Interesting boys might turn me screens back on for a bit see which one of you is right hehe,was off to bedybise.
Cheers
Miner
Printable View
Interesting boys might turn me screens back on for a bit see which one of you is right hehe,was off to bedybise.
Cheers
Miner
Dazza
good luck,
feels like bed time to me,youre right the morning will tell all
cheers cadet roddy
Night Roddy ,was just going to say which way do you charty boys think usd/chf is going to go?,looking toppy to me so maybe south for a bit.
Cheers
Miner
RSI on Swissy is overbought right up to the 3 hourlys.
short
major short
i c the divergance in that
mmm i mite even make a trade in that too :D
do u guys use msn?
u can add me on dazdaz21@hotmail.com
easier to chat and gather ideas :D
im really thinking about shorting USDCHF aswell.....
i missed the divergence by about 10 pips...
however i already have EURUSD long so its kinda the same.. really..
decided to leave the swiss trade
as much as i like it, its pretty much the same as if i was trading the eurusd
double the risk but double the reward.
opposite of pairs trading.
ill stick to just trading EURUSD by myself at the moment.
i missed arcos free 100 pip lunch on the kiwi at 6720, i thought it neva went past that mark u c or touched it, but when i used the candlesticks....
i could see it :D just touched it
look at both the charts,and they are both looking good for opp ways,so they confirm each other.
Might hit the hay boys,using the best run(safe money) gone theory,as in look at the hourlys for this and usd/chf,they have both had good runs earlier in the evening,now look at 15 and 5 min charts,messy sideways stuff,so best run gone for the day so look again tomorrow,so can the above post ,or stay up all night um nup.
Cheers
Miner
fellas
the divergence is too strong.
so i canceled my stop limit orders.
placeda fresh stop at 2630 instead.
will see how it goes
tanking at the moment ><
nooooo lol, closed my short trader earlier too long ekk oh wells
Morning chaps hope no one got nailed last night,so last night when we were talking I wasn't sure which way eur/usd would go but I did say the above(at 2536,I wrote it down hehe) hence don't short eur/usd as if usd/chf was Topy and went south eur/usd would go long.Quote:
quote:Originally posted by miner
Night Roddy ,was just going to say which way do you charty boys think usd/chf is going to go?,looking toppy to me so maybe south for a bit.
Cheers
Miner
So see how one tells you what the other will do,often one is easier to read than the other,so say usd/chf moves first like last night and you miss the best bit but eur/usd is lagging behind and yet to go jump on eur/usd.
Not the best example last night but you get the idea of what I am doing with a bit of luck.
So tea leaf stuff but hope it helps.
Cheers
Miner
i got out of the long at 2705
for 40 pip gain
so total 120 pip gain last week
scary man last couple of days, the volatility of EURUSD!!
i got out quickly prob this long, but 40 is good enough for me , was like 30 pip down at one stage!
ill look for a reentry
i want to try to get 100 pips a week if i can
and only play EURUSD
Medium/Longer term perhaps.....
Symmetrical triangles can be characterized as areas of indecision. A market pauses and future direction is questioned. Typically, the forces of supply and demand at that moment are considered nearly equal. Attempts to push higher are quickly met by selling, while dips are seen as bargains. Each new lower top and higher bottom becomes more shallow than the last, taking on the shape of a sideways triangle. Eventually, this indecision is met with resolve and usually explodes out of this formation. Research has shown that symmetrical triangles overwhelmingly resolve themselves in the direction of the trend. With this in mind, symmetrical triangles should be perhaps traded as continuation patterns
http://www.khalsaspad.com/files/100406_eur.gif
GTA - arco
I noted the following point from an online training session I took a while back
2. It is better not to trade breakouts from the last third of a triangle. If prices stagnate all the way into the apex, they are likely to remain flat. A triangle is like a fight between two boxers who keep leaning on each other. An early breakout shows that one of the fighters is stronger. If prices stay within a triangle all the way into the apex (where the two lines meet), that shows that both boxers are exhausted and no trend is likely to emerge.
even if the advice isnt correct its an interesting way of viewing it I thought
does it apply here ?
this triangle must be getting mature at least.
