EUR.USD

[peat]

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)

[arco]

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

[peat]

the pounds has similar fib levels just below 1.97 by my calcs

[arco]

Seems to correspond closely with Gann support at 1.97144

(Cable currently +6......see how we go)

[peat]

ok, stopped at 1.3427. humph.
the hourly closed at a new low.

[arco]

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

[peat]

you're a good trader arco!

I'm hoping Aud/Jpy can compensate me. up 27 there as of now.

[arco]

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

[peat]

[}]
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...

[arco]

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