decision release, (no need for explanation, you've seen it before lol.) It was a similar situation on the 1min and 15min too.

Re a question in a pm: what charts do you look at: To make a trading decision I am looking at my trigger chart and looking for confirmation re bigger target or whether to take it at all on my intermediate ie for me 1min and 5min respectively. Ie I will take entries just with a trigger set-up unconfirmed by an intermediate with care excercised particularly against trend. Once entered market I look at the 15min, 30min+ to see if conditions/set-ups exist on those to confirm the entry made and possibly indicate a higher target, but the trigger and intermedaite charts are what are in immediate view straddling either side the screen with trading platform, these are the charts and set-ups that give you the set-ups to enter the market, whatever your time frames are.

 

[Mr.Black]

I am long on signal from My trend indicator

 

[bbmac]

G/L Mr.Black

 

[bbmac]

BTW: I've been asked again this morning about a chat room (voice/text.) I did try to get one going a while back after some bad / mixed experiences in others but there was insufficient interest at that time.

I'm happy to organise one if sufficient traders think it wil be worthwhike, also if sufficient contribute with analysis, discussion, ...and calls in real time ( optional, lol) if they want. On that last point, the rule will only be if the call is in realtime and must be accompanyed with an explanation of why the call was made, otherwise it's useless to any one else, as Is 'I went long at 50' .... when the market is at 80, Lol)

Pm me if you are interested and ill let you know if there is sufficient interest via this or the successive weekly thread.

 

[FXSCALPER2]

BTW: I've been asked again this morning about a chat room (voice/text.) I did try to get one going a while back after some bad / mixed experiences in others but there was insufficient interest at that time.

I'm happy to organise one if sufficient traders think it wil be worthwhike, also if sufficient contribute with analysis, discussion and calls in real time if they want. On that last point, the rule will only be if the call is in realtime and must be accompanyed with an explanation of why the call was made, otherwise it's useless to any one else, as Is 'I went long at 50' .... when the market is at 80, Lol)

Pm me if you are interested and ill let you know if there is sufficient interest via this or the successive weekly thread.

Sounds good, bbmac. I will be happy to make lots of calls while I am sitting here playing chess. Also, it will be good to be able to chat live. Let's do it.

 

[bbmac]

the 5min gbp chart post-Boe rate announce says it all, settling into a channel just off the highs. That said 1050-55 seems to be the loacl support atm, with 1045 those broken highs from earlier just below.

Bernanke on at 3pm gmt.

 

[shadowninja]

I am long on signal from My trend indicator

Assume you're about to cash in now.

I got bored earlier with the sideways action and was long from last night (oo-er) so went to Tesco. Got back just in time to see the jump.

 

[bbmac]

is it me or did Bernanke sound more concerned/realistic/whatever about current risks to growth and inflation in his testimony than Trichet did in his Mthly press conference??

 

[Mr.Black]

I am closing this trade for 22 pips profit...

 

[Crap Buddist]

is it me or did Bernanke sound more concerned/realistic/whatever about current risks to growth and inflation in his testimony than Trichet did in his Mthly press conference??

lol, he's having a jolly good rant about mortgages and bail out plans... must be deep.

 

[bbmac]

Finishing here for the day, nice break to the upside from that local support spurred by bernanke's comments.

1134-50 houses offers say mni, that 1.618% fib ext there along with Wkly R2 pivot at 1139-41 area. 1140 area also a projected channel top from June 2006. 1150 reportedly holding an option barrier (well ther's a surprise!!) Stops 1160 and above say mni.

1164 is a 76.4% fib of 0520-4460

 

[bbmac]

Just worth showing the attached Reversal set-up at the current daily highs. (green dot on screencap). Notice the double reg immediate seperate peak bearish divergence in the lead oscillator..osma, macd too in the same peak, and confirmed by similar divergence in the cci variant below the macd. Although against trend, it was an high-probability set-up.

(1min Reversal A [ii] double reg immed div)

 

[combotrader]

Up for this live chat thing....will be at work but can still post trades in real time with reasons why...