Hello everyone,
Ready for yet another day in this crazy market??? Let's all make some pips tonight.
Ready for yet another day in this crazy market??? Let's all make some pips tonight.
- #1,902
- Feb 21, 2008 4:18pm Feb 21, 2008 4:18pm
I know I am new to this thread, but I have been watching it (lurking) for a while. I am looking for some thoughts on the items below and for tonight.
The pair completed its 50% re-trace today and seems poised to bounce up.
Since 2/14, the pair has moved in a tightening horizontal channel.
Daily is working on a series of lower highs and as resistance has been cleared, then on the re-test, support has held. (for the most part)
Good Euro zone/ GBP news this morning, followed by weak USD today.
Stock market was well down and is expected to go lower.
Typically, the Nikkei follows a US market decline with one of its own.
Eur and Gbp both up solidly against the Usd today clearing what has been pretty strong resistance.
An easy argument can be made for a bounce back to 211 area with a test of 213, or for a move down back to 208.80 area before another move up.
Neither GBP or JPY wants to be particularly strong, as that increases inflationary pressures.
So what is a trader to do???
I am sure I missed some other key items, but that is plenty to digest.
- #1,904
- Edited 4:40pm Feb 21, 2008 4:29pm | Edited 4:40pm
- Joined Jul 2007 | Status: Following The Trade Winds | 8,442 Posts
I know I am new to this thread, but I have been watching it (lurking) for a while. I am looking for some thoughts on the items below and for tonight.
The pair completed its 50% re-trace today and seems poised to bounce up.
Since 2/14, the pair has moved in a tightening horizontal channel.
Daily is working on a series of lower highs and as resistance has been cleared, then on the re-test, support has held. (for the most part)
Good Euro zone/ GBP news this morning, followed by weak USD today.
Stock market was well down and is expected to go lower.
Typically, the Nikkei follows a US market decline with one of its own.
Eur and Gbp both up solidly against the Usd today clearing what has been pretty strong resistance.
An easy argument can be made for a bounce back to 211 area with a test of 213, or for a move down back to 208.80 area before another move up.
Neither GBP or JPY wants to be particularly strong, as that increases inflationary pressures.
So what is a trader to do???
I am sure I missed some other key items, but that is plenty to digest.
For today, I would advise scalping the ups and downs as they actually occur. Especially during early Asian session, don't expect any "breakouts" from the previous day's high / low. If we get any of those, it will be just before or during London session.
Like they say, "trade what you see, not what you think".
- #1,906
- Feb 21, 2008 5:54pm Feb 21, 2008 5:54pm
Believe it or not, it's often better to NOT expect a particular direction. Then your mind is clear of preconceptions, you don't have any half baked trades, and you can trade according to what price actually does.
For today, I would advise scalping the ups and downs as they actually occur. Especially during early Asian session, don't expect any "breakouts" from the previous day's high / low. If we get any of those, it will be just before or during London session.
Like they say, "trade what you see, not what you think".
- #1,913
- Edited 11:14am Feb 22, 2008 2:38am | Edited 11:14am
Watched the chart for ten and a half hours today, not one single trade confirmed. At least I know the filtering method I use works great on filtering out many bad trades today, saved me hundreds of pips. One thing for sure, no way I will ever trade another Friday again, unless I know another method that would work well with these small swings... Hmmm... M5 single chart strategy... Nite everyone...
Nite everyone...
- #1,919
- Edited 11:31am Feb 24, 2008 1:36am | Edited 11:31am
Is there anyone using Kujo's 5min scalping system?
You should try it out as well, it's already been posted by him on how to use it in this thread, few pages back. DEMO test it.
- #1,920
- Feb 24, 2008 12:45pm Feb 24, 2008 12:45pm
- | Joined Dec 2007 | Status: Wish I had more capital !! ;-) | 1,050 Posts