Hi ALL
Tonight might be an interesting night on the eur/usd
i am long at 2706 with a stop slightly below
support which is the july uptrend.
Miner
i did alright trading your system last night
EUR/USD USD/CHF, (':)')
:)
cheers roddy
http://img219.imageshack.us/img219/7240/noname05eq7.jpg
Hi Peat
Sym Triangles. Yes, that is a point often muted, although in reality they can occasionally go into the last 1/3 and still come up with the goodies......take this Yen trade for example......
http://www.actionforex.com/images/st...iangle-jpy.jpg
Roddy - wish you good luck with that trade.
regards -arco
Hi Roddy good stuff,glad someone could use it,also usd/jpy works well with those 2,as in same way as usd/chf opp to usd/eur,I run 4 screens so one for each of the pairs I watch,with 4 charts on each so makes it a bit easier,not sure how many screens you have?.
Been to busy this week to play but next week hope to,good luck.
If my tea leaf posts help will post more some time if you want?.
Cheers
miner
fundamentals may work over a very long time frame but few trade like that with forex.
Hi Broke
good to hear from you, i like your flag!
I cant speak for others but for myself,forex is not like trading shares where i think you can survive reasonably by perhaps buying on the fundamentals of a stock and having a buy and hold strategy,over time do well?e.g Warren Buffett
One of Aussys top traders Richard Farleigh,who one day while trading made 15 ml for BT, uses his own fundamental models to trade,maintains that he has been unable to find a fundamental model to trade the likes of the Euro,says its hard enough to determine where ones own country is going let alone two countries and how the market will react. FX is highly leveraged,and moves dramatically when it feels like it,i have found that i have to be highly disciplined and stick to a plan.tonight the usd has some figures coming out on non farm payroll,The market is looking for 120-125k for Sept from
128k last.
i have a trade in place based on technicals,principally end of day chart data,basically i havent got any idea what the figures will come in at,if it goes the wrong way, i have a stop in place to limmit losses, if it goes my way i will endeavor to ride it as long as possible.i havent enough information to make a trade based on the fundamentals.Most of the NZ trading banks predicted the kiwi to be .6000-5900 to the USD by now, not 6600! Personally i find the fundamentals dont have that much relevance to my trading decisions!
i hope that answers your question
cheers cadet roddy
Hi Broke
Yes if data comes in above market expectation it will be positive for the USD.
Currencies are always traded in pairs so for instance EUR/USD, aud/usd, gbp/usd, nzd/usd
therefore if the US payroll comes in above expectation all of the above will most probably trend down,whereas USD/CHF, USD/JPY will most probably have a bias upward,simply because whichever currency is first,is how the market is valueing it against the second currency broadly speaking if that makes sense.
think its time i hit the hay,
cheers cadet
roddy
The speculator is not an investor. His object is not to secure a steady return on his money at a good rate of interest, but to profit by either a rise or fall in the price of whatever he is speculating in. Therefore the thing to do is to determine the line of least resistance at the moment of trading; and what he should wait for is the right moment when the line defines itself, because that is his signal to get busy.
JL
Date: 2006/10/23
Time: 19:43 (GMT +2)
Ticker: EUR
Last: 1.2544
Pivot: 1.2535
1st sup. 1.2535
2nd sup. 1.252
3rd sup. 1.251
1st res. 1.2577
2nd res. 1.259
3rd res. 1.2602
Title: EUR/USD intraday : Correction up
Summary: Update on supports and resistances.
Story: Pivot : 1.2535
Our preference : Maintain long positions above 1.2535 with targets @ 1.2577 & 1.259 in extension.
Alternative scenario : Below 1.2535 look for further downside with 1.252 & 1.251 as targets.
Comments : A correction up to resistance is expected
Well that didn't work as was trying to post the chart as well.
Cheers
Miner
Hi Miner
To post a chart or any image.
