EUR.USD

[Dazza]

tanking at the moment ><
nooooo lol, closed my short trader earlier too long ekk oh wells

[miner]

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

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.

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

[Dazza]

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

[arco]

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




GTA - arco

[peat]

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.

[roddy]

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

[arco]

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......



Roddy - wish you good luck with that trade.

regards -arco

[miner]

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

[peat]

fundamentals may work over a very long time frame but few trade like that with forex.

[roddy]

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