May '04 Forex

[Goober]

Tom

I wouldn't trade. :cheesy:

What do people think is the best way to trade days like today, assuming you wanted to trade within the range rather than waiting for a breakout? It seems there is lots of movement (= lots of pips to be made) but not much of a pattern. When the price approaches a support/resistance (especially a strong one), are there any good ways of telling whether it will bounce off the support/resistance or break through it? I made 9 trades in total today, 6 went against my favour and I broke even on 3, making a grand total of -39 pips. I'm only trading the EUR for the moment. Would be interested to hear how people would trade a day like today!

Cheers,

Tom

 

[FetteredChinos]

morning all. how are we all doing today? i hope we are all short and riding this nice litte trend down?

i guess the 9.30 data was good again?


FC

 

[FetteredChinos]

closed short on cable +65 and stuck in a cheeky long from 1.7645

smallish stakes

FC

 

[ChowClown]

Morning all,

Good start to the day FC - poor start this week for me on the 1am-8am €$. -16 yesterday and just stopped out for -60 today.

 

[FetteredChinos]

balls, long already turning sour. thought the move south was running out of steam, stop is at 1.7619 and has come close already

FC

 

[FetteredChinos]

hmm, that will teach me to try to find the end of a trend lol.

i keep making this mistake. will learn soon though. i dont do it as much as i used to!

FC

 

[Mr Chill]

LET THE TREND BE YOUR FRIEND .

 

[FetteredChinos]

long term support gone now.

adding to my shorts.

this could go a longgggg way.

 

[FetteredChinos]

500 points more drop today?? surely not?

ok fib guys, where is the "supposed support" ?


anyone know what the largest 1 day move is?

 

[ChowClown]

...daily chart 50% at 1.7400 ish and 61.8% at 1.7000?

 

[FetteredChinos]

thanks chow, thats what i was thinking. unless we get a bounce, or a stall soon, then its not looking good for the bulls

am tightening my stops and nipping out for a sandwich.

eurodoolally starting to budge south now, could spur cable into futher sterling work. boom boom.

err, ill get me coat.

 

[Welshmal]

Certainly a good day to be in Forex! Okay I managed to go long on the Euro dollar - bad move with but stopped out at -60pts. Closed my short on cable and a wonderful profit, yet still it is falling. Hopefull that the usd/chf will do the business today. With it following the reverse action of the euro/dollar I'm long from 13030. Drinks on me!

 

[FetteredChinos]

good to hear it mal. nice that you are recouping some of the losses from last friday.

still looks bearish on cable now. all the bounces look weak

FC

 

[Welshmal]

FC my kids want to know where you found Homa. Apparenty he looks like I did today trading Forex!

 

[demon]

Good morning all...wonder what the markets have in store for us today

 

[FetteredChinos]

morning demon, another new face?

welcome to the grizzly world of forex. yesterday was quite a good day. generally a nice trending day.

gave a bit back with the late bounce, but still, solid performance.

havent had time to analyse the charts properly today yet, but i think we may well be going down again today on £/$


FC

 

[FetteredChinos]

hmm, ok, a quick view.


perhaps the current ascending channel/bear flag we are in will take us up to 1.7700 to meet overhead resistance from two lines (plus round number resistance) followed by a break of this bear flag south to new lows.

im still of the mind to sell any rallies today, unless they show considerable strength. may well take positions on the futures rather than the dailys, as im not sure whether the bear flag will deliver by 9pm.

hmmm

FC

 

[demon]

Hi FC
Been around for a few weeks, but fairly new to forex. Thanks to you, Neutron Bomb, Jonny T and others, learning all the time.

Not much of a breakout in the 1-8 am bars, hope the 7-10 are more promising

 

[Welshmal]

The 1-8 breakout at 11879 is a concern as I agree the trend is down. From my limited knowledge/experience I can see a possible target on eur/dollar to 11900 but downhill from there on.

 

[FetteredChinos]

hmm, well we are spiking up to 1.7700 at the moment. seems to have a lot of momentum up though. wonder where we shall end up.

economic news must have been bad-ish?

FC