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Daily Cable Analysis

  • #1,321
  • Jan 11, 2007 1:30pm Jan 11, 2007 1:30pm
Quoting Leugimp
This is the image I was looking at earlier when i started to think that we might range between 9440 and 9400(between the purple and green dotted lines). when the daily range midline is crossed and then fluctuates between the first two fib levels of that range on both sides of midline, it is somewhat common to find it range there for some time. However being that my long positive reversal signal takes precedence for me, I still entered long at the confirmation of that signal but at minimum position size. Then, if signal is still valid, and we move to lower end of this range, I may add to the position including a bit more to scalp up to 40 again. Not a recommendation just what I am seeing.
This has been the case each day - channel a range of about 40 pips or so.

This would be the reason a trader would consider the trade strategy that Leugimp is talking about.

This also would be a great time to have a different broker, so you could scalp on this range which should last for 3-4 hours at the most.

This is what I did yesterday, and it did not interfere with my Long/Short positions I was entered in.

Thanks for the Chart.
  • #1,322
  • Jan 11, 2007 1:35pm Jan 11, 2007 1:35pm
Quoting 17121712
It is strange but the reason for the irregular moves in GBP and EUR is becasue this week, EUR/GBP broke down through a support line defined by a triangle that contained the pair for over 3.5 years. Today it followed through significantly from 0.6700 to 0.6625.

USD/JPY and GBP/USD have both been rising and have been amplified by GBP/JPY which had a range of 400 pips today!

It is now possible for EURUSD and GBPUSD to lose some correlative properties. Since correlation between two pairs implies either; a steady long term trend in the cross or fluctuations contained in a tight range. EURGBP held to the latter. As EURGBP broke a long term support line we may see some indecision therefore causing EURUSD and GBPUSD to lose some correlation.
It is always nice to hear of what is happening in other currencies that could cause these fluctuation to occur.

Eventually, I will go back to trading other currencies, but for now, I am devoted to understanding just one pair.
  • #1,323
  • Jan 11, 2007 1:44pm Jan 11, 2007 1:44pm
monarch,

Off-topic, and I apologize, what charting software do you use? MT4?

dtb
David
  • #1,324
  • Jan 11, 2007 1:47pm Jan 11, 2007 1:47pm
we need a close on 150 tick chart above 9455 to propel us back to 9500 level.
Man who scratches ass should not bite fingernails
  • #1,325
  • Jan 11, 2007 1:49pm Jan 11, 2007 1:49pm
Quoting dberube
monarch,

Off-topic, and I apologize, what charting software do you use? MT4?

dtb
Yes MT4 and Intellicharts also.

I like the Intellicharts by far, especially for the type of trading style I have.
  • #1,326
  • Jan 11, 2007 1:51pm Jan 11, 2007 1:51pm
Quoting monarch
Little more explanation on what your watching, thanks
I'm relying on instinct, I guess that's not much help to anyone Im watching a 440 minute chart and the ten minute . higher highs and higher lows, symmetrical triangle,last time they surprized with a interst rate hike if I remember correctly there was a delayed reaction to the announement the price went up then dropped quite a ways then continued upward for sometime,
  • #1,327
  • Jan 11, 2007 2:00pm Jan 11, 2007 2:00pm
speaking of instinct, and i wont go further here in this thread, but how do you think you would trade if every movement produced a distinct sound, smell, and heat/vibration. Would you be more prone to sense danger and reward? I think we're on to something?
Man who scratches ass should not bite fingernails
  • #1,328
  • Jan 11, 2007 2:02pm Jan 11, 2007 2:02pm
Quoting Leugimp
speaking of instinct, and i wont go further here in this thread, but how do you think you would trade if every movement produced a distinct sound, smell, and heat/vibration. Would you be more prone to sense danger and reward? I think we're on to something?
maybe a scratch and sniff trend line
  • #1,329
  • Jan 11, 2007 2:03pm Jan 11, 2007 2:03pm
Quoting monarch
maybe a scratch and sniff trend line
Man who scratches ass should not bite fingernails
  • #1,330
  • Jan 11, 2007 2:06pm Jan 11, 2007 2:06pm
yeee...when its boring i smell the trenders...as a scalper i would step away...lol
its just money
  • #1,331
  • Jan 11, 2007 2:06pm Jan 11, 2007 2:06pm
I have several Shorts in place, but I am screaming for the price to go up to 1.9565 and get this over with.

Now that is just messed up, I am trading against my self now!
  • #1,332
  • Jan 11, 2007 2:12pm Jan 11, 2007 2:12pm
Quoting monarch
maybe a scratch and sniff trend line
hehe, now that would be useful.
Pip Goes The Weasel
  • #1,333
  • Jan 11, 2007 2:14pm Jan 11, 2007 2:14pm
Quoting monarch
I have several Shorts in place, but I am screaming for the price to go up to 1.9565 and get this over with.

Now that is just messed up, I am trading against my self now!
I hear ya, im gonna close out for 4 or 5 pips and perhaps call it a week. See you all later, good work.
Man who scratches ass should not bite fingernails
  • #1,334
  • Jan 11, 2007 2:14pm Jan 11, 2007 2:14pm
Well my time here is done for now, I am going to go spend some of this pip money on lunch.

See you in a few hours.

Trade smart and wisely, keep your profits in (your) bank.
  • #1,335
  • Jan 11, 2007 2:14pm Jan 11, 2007 2:14pm
I while back I wrote as long as we stay below 1.9434 we should see some more downside that number has been breached
  • #1,336
  • Jan 11, 2007 2:21pm Jan 11, 2007 2:21pm
Quoting Leugimp
I hear ya, im gonna close out for 4 or 5 pips and perhaps call it a week. See you all later, good work.
And yes, this goes against my own rules, but hey loss of opportunity sure is better than loss of sleep.
Man who scratches ass should not bite fingernails
  • #1,337
  • Jan 11, 2007 2:58pm Jan 11, 2007 2:58pm
So, do you expect much more movement, if any today? (It's 4pm EST).
David
  • #1,338
  • Jan 11, 2007 3:02pm Jan 11, 2007 3:02pm
its getting interesting....the volum is down...whats ur opinion for the move,...?
its just money
  • #1,339
  • Jan 11, 2007 3:21pm Jan 11, 2007 3:21pm
Next resistance lies at todays high at 1,9530 while support lies a t 1,9420....thats what they say...
its just money
  • #1,340
  • Jan 11, 2007 3:27pm Jan 11, 2007 3:27pm
I'm still learning.. I'm actually using my own money to learn. I'm doing this because you tend to learn faster, adapt quicker and feel the pain of losing when trading with your own money.

But this thread has been more than excellent in helping me get a foothold. Right now I'm trying to figure out how they're calculating the resitance and support levels.

And also, why is MT4 and GTS Charts giving me two different prices, right now MT4 is telling me it's at 1.9459 while GTS is saying: 1.9457.

Is this because they are using different banks to get the price?
David
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