June '04 Forex
- Thread starter Newtron Bomb
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Slow indeed, across the board. I've only been studying Forex for a few weeks but the ranges have generally been good with many trending days to take advantage of. However, much of June has seen a tightening of the ranges and more whipsaw action. I was wondering if a more experienced FX trader could explain if this is just part of the norm (which I am guessing, as it can't always be a dynamic, active marketplace), and how long such periods of relative inactivity have gone on for in the past.
Any thoughts would be much obliged.
Ben
Any thoughts would be much obliged.
Ben
if you look at quite a few of the majors Ben, you'll see them strengthening against the $ after a period of retracement. Whether this is a renewed attack on previous yearly high's, is to be seen.....but with all the fundamental apprehension (oil/terror/u.s debt etc), + the currencies approaching key technical levels, you'll expect to see tightening ranges/lengthy consolidations until they decide which way to break.....they rarely consol in tight ranges for too long, simply due to the enormity of volumes present, (well the majors anyway) and I wish I could predict the timing/strength of the next move (wouldn't have to spend too much time in front of the screens huh?!)......but I guess it's a case of clipping tight ranges & leaving a little on the table in prep for the next move 😀
Newtron Bomb
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swissy 1-2-3
Hiya folks
Traded the same set up as Goober today on CHF and also on EUR and called it in the chat room for the doubters.
Lovely 1-2-3 set up on 15 minute charts. The key to remember here is that ther has to be a trend break before you can consider it a valid 1-2-3... ive seen it called a few times in the past without one.
This pattern has a target taken from between the 1 and the 2 projected from the 2. This is also the safe entry. A usual stop level is below the 3
Happy Trading
Newtron Bomb
Hiya folks
Traded the same set up as Goober today on CHF and also on EUR and called it in the chat room for the doubters.
Lovely 1-2-3 set up on 15 minute charts. The key to remember here is that ther has to be a trend break before you can consider it a valid 1-2-3... ive seen it called a few times in the past without one.
This pattern has a target taken from between the 1 and the 2 projected from the 2. This is also the safe entry. A usual stop level is below the 3
Happy Trading
Newtron Bomb
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Hi NB
Nice trade.
I was a little annoyed with myself yesterday as I should have traded with a target of 1.2416, however, I thought the market might push further north after the previous day's small range.
I wouldn't worry too much about doubters - you don't have to prove anything to anyone on this BB.
Nice trade.
I was a little annoyed with myself yesterday as I should have traded with a target of 1.2416, however, I thought the market might push further north after the previous day's small range.
I wouldn't worry too much about doubters - you don't have to prove anything to anyone on this BB.
Newtron Bomb said:
TheBramble
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Nice evaluation NB.
I may be starting to see things that aren't there, and I'm no Elliottician, but is the 1-2-3 also the 1-2-3 of the 5 impulse Elliott wave with the 3 corrective waves toward the end of the chart?
As I say, I'm not a scholar of Elliott, but this 'seemed' to jump off the screen at me.
Any takers?
I may be starting to see things that aren't there, and I'm no Elliottician, but is the 1-2-3 also the 1-2-3 of the 5 impulse Elliott wave with the 3 corrective waves toward the end of the chart?
As I say, I'm not a scholar of Elliott, but this 'seemed' to jump off the screen at me.
Any takers?
Nice graph NB - I was in the chat room so can testify to you mentioning it on the Euro (sell at 2315 for safe entry I do believe - very handy). I missed that opportunity and waited to see if the market was prepared to get back to that point so I could short it, but I missed out for 5 or 6 ticks. Never mind.
As expected on E, 2200 held them up. I hope we don't go back to the game of pong between 2200 and 2300 but I suppose it's on the cards. 2200 holding them up on the 4 hour chart seems a continuation of the upward staircase, but it has to break decisively through 2300 and head to 2400 as confirmation. And with it being a fairly slow period this might not be easy.
Ben
As expected on E, 2200 held them up. I hope we don't go back to the game of pong between 2200 and 2300 but I suppose it's on the cards. 2200 holding them up on the 4 hour chart seems a continuation of the upward staircase, but it has to break decisively through 2300 and head to 2400 as confirmation. And with it being a fairly slow period this might not be easy.
Ben
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Morning all
I went long Swissy this morning at 1.2424 - resistance of 1.2412 became support at the same level. The chart was at 1.2419 but b**@@##y 5 pip spread got me in at 1.2424. 😈 It kills me to give 10 pips away per trade. Unfortunately, Globex is too thin for my liking.
I went long Swissy this morning at 1.2424 - resistance of 1.2412 became support at the same level. The chart was at 1.2419 but b**@@##y 5 pip spread got me in at 1.2424. 😈 It kills me to give 10 pips away per trade. Unfortunately, Globex is too thin for my liking.
Back after a couple of days and have taken a long position on Swissy at 12447. Bit concerned at what will happen around the 70 mark but after several days it would be good not to loose any more money. Cable seems to be stuck in a channel so looking for 18486/18273 before attempting to trade. Also seeking clear direction in the euro.
Swissy moved up swiftly through my first target of 1.2485 and now trading at the round number of 1.25, which is providing some resistance. I think it will push through 1.25, which will then become support for a further move north. We'll see! :cheesy:
