Intraday Forex traders thread

[jezza888]

Could/would have had 60 if not for that spike!

C'est la vie!

 

[fxmarkets]

Hi ive just switched on, was that spike anything to do with that terror suspect/package at manchester airport, I see it headlining on my browser, as this morning sometime?

 

[jezza888]

Will be nice to see it drop through the support here...

 

[jezza888]

Hi ive just switched on, was that spike anything to do with that terror suspect/package at manchester airport, I see it headlining on my browser, as this morning sometime?

Not sure, but I know I could have done without it...

 

[jezza888]

Will be nice to see it drop through the support here...

Of course it could just act as the name suggests and bounce right back up off it!

 

[jezza888]

Looks like the support could be about to do its job here after all...

Trying not to use indicators and seeing a continuation on the downtrend after the flag but pulling up the SO and MACD I'm having second thoughts...

 

[YachtFund]

Is there a potential head and shoulders forming on the daily chart (start at the begining of August)?

 

[jezza888]

H&S

Maybe on the angle if 1.7780 support holds...

 

[YachtFund]

There's house and consumer confidence data coming out this afternoon in the US. Could tip the balance either way?

 

[jezza888]

Only 3 major support levels that I can see on the downside.

The Rise of August from Katrina has gone and if Rita misses any major oil posts and causes minimal problems we could see it much lower IMO.

 

[jezza888]

Will it or won't oit go through the 1.7780 level... looks strong

 

[JonnyT]

Yes it will ;o)

JonnyT

 

[jezza888]

How far.......?

 

[jezza888]

I have a question to anyone who can help?

Spikes like today, which, I think was down to the Airport scare(?), does the market generally continue in the direction it was originally going? Is it possible to say that?

I know if its an announcement like the FOMC or NFP it depends on the outcome of the data.

For example, the larger trend I was looking at today for 'cable' was down. The spike then jumped it right up and that confused me!? The market then ended up going down further....

I shall look back over previous charts but if anyone could enlighten me it would be appreciated...

J

 

[JumpOff]

Jezza,
To me,a spike doesn't mean much unless the market stays or continues in the direction of a spike. So on a 15 minute or hour chart, if price returns to fair value on the same bar, it just means somebody(ies) probed in that direction for reasons of their own, but market didn't follow. One spike on it's own doesn't signify much, but follow through or rejection after a spike is what I look at.
JO

 

[jezza888]

Cheers Jumpoff,

It caused me to take a back seat for the afternoon and to consequently miss a large chunk which I'd seen would happen at 7 this morning but I lost confidence and had to kick myself after!

 

[Mornington Crescent]

jezza

you will find that at some future point, the market will come back and take out the high of the spike.

not immediately by any means, but it will happen.

plenty of examples but this is a fairly recent one

edit

should have said it was GB/$ cross