July '04 Forex

[gus]

MT - as i type this GBPUSD has come down to 8387 at the moment - the run up from 6/30 - 7/19 has now retraced 50% .......I expect a bounce to the upside either yet today or tomorrow. fwiw
Of course that may be wrong,lol

 

[MysticalTrader]

yep, dropped 50 points. Of course if I had shorted it, it would have gone up 50 points.

Life sux sometimes...

MT

Trying to hone my charting skills. Anyone else think this looks like another drop coming up? nice triangle with descending entry. 200MA line approaching from above...

MT

 

[a0-0b]

Exit?

I went long on GBPUSD @ 1.8397 ... anyone wanna take a shot at a target ? I was thinking 1.8497

 

[MysticalTrader]

Dont know gus, I think plenty of room underfoot just yet. I expect another drop. Confluence of daily 60 and 100 MA and sub-channel support, with channel support and 200 MA a long way down.

I suspect it wont get quite as far as the channel support, but I propose a drop to the 60/100/sub-channel support. I suspect about 1.8220 or so. Anyone think I crazy?

MT

MT - as i type this GBPUSD has come down to 8387 at the moment - the run up from 6/30 - 7/19 has now retraced 50% .......I expect a bounce to the upside either yet today or tomorrow. fwiw
Of course that may be wrong,lol

 

[Newtron Bomb]

Update
No chart am being lazy
Closed out short trade yesterday @ 1.8547 +53
re-entered short @ 1.8490 open and well in profit
A dip below 1.8390 again and i'll lock in +80
Target = 1.8350 area but i suspect this pullback has had it and may consolidate before resuming to 1.90 (my current wish list target)

MT

I'm a bit late to the BB today, good analysis of the drop hope you caught some of it.

a0-ab
nice entry.. good for a quick scalp until it gets above 1.8445 area, hope your taking a profit outa this one

Happy Trading
NB

 

[MysticalTrader]

alas not, paper trading while confidence returns. What I should have done in the first place. I will be away for August anyway so consolidating my intuition. Getting married and moving overseas during August so concentration (and access) will be a bit iffy... lol

MT

Update
No chart am being lazy
Closed out short trade yesterday @ 1.8547 +53
re-entered short @ 1.8490 open and well in profit
A dip below 1.8390 again and i'll lock in +80
Target = 1.8350 area but i suspect this pullback has had it and may consolidate before resuming to 1.90 (my current wish list target)

MT

I'm a bit late to the BB today, good analysis of the drop hope you caught some of it.

a0-ab
nice entry.. good for a quick scalp until it gets above 1.8445 area, hope your taking a profit outa this one

Happy Trading
NB

 

[gus]

MT - congratulations and may you and the bride be forever happy.

 

[MysticalTrader]

TVM gus, extremely civil of you.

MT

MT - congratulations and may you and the bride be forever happy.

 

[a0-0b]

nice entry.. good for a quick scalp until it gets above 1.8445 area, hope your taking a profit outa this one

Well no loss anyway, moved a stop to BE. I'm still learning so i tend to do this as soon as possible - gets hit a lot but doesn't mess with the head as much!

Getting married and moving overseas

All the best for the big day (and the happy years to follow). Going somehwere sunny i hope!

a0-0b

 

[Newtron Bomb]

MT

Congratulations, I bid you a fruitfull lifetime together

NB

 

[MysticalTrader]

That is very kind, thanks. Coming late in life but hey. Mid-life crisis I am sure and I dont care :-D

MT

MT

Congratulations, I bid you a fruitfull lifetime together

NB

 

[Newtron Bomb]

update
+80 locked in

 

[MysticalTrader]

yep, I saw that triangle too. God I wish I wasnt paper trading!

MT

update
+80 locked in

 

[MysticalTrader]

perhaps the 1.8220 is on the cards after all...

MT

yep, I saw that triangle too. God I wish I wasnt paper trading!

MT

 

[Newtron Bomb]

I dont realy see a triangle (unless there is something on the one minute charts)
Just trading the price action with this trade... lower tops and lower bottoms...
Hit my target of 1.8350 looking for a reversal here to enter a swing trade

NB

 

[MysticalTrader]

yes, it was on the 1-minute chart. This is doing wonderful things for the confidence...

After the last wek I need it, but I will not be tempted into live trading until I am sure I am reading them well, regularly.

Chart attached, comments/guidance welcome. actually, perhaps to have shorted on the basis of hat triangle would have been risky except in a weak market. but all the indicators I have seen for the daily chart concur that it will go down, perhaps to my target of 18220

MT

I dont realy see a triangle (unless there is something on the one minute charts)
Just trading the price action with this trade... lower tops and lower bottoms...
Hit my target of 1.8350 looking for a reversal here to enter a swing trade

NB

 

[Newtron Bomb]

Took profit @ 1.8350 + 140

MT
Good stuff, there are a few other patterns that can be used that appear to come together at the same point. Basically you have lower tops forming which would indicate a drop, which we saw, coupled with this action at a round number... a typical area you would expect to see support or resistance and then POP!

Have a look at 1-2-3 reversal or in this case continuations, this describes the lower tops that you saw around your triangle formation

NB

 

[MysticalTrader]

coud be a bounce now, after testing channel support. either that or it will drop straight through?

MT

yes, it was on the 1-minute chart. This is doing wonderful things for the confidence...

After the last wek I need it, but I will not be tempted into live trading until I am sure I am reading them well, regularly.

Chart attached, comments/guidance welcome. actually, perhaps to have shorted on the basis of hat triangle would have been risky except in a weak market. but all the indicators I have seen for the daily chart concur that it will go down, perhaps to my target of 18220

MT

 

[MysticalTrader]

cheers, as a raw beginner, am I on the right sort of track?

MT

Took profit @ 1.8350 + 140

MT
Good stuff, there are a few other patterns that can be used that appear to come together at the same point. Basically you have lower tops forming which would indicate a drop, which we saw, coupled with this action at a round number... a typical area you would expect to see support or resistance and then POP!

Have a look at 1-2-3 reversal or in this case continuations, this describes the lower tops that you saw around your triangle formation

NB

 

[MysticalTrader]

straight through by the look of it. Going south

MT

coud be a bounce now, after testing channel support. either that or it will drop straight through?

MT