May '04 Forex
- Thread starter Newtron Bomb
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FetteredChinos
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almost certainly goobs. im hoping down at the moment as im short on the 2 big boys. gonna tighten stops to 15 points in about 5 mins. then go for a walk so that i dont try to trade the news, as that can get expensive 
FC
FC
FetteredChinos
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not bad, not bad at all. i can see the resemblance lol..
this also amused me today... quite a long read, so do it when waiting for a trade...
http://boards.fool.co.uk/Message.asp?mid=8541506
this also amused me today... quite a long read, so do it when waiting for a trade...
http://boards.fool.co.uk/Message.asp?mid=8541506
FetteredChinos
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me too goobs, but the spike stalled at overhead resistance, so i banged in another short.
looking ok so far.
looking ok so far.
FetteredChinos
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TheBramble
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Same here with the 13:30 (BST) spike. I was tight on a 9 pip stop and it took me out at 1851, but I'm not going back in just yet.
If it goes thru my 1812/1859 channel - I'll be watching it closely though.
If it goes thru my 1812/1859 channel - I'll be watching it closely though.
Hi Chaps,
Having just come clean on the CM's Dow thread about my experimenting with forex, here's how I'm trading it - all of 2 weeks experience
I use JT's 7-10 sys for entry with 40 point stop. Then unless its a strongly trending day (take my cue from 5 min / 20EMA), I exit on MACD or RSI divergence. Only re-enter on strong divergence.
Worked well yesterday - got stopped out on the initial bo like everyone else, but more than made up on divergence entries and exits. Today has been good - closed bo short on divergence, but didn't think it looked strong enuff for re-entry. No other entries today 'cos 20EMA is flat-lining.
Haven't had a chance to see what happens on a trend day - ie China's buy pullbacks to 20 EMA etc.
Cheers.
Having just come clean on the CM's Dow thread about my experimenting with forex, here's how I'm trading it - all of 2 weeks experience
I use JT's 7-10 sys for entry with 40 point stop. Then unless its a strongly trending day (take my cue from 5 min / 20EMA), I exit on MACD or RSI divergence. Only re-enter on strong divergence.
Worked well yesterday - got stopped out on the initial bo like everyone else, but more than made up on divergence entries and exits. Today has been good - closed bo short on divergence, but didn't think it looked strong enuff for re-entry. No other entries today 'cos 20EMA is flat-lining.
Haven't had a chance to see what happens on a trend day - ie China's buy pullbacks to 20 EMA etc.
Cheers.
TheBramble
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Goober said:
As much as I try to avoid taking specifics of the news into account, your suggestion to recognise the potential 'spikiness' of any scheduled news/reports/releases, reagrdless of its expected impact one way or another, is a sound one.
Wasn't much on the table anyway today (29 pips for me at best), but it could have been a lot worse.
Good idea.
FetteredChinos
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Goober said:
where's the fun in that!!! lol.
probably a wise idea.
my initial reasoning was that when i first started looking at this 'ere FX lark, news spikes tended to go in only 1 direction, like a bullet.
now the last few ones have done a bit of an Ilie Dumitrescu, feinting to go outside, then dropping the shoulder and cutting inside before "unleashing" a weak shot.
neutral is probably best in the long run, maybe the first observations were a fluke. hmmm
fude for thought.
FC
FetteredChinos
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forgot to mention - I guess in a way I'm lucky that I don't have time to overtrade - so l'm looking for safe entries 'cos I can't sit and monitor loads of trades all day.
Also, i obviously look for TA like dbl tops and btms for entries/exits - if that's coupled with divergence - yippee
However, the most important thing is : JT's bo sys gives me my initial entry - with the Dow, it was always hit and miss for me - basically keeps me out of trouble 'cos its all mechanical. After that its about managing the trade if its a winning one - otherwise u r automatically stopped out.
Well, that's the theory anyways - lets see how it goes.
Also, i obviously look for TA like dbl tops and btms for entries/exits - if that's coupled with divergence - yippee
However, the most important thing is : JT's bo sys gives me my initial entry - with the Dow, it was always hit and miss for me - basically keeps me out of trouble 'cos its all mechanical. After that its about managing the trade if its a winning one - otherwise u r automatically stopped out.
Well, that's the theory anyways - lets see how it goes.
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FetteredChinos said:now the last few ones have done a bit of an Ilie Dumitrescu, feinting to go outside, then dropping the shoulder and cutting inside before "unleashing" a weak shot.
FC
Interesting comparison FC. Have not heard Ilie Dumitrescu's name in a loong time. How did you got to know about it? He is not such a famous player.
BTW I just want to say a big Thank You to all of the major contributors to this topic ( including you) for the valuable information that you post. Almost finished Murphy's Technical Analysis and getting ready to get on real money.
Slowly but surely!
FetteredChinos
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no worries Nicoss, the more information shared the better
Illie Dumitrescu,if you recall, had a rather, erm patchy time at Spurs under the command of the Great Big Osvaldo (now there is a name if you want to become a magician lol). His spell started promisingly, then Spurs were on match of the day, and in the punditry, Alan Hansen noted that he always used to drop the shoulder and then cut inside. His career was never the same since, as defenders had had their homework done for him.
since we are on football, lets all wish the Black Cats luck tmr night. Come on chaps, its only Palace!
FC
Illie Dumitrescu,if you recall, had a rather, erm patchy time at Spurs under the command of the Great Big Osvaldo (now there is a name if you want to become a magician lol). His spell started promisingly, then Spurs were on match of the day, and in the punditry, Alan Hansen noted that he always used to drop the shoulder and then cut inside. His career was never the same since, as defenders had had their homework done for him.
since we are on football, lets all wish the Black Cats luck tmr night. Come on chaps, its only Palace!
FC