Right click on the image, then select 'properties'. A window will open. Highlight and copy the full 'URL address' from that window.
Paste that into your ST message, highlight only it, and click on the yellow image tab on the Format Bar above the message window. Heres an example.
URL address..........
http://news.bbc.co.uk/furniture/in_d...cash/notes.jpg
converts to...............
http://news.bbc.co.uk/furniture/in_d...cash/notes.jpg
regards - arco
Ta for that arco,I got a call from the US last week saying there was this new resource for clients so just been having a wee look.
Cheers
Miner
Hi Miner
Got the same call a while back.
Played out a few of the scenarios, and it worked quite well.
Back test them for a while
Cheers
Slam
Ta slam yep got a call a while ago also but was out and never rang back,anyway looks like it could be some ok info,thanks for your thoughts on it,hope all is going well.
Cheers
Miner
i tried that,
i longed the euro at 37
i missed the top at 76 cause was sleeping
its 56 now
so im up about 20 pips
still holding
Worth a watch for long on new daily,820 may be the low for today.
Cheers
Miner
Morning miner
I'm long on this, but have been for 10 days now
+243:)
Still got a bit to go imo
Cheers Slam
Good stuff slam,um are you the new zealand guy on the top of the mini list?,I should have gone long when I posted before but was still waking up,it will test yesterdays high at least.
Cheers
Miner
LOL I wishQuote:
quote:Originally posted by miner
Good stuff slam,um are you the new zealand guy on the top of the mini list?,
No I'm the guy with the smallest mini account on record:D
Well done Slam....thats the way to make the real money - hang on there for the big pips
Just a chart reminder from awhile back......we may still be on track
http://www.khalsaspad.com/files/100406_eur.gif
GTA - arco
Bugger lucky I listened to my call[B)]:(;),the one day all week I don't watch and all my 4 are running well.
Cheers
Miner
Hi All
Sitting just above my stop atm.
Long still in play, but break below 2780 will take me out.
See if it holds
Cheers
Slam
Add to Long Position at 1.2808
Balls in hand[^]
Cheers
Slam
if its any assistance in the ball carrying Max McKegg big upped the Euro the other day... pretty much same as Arco has done here already identifying the 6 mth compression phase and pointing the arrow of wave 5 from 1.2485 to 1.3580
On the 15min hammer slam?,usd/chf leads the way on this pair so I watch that to trade eur/usd most of the time if any help,good luck,could be painful if your wrong:D.
Cheers
Miner
Hi all
Still sitting above support, so see how we go.
Cheers
Slam
Evening or should that be morning chaps,a good example of using usd/chf to trade eur/usd tonight,look at the hourlys,usd/chf broke above yesterdays high at 21.00 so you knew eur/usd would go south,it did at 22.00.
So even though eur/usd was hard to pick usd/chf gave you an hour or so to short the you know what out of it.
Hope that helps,it works well,was 40-50 pips in the eur/usd short,O and usd/jpy was going north to also confirm the eur/usd short.
Cheers
Miner
Balls on floor[B)]
There might just be a short term Butterfly in the wings from Nov 10th on the 3 hr chart, so watch for a possible retrace if we get a reversal signal in the appropriate zone.
arco
Currently 1.307
Breakout!
Scalped a few pips long over night
Now looking for a reversal
Cheers
Slam
The Euro express has reached its destination 3200 as indicated on this thread 4th Oct.
http://www.khalsaspad.com/files/100406_eur.gif
Even I'm amazed :D
regards - arco
From ABN Amro
’It is not the world, it is what the world might be with a minor
adjustment or two’, introduction to Against the Day by
Thomas Pynchon
Something strange is happening. It seems there’s more chance of
spotting Thomas Pynchon, the famously reclusive American
novelist, in his local store than there is of ECB officials talking
about recent FX moves. It follows five years in which the ECB
talked constantly at first about why the euro should be a strong
currency and then why it shouldn’t rise too quickly. It might be the
ECB is pondering the appropriate response to recent moves in
exchange rates. Certainly, the French government believes
European policymakers shouldn’t sit and watch the euro
appreciate. Both Dominique de Villepin, the prime minister, and
Thierry Breton, the finance minister, have called for action to stop
the euro’s ascent.
