June '04 Forex

[ivorm]

Ivor
As you will note the announcements are graded but I have found anything above C has a dramatic impact on the markets. Another decent site to look at with regard this subject is............http://online.wsj.com/public/page/0,,barrons_econoday,00.html

Thanks again WM. ( I didn't think of clicking on the link )

And thanks too, MGB. That site has been added to my Favs as well.

(What a great bunch of people on T2W !!!!!)

Regards,

 

[frugi]

Covered morning's 1hr BO short here on ragged Wolfewave target. Would like to see 1.2015 to go long though.

 

[cashmir]

more calendars for anyone who's interested
looks 5-6weeks ahead and with charts
http://www.briefing.com/Silver/Calendars/EconomicCalendar.htm

with charts
http://www.thestreet.com/markets/databank/currentissue.html

lots of useful calendars
http://www.fxstreet.com/nou/continguts/economiccal.asp

cashmir

 

[Welshmal]

Good to post a decent trade at last! Short on euro at 12127 and closed prior to 1.30 economic news at 12057. So easy! Also closed cable short earlier for very small gain.

 

[Goober]

Nice, easy 97 pips today.

 

[Newtron Bomb]

goober
WD nice trade eh

NB

 

[ChowClown]

wd, WM. Overnight BO looking good so far today, -60 yesterday though.

 

[Newtron Bomb]

Nice, easy 97 pips today.

With reference to this i thought you had traded this set up.

Appologies for the confusion Goober

Regards
NB

 

[Goober]

NB

I did m8. I just didn't understand your post. I've only just realised that WD is "well done".

Sorry for my stupidity and thanks for your sentiment.

With reference to this i thought you had traded this set up.

Appologies for the confusion Goober

Regards
NB

 

[ilia king]

Goober on your example you mentioned reversal on pivot, what do you mean by pivot?

Thanks very much,

Ilia

(EDIT: Actually I think I got it, http://www.incrediblecharts.com/technical/pivot_point_reversal.htm)

 

[tradesmart]

I mentioned yesterday that I was having difficulty setting up RSI for Forex in SierraCharts – have cracked it today using the RSI-S option – similar profile to the Directional Movement Oscillator, but the divergences are a bit better defined – has worked for me today locating S & R anyhow ........

( us Forex beginners need all the help we can get – I used to think that cable was connected to the back of the TV……. )

Hey tradesmart good to see you dipping a digit in the Forex waters....

It's the attraction of all those 'pips' Frugi - plenty of 'em on the table every day........!........Good Luck....!

 

[darktone]

us Forex beginners need all the help we can get – I used to think that cable was connected to the back of the TV……. )

A good start would be to bin those squiggly lines under the main chart then

 

[tradesmart]

darktone – undoubtedly “squiggly lines” (and probably meaningless to some……!)

Just out of interest, how do you locate S & R for your trade entries……?

Serious question – I’m always interested in how other traders trade.........

 

[anmolway]

TS and Frugi you guys got me looking at Forex now as well. US for me seems more and mooe difficult to trade. I think I am gonna start to look at forex seriously now as an alternative, instead on a ad hoc basis.

 

[frugi]

Price and volume here TS Sorry that's not very helpful! Horizontal support and resistance simply as seen on the chart, price action around obvious decision points, trying to anticipate stop gunning and other nasty tricks by reading the tape, formation and relationship of individual bars etc.

Also Fibs, pivots, 5/3 wave patterns esp. Wolfewaves, measured moves, all the usual patterns (trendlines, flags, boxes, wedges, H&S, V bottoms, V bottoms with platform, cup and handle, Adam and Eve, 1-2-3 etc. you know them all), some candlestick patterns, parabolic moves, 50/200 MA on daily and hourly, round numbers, gaps, adaptive on balance semi-directional doesn't move much and really quite average indicator...ooops I lie, how did that get in there... Sorry, no offence TS you seem to make RSI really work for you - nice one - but I bet if you took it away you'd find you'd been reading the price action right all along!

I haven't got a real time CME feed so I've resorted to the basic IB charts, with a delayed feed for all the slightly squiggly lines, Fibs etc, which has forced me to consider pure price action with more vigour. Admittedly I couldn't suss it at all on ES but something must have rubbed off cause I'm finding the Euro manageable. Also a mechanical breakout entry in the morning between 7 and 8 has recently worked a treat but after four potential winners in a row I'm going to wait until it racks up a few losers (meaning I'll proabably miss a 300 pip explosion tomorrow . )

Too right about all those pips...nearly 200 on the table today courtesy of the Euro while ES struggles in a 4 point range. No wonder a lot of people prefer this side of the stadium.

Welcome aboard anmolway I think u may find Forex a breath of fresh air.

Edit: Although we should bear in mind that volatility on indices (VIX etc.) has been low for a few months and is likely to increase in the future. I wonder if there is a volatility indicator for currencies? I'd best have a look...

 

[darktone]

darktone – undoubtedly “squiggly lines” (and probably meaningless to some……!)

Just out of interest, how do you locate S & R for your trade entries……?

Serious question – I’m always interested in how other traders trade.........

just price action really TS

Trend / S+R / big time frame fibs.

I like to use small stops which normally means limit entries around important numbers. I only use stop entries for the quick stuff.

This is what happened today.. i dont normally trade this short term cos i usually lose when i do I had to prove my hands ... but it shows how i see things and is directly applicable to larger time frames. i usually find a 30 min chart is small enough.

As you can see,, my exit was premature

 

[tradesmart]

Frugi/darktone - Thanks very much for the insights into your trading styles ……

Plainly we all have our own different ways of locating S & R and exploiting it, but obviously a lot of ‘standard’ criteria that we all use ……

anmol – Forex well worth looking at imho – big ‘pips’ moves most days, and many markets to choose from – particularly in contrast to the US indices that have all but seized up today……

 

[Goober]

Ilia

Sorry m8, you haven't got it.

Calculate the pivot and S&R levels and look for reversal patterns on these. You can also use fibs, round numbers and trendline breaks.

Goober on your example you mentioned reversal on pivot, what do you mean by pivot?

Thanks very much,

Ilia

(EDIT: Actually I think I got it, http://www.incrediblecharts.com/technical/pivot_point_reversal.htm)

 

[Goober]

Long EUR at 1.2052 based on pullback to 1.2051 - which was previous resistance and intraday pivot.

Tight stop of 20 pips.

 

[Welshmal]

Long EUR at 1.2052 based on pullback to 1.2051 - which was previous resistance and intraday pivot.

Tight stop of 20 pips.

How far would you anticipate this could go?2083 looks as if it could prove difficult to bridge. The US jobs data is due at 1 30 although the feeling is that they could be lower than anticipated as last Friday wasa day off in US and consequently data is delayed.