FX Trading Sep 03-07

[Marwan2010]

just banked 75 pips on shorts - gbp
now looking to go long - waiting for a 123 setup
macd and rsi is deeply oversold and at the mo resistance at 20 sma

 

[shadowninja]

Anyone catch the glorious reversal on EUR/JPY? I had to pop out. Nearly 200 pts in 2 hours.

Next time I intend to pop out, I will let you all know, then you can give me 10% of your profits.

PS EUR/USD looking interesting. Getting close to a trendline.

 

[trendie]

Anyone catch the glorious reversal on EUR/JPY? I had to pop out. Nearly 200 pts in 2 hours.

Next time I intend to pop out, I will let you all know, then you can give me 10% of your profits.

PS EUR/USD looking interesting. Getting close to a trendline.

good for you if you caught it!
MAs just cant cope with ballistic moves. at least not on my 30 and 60 mins.
its just frustrating seeing these - all those missed pips.
I cant even account for the move from sup/res angle.
it makes my 20 pips a day rather pitiful.
anyway, always tomorrow.

 

[rjc]

That was quite a sharp little pop back up wasn't it. Pity the similar pop in the eurusd stopped me out but first target got hit so not a total loss. I can see a 5 min 123 on the eurjpy off support around 156.80 but I don't trade those.

 

[shadowninja]

No, I didn't catch it.

I am using trendlines. I used to use MAs, but you can miss a lot of the interesting action; MAs work well with slow-moving graphs.

What is this 123 stuff you refer to?

 

[rjc]

What is this 123 stuff you refer to?

There is a low at 13.25 and a higher low at 14.00 which happened in the 156.80 region which looked to have been in the region of the support from a few days ago.

However, although I like trying to find these (and hindsight is a wonderful tool for this) I've never had much success using them as they unfold in realtime. In this instance it did seem to provide a neat little launchpad but unfortunately left without me

 

[JillyB]

Hi RJC,


I'm long on the Cable tonight for my overnight trade - just waiting for my entry to be triggered. I'll let you all know how it does in the morning.

Forgot to update this morning - had other things on my mind, as I've been in hospital for an op today. Still feeling a bit groggy and got a very sore tummy where the stitches are, but glad it's all over. The pain-killers have kicked in - but the worst thing is no alcohol for 24 hours - and a nice, chilled glass of wine would go down a treat right now!

Anyway I took +5 pips on my overnight trade - but only as I exited earlier because I had to be at the hospital of 7.30am. The system recorded a break-even trade though, so I didn't do too bad from it.

Had a little punt on the gbp/jpy this evening and took 15 pips - so overall not too bad a trading day considering.

I'm intending to trade again over-night on the cable - as usual - as long as I haven't dropped off to sleep! So I'll post later.

 

[JillyB]

There is a low at 13.25 and a higher low at 14.00 which happened in the 156.80 region which looked to have been in the region of the support from a few days ago.

However, although I like trying to find these (and hindsight is a wonderful tool for this) I've never had much success using them as they unfold in realtime. In this instance it did seem to provide a neat little launchpad but unfortunately left without me

I was told/taught that a low is formed when you have a low price and the two candles to the left of it and the two candles to the right of it do not go lower. The reverse is true of a high. This is what I use to identify my support/resistance levels on the FX and it's served me really well.

 

[shadowninja]

Get well soon.

I see what you mean by your 123s then. Kinda those sudden bursts in the opposite direction.

Good grief. Where is EUR/USD going? It's just dragged its way down my trendline. :S

 

[JillyB]

Thanks Shadowninja.

Traded well on the cable overnight and the system took +60 pips. I got in 2 pips higher and took +62. Nice to wake up to this in the morning!

 

[Mr.Black]

I am long on EUR/USD....

 

[shadowninja]

The 1 hr chart gives me different information... I'm seeing a fall over the next 2-3 days. What do you think?

 

[shadowninja]

I was thinking... any of you Forex traders have MSN? Wanna chat through the day?

 

[Mr.Black]

I am closing my long trade for 23 pips profit...:cheesy:

 

[shadowninja]

Nice. You must have been wondering where it was going most of the morning?

 

[Mr.Black]

Nice. You must have been wondering where it was going most of the morning?

The Price was in this blue 1,2,3 UP channel all the time all morning....

 

[shadowninja]

True. I direct you to my disclaimer in my sig.

Do you just intraday trade then? I am trying to go for the 2-3 day trade.

ETA: did you hear that "ding"? That was the penny dropping as I finally "get" what this 123 thing really means.

 

[trendie]

frickin' hell!! SupRes does it again!

on a more sober tone, the challenge is to quantify which levels will hold and which are likely to fail. this aspect must be available in terms of Level-2, but I believe it doesnt exist for FX.

PS: No, I didnt get it.

 

[zuke]

Good Morning All

I havent been on for a while. I hope you have had many pips! Currently, I am short on Cable 225 looking for a run down to 185 then 155. Simply based on S/R (231 being Res on 31 Aug on 30M chart) which Im finding is giving me better trades these days.

 

[rav700]

Hi Zuke,
How is it going...I have not really been actively posting for a bit of time...
I have been off and on...seems like most of the the cable traders have stoped posting as well..
In two mind to start again...have just been too busy...Short seems to be the way forward..but I think I will wait to hop on to the train as 12:10.

I am trading eur/jpy now adays along with geppy....

Best of luck with you trade
Happy Trading
Rav