Perhaps the ECB knows there is little it can do. Over the last few
days, the dollar has fallen against a wide range of currencies. The
currency market seems convinced the next move in US interest
rates will be down. Equally, there are still widespread expectations
that other central banks will continue to hike interest rates. The
outlook is a little opaque in the UK and Japan, with a debate about
the timing and scale of further rate hikes. But in the euro area, the
outlook is clearer. The ECB has signalled that it will hike its
refinancing rate to 3½% next week. And the ECB’s hawks have
continued to worry about ’upside risks to price stability’,
emphasizing that interest rates are still historically low, implying
rates will rise further in 2007.
We know the ECB isn’t indifferent to the euro’s movements. On
previous occasions, Jean-Claude Trichet has talked about ’brutal
moves’ in the euro, as a signal the ECB was becoming concerned.
I don’t think the latest moves fall into this category. In late 2004, the
ECB was particularly worried when the euro’s trade-weighted index
rose above 108. Currently, the TWI is around 105. It’s also worth
remembering the 2004 move was rapid and the euro gained
sharply against sterling and the yen. While the euro continues to
gain against the yen, this is a trend that has been in place for
several years. More significant, the euro hasn’t gained much
ground against sterling, which is a more important currency for
euro-area exporters. I don’t think the euro’s recent moves will alter
the ECB’s intention to hike rates in 2007.
What might force the ECB to rethink? I suspect it would require a
dramatic reassessment of the prospects for the economy.
Currently, the ECB’s view of the global outlook is similar to ours.
This is reinforcing their confidence on growth in the euro area. The
major risk would be further unexpected weakness in the US
economy, which would have two important implications: weaker US
growth would undermine global activity and it would also force the
dollar sharply lower. This could cause major problems in the euro
area, particularly if the dollar’s weakness affected other bilateral
exchange rates. For instance, it might force markets to sell sterling
because the UK economy has similar long-term structural problems
to the US. If Asian central banks intervene to prevent sharp
appreciations in their currencies, the euro could be the major
’beneficiary’. If the euro hurtles towards $1.40, £0.70 and a TWI of
108, the ECB might rethink. Till then, expect a Pynchonesque
silence on the euro.
A lot of resistance just above 1.30 it seems. Its been rejected on Jan23rd/24th ; Feb 2nd ; and now Feb 8th. Triple tops are considered more meaningful than double tops.
Hi Peat
Did you go short the Euro last night?
cheers
roddy
alas not.
so with it retracing to the 61.8 fib of y'days push down I've shorted tonite at 1.3003 with stop at 1.3036 target 1.29
Hi Peat
the resistance has held yet again,could be a possible ascending triangle in the making on the daily , so might be a brake out to the topside
http://i162.photobucket.com/albums/t.../Noname114.jpg
roddy
well said Roddy, hope you got some of that.... I was valentining and out... so put in a long limit at 3072 after it popped but didnt get filled.
Hi Peat
Alas no,i was as it happens doing the Dad thing,bedtime story etc,i had my stop worked out and trade strategy but just hadnt gotten around to putting the trade on,i was perhaps a little on the cautious side as the logical place i thought for my stop was 100 pips away at the
1.295 area.
Great to hear you were valentining i hope you enjoyed the evening!!!![8D]
cheers
roddy
Just trying a little short here at 3138 see how it goes!target 3100 and off to bed('[|)]')
[|)]
http://i162.photobucket.com/albums/t.../Noname115.jpg
well I cant help but think the upside break of the 3 day TL down for Eur has negated the pressure on it and reconfirmed bullishness. On the daily 20 SMA hasnt gone down this month, there was no DI cross , and ADX is now turning upwards.
closed at 1.3247 +97 (from the 20th)
but where now? I'll buy into any dips.
