FX Trading: week 16th - 20th July

[Phil Mibbutz]

Earlier 535 short hit limit for about +42 in morn, so trying again from 495. Could be the beginning of a proper downtrend channel?

...Or maybe not...

 

[trendie]

the low of today, circa 460/470 was at y'days high!
is this support/resistance in action? wow.
(no indicators were harmed in the writing of this post)

 

[jacinto]

the low of today, circa 460/470 was at y'days high!
is this support/resistance in action? wow.
(no indicators were harmed in the writing of this post)

hi chaps, back from legoland. lovely weather.

if the high of the day is taken out, today's intraday pullback could be giving a target 655 targets from the monthly pattern still to get there. IMO 655 is overstretched but then again........until monthly target met, i wouldnt expect any significant profit taking.

lets see what comes next.

j

 

[pipper]

Just went short on the EURUSD at 1.3808. Trailing SL of 40 pips.

 

[JillyB]

hi chaps, back from legoland. lovely weather.

if the high of the day is taken out, today's intraday pullback could be giving a target 655 targets from the monthly pattern still to get there. IMO 655 is overstretched but then again........until monthly target met, i wouldnt expect any significant profit taking.

lets see what comes next.

j

Hi J,

Yesterday you gave a monthly target of 560-70. Has this changed? Where has 655 come from now?

 

[jacinto]

Hi J,

Yesterday you gave a monthly target of 560-70. Has this changed? Where has 655 come from now?

hi jilly,

just saw your post as i was shutting down for feeding the monster. give me 5 mins, and will post a chart on this same post.

j

ok, procedure is rather simple.

take distance from point a to point b, add identical distance from point c if high is taken and no new low below c happens, that gives you a 100% expansion. take 61% expansion of that distance, and you get your first and most likely target.

 

[oiltanker]

cable mas still up so i'm still looking for longs on fib retraces. i'll see what the morning brings.

fly me to the moon....

[i've been getting my head around metatrader and a simple trend following system. no more calling tops for me ]

mind you the cot report suggests tops/bottoms across the board except for euro so its a possibility. schools break up so is this thin market time?
http://www.actionforex.com/forex_an...rcial_interest_points_to_a_top_2007071625010/

 

[oiltanker]

currently waiting for a break to upside with momentum
currency correlation is back in sinc
might have to wait for the 9.30 news for definite movement.


i'd prefer to be buying but

break of 38 fib support also pivot at 511 would suggest 480 1st target.

update
been triggered long at 531 after what looks like a breakout pullback continuation with momentum where resistance has become support.
currently riding the 5
9.30 news make me nervous as it can go screwy just before release
first target yesterday high.

update

closed out b/e
didn't like the ranging, no higher highs, will wait till after the news. off to watch tour de france highlights.

 

[Phil Mibbutz]

FWIW, still holding short...

 

[jacinto]

FWIW, still holding short...

hi phil,

completely off topic......what does FWIW mean?

good luck with the short. flat here, and will most likely remain so.

j

 

[wasp]

I really cannot see this market making any downsize move with strength for a while now.. It just can't do it!

I'd expect the break to the upside but 'trade what you see not... '

 

[wasp]

hi phil,

completely off topic......what does FWIW mean?

good luck with the short. flat here, and will most likely remain so.

j

FWIW Jacinto, I think you should be posting recipes :cheesy:

 

[jacinto]

FWIW Jacinto, I think you should be posting recipes :cheesy:

you cheeky insect

answer the question of FWIW !!!!! dont know what that means. or do you want me to start posting in spanish for you :cheesy:

 

[jacinto]

I really cannot see this market making any downsize move with strength for a while now.. It just can't do it!

I'd expect the break to the upside but 'trade what you see not... '

i have to agree with you. for me the question is when is it going to stop. no sign of that for me yet.

i may have time to trade today. hopefully will be able to scalp something.

 

[wasp]

you cheeky insect

answer the question of FWIW !!!!! dont know what that means. or do you want me to start posting in spanish for you :cheesy:

Post in Spanish all you like... I'll just use babelfish! ... FWIW :cheesy:

 

[wasp]

i have to agree with you. for me the question is when is it going to stop. no sign of that for me yet.

i may have time to trade today. hopefully will be able to scalp something.

It looks like the DOW a few years back and that been in a similar channel for what seems forever now

 

[wasp]

For What Its Worth

 

[jacinto]

Post in Spanish all you like... I'll just use babelfish! ... FWIW :cheesy:

thats it!!! im getting insecticide for you:cheesy:

edit: thank you, didnt see the last post. just cancelled the insecticide order ..... for the time being

 

[Phil Mibbutz]

For What Its Worth

FWIW = IKBA, as you might see demonstrated at 9.30 if I decide to leave my short open and cable hits 2.0600.

 

[Offshore Trader]

Long EUR/JPY and short cable on breakout trades. Some movement on EUR/JPY is a little overdue....