Good CALL Peat once again,after the break of 3190 it hasnt looked back so far,yes would appear the upside is stronger with support at 3190,i was on the wrong side of the kiwi last nite never mind!
have re-entered long at 3206 stop 3174
bailed on this now.... +25
mid 31's a risk until 3260 is cleared
long here from 1.3096. Took this out at about 5 AM this morning and was quickly negative but a stop at 3062 held.
Now, on the hourly MACD looks like its crossing up from down below, Chande Momentum Oscillator has bounced of -50 twice and on the two hourly is showing divergence - Price hasnt made a new low for 6 hours...
Could be just a rest of course so stop is raised up to 3082 , a bit too tight perhaps , mere noise could take me out but its either gonna bounce now or not imo, target is 3145 could be extended later but that will do for now.
EDIT - yeh stop was too tight, it just took me out and bounced up a bit. maynot have missed much tho...
From Elliotwave.com
Food for thought. I guess what intrigues me about this is that if we are in a B wave then the C is generally pretty devastating. Although I'm short term USD bullish at the mo, its difficult to see it having a massive swing up as this pic implies.
http://img57.imageshack.us/img57/174...mb32907ig7.gif[/URL]
Hi Peat
I took a glance at your Euro/USD chart and didn't realise that I wasn't on the NZD/USD thread. If you look at the last two years of NZD/USD it looks very similar. Is the NZD/USD going to go up and up also??
Eur hit its lows 6 months earlier than NZ. I'm thinking this graph indicates the completion of B at some stage soonish and C being downwards. C's can be powerful. If you look at the couple of other ABC examples even in that chart you can see that. So Eur down according to ElliotWave I think.
NZD down too I think. As you say they have certain similarities. I will post in that thread.
Whats to stop the EURO testing the old 2004 high?
and even making a handle (for a C&H pattern)......
My weekly Euro chart has been long @ 2371 since
28th April 06, and thats showing over 1000 pips.
No turn appearing on that chart presently.
regards - arco
From Elliotwave.com
http://www.elliottwave.com/images/fo...o%205-3-07.gif
Peat
I read some stuff during the week that indicated that it might go in the opposite direction to your arrow. Employment data in US considered the key. Some internal disenchantment with the Euro.
Missing the USD on the global scene. Fix the war and fix the USD.
just for the record tis not mine , tis from elliotwave.com
yes there are divided opinions of course it is a market! NFP will probably show the way .... long from 1.3552 not risking too much tho, hopefully there will be something of a buffer in the trade before the freak show tonite.
limiit taken at 1.3589 +37
http://www.elliottwave.com/features/...d=3070*time=pm
so even tho they start off in the article saying eeveryone is USD bearish but usually everyone is wrong , they then say the current down for Eur is corrective (going against the larger trend). so presumably they're actually $ bearish Eur bullish.
I think.
http://img237.imageshack.us/img237/1...7fibameyl4.jpg
A confluence of fib levels at 1.3440 makes me think a correction to 1.3530 is likely. Long at 3468. 40 pip stop (at any new lows)
Hi Peat
Theres a Gann support area circa 3522, so theres always a chance that may help.
(I've got a small Cable long in place - heading nowhere fast at the mo - however, it should move north out of the flag at some point.)
Base forming always takes time as the bias changes.
regards - arco
the pounds has similar fib levels just below 1.97 by my calcs
Seems to correspond closely with Gann support at 1.97144
(Cable currently +6......see how we go)
ok, stopped at 1.3427. humph.
the hourly closed at a new low.
Hi Peat
Just took 20 pips on that Euro drop, and also closed
my cable at 20.5pips. Its a wild ride at the moment
so i'll let it settle into a trend before getting
back in.
Theres a UK announcment in about 45 mins
- Wed May 23 4:30am ET GBP BOE Meeting Minutes,
not sure if thats whats causing the volatility.
arco
you're a good trader arco!
I'm hoping Aud/Jpy can compensate me. up 27 there as of now.
Thanks Peat
I've just taken another 11.5 pips on the up stroke :)
Might have a beer now.
Good luck with the Aud/Jpy
regards - arco
[}:)]
got toasted unnecessarily here, very galling... back up to the 60's now.
its all about knowing when to be strong and when not to...
Morning Peat
When news releases are imminent I always widen my stops because there are so many news traders (and new traders) now. The market makers gun for stops and take them out (and in), only to reverse the position shortly afterwards.
In the recent past, central banks, commercial banks and investment banks dominated the forex market. Due to the entry of forex market makers, other market players like international money brokers, large multinational companies, registered dealers, global money managers, and private speculators have entered the market in large numbers.
I have personally noticed the movement of the pairs has changed dramatically over the last few years. Stops need to be wider now to accomodate the wilder fluctuations.
regards -arco
http://www.seasonalcharts.com/cash/c..._usd/chart.gif
seems like one should only trade in the 4 months leading up to Christmas! ;)
I am going to do some tests with those charts tomorrow if I get time.
Meanwhile........
Strong IFO Fails to Rally the Euro
The IFO survey printed slightly below expectations matching the same reading as last month which was just a whisker below the record highs of 108.7 set in December of 2006. The Current Assessment component was a bit lower than forecast at 112.5 vs. 113.5 as high energy costs and lackluster domestic demand tempered business enthusiasm. Overall however, the number continues to point to very healthy growth in the Euro-zone, as the high exchange rates appear to have little negative impact on European manufacturers.
Nevertheless, the EURUSD itself sold off a bit going into the number and stayed at session lows after the news was released as traders had hoped for stronger results that would convince the ECB to raise rates beyond the 4% level expected to be set in June. As it stands now, the IFO data shows no signs of overheating in the Euro-zone economy and provides ECB with ample time to consider the next policy tightening move. Going forward market attention is likely to turn away from the European manufacturing sector and instead focus on the EZ consumer especially the Germans.
Hampered by a near 30% increase in VAT at the start of this year, German consumer spending has been the weak link in the region?s economic recovery. German Retail Sales have consistently missed their mark over the past few months and that dynamic was reflected in today?s German GDP data which showed a sharp -1.4% decline in Private Consumption. The negative consumption news was offset by better than expected business investment flows, but until and unless the German consumer demand picks up markedly, the ECB is unlikely to raise rates beyond the 4% barrier. The EURUSD therefore continues to flounder in the 1.3400-1.3650 range as European data alone is not powerful enough to push the pair higher. Only a further deterioration in US fundamentals will make the euro bullish scenario of 1.3700 or higher come true.
Morning All
Last nights short hit its 20 pip target (1.3420) at 2AM
as I lay peacefully in the land of nod.
arco
Ok im back trading FX again. Have a new strategy
Will only trade EURUSD or AUDUSD
Focus is on TA only,
Using 1 hour, 15 min and 5 min charts.
Williams %, Bollening bands, slow stochastic.
Because im a very small player, will on trade 10k units at a time ie 1 pip = $1.
Saw a short today:
at 5pm on 15 min chart
opened a position at 3304, stop at 3330
just saw it went to 3275 lowest
am not to sure when to take profit
but i remember arco saying take profits wheneva possible! :D
Perhaps move your stop to 3290 to lock in some profit while letting the trade run???Quote:
quote:Originally posted by Dazza
Ok im back trading FX again. Have a new strategy
Will only trade EURUSD or AUDUSD
Focus is on TA only,
Using 1 hour, 15 min and 5 min charts.
Williams %, Bollening bands, slow stochastic.
Because im a very small player, will on trade 10k units at a time ie 1 pip = $1.
Saw a short today:
at 5pm on 15 min chart
opened a position at 3304, stop at 3330
just saw it went to 3275 lowest
am not to sure when to take profit
but i remember arco saying take profits wheneva possible! :D
thats great Dazza
as you may or may not know I am long USD/CHF and being short Eur is effectively a v.similar trade.
The Williams R gave a perfect sell signal at 5 well done , its getting down to 100 now tho , perhaps use a trailing stop once your target is reached , heres some fib extns I drew up on this pair
http://img222.imageshack.us/img222/6...07smallds9.jpg
yeah i used the fibs to target the 50% retracement at around the 3310ish mark (i drew it from around 5pm the earlier drop from 3340 to the low of 3290 then it bounced back up again)
so i missed it and saw it heading down again hense jumped it at 3304.
Regarding the stop steve, yes i think the 3290 level is a good place to stop it at.
This first trade back in the game is going beta than i intended, target is 20 pips per trade.
Peat - regarding trailing stops whats a good strategy? I have read up on the 1R, 2R theory but yeah.
I trade with CMC markets, and i dun tink i can put an auto trailing stop loss, so will have to put a manual one instead.
any advice on how to use a proper trailing stop loss?
Regards,
Dazza
currently up +35 pips
Because i am using mainly williams % since that is similar to stochoastic, i delved on peat saying it is nearing -100.
So i decided to close my position at 3288. Gained 36 pips for this trade.
Am happy with my first trade coming back into the game.
Will wait for next sell signal, im bearish on the EUR/USD with the general market sentiment of late, and another rule i learnt NEVA TRADE AGAINST THE TREND, current trend is shorting, so i will just short.
Will keep you guys updated and please do critique me along the way, i have high respect for those that post on the FX boards at ST here :D
true CMC's MarketMaker doesnt offer trailing stops. Have to place them manually such is life. probably worth the effort tho if it helps maximise a trade.
good start dazza. as an alchy friend of mine says "have a juice".
what kind of trailing stops do people use/suggest?
Dazza
One solution is the Count Back Line, which can also be used for entries. (Made famous by Darryl Guppy).
http://www.guppytraders.com/gup332_files/image001.gif
Info here.............
http://www.guppytraders.com/gup332.shtml
Sometimes on FX people use a set number of pips which can be anything from 20+
regards - arco
Trade #3
Shorted at 3294
Stop at 3314
Limit at 3270
Cheeky trade be4 i turn myself in, will see if this and Trade #2 was a deal or not.
I noticed very volutile during last hour due to reports coming out of america
Note to myself: do not trade around when reports come out, can distorte the TA :D
I also trade with CMC and found that they issued a notice warning of greater volatility prior to the last US non-farm payroll announcement.Quote:
quote:Originally posted by Dazza
Note to myself: do not trade around when reports come out, can distorte the TA :D
trade #3 got stopped
as well as trade #2
-14 pips so far
Note: only have 1 trade going at a time!
Just executed trade #4
3365 - 3272 is where i set my fibs
50% retrace at 3318
1 hour chart still down trend.
15 min and 5 min charts overbrought on williams %
Shorted 10k at 3312
Stop set at 3325
i missed the 6pm short around 3315 mark, i wanted to short around there when it was at 3312, but then it just tanked around 25 pips, there goes my 20 pip trade for today - though at least i could predict it would have a good chance that it will fall.
it was basically flat at one stage was up 10 pips
then 1230am, in US the PPI came out, and man did hte EURO tank or what!!
down 30 pips but then zooomed back up again.
I held my nerves of steal to see a 30 pip gain vulporised, and went into the red.
then it came back down again
and becuase of so much volitility, i closed it at 3292 - gaining 20 pips
So trade #4 closed 20 pips gained.
in total 6 pip up.
not bad, and still learning slowly :D
Testing Gann pivot 3427 (see CHF post).
Watching for change of polarity.
arco
This could be hatching in the future................
http://img.photobucket.com/albums/v5...62907EuroW.gif
Maybe not ready just yet, but the signs of a brooding
Monarch are there in the wings for all to see..........
...all we need is the reversal signal to show....
.....and if this is confirmed Euro may fall to the Blue box.
fun times - arco
I'll be looking for turn down around the 38 area
http://i191.photobucket.com/albums/z...gjhu32/eur.jpg
Hi Craig
Yes, getting close now. Compare the previous weekly BF chart with
these smaller breeds on the daily. Blues target just above, red still to complete - approx targets red boxes below.
http://img.photobucket.com/albums/v5...071207Euro.gif
regards -arco